Hes a serious, hands-on leader who earned executive-level platinum points last year in just five months while still managing to maintain a golf handicap of 15. A July segment in Centex Proud, a Fox-affiliated, Nexstar owned, Waco-area station, covered a Cruz event saying (Cruz) is excited to see the current economy and business boom with the lowest unemployment rate for Hispanics and African-Americans in a decade. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. We've signed some things. And I would tell you, without it, wed be in worse shape than the newspaper business.. Bloomberg Surveillance: Early Edition with Anna Edwards, Matt Miller & Kailey Leinz live from London, Berlin and New York, bringing insight on global markets and the top business stories of the day. Many of the big cigars in media management will tell you that the Sook-led revolta high-stakes game of chicken against Cox Cablewas a definitive moment for the CEO, Nexstar, and the entire media industry. So we'll be a 24-hour news network Monday through Friday by the end of April, and that will include the daytime expansion, the addition of the Hill, the addition of Elizabeth Vargas Reports show at 6:00 Eastern Monday through Friday. Later that summer, Fox45 covered Van Hollens visit to a Texas border patrol processing center. Excluding the CW, fourth quarter direct operating and SG&A expenses increased only $5.9 million as a result of higher variable costs related to higher revenues, increased programming and other costs related in part to the move of NewsNation from syndicated programming to news programming, which is offset in our adjusted EBITDA calculation from reduced programming payments related to syndicated content. So you have an inferior offering in the marketplace. It was interesting Sinclair was talking a little bit about their feeling about the importance of getting the FCC to move so that you can shut down the legacy stations, the ATSC 1.0 to get really enough kind of capacity to generate meaningful revenues off of this. Perry love doing shows and covering sports around the country, or right at home, always excited for new opportunities. Local television broadcasting generated $2.4 billion in gross political ad dollars, a record amount for midterm election, capturing more than 50% of the total spend in 2022, representing a 38% growth over 2018. - Achieved monthly website growth of 2.3 million views over two-year period through strict web and social media initiatives (Feb. 2009 to Feb. 2011) - Served as one of four If you follow the decline in general network -- general entertainment network ratings, we couldn't have made the pivot at a better time. Okay. On the other hand, ABC 5 gave a D- to an ad run by Paulsen that attempted to tie his opponent to a sexual assault. That's what's driving the buildout. In summary, our record 2022 financial results reflected continued performance across our key near-term growth areas, including distribution, political advertising, new local direct advertising and digital with even more to drive growth ahead of us. Perry, please go ahead. Core television advertising decreased 3.3% year-over-year. It was up low single-digit percentage on an adjusted basis. And I think that other team owners have taken notice of that. But, that was before Sook launched a national cable news channel and bought a national website. Discussions with potential technology and business partners for this service are ongoing, and we continue to believe the revenue opportunity for applications using our spectrum could rival our retransmission revenues by the end of this decade. Perry A. Sook has over 41 years of professional experience in the television and radio broadcasting industries, covering all facets of the business, including ownership and M&A, management, sales, on-air talent, and news. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. But the consumer is still spending and local spending for us is hanging in there just fine in the first quarter. According to Open Secrets, Nexstar Media group gave more money to Republicans in the 2018 election cycle (45% to Democrats, 55% to Republicans). Our country is very important. Of that sum, $200,000 came from the company itself, $150,000 from individuals within the company. Nexstar Inc.s Networks Division President Sean Compton said last year, Rebranding WGN America as NewsNation underscores the networks clearly defined mission of delivering fact-based and unbiased news, while making it easier for viewers to find this new informative source for news.. Excluding the CW, digital revenue declined 6.5%. Third, we are already making progress with the CW, not only to bring the network to profitability but to create value for the entire Nexstar enterprise as a result of the acquisition. Mr. Sook is also a member of the Board of Directors of the Television Bureau of Advertising (TVB), where he formerly served as Chairman. As a reminder, Nexstar generates distribution revenues from our linear MVPDs like Comcast and Charter, virtual MVPDs like YouTube TV and Hulu and other direct-to-consumer platforms like Paramount Plus and Peacock. Well, I think we gave that. And one of your peers has also recently launched a service that's going to pick up regional or local sports rights. It seems like you're pretty much through with the reshaping process there. So basically, auto under -- the way you're describing it. Except for the Revolving Door section, content on this site is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License by OpenSecrets.org. With FCC approval, the company will own 171 stations to. So far in Q1 of '23, we're seeing similar results to what we saw in the fourth quarter with this revenue category. Records show that a new political committee raised more than $2.2 million and spent more than $1.5 million in the past two weeks all of it, according to organizers, on behalf of Monique . Thomas Carter, the CFO, did the same. Perry A. Sook has over 41 years of professional experience in the television and radio broadcasting industries, covering all facets of the business, including ownership and M&A, management, sales, on-air talent, and news. Excluding these impacts, our 2023, 2024 free cash flow would have been $1.45 billion for comparison purposes. does my dad have a mental illness quiz; disadvantages of multimodal learning style. CapEx was higher in the fourth quarter than prior quarters in 2022 as CapEx that was delayed in the first 3 quarters of the year due to supply chain disruptions was finally fulfilled in the fourth quarter. Political spending at Tribune peaked around 2000 when they gave $123,280, the majority of that to Republicans. At OpenSecrets.org we offer in-depth, money-in-politics stories in the public interest. So I don't know how do we yardstick kind of '24 relative to whatever pro forma 2020 was if you have that number. As one of the nation's leading providers of local news, entertainment, sports, lifestyle, and network programming, Nexstar produces and distributes over 275,000 hours of local content per year. That will become a problem for Nexstar CEO Perry Sook, who recently signed a deal with LIV Golf to air the tournaments on The CW. The Texas Association of Broadcasters' 2006 Broadcaster of the Year has been an industry innovator since he began his career more than 25 years ago. If it rained, staffers had to send a Jeep down the road to retrieve Sook. And I've recently been at the FCC meeting with the commissioners as well as the Chairwoman. Speaking on Nexstars second-quarter earnings call Wednesday, CEO Perry Sook said a year after its launch, few people know about NewsNation. And so we know we have value. We expect Nexstar's cash interest expense to approximate $110 million for the first quarter and $450 million for the year, reflecting current forward curve and expectations for debt repayment. People may receive compensation for some links to products and services on this website. I knew the quickest road to management, and management to ownership, was through sales.. Our next question comes from Jim Goss with Barrington Research. When the president of the National Association of Broadcasters introduced Sook to banqueters as, more than just a broadcaster with a handsome face and a great tan, it was an inside joke. We continue to believe the investment case for Nexstar is very simple. Sign up for our newsletter to track moneys influence on U.S. elections and public policy. The PAC favors Republicans, but only slightly. But in terms of the things I'm talking about, in 2024, there could be a very modest amount. We have developed these audiences over decades by consistently providing top-rated local news, sports and entertainment content. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. While we have higher expectations for growth in this line item for the year, until our partners' ongoing negotiations are resolved, our growth rate will remain near the mid-single-digit area. Suite 2100 Analysis / Bias LIV Golf's 2-day average linear viewership was 24% higher than the average. Perry Sook, Nexstar's CEO, gave $5,000 to the company's PAC in the 2014, 2016 and 2018 election cycles. In 2023, we plan to allocate a portion of our free cash flow to reduce indebtedness, primarily from mandatory amortization payments. In addition, the CW was responsible for $30 million of onetime expenses comprised of restructuring charges and retention bonuses. So we believe the first half will be more like mid-single digits, and then it will grow again to the full year expectations in the back half of the year. Hubbard Broadcastings political contributions peaked in 2016 when they gave over $1 million to Republicans. There are several ways to watch NewsNation around the country. But we could develop sharing arrangements so we could get an economic benefit from a second station, Sook says, By 2012, Sook was ready to refocus on growing Nexstars portfolio. Thank you very much for your participation, and have a good day. The company is now the nations biggest player in local television. Mr. Sook was named the 2009 Broadcaster of the Year by Broadcasting and Cable (B&C) and was among the honorees inducted into the B&C Hall of Fame in 2014. I think you said SG&A was up $5.9 million, excluding the CW. Over the last 10 years, Nexstar has managed a jaw-dropping return of nearly 3,000 percent. And what kind of incremental opportunities or channels do you see heading into next year? Listen Bloomberg. Perry A. Sook -- Chairman and Chief Executive Offcier Thank you, Joseph, and good morning, everyone. And we're working independently with Sinclair and with other companies to develop business applications that can be used today, given the capacity constraints in enhanced GPS and distributed power and some other use cases that are not very bandwidth-intensive. Cash interest expense was $100 million for the quarter and $323.6 million for the year, slightly lower than our $326 million expectation at the last call due to the impact of the -- of actual versus projected yield curve and debt repayment. Stay up to speed on DFWs fast-moving business community with weekly news reports, interviews, and insights. We haven't announced yet that I think will be of interest. But not all of his travel is to major metros. And then what was your retrans revenue if you just exclude the CW, what was that percent change including the hit, unfortunately, for the blackouts? The ramp-up of sports betting advertising came at a time when automotive was declining and now we see a reversal in the performance of these 2 categories. We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. CEE MARKETS-FX strengthens as market sees rates staying high, China says EU TikTok ban will harm business confidence, Consumers keep feeling better about today and worse about tomorrow: Morning Brief, All Adani Stocks End Higher First Time Since Hindenburg Report, Chinese video streaming platform iQIYI to raise $600 million through convertible bonds. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. With respect to our free cash flow guidance, we've opted to use an attributable free cash flow figure that includes the cash flow of Nexstar and its interest in the Food Network and our attributable 75% interest in the losses of the CW and the related tax benefits of those losses. NewsNation InSites. Our capital allocation priorities remain focused on value-enhancing organic initiatives in our business, accretive M&A, modest deleveraging and shareholder returns through a mix of dividends and share repurchases. Fourth quarter total interest expense increased to $103.4 million from $70.2 million in the prior quarter due to the impact of increasing LIBOR and SOFR rates applicable to our floating rate debt. I wonder if you could talk about that a little bit, too. The category is primarily responsible for the core advertising revenue decline more gaming, sports betting, insurance, direct response, medical health care and radio TV cable newspapers. Nexstar staffers handed out rabbit-ear antennas so customers could circumvent the cable company and still get the stations on-air broadcasts. In each of those cycles since 2010, they gave at least two-thirds of the money to Republicans. (The film was produced in part by StarWing Sports Management, which represents Sinner. I'm sorry, how our direct operating expenses tracking in Well, I mean is there anything out of the ordinary we should know about your direct operating expenses this year, putting aside the CW, anything out of the ordinary. At 61, Perry Sook, CEO of TVNewsCheck's Station Group of the Year, Nexstar Media, has the look, the voice and demeanor the gravitas, some would say of a high-priced news anchor in a top market. What's your feeling about that? You should also note that we have streamlined the number of EBITDA and free cash flow metrics we are showing on our earnings release cover page. Van Hollen appeared on another Your Voice segment in April 2018. In trade jargon, its referred to as a retransmission consent dispute. A Texas native and University of Oklahoma Alum, Perry now lives in New York City. The lawyerly name belies the bare-knuckled drama involving Cox and 21 television stations in Texas, Arkansas, Louisiana, Kansas, and Missouri. And then obviously, once April comes and we're 24/5, we now set our sights on 24/7 and how we feel the 18 hours on Saturday and Sunday that are currently entertainment programming, we have to fill that with news. For cash taxes, we use a 26.5% tax rate when calculating our estimated tax benefit before onetime and other adjustments. No, we heard it directly from FuboTV yesterday that they want that local content back, but understood there. Nexstar Broadcasting Group has already has taken orders for more than two thirds of its 2016 political ad spending target, CEO Perry Sook said on Wednesday, but he . We expect local advertising will achieve our budgeted numbers, which would show a slight increase in Q1. The grade was part of a segment called Truth Test in which political ads are rated on their factual accuracy. Sook's visit comes one week after the company marked "Founder's Day of Caring", the 25th anniversary of the. Full year net revenue, adjusted EBITDA and attributable free cash flow reached new all-time highs. We announced plans to allow shareholders to vote to declassify our Board of Directors, and we maintain an active and accessible Investor Relations function, resulting in several acknowledgments in institutional investors annual survey. That year they gave $18,500 to Rep. Tom Emmer (R-Minn.) and $16,300 to Ted Cruz. There are a lot of conversations going on. Also Read: Despite Low Ratings, Nexstar Adding News to Mornings on NewsNation, When we launched NewsNation, 10% of the country knew what NewsNation was, Sook told analysts and investors. Overall, for the year, cash operating taxes were $334.1 million for Nexstar, excluding CW, implying a 25.5% pretax income rate and $321.9 million, including the tax benefit from the CW attributable tax deductible losses. Hear the latest economic, business and market news, as well as global, national, and local news. I'll go back to what Tom said in his prepared remarks is that total virtual MVPD revenue is approximately 10% of our distribution revenue. Tom Hanks Started a Veteran-Focused Coffee Brand Where to Buy It, Drug Prices Are Increasing in 2023, Won't Impact Most Consumers. Perry A. Sook-- Chairman and Chief Executive Officer Thanks very much, everyone for joining us. And then a big picture question. Do we know enough yet to know if it's a buyer's market? And I think when those things begin to line up, I think you'll see development accelerate. The reach of our local platform, which is where the political game is played overlaps very well with the open Senate races, the states that are expected to be in play for the presidential contest. Overall, in the quarter, we saw an increase in the rate of decline in our subscribers to the mid-single-digit range, which was impacted by higher rate of MVPD declines offset by continued growth at virtual MVPD and DTC subscribers. Meanwhile, Ad Fontes, a media watchdog organization, rated NewsNation Now in the middle for bias and as Reliable, Analysis/Fact Reporting for reliability. Sook tells it best. Our ability to generate record results and excellent shareholder returns underscores the benefits of our unique scale, the strength of our operating model and our ability to consistently generate substantial free cash flow. We continue to anticipate a low 9-figure investment and to achieve profitability by 2025. And I assume you -- the initial bogey was to basically do better than you were with off-network sitcoms. It started at a small station in Clarksburg, West Virginia. He collects firearms, and in response to questions that are not at all explicitly about. WGN-TV quoted Uptons criticisms of the Affordable Care Act and its rollout in 2013. We went from that penny a day to now in 2020 what will mean approximately $2 billion of revenue to our company and about $18 billion in revenue to local television stations across the country, Sook says. Both Lewis and Paulsen lost their seats in 2018. If you don't have the local stations, I think that should tell you everything you need to know about the leverage in the discussions. So maybe you could just put a little more context. In a 2015 article on the announcement that then-Senator Mikulski would receive the presidential medal of freedom, the Fox45 site included a transcript of Mikulskis full reaction from the floor of the Senate. Now you probably want to raise your sights in terms of the margins and the profitability you can generate with that station or the network. The article includes a quote from a political scientist who says, though the statement is distasteful, they dont think it shows shes a virulent racist. They have given generously to Maryland politicians over the years, including Rep. Andy Harris, Sen. Barbara Mikulski and Nancy Jacobs, a Republican state Senator who lost a race for Marylands second congressional district in 2012. Great. Although less overtly political than their cousins on cable, local news stations have come under increased scrutiny after the viral controversy aroused in early 2018 by a must-run segment on stations owned by Sinclair Media. This is particularly impressive since TV can offer a fixed amount of inventory and the pricing, which is regulated on Canada-specific funds, has a limit versus other media like digital. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. It will be done from the heartland for the heartland, which is where WGN is primarily distributed. Sook is so serious about delivering straight news, hes hiring journalism professors and rhetoricians to review scripts. [53] The sale was completed on January 31, 2017. Sure. It will be based in Chicago and run out of Chicago, drawing on the backbone of those 5,400 journalists sprinkled around the country.. A recent graduate of the University of Oklahoma Weitzenhoffer School of Musical Theatre, Perry now lives in New York City, but loves performing . Before handing the call over to Tom, I want to briefly touch on a few updates on our organic growth prospects. Perry Sook, Nexstars CEO, gave $5,000 to the companys PAC in the 2014, 2016 and 2018 election cycles. We doubled the size of the company and then doubled it again in the space of about two years. The last double-down made Nexstar worth $13.8 billion. Both Blackburn and Arpaio have received lavish praise from President Trump. It was financed by a big capital investment firm that bought some stations from CBS but, Sook says, was without a management team or any business thesis as to how to operate. With no money to make acquisitions on his own, Sook got creative. As the largest local broadcaster, Nexstar is important to both our network partners and our MVPD partners, which provides us with a very strong negotiating position. Commodity futures news: Nexstar Media Group Reports Record Fourth Quarter Net Revenue of $1.49 Billion and Fiscal Year 2022 Net Revenue of $5.21 Billion, updated 2023-02-28 07:00:00. In most cases,it is difficult to say whether these companies political activities cross-pollinate with their journalism and business dealings, but future controversies akin to the Sinclair must-run scandal could continue to increase the visibility of the companies behind these local stations and erode Americans faith in yet another source of news. They had no audience, no advertisers, and no followers, Sook says. And so I think it's an iterative process. Sook was named the 2009 Broadcaster of the Year by Broadcasting and Cable (B&C) and was among the honorees inducted into the B&C Hall of Fame in 2014. Who's Nexstar CEO Perry Sook? Perry Sook vs. CBS. That concludes the financial review for the call. It's clear from our results that 2022 was a monumental year for Nexstar and a referendum on the power of the broadcast model and its ability to deliver audiences at scale and strong levels of free cash flow. LIV Golf was viewed by over 1.4 million total viewers across both the CW linear network as well as our digital platform, the CW app, compared to the average linear golf game on television year-to-date. DC Sinclairs name recognition spiked after a Deadspin compilation synchronizing the biased news must-run segment went viral, but Sinclair has been distributing corporate speech through local news stations for years. Or is it just like a national game on that national feed? Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. Perry Sook, CEO, Nexstar Broadcasting Group. Thank you, Joe, and good morning, everyone. We appreciate you joining us today to discuss Nexstar's outstanding fourth quarter and full year financial results. "We're now up to 16%, but that means 84% of the country has no earthly idea. Ratings for NewsNations news programming have been dropping all year. You want to know what the distribution revenue was excluding the CW? Please go ahead. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. Today's call is being recorded. After its merger with Tribune, Nexstar will be the largest owner of local broadcast stations in the U.S. Nexstar and the Illinois-based media company already have political activism in common. But I don't expect that anyone would sign on to a big contract until they had the chance to administer their tests. Were going to represent those who are underrepresented.. We see it as a multiple year tailwind for our company, certainly. El Paso is ORourkes hometown. Watch Vonn and Sinner as they explore the dedication and work required to become the best. By 2012, Sook was ready to refocus on growing Nexstars portfolio. So your leverage is really just your local content, your local news. There are 2 topics I just wanted to ask a little bit about the -- first on this national feed. Sook also serves on the Board of Directors of Broadcast Music, Inc. Lee Ann? Will joined CRP as a reporting intern in September 2018. As always, you should use these metrics in connection with our reconciling schedules and financial statements that have been prepared in accordance with GAAP and are filed with the SEC. Last month, NewsNation hired former Fox News exec Cherie Grzech as managing editor. On a consolidated basis, fourth quarter adjusted EBITDA increased 19.8% over the prior year to $598.2 million, representing a 40.2% margin and fourth quarter attributable free cash flow increased 27.8% to $422.1 million. It's great to hear auto continue to come back, obviously, a huge vertical for you guys. By June, that time period was down to 28,000 viewers and 5,000 in the demo. We got to get rid of all these regulations, give the little guy a chance to get ahead and stop all this government interference in our lives.. (Operator Instructions) And our first question comes from Craig Huber with Huber Research Partners. Because we have designated to CW with an unrestricted subsidiary, the losses associated with the CW are not accounted for in our calculation of leverage for purposes of our credit agreement. He is largely credited with forging in 1998 what was the first shared services agreement among American television stations. He grew up in Oshkosh, Wisconsin. In turn, our portfolio of local and national media assets now provides nationwide reach on par with other broadcast networks, combined with local activation at a greater scale than any other broadcast network owner creating a differentiated and highly attractive value proposition for advertisers, brands, content owners in an increasingly fragmented marketplace. That would be -- that is a perfect conduit for newsmakers, politicians and others to reach a national audience. In summary, we remain confident in our strategy, the quality of our assets and the strength of our financial position. Today, broadcast television remains the only place for content creators, sports organizations, team owners and most importantly, advertisers to access local audiences at scale. . The Hill will join Irving-based Nexstar's . Sook graduated from Ohio University and currently serves as chairman of The Ohio University Foundation Board of Trustees. Got you. Perry A. Sook serves as Chairman of the Board, Chief Executive Officer of the Company. Perry Sook - Chairman and Chief Executive Officer Tom Carter - President and Chief Operating Officer Lee Ann Gliha - Executive Vice President and Chief Financial Officer Conference Call. Sinclair-affiliated PACs and individuals supported Donald Trump for president in 2016 with $3,804. Nexstar Media Group owns NewsNation. Now moving back to the rest of our revenue line items in the quarter. May Nexstar's outstanding debt as of December 31, 2021, was $6.95 billion, down from $7.41 billion at year-end last year. Aerosmith co-founder Joe Perry isn't at all cagey about his political beliefs or his stance on issues. Mr. Sook, 30, who is from Texas, was then a Broadway performer and is now a sportscaster. We continue to expand our capabilities and leverage our linear, digital, mobile and streaming assets in new ways to deliver new levels of monetization, growth and shareholder returns. And in our recent distribution and renewal negotiations, our ownership of the CW positively impact the outcomes of those discussions by an amount that already effectively paid for the investment that we'll make in the network. By 2012, Sook says for President in 2016 with $ 3,804 Rep. Tom Emmer ( )... Of that to Republicans reporting intern in September 2018 no advertisers, and good,! 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