Newsmax Affiliate Revenue Jumps 77%, Bets Big on 2028 Election Cycle

Newsmax grew affiliate fee revenue 77% year over year to $14.3 million in the third quarter, and CEO Chris Ruddy is already aiming the network at the 2028 presidential race.

On the 3Q earnings call Thursday afternoon, Ruddy called the two years before a presidential election the "Super Bowl of Elections" and said the cycle has started "in earnest." He pointed to an open 2028 race with no incumbent, crowded fields in both parties, and first primary debates expected in summer 2027. Newsmax expects 2028 "to be the largest presidential cycle on record."

A Democrat-controlled Congress should also drive heavy fundraising and political news engagement, Ruddy said, adding to the tailwind.

What did the midterms deliver?

Ruddy did not comment on the midterm election results or their regulatory ramifications. He has, however, been part of the push against the FCC's changes to the 39% national broadcast ownership cap, having appeared at a Senate Commerce hearing on the matter in February. Ruddy has long maintained close ties with President Trump.

He was candid about the midterms' direct impact on his network. Advertising for state and local congressional races flows primarily to local broadcast stations, local cable and pay TV operators, and local digital platforms. "A relatively small amount of that spending comes our way," Ruddy said.

The takeaway: midterms were never the prize for Newsmax; the network's revenue engine is affiliate pricing, not spot political ads.

How did each revenue line perform?

Cable ad revenue grew 3.1% year over year to $24.3 million, while total ad revenues reached $28.1 million. Affiliate fee revenue nearly matched half that total on its own, at $14.3 million, because renewals "are pricing at rates that reflect our reach and ratings today."

Newsmax signed six new affiliates in the quarter, each an independent cable operator, and has been striking multiyear agreements. "These are smaller agreements, but each one increases our reach," Ruddy said.

Digital told a different story:

• Total digital revenue declined 4.1% to $8.3 million.
• Newsmax+ is "seeing high engagement," per Ruddy.
• The paid DTC product now carries more than 700 licensed and original documentaries and specials.

"Subscription revenue is still an area we are building, and we are investing in programming, talent and content to make sure our marketing efforts satisfy customer demands for the app and its services," Ruddy said. "We have also brought in outside firms to expand that effort and grow subscribers. Rising engagement is the foundation for turning that catalog into subscriber growth."

What is the outlook?

Newsmax reported an audience reach of 22.5 million total viewers for the quarter, including 9.1 million adults 35-64. The network maintained full-year revenue guidance of $212-216 million, excluding a one-time item recognized in the third quarter worth $14 million.

In plain terms: even with digital subscriptions still under construction, affiliate repricing and a no-incumbent 2028 race give Newsmax a growth path it can already price. The first test arrives with the summer 2027 primary debates.