I want to put the correct answer in here, just in case others are having this problem like I was. If you hate the ViewBag, fine don't use it, but the real problem with the code in the question is that the same name is being used for both the model property and the selectlist as was pointed out by @RickAndMSFT
Simply changing the name of the DropDownList control should resolve the issue, like so:
@Html.DropDownList("NewsCategoriesSelection", (SelectList)ViewBag.NewsCategoriesID)
It doesn't really have anything to do with using the ViewBag or not using the ViewBag as you can have a name collision with the control regardless.