So -- but I think if the public and private sector can sit down and talk about this holistically and kick around ideas, and I think that's coming. We're about to begin our annual shareholder outreach initiative where we discuss our initiatives and hear feedback from our top shareholders. In January, the network averaged 65,000 viewers from 8 p.m. to 11 p.m. according to Nielsen and just 15,000 viewers in the 25-54 demographic used to sell ads in news programming. It seems like you're pretty much through with the reshaping process there. Great. Together, fourth quarter direct operating and SG&A expenses increased $72.5 million, primarily due to the inclusion of the CW, including the onetime restructuring expenses of approximately $30 million I just mentioned. I think we have another couple of years of these kinds of increases before we begin to approach 2019 levels, both from a national SAAR as well as unit spending. Howard Strudler, Perry Sook, Rich Raaf, Alex Lunney, Steve Capozzoli 2. And then, Perry, you mentioned that the recent distribution renewals effectively have paid for the CW deal. The PAC favors Republicans, but only slightly. Okay. Excluding the CW and the impact of going dark and other negotiation settlements, our distribution revenue would have been up low single digits. Listen Bloomberg. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of . Our next question comes from Nick Zangler with Stephens. Certainly, sports is 1 avenue that has never been pursued there before. Sook said the rebrand of WGN America as NewsNation will take effect on Monday and he said the cable network "far exceeded budgeted expectations" in 2020. Obviously, the simulcast requirement needs to sunset at some point and there needs to be a sunset of 1.0 and an endorsement of 3.0 as the new transmission standard. NY 10036. I want my commission salespeople to be the, Nexstars $7.1 billion purchase of Tribune Media changed everything. Mr. Sook is also a member of the Board of Directors of the Television Bureau of Advertising (TVB), where he formerly served as Chairman. TV continues to be the gold standard for political advertisers with local TV and local cable TV together representing 70% of gross political ad spending. Nexstar generated fourth quarter political revenue of $265.9 million propelling our full year of political advertising to $505.6 million, just 1% shy of the 2020 presidential election year results and up an impressive 32% pro forma over 2018, the last midterm comp. Nexstar reported revenue of $1.49 billion in the quarter, net income of $178 million, and adjusted Ebitda of $662 million. Or is that kind of a necessity to free up that bandwidth capacity? And we need that, too. We ended up with one guy standing. I wondered what the next steps are. 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. As always, the detail is provided in our reconciling schedules in the back. Early in 2021, news broke that Bill Shine, a former co-president of Fox News, had consulted from the beginning on the creation of NewsNation. In addition, the CW was responsible for $30 million of onetime expenses comprised of restructuring charges and retention bonuses. So if it were all at risk, that's the number that you're talking about. And I would tell you, without it, wed be in worse shape than the newspaper business.. But, that was before Sook launched a national cable news channel and bought a national website. 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. does my dad have a mental illness quiz; disadvantages of multimodal learning style. 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. I think our Clippers deal with Steve Ballmer and the Clippers putting a group of games on broadcast exclusively to expose that to the part of the market that is not inside the pay-TV universe kind of broke the seal. Net revenue for the quarter increased 19.3% from the prior year quarter due primarily to our strong political results as well as inclusion of the results from the CW, partially offset by a decline in core advertising primarily a result of national advertising market softness. We look forward to speaking to you again soon when we report our first quarter 2023 results. Sook believes its important to spend time visiting all of the companys 114 markets. And just another one, just on political, I know it's obviously early for '24, but I mean you have a really broad platform, and we've seen some creative ways that others have kind of attacked it with either CTV partnerships or what have you. 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. His shoulders are big and broad and more befitting an NFL tight end than a 62-year-old CEO. Nexstar Media Group's purchase of Tribune Media Co's 42 TV stations makes Nexstar the nation . Okay. A former small-town anchorman, Nexstar Media Groups Perry Sook owns more television stations than anyone else in the country. Mr. Sook was previously a member of the Board of Directors of the Television Bureau of Advertising (TVB), where he also served as Chairman. Sook said this year when Hillary Clinton and Donald Trump square off in the November presidential election, Nexstar will earn about $100 million in political advertising revenue. So thank you, everyone, for joining us today. So I think that sports, I think adding another hour on Sunday night to the prime time schedule, are all things you can expect in the future. 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.. 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. 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. Hes. Our 2022 fourth quarter and full year financial results showcase the underlying strength of our scale and business model and our ability to continue delivering record results and significant capital returns to shareholders. And that and money are the 2 issues here. This year, we prepared an ESG report, which will be available on our website, outlining key principles, policies and action. 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. The resulting company will own over 200 television stations, giving it incredible access to American homes across the country through their local news programming. For all the factors are enumerated by Perry and Tom, we are excited about the prospects for 2023 and remain confident in our ability to enhance shareholder value and deliver on our new pro forma annual -- average annual attributable free cash flow guidance for 2023, 2024 cycle of approximately $1.25 billion, including $90 million of attributable losses and associated tax benefit in connection with our ownership interest in CW.Comparing this to our original 2022, 2024 guidance of $1.4 billion, for the 2023, 2024 average, we have about $110 million more interest expense given the movement in interest rates and a $90 million attributable loss for the investment in the CW. Our ability to attract top-tier talent and make good progress on ratings, with January 2023, marking NewsNation's highest-rated month to date, all only reinforces that view. Since Americans have a significantly greater level of trust in their local news stations than they do in national news outlets or in web-only publications, this level of political activity from media companies is especially significant. Last quarter, you announced the Clippers deal. Upton represents Michigans sixth congressional district in the Southeast of the state. Are you guys saying that at this point? Understood. Excluding the CW, fourth quarter adjusted net income increased of 32.5% to $662 million, and free cash flow increased from 38.7% to $458.1 million. Our weatherboard was a map of the United States that you literally put color forms onyou know, like the rubber things that stick. Undeterred, in his first week on the job, he made the biggest sale in station history. South Dakota Senator John Thune received the biggest haul from Sinclair in 2016 (over $30,000). The proposed terms were below market, and as a result, CBS-affiliated stations, including Nexstar, remain off the air on that platform. I'll start with a summary of recent highlights and developments. We hope to get everybody on the same page as much as we can after this call. In 2009, with the recession underway, Nexstar found itself trying to work with another media group. That concludes the financial review for the call. Sure. 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. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. And then Because that's a lot. As such, we are opting to exclude transaction and onetime expenses from these figures. Sinclairs top three recipients for 2018 were Republican Senators Roger Wicker (R-Miss. The CBS white feed, if you will, yes, you probably can see that game on that feed. As always, Tom and Perry gave you most of the details on the revenue side. Looking ahead, 2023 will benefit from the renegotiation of our distribution contracts, representing more than half of our subscribers during 2022 and 2024 will benefit from the presidential election year, political advertising cycle as well as additional distribution contract renewals at the end of this year. In the latest of my series of Legends & Leaders interviews with media industry leaders, Nexstar CEO Perry Sook shares context on the decision to convert WGN America to NewsNation, including details on how 198 Nexstar TV stations and 5,500 journalists feed, support and promote the fledgling news network. But we're very bullish on the prospects and think these things are in the queue and on the way. Its important that we never lose sight of that, he says. Tribune has another connection to Obama in Edward Lazarus, Tribunes Executive Vice President and Chief Strategy Officer. ANDERSON, Sandra J. BA '73 Vice Chair and Jerry Moran (R-Kan.), all of whom received $15,000 or more. 2022 Foundation Trustees. According to Open Secrets, Nexstar Media group gave more money to Republicans in the 2018 election cycle (45% to Democrats, 55% to Republicans). The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. And so we are very bullish on political 2024. [54] On August 1, 2018, Nexstar bought out KRBK in Springfield from Koplar Communications for $16.45 million, and also bought out WHDF in Huntsville from Lockwood Broadcast Group for $2.25 million. Since NewsNation brands itself as being one that reports the facts in an unbiased manner, many viewers were hopeful when the network launched in 2020. Theres a lot going on in the country that just doesnt happen in New York or D.C. or Los Angeles, he says. In the days before the 2016 election, Van Hollen appeared on a Fox 45 news segment called Your Voice where he talked about the ease of early voting and pitched his plans to accelerate job growth in Maryland. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. Tuesday, February 28, 2023 Thank you. In 2023, we plan to allocate a portion of our free cash flow to reduce indebtedness, primarily from mandatory amortization payments. 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. Now, are we beyond those days where a woman can behave as a slut, but you cant call her a slut?. In addition to posting another blockbuster year of financial results, Nexstar achieved a number of strategic and operational accomplishments that are positioning our company for future growth while enabling us to continue delivering the financial performance, cash flows and shareholder returns that investors have come to expect from Nexstar. Perry Sook, Nexstars CEO, gave $5,000 to the companys PAC in the 2014, 2016 and 2018 election cycles. He found the perfect candidate for such an arrangement just down the road in Wilkes-Barre, in the form of WBRE-TV. ABC 5, a Hubbard-owned station, reported on 2009 Facebook comments made by Housley in which she likened Michelle Obama to a chimpanzee. Ratings for NewsNations news programming have been dropping all year. We are currently projecting cash CapEx of $35 million in the first quarter and $137 million for the full year. Perry Sook, president and CEO of Nexstar Broadcasting Group Inc., is pictured at their Irving offices. But when it came time for the owner of the station to pay me my commission, he said, Well, we had a problem at the transmitter, and I had to buy a part. After a few weeks of excuses, I realized I was never going to get paid my commission. So your leverage is really just your local content, your local news. We haven't announced yet that I think will be of interest. I appreciate that. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. But not all of his travel is to major metros. It will premiere on September 1, CEO Perry Sook said during a conference call with analysts. Who's Nexstar CEO Perry Sook? There are several ways to watch NewsNation around the country. And one of your peers has also recently launched a service that's going to pick up regional or local sports rights. As you know, there are a lot of moving pieces in these discussions with the networks, especially at CBS, where there is a linear agreement, vMVPD agreement and a Paramount Plus agreement, all of which are up later this year. The present study examined how self-rated health was influenced by sociodemographic characteristics, physical health indicators, and sociocultural resources among four racial/ethnic groups of older. Its a publicly-traded company on the Nasdaq under the ticker symbol NXST. Nexstar operates traditional media as well as digital and mobile media platforms. 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. A member of TVB's board of directors since 2000, Sook assumes the chairman's position previously held by Michael J . And people are enthusiastic about engaging in those conversations. Every donation we receive from users like you goes directly into promoting high-quality data analysis and investigative journalism that you can trust. How should we think about your willingness to trade off in kind of prime time sort of programming, like how are we thinking about either from a CPM or a viewership perspective, if you wanted to put stuff on CW sort of that trade-off between sort of traditional programming and sports? Sook recalls running commercials with us holding up a penny and asking, Dont you think were worth a penny a day on your cable bill?, The Nexstar CEO felt he was on the right side of things and that cable customers would be willing to pay to get their local news content. By the 2016 cycle, Tribune was throwing $4,963 behind Hillary Clintons presidential bid. During commercial breaks, Id have to get up and adjust my own camera, he says. So if I understood it correctly, is this that you expect retrans ex the CW to be up about mid-single digit? Our next question comes from Jim Goss with Barrington Research. Sook is also credited for helping Nexstar rise from its founding to earning $4.6 billion in net revenue in 2021 alone. Fourth quarter political advertising revenue of $265.9 million . 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. Since the CW programming schedule is locked in for the 2022, 2023 broadcast season, it won't be until the fourth quarter that you will be able to see the Nexstar play book start to unfold. Perry, maybe just to follow up on that a little bit. It's great to hear auto continue to come back, obviously, a huge vertical for you guys. The FCC Chairman Lazarus served under, Julius Genachowski, was nominated to the position by Obama in March 2009. However, political ideologies have influenced human society since the dawn of civilization as. But, aside from their reporting, these organizations dabble directly in politics and elections more than one might expect. The script was passed down from Sinclairs corporate office in Maryland. Okay. It all got Sook to thinking. In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. 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. Is that cord cutting? Our next question comes from Dan Kurnos with The Benchmark Company. Lee Ann Gliha; Executive VP & CFO; Nexstar Media Group, Inc. Perry A. Sook; Founder, Chairman & CEO; Nexstar Media Group, Inc. Thomas E. Carter; President & COO; Nexstar Media Group, Inc. Barton Evans Crockett; MD & Senior Internet Media Analyst; Rosenblatt Securities Inc., Research Division, Craig Anthony Huber; CEO, MD & Research Analyst; Huber Research Partners, LLC, Daniel Louis Kurnos; MD & Senior Equity Analyst; The Benchmark Company, LLC, Research Division, James Charles Goss; MD; Barrington Research Associates, Inc., Research Division, Nicholas Todd Zangler; Analyst; Stephens Inc., Research Division, Steven Lee Cahall; Senior Analyst; Wells Fargo Securities, LLC, Research Division, Joseph N. Jaffoni; Founder & President; JCIR. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. With that, it's now my pleasure to turn the conference over to your host, Nexstar Chairman and CEO, Perry Sook. I mean, we wouldn't rule any of it out. The smarter way to stay on top of broadcasting and cable industry. Perry A. Sook serves as Chairman of the Board, Chief Executive Officer of the Company. 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. That will be followed by Tom's operations review and Lee Ann's financial review, and then we'll open the call for questions from you. But to put it in perspective, excluding revenue we generated from the carriage of NewsNation, which Nexstar negotiate separately, less than 10% of our gross distribution revenue is derived from virtual MVPDs. Your comments about (inaudible) drawing attention to the CW. The report also contains disclosures for Nexstar as suggested for companies in the media and entertainment industry by Sustainability Accounting Standard Board, or SASB. Positively impacting this revenue category in the quarter was the inclusion of the CW-affiliate fees as well as growth in the virtual MVPD revenue and MVPD rate resets and annual rate escalators. I think you'll see us more active on the debate stage. Yes. He wants to tell stories that are happening outside the beltways. But we have a receptive audience, certainly among NBA owners and NHL owners that see the value of broadcast TV and exposing and distributing their product to a much larger audience spend is available in the pay-TV universe. And most importantly, the affiliates as well as our own stations were thrilled. It's my first question. The founder and CEO of ENSEO takes us along on a day overseeing the company with a rock 'n' roll attitude. We have a strong balance sheet with low leverage and excellent short-term visibility with multiple long-term material growth initiatives. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice. Second, we continue to make significant progress building out NewsNation, America's fastest-growing cable news network. So it's really a dichotomy where Main Street is coping and surviving just fine, and it's more the national advertisers that have pulled back on their spending in anticipation of a weakness in consumer spending, which at this point has not manifested itself in our numbers or at the local level. Expansion through acquisitions is a great way to grow, but Nexstar didnt always have that kind of dough. And I now would like to turn the conference over to Joe Jaffoni, Investor Relations. We have developed these audiences over decades by consistently providing top-rated local news, sports and entertainment content. Another WATE story featured anti-Blackburn protestors demonstrating during a moment of silence for the Pittsburgh Synagogue shooting victims at a campaign event. Nexstar took control of The CW and signed a . And as in the past, we will provide the results of that process in our annual proxy statement. Our ability to execute on these renewals just reinforces what we already know that broadcast matters. When you refer to Bay, who are you talking about? Its important that we never lose sight of that, he says. Jon has been business editor of Broadcasting+Cable since 2010. [53] The sale was completed on January 31, 2017. Most recently we closed on the acquisition of Tribune Media, a $7.1 billion transaction that doubled the size of the company. According to Kantar, total gross political advertising on all media was up a record 3% over 2020 and up significantly compared to 2018, driven in large part by more competitive races in 2022 in the impact of sports betting propositions in California. 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. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. And again, I tell people, I don't care what the ratings are 3 months from now. As we move forward, we will continue to strategically deploy our cash in a manner that is consistent with our commitment to creating the highest shareholder value. The cable company put Sooks home phone number on ads pushing its side of the argument. I guess if they felt they wanted to vote with their feet, they wouldnt own the shares. We also believe it is important to do so since we view the near-term losses of the CW as a proxy for purchase price, and we intend to bring the asset to profitability by 2025. Offsetting these factors were the impact of ours and our partner stations going dark on certain MVPDs during the quarter in connection with the contract renegotiations and the settlement of certain disputes impacting revenue in connection with these new contracts as well as continued MVPD subscriber attrition. Perry A. Sook; Founder, Chairman & CEO; Nexstar Media Group, Inc. Thomas E. Carter; President & COO; Nexstar Media Group, Inc. Barton Evans Crockett; MD & Senior Internet Media Analyst;. And so we know we have value. 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. What is your thought on where the U.S. economy is at right now? Perry A. Sook has over 37 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. We look forward to gathering together in three months' time to update you on all of our initiatives . I knew the quickest road to management, and management to ownership, was through sales.. We've signed some things. Under Sooks watch, both employee morale and the companys stock have remained high. And I think that other team owners have taken notice of that. All Rights Reserved. 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. And so yes, our profitability has been enhanced, and we're investing our syndicated programming expense back into journalism. Nexstar's stock has been one of the best short- and long-term performing stocks in media, one of the highest percentage returns of free cash flow to shareholders in media along with solid long-term growth prospects and a low valuation. (The film was produced in part by StarWing Sports Management, which represents Sinner. Revenue rose to $1.25 billion, up 10%, from [] In the fourth quarter, the CW generated $66 million of revenue and $64 million of adjusted EBITDA losses in line with our expectations for the quarter. I think, again, if we had a sunset for 1.0, even if it was several years, hence, that would cause the set manufacturers to begin to build to that standard, lessen the backward compatibility problem with those that don't have sets -- compatible sets that need dongles or receivers and all of that has to be dealt with and the consumer issues have to come first and foremost. No, Craig, it's really interesting. In addition, for purposes of our credit agreement and indentures, we have designated the CW as an unrestricted subsidiary, and it is not included for purposes of calculating our covenants. We're extremely pleased to see auto, our largest advertising category in terms of dollars spent, maintain its growth trajectory for the second consecutive quarter, increasing 23.5% over Q4 of '21. Given the lack of regulation in the digital world, it's important that we remain united as an industry. Their giving has increased dramatically since 2010 when they contributed just $8,100 to political causes. Auto is likely a multiyear tailwind as we continue to push to normalization, which would require SAAR levels back in that 17-ish million dollar -- or million unit range back in pre-COVID era? Suite 2100 RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. The host would criticize other media outlets for their coverage of then-President Bush, once going so far as to say that terrorist leaders would dearly love to see President Bush replaced with Senator (John) Kerry.. He was right. Mr. Sook was a principal of Superior Communications Group. So is the change to the implied net just the difference in gross or anything else on the reverse comp side? grand river waterfront homes for sale; valentine michael manson; 29. Operator, please open the line for questions. I didn't give a specific, but it will be higher than the revenue growth. As such, our net first lien coverage rate -- sorry, our net first lien covenant ratio for Nexstar, excluding the CW at December 31, 2022, was 1.77x, which is well below our first lien only covenant of 4.25x. The company was founded in 1996 when Perry A. Sook purchased WYOU, a station in Scranton, Pa. 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