I mean can you generate revenues that are meaningful without that? Could you talk a little bit about how else you are going to try to navigate that process of changing the content and publicizing the changes in the content to attract the desired audience since that transition could pose its own challenges? 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. Consumers of news media rightfully want to know whos creating and supporting the information theyre watching and reading. Hubbard Broadcastings political contributions peaked in 2016 when they gave over $1 million to Republicans. Perry A. Sook -- Chairman and Chief Executive Offcier Thank you, Joseph, and good morning, everyone. Under Nexstar Media Group is its subsidiary Nexstar Inc., which operates Broadcasting, Digital, and Networks divisions. 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. There are 2 topics I just wanted to ask a little bit about the -- first on this national feed. So did Timothy Busch, the president of the company's broadcasting subsidy. Beginning with the LIV Golf season, which kicked off last Friday, the CW will air 14 global events and stream the events live on our CW app. And important for us, the linear broadcast ratings increased 21% from Saturday to Sunday, so all of which is to say those numbers exceeded our expectations. But -- so there is revenue flowing from ancillary uses of our spectrum today. By 2012, Sook was ready to refocus on growing Nexstars portfolio. We ended up with one guy standing. Contribution Totals: Download all contribution records for this person from 1999 to present To a Spreadsheet or Other File Type: 2020 Transaction Count/Amount: 4/$20,000: 2018 Transaction Count/Amount: 7/$26,900: 2016 Transaction Count/Amount: Sign up for our newsletter to track moneys influence on U.S. elections and public policy. That's what's driving the buildout. Analysis / Bias We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. Jennifer Nettles & Kristian Bush of Sugarland 6. At the Nexstar level, we see the CW as instrumental to our ability to unlock the national advertising opportunity I discussed just a moment ago. 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. In each of those cycles since 2010, they gave at least two-thirds of the money to Republicans. That deal, if approved. Another WATE story featured anti-Blackburn protestors demonstrating during a moment of silence for the Pittsburgh Synagogue shooting victims at a campaign event. Dallas, Texas 75201. Great. It's a gradual process, but I think you'll see just generally less of a reliance on scripted, although we're not going to totally abandon the genre. 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. Nexstar Media Group, Inc. today reported financial results for the fourth quarter ended December 31, 2022 as summarized below:. Future US, Inc. Full 7th Floor, 130 West 42nd Street, 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. Is it still a little too early? Some of my most fun days, my best days, are when I go visit one of our local TV stations. So maybe as expected, Tom, hoping we could just unpack some of the things you went through on retrans a little bit. 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. But we're very bullish on the prospects and think these things are in the queue and on the way. It's great to hear auto continue to come back, obviously, a huge vertical for you guys. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. Things got nastyand personal. Upton represents Michigans sixth congressional district in the Southeast of the state. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. And with regard to overall growth, again, if you look at our expectations, assuming no further blackouts in a quick resolution at low double digits, the bridge between low double digits and mid-teens would be increased attrition. Fourth quarter political advertising revenue of $265.9 million . Pelosi even gave the station an exclusive interview. But, that was before Sook launched a national cable news channel and bought a national website. Finally, Nexstar continues to lead the industry in total deployment of ATSC 3.0 or NextGen TV with markets reaching approximately 35% of the U.S. households, and we have a goal of reaching 50% of the U.S. populations with ATSC 3.0 signals via our stations by the end of this year. My last quick question, core advertising for the first quarter. Are they able to see the local football game from the NFL on CBS? We have 5,400 journalists around the country who produce local newsmore than any other organization. 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. Perry Sook vs. CBS. Just some nitpick questions, if I could start off with on the CW. To that end, we have recently appointed experienced sales and advertising executive, Michael Strober to the newly created position of EVP and Chief Revenue Officer responsible for leading the execution of a new advertising sales and go-to-market strategy for the company, which is designed to accelerate the monetization of our platform with a focus on the national advertising opportunity which is roughly double the size of the local advertising market that Nexstar has predominantly served historically. It started at a small station in Clarksburg, West Virginia. Expansion through acquisitions is a great way to grow, but Nexstar didnt always have that kind of dough. Please go ahead. You will receive a verification email shortly. His first sales job took him to a small radio station with a daytime-only signal in Kissimmee, Florida. Its important to stay active and connected to the folks who do the work in the business, representing Nexstar in their local communities every day. Noncash comp is expected to be approximately $50 million for the first quarter and in the $67 million area for the full year, but will vary based on stock price and actual grants. LIV Golf's 2-day average linear viewership was 24% higher than the average. And we need that, too. If it rained, staffers had to send a Jeep down the road to retrieve Sook. 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. Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. Perry Sook has a really good story to tell. Who's Nexstar CEO Perry Sook? 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. National will be down a low double-digit amount. Lee Ann? (Read the Station Group of the Year profile here.And had he had any less business acumen, industriousness and taste for greater rewards that makes for a good entrepreneur, he might be one today. If that's a local game? With all of that said, let me now turn the call over to Tom Carter for the operational review. The Hill is comprised of five key content platforms which includes: TheHill.com - the #1 digital-first political news brand in Comscore's Political News category; The Hill TV - the Award-winning, #1 provider of premium digital video from within the Beltway, with 1.4B annual views across platforms, including the nation's newest streaming . 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. Approximately 40% of our subscribers are up for renewal by 2023 year-end, which will benefit 2024, including several virtual MVPDs. CapEx for the full year, excluding CW, was $155 million, slightly higher than our expectation of $150 million due primarily to anticipated reimbursement and rebates that have not yet been booked. SOOK, Perry A. BSC '80 Chairperson Southlake, TX. However, political ideologies have influenced human society since the dawn of civilization as. The PAC gave $10,000 to Sen. Ted Cruz (R-Texas) and the same amount to committees associated with Senate Majority Leader Mitch McConnell (R-K.Y.) And I think that other team owners have taken notice of that. We are currently projecting cash CapEx of $35 million in the first quarter and $137 million for the full year. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. Well, I think it was all part of the thinking. But our quantum of debt, we don't expect to tick up. Hubbard Broadcasting owns the radio station that ran the Jason Lewis Show before Lewis became a congressman. Category bright spots included Ohio where sports betting was legalized beginning of '23, and Missouri driven by spending in Kansas City for sports betting in Kansas, which was legalized in September of '22. Sinclairs top three recipients for 2018 were Republican Senators Roger Wicker (R-Miss. The founder, chairman, president, and CEO of Nexstar is Perry A. Sook. So you have an inferior offering in the marketplace. Mikulski also gave the Fox station an interview on receiving the medal. - 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 It will be facts, no opinion, no people shouting at each other, Sook says. Mr. Sook also worked briefly as a television news anchor at the CBS affiliate in Clarksburg, WV.In June 2021, Mr. Sook was elected Television Board chair for the National Association of Broadcasters (NAB). In 2003, Sook took Nexstar public after aquiring Quorum Broadcasting. Next steps for us, obviously, Elizabeth Vargas joins the network in April. The actions we have taken with FuboTV may or may not be representative of what we do elsewhere as other virtual contracts come up for the renewal in 2023. On a net basis, we expect reverse comp to increase but at a mid-single-digit rate, slightly improving our distribution or retrans margin. We have 1,800 salespeople that call on small and midsize businesses in 63 percent of the country, he says. And they say, the locals. The script was passed down from Sinclairs corporate office in Maryland. 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? 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. I just -- yes, please. NewsNation InSites. So it's not an inconsequential number. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. I mean do you think you start revenues from that in 2024, Sinclair was saying that. 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. The current simulcast requirement does constrain our capacity as to what we can do. He grew up in Oshkosh, Wisconsin. "I really,. I appreciate that. 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. Sooks salary and bonus averages out to $7.5 million a year for 2017 and 2018. It used to be that women were held to a little bit of a higher standard, Lewis said on the show according to CNN. Sook has just returned from eight days on the road, on business in California and Arizona. But not all of his travel is to major metros. Q4 2022 total corporate expense was approximately $49.2 million, including noncash compensation expense of $18.2 million compared to $43.6 million, including noncash compensation expense of $12.4 million in 2021. I think you'll see us more active on the debate stage. Their attempt was scuttled by regulators, but Sinclair already owns a huge swath of local television stations, 191 by their count. Sook believes its important to spend time visiting all of the companys 114 markets. I wondered what the next steps are. Or any difference in rates that you're achieving or anything else we need to think about? And what kind of incremental opportunities or channels do you see heading into next year? (The film was produced in part by StarWing Sports Management, which represents Sinner. 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. The Hill will join Irving-based Nexstar's . Sook also serves on the Board of Directors of Broadcast Music, Inc. Sorry. In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. Six people at the time reportedly said that NewsNation was becoming increasingly right-wing and conservative in its presentation. We continue to anticipate a low 9-figure investment and to achieve profitability by 2025. I can tell you that our first -- we're very pleased with our first weekend of LIV Golf across the first 3 days from Mayakoba, Mexico. Thank you. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. Visit our corporate site (opens in new tab). And so we are very pleased with our ability to continue to earn more for the CW. So is the change to the implied net just the difference in gross or anything else on the reverse comp side? It was to a mobile home dealer, says Sook, still a bit proud. And then on the reverse side, is there any change there to kind of the outlook that you gave a few months back? These are results driven professionals who share our excitement and our vision for the network and we continue to expect to achieve profitability by 2025. He just want to know what the amount to CW. Okay. Our strong free cash flow enables us not only to increase the percentage of capital return to shareholders in the form of dividends but also allows us to continue to opportunistically repurchase shares as well as reduce debt and pursue other strategic opportunities to further enhance shareholder value. Aerosmith co-founder Joe Perry isn't at all cagey about his political beliefs or his stance on issues. 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. He was right. He is past Chairman of the CBS Affiliate Board. But I think to a certain extent, people want to see how the RSN plays out and what that means to them and then, therefore, how that influences their behavior going forward. Undeterred, in his first week on the job, he made the biggest sale in station history. 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. The CW generates revenue primarily from national television and digital advertising, distribution fees from affiliates and virtual MVPDs as well as some short-term continuing revenue from licensing content to an SVOD player. I just want to understand kind of one logistical thing. NewsNation is also available across a wide range of streaming services including Sling, Hulu, YouTube TV, Vidgo, fubu TV, and DirecTV Stream. [53] The sale was completed on January 31, 2017. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. Are your MVPDs kind of happy to pay you a higher affiliate fee for the CW now that you're pairing it with broadcast stations or any other kind of context you could put around that statement and whether or not that's been an incremental surprise or that was always part of the thinking when you bought the CW? Perry A. Sook serves as Chairman of the Board, Chief Executive Officer of the Company. We returned $1.02 billion or 68% of our attributable free cash flow to shareholders in 2022, paying $142 million in dividends and repurchasing $880 million of stock or 5.1 million shares, 12% of our shares outstanding as of December 31, 2021. Core television advertising decreased 3.3% year-over-year. They're fielding tons of pitches. As Perry mentioned, we're extremely pleased with the outcome of our recent affiliation agreement negotiations and that will have a nice impact on our overall net retransmission revenue. Great. Well, I don't think because other networks might be listening. Sook, who was born in DuBois, Pennsylvania, and earned a degree from the Scripps College of Communication at Ohio University, certainly looks the part. 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. Some include the CW and some exclude it, creating some noise in our consensus estimates. The pressure to perform and remain at the top once you're there? 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. Outside of the huge Chicago-based cable network WGN America, most of its 196 stations are ABC, CBS, Fox, CW, and NBC affiliates in small and midsize markets. 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. The company is now the nations biggest player in local television. Using the Wayback Machine to return to October 2008, one can see Tribunes official endorsement of Obama for president on the WGN-TV website. Our next question comes from Jim Goss with Barrington Research. 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. 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. Well, I think we gave that. Perry Sook The CW's New Owner, Nexstar Media, Updates Investors On "Offensive And Defensive" Reasons For Its Acquisition Of The Broadcast Network 31 January 2023 Deadline CW's Scripted Shows To Drop From 11 To Less Than 5, Report Says 11 January 2023 Screen Rant We've seen a number of RSN groups now kind of get into a period of change. In the 2000s, Sinclair had a similar a must-run segment called The Point, hosted by a Sinclair lobbyist and ex-Navy intelligence officer. Sook tells it best. That's helpful. and Jerry Moran (R-Kan.), all of whom received $15,000 or more. And then just a second question here. Last month, NewsNation hired former Fox News exec Cherie Grzech as managing editor. So it will be a record year. 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. We grew double digits in the fourth quarter. And that and money are the 2 issues here. Understood. In the segment, news anchors read from a script decrying biased and false news on social media and other news outlets. Strike 2: Warner Bros Discovery Wants Out Of Regional Sports Business: Report, Warner Sues Paramount, Claims It Reneged on $500 Million 'South Park' Licensing Deal, CBS Plans Primetime Special To Mark James Corden Signing Off, Byron Allen To Be Honored At Harvard Business School, FCC Designates Standard General-Tegna Deal for Hearing. We think the CW was undervalued for any number of reasons, mostly related to predecessor owners and parent company priorities and agendas. Its not that his work has gone totally unappreciated. In addition to its station in Fresno, Nexstar owns a station in Bakersfield. 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. He was living in an Upper West Side three-bedroom condominium that his family owned. (Operator Instructions) And our first question comes from Craig Huber with Huber Research Partners. The report also contains disclosures for Nexstar as suggested for companies in the media and entertainment industry by Sustainability Accounting Standard Board, or SASB. IRVING, Texas After a 36-year career in broadcasting, including the last 20 with Nexstar, Timothy C. Busch, Nexstar's president of Broadcasting, will retire as of June 1. According to Open Secrets, Nexstar Media group gave more money to Republicans in the 2018 election cycle (45% to Democrats, 55% to Republicans). And I assume you -- the initial bogey was to basically do better than you were with off-network sitcoms. 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. May Well, I mean, we have revenues from our spectrum right now is primarily in the form of multicast revenue and leasing spectrum to people for their multicast distribution. 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. In addition, we continue to provide fact-based unbiased news for which our sponsors have been awarded for the excellent -- for which our reporters have been awarded for their excellence and our NewsNation cable network has been recognized by independent watchdog groups as -- for its content being reliable, balanced and trustworthy. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. Now were obviously getting smaller rates because our ratings are smaller, Sook noted. 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. During commercial breaks, Id have to get up and adjust my own camera, he says. 20005. The Nexstar CEO is proud to say, I want my commission salespeople to be the highest-paid people in town. Hed like to be paid more, too. Our next question comes from Dan Kurnos with The Benchmark Company. The founder and CEO of ENSEO takes us along on a day overseeing the company with a rock 'n' roll attitude. Is that cord cutting? Well, I can tell you that the number of inbound inquiries as well as discussions that are going on with team owners, the activity is frenetic around here. Thank you for signing up to Broadcasting & Cable. Its important that we never lose sight of that, he says. 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