Newsmax CEO Ruddy Gets His Cage Match with NAB, with Cruz Announcing 39% Cap Hearing

39% Cap: Newsmax CEO Chris Ruddy finally got his cage match with the National Association of Broadcasters, but the question is: Will it be enough to stop the $6.2 billion Nexstar-TEGNA merger? Senate Commerce Committee Chairman Sen. Ted Cruz (R-Texas) on Tuesday said he will convene a full Committee hearing on Feb. 10, to examine whether the FCC’s broadcast ownership rules – especially the national cap that limits a single TV station from reaching more than 39% of U.S. TV households nationally – still make sense in a media market increasingly dominated by streaming services and social media. The hearing so far includes just two witnesses: Ruddy and NAB CEO Curtis LeGeyt. (There’s been talk that failed Biden FCC nominee Gigi Sohn might join the fun.) “NAB appreciates Chairman Cruz extending the invitation to speak to the committee about the critical work of local broadcasters. The lifeline emergency information and trusted news that local stations provide [are] at risk unless the FCC updates decades-old rules that restrict local stations’ reach. Broadcasters are being held back by regulations written before the Internet existed that do not apply to their cable and streaming competitors. It’s time to level the playing field and let local stations compete,” an NAB spokesperson said. Ruddy has leaned on his friend President Trump for help in the battle. He flattered Trump by putting him in December 2025 and First Lady Melania Trump last month on the cover of Newsmax magazine. But Trump has not explicitly said that he is opposed to Nexstar-TEGNA, which would reach 54.5% of TV households under FCC rules. Trump has said he’s concerned about NBC (Comcast) and ABC (Disney) growing more powerful. Cruz, who is reportedly tight with Ruddy and might seek his support in a 2028 presidential run, released a fairly neutral statement about the purpose of the hearing. (More after paywall.)