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Here are 1-3 brief analogies for Newsmax (NMAX):

• Like Fox News, but catering to an even more conservative audience.
• A direct competitor to Fox News, positioned further to the right on the political spectrum.

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Please note, Newsmax Media, Inc. is a privately held company, and the stock symbol NMAX belongs to NuScale Power Corporation. Based on your explicit mention of "Newsmax," here are its major products and services:

• Newsmax TV: A cable and streaming television channel providing conservative news, commentary, and talk shows.
• Newsmax.com: An online platform offering breaking news, political analysis, and opinion articles with a conservative focus.
• Newsmax Magazine: A monthly print magazine that covers politics, health, and lifestyle topics from a conservative perspective.
• Newsmax Health: A segment offering health news, advice, and reports, often integrated across its digital and print platforms.
• Newsletters & Subscriptions: Various free and paid email newsletters and premium content subscriptions providing in-depth analysis and exclusive reports.

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Please note that the premise of your request contains a factual error. Newsmax is a privately held company and does not have a public stock symbol. The symbol NMAX belongs to Navios Maritime Partners L.P., which is a shipping company, not Newsmax.

However, assuming you are interested in the customers of Newsmax Media (the news organization), despite its private status and the incorrect symbol, here is an analysis of its major customers:

Newsmax primarily sells its content and advertising opportunities to other companies. Its revenue largely comes from distribution fees and advertising sales.

Major Customers of Newsmax Media:

• Cable, Satellite, and Streaming TV Providers: These companies license Newsmax's channel to distribute it to their subscribers. They pay carriage fees to Newsmax.
  • Comcast Corporation (Symbol: CMCSA)
  • Charter Communications, Inc. (Symbol: CHTR)
  • DISH Network Corporation (Symbol: DISH)
  • Verizon Communications Inc. (for Fios) (Symbol: VZ)
  • DirecTV (privately held, a joint venture between AT&T (Symbol: T) and TPG Capital)
  • Various streaming platforms and smart TV providers (e.g., The Roku Channel, Samsung TV Plus, Amazon Prime Video Channels (owned by Amazon.com, Inc. (Symbol: AMZN)))
• Advertisers: Businesses that purchase advertising space on Newsmax's television channel, website, and in its publications to reach its audience. It is not possible to list specific "major" advertisers without access to Newsmax's private business contracts. These customers represent a wide range of companies across various industries.

While Newsmax also serves individual customers through direct subscriptions (e.g., Newsmax+ for premium content), the significant revenue from distribution fees and advertising sales means that other businesses constitute its primary major customers.

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Christopher Ruddy Chief Executive Officer

Christopher Ruddy founded Newsmax in 1998 with a $25,000 investment and is its CEO and majority owner. He previously worked as a journalist at the New York Post and Pittsburgh Tribune-Review and was a Media Fellow at the Hoover Institution. Ruddy holds a BA summa cum laude in history from St. John's University and a Master's in Public Policy from the London School of Economics.

Darryle Burnham Chief Financial Officer

Darryle Burnham joined Newsmax in 2008. His prior experience includes serving as Director of Finance and Operations at CopperCom, Inc., Corporate Treasurer for Sleepmaster, LLC (dba Serta Mattress), and Finance Manager, Procurement for Scientific Atlanta (now Cisco).

Elliot Jacobson Chief Content Officer and EVP of Programming

Elliot Jacobson previously served as EVP/Chief Content Officer at RLTV, a company jointly owned by Comcast, where he was responsible for launching 38 series and 37 specials. He also held the position of Executive Director of Media Operations for Laureate.

Andy Biggers SVP of Content Distribution

Andy Biggers has 9 years of experience in cable channels distribution leadership, including handling Fox News distribution agreements and relationships at 21st Century Fox. He also spent 5 years in marketing development with Viacom/MTV.

Lokesh Tiwari Chief Information Officer

Lokesh Tiwari is the Chief Information Officer for Newsmax.

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Key Risks to Newsmax (NMAX)

• Legal and Regulatory Challenges: Newsmax faces ongoing significant legal and regulatory scrutiny, particularly concerning defamation lawsuits. Settlements, such as those with Smartmatic and Dominion Voting Systems, have resulted in substantial financial outlays and continue to pose a risk to the company's liquidity and capital resources. For instance, outstanding settlement agreements required payments of $71.1 million through 2029 as of September 30, 2025. The company's political alignment also exposes it to regulatory and advertiser risks, with past legal costs reaching $68.4 million due to defamation settlements.
• Profitability Uncertainty and Financial Instability: Despite revenue growth, Newsmax consistently reports net losses and negative adjusted EBITDA, indicating an uneven path to sustained profitability. The company has been burning through cash to fund its operations and expansion, leading to a need for additional capital through offerings like its IPO and convertible preferred stock. The disconnect between its market valuation and financial performance suggests a speculative investment rather than one based on strong fundamentals.
• Market Saturation and Intense Competition: Newsmax operates in a highly competitive and evolving media landscape, contending with established networks like Fox News and CNN for viewership and advertising revenue. Sustaining growth and securing advertising dollars in a saturated market requires continuous innovation and investment, which can further pressure its already challenged profitability.

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One clear emerging threat for Newsmax (NMAX) is the accelerating decline of linear television viewership and the widespread shift to streaming-only consumption. As more consumers cut traditional cable cords in favor of over-the-top streaming services and digital platforms, Newsmax's reliance on cable carriage for reach and advertising revenue is increasingly challenged. While Newsmax offers its own streaming options, the fundamental erosion of the traditional pay-TV ecosystem threatens its established distribution model and associated revenue streams, mirroring the disruption Netflix posed to Blockbuster.

Another clear emerging threat is the intensified competition from a proliferating landscape of digital-native conservative media platforms and independent personalities. Platforms such as The Daily Wire, Rumble, and numerous conservative podcasters and content creators on social media are rapidly gaining audience share and advertising dollars. These agile, often direct-to-consumer digital entities compete directly for Newsmax's target audience, fragmenting the conservative media market and challenging traditional outlets with often lower overheads, direct audience engagement, and rapid content cycles, akin to how YouTube creators drew audiences away from traditional cable programming.

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Newsmax (NYSE: NMAX) primarily operates in the broadcasting and digital media sectors, with its main products and services including Newsmax TV (a cable and broadcast channel), Newsmax.com (its website, encompassing Newsmax Health and Newsmax Finance), Newsmax Magazine (a monthly print publication), and various other digital offerings such as online advertising, subscriptions, e-commerce, mobile applications, newsletters, and podcasts.

The addressable market sizes for Newsmax's main products and services are as follows:

• U.S. Digital Media Market: This market, which includes online advertising, subscriptions, and various digital content platforms like Newsmax.com and Newsmax+, was estimated at USD 791.36 billion in 2024. It is projected to grow to USD 867.9 billion in 2025 and reach USD 2,184.88 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 9.67% from 2025 to 2035. Another estimate indicates the U.S. digital media market generated a revenue of USD 272,200.2 million in 2023 and is expected to reach USD 567,498.8 million by 2030, with a CAGR of 11.1% from 2024 to 2030.
• Global Digital Media Market: The global digital media market size was estimated at USD 832.99 billion in 2023 and is projected to reach USD 1,902.28 billion by 2030, growing at a CAGR of 12.8% from 2024 to 2030. Another report valued the global digital media market at USD 915.84 billion in 2023, poised to grow to USD 1,033.98 billion in 2024 and USD 2,729.4 billion by 2032, with a CAGR of 12.9% during the forecast period (2025-2032).
• U.S. Television Market: The broader television market in the United States, which includes cable news channels like Newsmax TV, is expected to reach a projected revenue of US$ 71,969.0 million by 2028. This market is anticipated to grow at a CAGR of 5.7% from 2022 to 2028.

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Expected Drivers of Future Revenue Growth for Newsmax (NMAX)

• Expanded Distribution and New Partnerships: Newsmax is expected to drive revenue growth through the expansion of its distribution channels in both domestic and international markets. Recent partnerships with digital television platforms such as Fubo and Hulu+, alongside agreements with international networks in countries like Israel, Armenia, and the Dominican Republic, are broadening its reach to over 60 million U.S. homes and more than 100 countries.
• Growth in Advertising Revenue from Higher Ratings: Increased Nielsen ratings are enabling Newsmax to secure higher advertising rates across its cable and satellite platforms. This rise in viewership and subsequent advertising revenue, which saw a 26.2% year-over-year increase in Q2 2025, is a significant driver of future top-line growth.
• Expansion of Streaming Services and Digital Engagement: Newsmax is focused on enhancing its over-the-top (OTT) streaming services, including Newsmax+ subscribers, and increasing digital engagement. The company's digital footprint has expanded to 20 million social media followers and over 16 million app downloads. The launch of initiatives like Newsmax 2, an ad-supported streaming channel, and Newsmax en Español, which uses live artificial intelligence dubbing, are strategic moves to capture new audiences and diversify digital revenue streams.
• Increased Political Ad Spending During Election Cycles: As a news and politics-focused channel, Newsmax anticipates significant revenue boosts from increased political campaign advertising during election cycles, such as the upcoming midterm elections. Historically, political advertising has been a material driver of growth for the company and the broader media industry.
• Growth in Affiliate and Subscription Revenues: Revenue growth is also projected from new contractual relationships and rate increases for affiliate fees, as well as continued growth in Newsmax+ streaming subscribers. Affiliate revenues increased by 7.3% and subscription revenues by 5.2% year-over-year in Q2 2025, reflecting the impact of new contracts and rate adjustments.

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Share Issuance

• Newsmax completed a private Preferred Offering in February 2025, raising $225 million through the sale of Series B Preferred Stock.
• Newsmax successfully completed its initial public offering (IPO) under Regulation A+ on March 28, 2025, raising $75 million by selling 7.5 million shares of Class B Common Stock at $10.00 per share.
• In total, Newsmax raised $300 million in capital through share issuances in early 2025.

Inbound Investments

• A significant inbound investment of $225 million was raised through a private Preferred Offering from accredited investors in February 2025.

Capital Expenditures

• Newsmax reported capital expenditures of -$1.48 million in the last 12 months (covering approximately late 2024 to late 2025).
• The capital raised from the IPO and preferred offering is intended to accelerate growth initiatives, expand programming, and enhance Newsmax's digital presence.