An Audience of One

data about its audience size is something of a mystery. Kagan, the media research unit of S and P Global Market Intelligence, says the network reaches twenty three point one million pay TV subscribers. That's far fewer than news Max TV or Fox News, but O E N has nevertheless more than doubled its advertising revenue over the past two years to

an estimated thirteen point three million dollars. As the election looms, O A N faces a crucial test cann of capitalize on the next act of its beloved protagonist, whether it's a second term or post presidency. Some industry observers have even speculated that if Trump loses, he could acquire herring Networks Incorporated. That's the little known company that owns O a N and turned the channel into his own TV network and the person who could determine whether O a

N capitalizes on a Trump free agency. While it's Robert Herring, Sr. A largely unknown seventy nine year old former computer hardware entrepreneur. An audience of one oh a N has positioned itself as the Trump e ist channel on air and an eventual home for the president win or lose by Felix Gillette and Jerry Smith. Dan Ball, a host for One America News Network, looked disgusted. It was Tuesday, September and the first debate between President Trump and Joe Biden had

just ended. Across social media, people were criticizing the model raider veteran Fox News anchor Chris Wallace, who had struggled to control the proceedings. Now Ball wanted to take a whack for O a N, a slavishly pro Trump cable channel that's been positioning itself as more loyal to the MAGA cause than Fox News. Ball pulled out a box of tissues. I brought something with me for Chris Wallace. He said, Chris should use that to get the brown stuff off of his nose. For the next half hour,

oh a N's panel of analysts piled on Wallace. They agreed had been incredibly favorable to Biden, failing to fact check his falsehoods, parroting Democratic talking points, and letting him interrupt an insult Trump. Still, the commentator said, Trump had performed admirably. He had better points to make and more specific facts. He was more natural on stage and stronger on the economy, voting, fraud, taxes, crime, and the coronavirus.

By proxy, Fox News was the night's big loser. Ball noted that a lot of people think Fox lean's right. Not so much anymore. He said, you have an anchor right there who was obviously favoring the Democratic candidate. Since taking office, President Trump has ushered into Washington a baroque procession of luci political operatives and odd ball supplicants, unlike anything seen in prior administrations. In the news business, oh A N has been the single most jarring rave East.

The network, which started broadcasting, has managed to claw its way out of the cable news hinterland of San Diego and into the White House briefing room. Trump regularly calls on its reporters and touts it on Twitter, holding it up as a worthy alternative to Fox. Oh a N doesn't subscribe to Nielsen, so data about its audience size is something of a mystery. Kagan, the media research unit of SMP Global Market Intelligence, says the network reaches twenty

three point one million pay TV subscribers. That's far fewer than Newsmax TV at fifty eight point two million or Fox News at seventy eight point six million, but O a N has nevertheless more than doubled its advertising revenue over the past two years to an estimated thirteen point three million dollars. The channel is brimming with ads from

companies hoping to sell things to Trump fans. On a recent afternoon, it featured commercials for Henry Repeating Arms, a shotgun and riflemaker, Trump Card, a documentary by conservative polemicist Denish de Suza, and my Lean pc dot com, a hard drive scrubbing service. Trump's affinity for the network is proving to be its own kind of currency, albeit one that might seem at risk of serious devaluation. As the

election looms. O a N faces a crucial test. Can it capitalize on the next act of its beloved protagonist, whether it's a second term or a post presidency. Some industry observers have speculated that if Trump loses, he could acquire Herring net Works, the little known company that owns O a N, and turn the channel into his own TV network, siphoning off die hard MAGA heads and Q and On fanatics as Fox embraces whatever comes next from

the establishment GOP. While it might be impossible to outflank primetime hosts Sean Hannity and Tucker Carlson on the right, Fox's daytime hours are filled with less partisan voices, potentially leaving an opening. Fox News, even under Roger Ales, had a track record of being very pro establishment, says Sam Nunberg, a former Trump campaign adviser, A major syndicated network for conservative news media would certainly have a tangible market to

compete against Fox during the daytime. The person who could determine whether O a N capitalizes on a Trump free agency is Robert Herring, Sr. A largely unknown seventy nine

year old former computer hardware entrepreneur. Herring didn't respond to interview requests, but conversations with more than twenty past employees paint him as an industrious, adaptive, paternalistic businessman who got into TV largely to chronicle the inspirational opulence of the unabashedly rich, and who, after a series of misfires, stumbled into Trump. Herring is a person, they say, who likes to trumpet expensive looking things as cheaply and loudly as possible.

A Trump yacht parade come to life. In courting the President, Herring may hold one advantage over his bigger rivals. He's built a private family business that operates with little of the tiresome interference and quality controls typical of modern corporate and newsroom governance. At Herring Networks, there are no meddling board members, no second guessing investors, no hot shot executives, and definitely no fealty to pious journalistic ideals. The company

is a fifedom designed to accommodate one man. Others might be able to offer Trump more dollars or a bigger audience, but Herring could give him something even more enticing, a company that feels like home. I don't quite have the money that Rupert Murdoch has, Harring once told the San Diego Business Journal, but I can do more with less than anybody in the world. In two thousand three, words

spread through San Diego's small TV industry. Some rich guy was starting a new high definition network about upper crust lifestyles. Job Seekers were summoned to a cavernous building along Interstate five, where they met the visionary behind Wealth TV, a short, spry man with dazzling white veneers and dyed brown hair. Herring was born in Louisiana, but relocated with his family

to California when he was young. Forced to drop out of school as a teenager, he built a fortune in circuit boards, selling one company Industrial Circuits for sixty million dollars and another, Herko Technology, for more than one hundred million dollars. In two thousand He lived in a mega mansion and owned a yacht. His employees called him Mr h The idea for Wealth TV, he explained, back in two thousand three, had come to him late at night

while flipping fitfully among cable channels. He'd always enjoyed the show Lifestyles of the Rich and Famous, the seminal nineties celebration of materialism. He'd even gotten to know it's longtime host, Robin Leach. I started thinking, what's this word wealth mean, Mr H said in an early promo, It's not money. I looked it up. It said an abundance of good. That to me sounded like a fantastic name for a

TV station. Wealth TV was launched in June two thousand four, with a staff largely made up of recent college graduates. Mr H expected hires to write, produce, and star in their own shows. He involved himself in every facet of the business, generating ideas, reading scripts, and reviewing expense reports.

Before long, Wealth TVs programming reflected his past with series about anti aging remedies and wellness, Wealth on Health, Sports, Cars, Wealth on Wheels, Yachts, Wealth on the Water, and other dow Dish playthings, boys toys. The house style was one part Late American Empire, one part Monte Carlo Bender, a former employee, recalls that everything on the network looked like the lobby of a Trump hotel. Another describes the aesthetic as women in bikinis throwing a football on the beach.

The network's brand logo was a ritzy w morphed into the shape of a crown. At one point, Mr H ordered up a half hour program on a dating service called Siet Lana incorporated the business his employees soon learned through which he'd met his young third wife. Its namesake, siet Lana Novikova, was an entrepreneur who arranged dating tours

of Russia for successful American men. The TV program included footage of a pool side soire at which a line of women's stood smiling, their low cut dresses numbered for easy identification. Men in slacks mingled nearby, assessing. Mr H got his first taste of the conservative limelight in two thousand five, during the legal battle over Terry Shivo, a

woman in a prolonged vegetative state. He publicly offered her husband Michael, one million dollars to turn over guardianship to Terry's parents, who disapproved of Michael's plan to take her off life support. Shivo ignored him. Fox News did not. This is a very very generous offer, sir, that I think could save somebody's life, Hannedy said. At the time, Mr H was losing a lot of money on Wealth TV.

Few major satellite or cable distributors were carrying it, and executives told the San Diego Union Tribune in two thousand six that the network had lost as much as sixty million dollars. It may break me, to be honest about it, Mr H told the paper. The mood at the studios grew increasingly strained. Every Tuesday morning, Mr H would gather production staff in the boardroom and ask each person what

they were working on. When he was in a good mood, former staffers say the meetings could be pleasant, but when the boss was feeling on edge, as was often the case, he would tear into everyone, dropping what staffers began calling H bombs. A lot of the behavior felt unprofessional, says Stephen Alberts, a former Wealth TV producer. It seemed like there was no accountability. The attitude was always, well, we're

a private company, we can do what we want. The building's interior was outfitted with security cameras, the better to spot workplace malingerers. Turnover was high, gallows, humor abundant. Mr H frequently fired employees, often in front of their colleagues. Former staffers say he also kept what he called a traitor's list of those who had left him for competitors. The Herring family was a source of much fascination among staff. The younger son, Charles, the company's president, was tight lipped

and aloof around the employees. The older son, Bobby, who oversaw many day to day operations, was regarded as the warm one. He told staffers he'd been wild growing up and had struck out on his own before becoming a born again Christian and returning to the fold. Bobby gave the impression that he worked extra hard to win his father's approval, which wasn't always easy. Mr H frequently berated

him in front of others. Former employees say that for a brief, uncomfortable spell, he disciplined his eldest son by making him perform janitorial duties. Bobby didn't respond to interview requests. In an emailed response to questions, Charles wrote that Bobby plays perhaps the most important role at the company, overseeing daily operations, and said it was untrue that his father kept a trader's list. Disgruntled former employees that don't have

firsthand knowledge aren't the best sources, he wrote. In two thousand eight, Mr H started his first daily news show, Wealth International News, filling it mostly with repackaged wire service segments. It was anchored by Graham Ledger, a tanned, muscular San Diego newsman who had spent years at KFMB TV, the local CBS affiliate. Ledger was known behind the scenes at KFMB as a vocal conservative who would scour scripts for signs of liberal bias. He didn't respond to interview requests.

Five years after his first foray into news, in the spring of Mr H announced he was starting a competitor to Fox News called One America News Network. O a N. Began broadcasting that July four. The network's logo was an eagle with wings outstretched. Talents descending the graphics were red, white and blue. News programming continued to revolve around dutiful setups of wire service segments, but now Mr H had

an opinion side too. Ledger moved there and began hosting a show called The Daily Ledger, featuring his signature opening line, stand by the doors to the newsroom are locked and the PC police are not getting in. Oh a N. Like Wealth TV, struggled to attract major cable distributors. Stafford started calling the network One America snooze. In its efforts

to gain notice. O a N brought in Sarah Palin for a guest hosting stint in the summer of At one point she did an obsequious interview with candidate Trump in which he praised his avant garde campaign and asked him where he got his guts when it came to schooling certain idiots in the mainstream media. Afterward, Charles Harring told CNN he wanted to hire Palin but couldn't yet

afford what she is worth. Trump, on the other hand, was endlessly jab owning for free the perfect budgetarian stylistic fit for Mr. H. Soon O a N was gaining notice on the campaign trail by airing Trump rallies unabridged. Any Trump fan annoyed by the reality based political interjections of Fox reporters now had a genuine alternative. Once Trump gained office, O a N spiraled into a fire NATO

of MAGA friendly content. According to former employees, Mr H involved himself deeply in the process, combing through right wing websites for ideas and assigning stories. At some point he dutifully performed the MAGA haj traveling to stay in the Trump International Hotel, Washington, d C, which he was a gas to find didn't subscribe to O A N. He duly complained on Twitter in twenty eighteen, Jonathan Harris, a former O A N producer, filed a discrimination and harassment

lawsuit against Harring, Networks and Ledger. According to the lawsuit, Ledger would regularly berate, demean, and verbally abuse Harris over his liberal politics and his perspectives as an African American male. Harris claimed that when he filed a formal complaint about Ledgers allegedly assist behavior, Harring grew angry and fired him.

In court documents, Herring and Ledger responded that the claims were without merit, but in early twenty a jury found in harris favor, awarding him one point one million dollars in compensatory and punitive damages. Several months later, Ledger left O A N ostensibly to spend more time with his podcast. Meanwhile, the network was playing host to various members of the

Trump Demi Monde. Herring briefly hired former Trump campaign manager Corey Lewandowski as a political commentator, and oh A N aired several documentaries and specials involving Trump associates, including Carter Page, Steve Bannon, Michael Capputo, and Rudy Giuliani. The multi part series featuring Giuliani aired during Trump's impeachment hearings, advancing the false notion that Ukraine, not Russia, interfered in the U S presidential election, and on Hillary Clinton's not Trump's behalf.

Over time, the line betwe the networks, commentators and news reporters all but disappeared. In OIAN hired Shanelle Ryan, a conservative illustrator, President Trump's most stalwart graphic warrior against leftism,

for her website as its White House correspondent. She since emerged as the defiant, maskless face of the network's pandemic coverage, tangling over COVID safety protocols with the White House Correspondents Association, promoting the conspiracy theory that the coronavirus was created in a North Carolina lab, and posing some memorably bizarre questions. Is it alarming that major media players, just to oppose you are siding with foreign state propaganda, Islamic radicals and

Latin gangs and cartels, she asked Trump in March. Ryan didn't respond to an interview request. All the while, O a N's reputation grew stronger among hardcore Trump fans and the people hoping to profit from them. In January, the Wall Street Journal reported that Hick Equity Partners, an investment firm based in Dallas, was trying to assemble a bit of roughly two d and fifty million dollars to acquire Herring Networks. Even by Trump era standards, the deal had

the air of a nepotistic feeding frenzy. According to the journal, Thomas Hicks Jr. Son of the firm's super wealthy founder, is friends with Donald Trump Jr. Son of the President, and was being backed by Doug Deson, son of billionaire Darwin Deeson. With the political season in full swing, expressed interest is on the rise, Charles Harring told the journal, Yet, our family didn't build our operations to sell it. A representative for Hicks Equity Partners declined to comment. Deeson didn't

respond to an interview request. If Trump wins O a N would appear well positioned to capitalize further on its relationship with the president. Herring Networks, Inc. Is profitable, has no debt, and is growing, Charles Herring wrote to Bloomberg Business Week, adding that Undy is expected to be a strong year for the company, with record top and bottom line results, driven by increases in ad sales and digital deployments across numerous platforms. Even so, it faces a daunting

set of challenges. The cable industry is rapidly contracting. Many beloved brands are losing large chunks of their audiences to streaming competitors, and unlike say Sinclair Broadcast Group, which owns or operates nearly two hundred broadcast TV stations, it can inject with conservative views, mr H is dependent on satellite and cable TV providers. In recent years, those companies have been trimming away under performing channels to keep costs down.

Oh A NDS frequent pleas to viewers to badger one cable company or another to pick it up haven't helped it get carriage from several of the giant pay TV providers, notably Comcast, Charter Communications, and Dish Network, and its largest distributor A T and T s Direct Tv is swift

losing customers. Herring Networks does own a boutique streaming service called cloud Tv, but it currently provides subscribers with access only to a range of lesser known outlets, including O A N A w E A Wealth of Entertainment, the rebranded name of Wealth TV, the Nautical Channel, INFO Wars and horse TV. Ultimately, oh a N's best bet for winning wider distribution may depend on positioning itself around Trump's

next act. John Klein, a former president of CNN US and current co chairman of the streaming company tap Media, points out that plenty of conservative consumers are still up for grabs. Just as political constituencies can splinter and reform around new candidates, so can TV audiences. You shouldn't assume the conservative audience is a monolith, he says. Years ago, Klein remembers when he was helping Palin launch a streaming channel. He reached out to Ales, then the head of Fox News,

where Palin was a contributor. Ales was very concerned about being outflanked on the right, Klein recalls, he said, as long as you don't try to build a network to the right of me, I'm fine. If you do, I'm going to have to kill you. Ultimately, the Sarah Palin channel came and went as fast as her national political career. The Trump Show, by contrast, seems unlikely to fade so quickly to static. In May, during an appearance on O a N, Mr h said the network is preparing to

expand and hire more people. Criticism of its reporting in the mainstream media, he averred, was a welcome sign of its growing stature. I kind of enjoy it, he said. What it really means is that we're making progress. They're worried that we're coming up. There's a lot of reporters out there that should spend more time really doing what our kids do, doing research and everything and trying to put out real news. And that's one of our feature stories this week by Felix to Let, media editor at

Bloomberg Business Week. It is on the Trump loving network that has the potential to become his fallback plan. That story and more in Bloomberg Business Week. It's on newsstands, it's on the Bloomberg and it's also online at Bloomberg dot com. Be sure also to check out Bloomberg Business Week Radio on Bloomberg Radio that's Monday through Friday at two pm Wall Street Time, also on YouTube, Just search on Bloomberg Global News, and also follow a podcast on

Apple and at Bloomberg dot Com. I'm Carol Masser. Join Bloomberg Live on October twenty nine for the latest installment of invest Talks featuring Henry Kravis tapping into the expertise of the global investment firm KKRS co chairman and CEO. This conversation will cover topics ranging from the outlook for markets and US China policy, to diversity on Wall Street and leading through COVID. Join us on October twenty nine to hear what's on the horizon for the global economy.

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