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from owning stations reaching more than 39% of U.S. households, a cap established in the 1940s that many argue is outdated.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: 5.300
Low
20.00
Averages
20.50
High
21.00
Current: 5.300
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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- Economic Warning Sign: The contrasting financial results from these two companies may indicate broader economic challenges facing American consumers.
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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.
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- 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.
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- 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
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- Financial Performance: Versant reported $7.1 billion in revenue for 2024, down from $7.4 billion in 2023, indicating pressure on traditional TV operations as consumers move away from cable bundles.
- Debt Structure: The company plans to issue $2.75 billion in new senior secured debt to fund a $2.25 billion cash distribution to Comcast and bolster its balance sheet with an additional $500 million, with rating agencies maintaining a stable outlook despite the junk status of its debt.
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- Stock Price Fluctuation: The stock opened at $55 per share during its initial trading but has since fallen to $46.65 as of last Friday, reflecting market concerns regarding the challenges faced by traditional media companies.
- Financial Performance: In 2024, Versant reported revenues of $7.1 billion, down from $7.4 billion in 2023, indicating pressure on traditional television operations as consumers shift towards streaming services.
- Debt Structure: Versant plans to issue $2.75 billion in new senior secured debt to fund a $2.25 billion cash distribution to Comcast and bolster its balance sheet, with credit ratings agencies assigning a BB rating, placing it in junk territory, yet its low debt levels are viewed as a significant advantage.
See More
Mattel and Hasbro Earnings Signal a Warning for Markets and Present Challenges for the Fed.
- 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
Trump Endorses Nexstar's $6.2 Billion Tegna Acquisition
- 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
Newsmax Founder Analyst Michael Reagan Passes Away
- 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
Versant Media Group Goes Public with $6.8 Billion Market Cap
- Listing Milestone: Versant Media Group began trading on Nasdaq on July 21, 2025, achieving a market capitalization of $6.8 billion, marking a significant moment as an independent media company and likely attracting investor interest.
- Stock Price Volatility: The stock opened at $55 per share on its debut but has since fallen to $46.65, reflecting market concerns over the challenges facing the traditional media industry amid a shift to streaming.
- Financial Performance: Versant reported $7.1 billion in revenue for 2024, down from $7.4 billion in 2023, indicating pressure on traditional TV operations as consumers move away from cable bundles.
- Debt Structure: The company plans to issue $2.75 billion in new senior secured debt to fund a $2.25 billion cash distribution to Comcast and bolster its balance sheet with an additional $500 million, with rating agencies maintaining a stable outlook despite the junk status of its debt.
See More
Versant Media Goes Public with $6.8 Billion Market Cap Following Comcast Spin-off
- Public Listing: Versant Media debuted on Nasdaq on Monday with a market capitalization of $6.8 billion, marking its transition to an independent public media company following its spin-off from Comcast, which is expected to enhance its competitive position in the market.
- Stock Price Fluctuation: The stock opened at $55 per share during its initial trading but has since fallen to $46.65 as of last Friday, reflecting market concerns regarding the challenges faced by traditional media companies.
- Financial Performance: In 2024, Versant reported revenues of $7.1 billion, down from $7.4 billion in 2023, indicating pressure on traditional television operations as consumers shift towards streaming services.
- Debt Structure: Versant plans to issue $2.75 billion in new senior secured debt to fund a $2.25 billion cash distribution to Comcast and bolster its balance sheet, with credit ratings agencies assigning a BB rating, placing it in junk territory, yet its low debt levels are viewed as a significant advantage.
See More
