Opinion | Chris Ruddy's Tribute to Television Regulation
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 25 2025
0mins
Should l Buy NMAX?
Source: WSJ
Trump's Opposition to Deregulation: President Trump expressed strong disapproval of the FCC's proposal to relax TV broadcast ownership caps, fearing it would benefit "Radical Left Networks" and called for their reduction instead.
FCC's Deregulatory Proposal: The FCC, led by Chair Brendan Carr, is reconsidering a regulation that limits TV broadcasters from owning stations reaching more than 39% of U.S. households, a cap established in the 1940s that many argue is outdated.
Impact of Ownership Caps: Broadcasters contend that the ownership cap hinders their ability to negotiate effectively with advertisers and streaming services, limiting their competitiveness in a media landscape dominated by social media and other platforms.
Changing Media Landscape: The proposal to lift the ownership cap reflects the shift in how Americans consume news, with a growing preference for digital platforms over traditional broadcast TV.
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Analyst Views on NMAX
Wall Street analysts forecast NMAX stock price to rise
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 6.610
Low
20.00
Averages
20.50
High
21.00
Current: 6.610
Low
20.00
Averages
20.50
High
21.00
About NMAX
Newsmax, Inc. is a holding company that owns 100% of the interests of its operating company, Newsmax Media, Inc. (Newsmax Media). Newsmax Media is a television broadcaster and multi-platform content publisher. Its Broadcast segment of the Company’s business produces and licenses news, business news and lifestyle content for distribution primarily through multichannel video programming distributors (MVPDs), including cable television systems, direct broadcast satellite operators and telecommunication companies, primarily in the United States. The Digital segment includes online advertising, including online display, email advertising, other online placements and print advertisements, subscriptions, including a collection of specialized health and financial newsletters, Newsmax Magazine and four online membership programs, and e-commerce, through its subsidiaries that sell nutraceuticals and nonfiction books on political, financial and health-related topics.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Pressures Intensify: The stock has dropped about 25% since its January debut, reflecting market concerns over traditional TV businesses as customers migrate to streaming alternatives, even though over 80% of its revenue still comes from pay-TV distribution.
- Strategic Transition Plans: Versant aims to pivot its business model by 2026, targeting a revenue split of 50% from pay-TV and 50% from digital, platform, and ad-supported ventures, indicating a strong focus on future growth opportunities.
- Long-term Partnership Agreements: Versant's agreements with major distributors extend through 2028 and beyond, providing stability and visibility for the business, even as it faces upcoming renewal negotiations, amidst increasing occurrences of content blackouts in the industry.
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- NAB's Argument: NAB CEO Curtis LeGeyt advocates for lifting the outdated cap, asserting that the current rules are unfair to broadcasters, especially as Big Tech companies face no such restrictions, which limits the revenue base for local journalism.
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See More
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- First Earnings Report: Versant Media Group is set to release its inaugural earnings report as a public company on Tuesday, providing Wall Street with its first insight into a company primarily composed of pay-TV networks, despite a revenue decline to $7.1 billion in 2024 from $7.4 billion in 2023, indicating market pressures.
- Stock Performance Decline: Since its January debut, Versant's stock has dropped approximately 25%, with a current market capitalization of around $4.8 billion, reflecting investor concerns regarding the traditional pay-TV business amid the rise of streaming alternatives.
- Revenue Structure Transition: CEO Mark Lazarus indicated that the company aims to transition its business model by 2026, targeting a future where 50% of revenue comes from digital and ad-supported ventures, highlighting a strategic focus on growth opportunities.
- Long-term Partnership Agreements: Versant's long-term agreements with major distributors will extend through 2028 and beyond, providing crucial stability for the company despite upcoming contract renewals, which are expected to be challenging.
See More
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- First Earnings Report: Versant is set to release its inaugural earnings report as a public company on Tuesday, providing the market with its first insight into the financial health of a company primarily composed of pay-TV networks, despite a revenue decline to $7.1 billion in 2024 from $7.4 billion in 2023.
- Market Pressures Intensify: The stock has dropped about 25% since its January debut, reflecting market concerns over traditional TV businesses as customers migrate to streaming alternatives, even though over 80% of its revenue still comes from pay-TV distribution.
- Strategic Transition Plans: Versant aims to pivot its business model by 2026, targeting a revenue split of 50% from pay-TV and 50% from digital, platform, and ad-supported ventures, indicating a strong focus on future growth opportunities.
- Long-term Partnership Agreements: Versant's agreements with major distributors extend through 2028 and beyond, providing stability and visibility for the business, even as it faces upcoming renewal negotiations, amidst increasing occurrences of content blackouts in the industry.
See More
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- Diverging Earnings: Hasbro and Mattel reported sharply different earnings, highlighting a significant divide in consumer behavior in the U.S. toy market.
- Economic Warning Sign: The contrasting financial results from these two companies may indicate broader economic challenges facing American consumers.
See More
Broadcast Ownership Rule Controversy
- Ownership Cap Debate: The National Association of Broadcasters (NAB) is set to clash with right-wing channel Newsmax over the national television ownership rule, which limits broadcasters to 39% of U.S. TV households, highlighting concerns over competition and diversity.
- Newsmax's Position: Newsmax CEO Chris Ruddy argues that the rule is one of the last meaningful protections for competition, warning that raising the ownership cap would allow a few corporations to control most TV stations, thereby undermining local news independence.
- NAB's Argument: NAB CEO Curtis LeGeyt advocates for lifting the outdated cap, asserting that the current rules are unfair to broadcasters, especially as Big Tech companies face no such restrictions, which limits the revenue base for local journalism.
- Political Support and Opposition: Trump endorsed Nexstar's proposal to acquire Tegna on social media, with FCC Chair Brendan Carr backing him, suggesting that lifting the cap would enhance competition, while Senator Cantwell cautioned that it would accelerate the consolidation of local newsrooms.
See More
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- Trump's Stance Reversal: Trump endorsed Nexstar's $6.2 billion acquisition of Tegna on social media, reversing his November opposition, stating that the deal would enhance competition and help combat fake news, highlighting his concern over media competition dynamics.
- Transaction Scale and Impact: Following the acquisition, Nexstar will own over 200 stations, reaching approximately 80% of U.S. households, with the deal expected to close in the second half of 2026, further solidifying Nexstar's leadership in the broadcast news sector.
- Regulatory Challenges: The deal requires approval from the Federal Communications Commission to lift the 39% household reach cap, reflecting the critical impact of regulatory policies on the success of media industry consolidations.
- Financial Metrics Overview: Nexstar has a market capitalization of $6.71 billion, with a 52-week high of $223.43 and a low of $141.66; Tegna's market cap stands at $3.07 billion, with a 52-week high of $21.35 and a low of $14.87, indicating differing market performances and potentials for both companies.
See More
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- Deep Condolences: Newsmax CEO Chris Ruddy stated that Michael Reagan was more than a political commentator; he embodied his father Ronald Reagan's legacy, passionately advocating for freedom, family, and faith throughout his life.
- Significant Impact: As a founding analyst for Newsmax, Michael Reagan played a crucial role in establishing the network as one of the nation's emerging and influential media platforms, which regularly reaches over 40 million Americans through its media properties.
- Media Influence: Newsmax, recognized as the fourth highest-rated news network, is available on all major pay TV providers and boasts over 20 million followers across its website and social media platforms, highlighting its significant position among U.S. news brands.
- Legacy Continuation: Michael Reagan's passing represents a profound loss for his family and American patriotism, and Newsmax will continue to honor his contributions and influence in the media industry.
See More
