Newsmax's planned initial public offering (IPO) is still on track — and the recent YouTube TV agreement will only help propel the network's growth, Newsmax CEO Chris Ruddy said.
Ruddy, appearing on "Rob Schmitt Tonight" on Wednesday, said Newsmax has produced impressive ratings – especially compared to CNN, despite the fact his network had been in significantly less cable homes.
But the Youtube TV deal — putting Newsmax on their basic plan and boosting its overall reach to almost 60 million cable homes — changes that equation.
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Earlier this month Newsmax signed with Youtube TV, adding more than 8 million subscribers to its national footprint – joining a list of all major cable operators carrying Newsmax, including Directv, Dish, Xfinity, Altice, Spectrum, Cox and others.
Hulu, the streaming virtual cable service owned by Disney, is the only major distributor not carrying Newsmax.
"It's been a huge development," Ruddy told Schmitt about the YouTube TV agreement. "We're now on a YouTube TV's footprint and it's probably going to be 10 or 12 million homes in the near future because they have NFL football on Sundays, and apparently people that get it really like it."
Ruddy said Newsmax has been helped by millions of viewers who are "voting with their remote controls" in favor of the network.
"They're telling these cable operators they want Newsmax, they want your show," Ruddy told Schmitt.
"Our ratings are up and we're the only cable network with ratings up in double digits across every day, part year over year," Ruddy said. "That's an amazing feat."
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Newsmax has seen significant growth this year.
Nielsen reported in the third quarter of this year more than 33 million viewers tuned into Newsmax, up from 22 million in the second quarter – a 45% increase.
Last June, the Reuters Institute study on global media reported that Newsmax was one of the top 12 news brands dominating U.S. media.
Ruddy also discussed with Schmitt the company's planned IPO, which will allow viewers to invest in Newsmax.
Ruddy noted that the company's plan to go public is still on track as it seeks approval by the end of this year or in early 2025.
He said the company is also expected to be listed on the New York Stock Exchange.
Ruddy said company revenues are up significantly this year over last year.
"That's a very good sign and we've just had such dramatic growth," he said. "We think it's going to be a great company going forward, but we also think it's important for America that companies like Newsmax succeed."
Ruddy said the company moved to go public so it could "join with tens of thousands, hundreds of thousands of investors who partner with us to help make us bigger and stronger."
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