Thanks, Priscilla, and good morning, everyone. That year they gave $18,500 to Rep. Tom Emmer (R-Minn.) and $16,300 to Ted Cruz. And so that means we have to go dark for a little while to make the point. LIV Golf's 2-day average linear viewership was 24% higher than the average. 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. Sinclair-affiliated PACs and individuals supported Donald Trump for president in 2016 with $3,804. It sounds like your reverse is going to be up about mid-single digit, and you just kind of went through what's going on, on the growth side. Lee Ann? But yes, that is what people want us for is the local content. Nexstars $7.1 billion purchase of Tribune Media changed everything. Excluding the results of the CW, net revenue was up 14.3%. Full year net revenue, adjusted EBITDA and attributable free cash flow reached new all-time highs. Perry Sook, Nexstars CEO, gave $5,000 to the companys PAC in the 2014, 2016 and 2018 election cycles. Perry A. Sook-- Chairman and Chief Executive Officer Thanks very much, everyone for joining us. Perry, please go ahead. Learn about Article Alert. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. Our next question comes from Nick Zangler with Stephens. Are they able to see the local football game from the NFL on CBS? It all got Sook to thinking. I didnt have his journalistic chops or the talent, so I decided to go to the business side. 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. '23 and '24 will benefit from new distribution agreements and as we've discussed, 2024 as the presidential election and big political year. Are those negotiations coming up at all? Contrary to the networks narrative, the virtual MVPDs want local news and local content because it's sought out by the viewers. Sinclair was even accused of trying to influence the 2004 election by airing a documentary (Stolen Honor: Wounds That Never Heal) that accused John Kerry of fabricating parts of his military service. Moving back to Nexstar expenses. Today's call is being recorded. 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. They also own a station in San Francisco where Nancy Pelosi is the congressperson for the 12th district and where Dianne Feinstein was mayor in the 80s. By 2012, Sook was ready to refocus on growing Nexstars portfolio. Looking ahead, we project corporate overhead exclusive of stock comp and transaction cost to be approximately $36 million in the first quarter, and we expect overhead around $144 million for the year. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago. Nexstar also closed its acquisition of The CW last quarter, bringing the . It started at a small station in Clarksburg, West Virginia. He just want to know what the amount to CW. Both Blackburn and Arpaio have received lavish praise from President Trump. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. That's helpful. He found the perfect candidate for such an arrangement just down the road in Wilkes-Barre, in the form of WBRE-TV. Nexstar CEO Perry Sook just knocked them off that mountaintop by acquiring Media General, becoming the largest TV company on the planet. But not all of his travel is to major metros. I appreciate that. Meanwhile, Ad Fontes, a media watchdog organization, rated NewsNation Now in the middle for bias and as Reliable, Analysis/Fact Reporting for reliability. Okay. (Operator Instructions) And our first question comes from Craig Huber with Huber Research Partners. Understood. In addition to its station in Fresno, Nexstar owns a station in Bakersfield. Distribution fee revenue of $615.6 million, flat. They're fielding tons of pitches. NewsNation aired an interview with President Donald Trump in September 2020. 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. A Texas native and University of Oklahoma Alum, Perry now lives in New York City. I know that our affiliates in CW affiliates in the top 10 markets generated about 3x the amount of money that the network generated for this first outing. 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. ABC 5, a Hubbard-owned station, reported on 2009 Facebook comments made by Housley in which she likened Michelle Obama to a chimpanzee. Nexstar reported revenue of $1.49 billion in the quarter, net income of $178 million, and adjusted Ebitda of $662 million. It will premiere on September 1, CEO Perry Sook said during a conference call with analysts. Howard Strudler, Perry Sook, Rich Raaf, Alex Lunney, Steve Capozzoli 2. 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. Last quarter, you announced the Clippers deal. There are 2 topics I just wanted to ask a little bit about the -- first on this national feed. On Dec. 3, it was announced that Tribune Media would be acquired by Nexstar Media Group for over $4 billion. Nexstar generated an adjusted 46.5% EBITDA margin and converted approximately 69% of adjusted EBITDA to free cash flow. And I think the only differentiating factor in that is how long the blackouts continue. Feel free to distribute or cite this material, but please credit OpenSecrets. (Animals) informal NZ a calf [perhaps from Old English scan to suck, influenced by Welsh swci swead tame] sook (suk) or souk vb to suck n 1. the act or an instance of sucking 2. a sycophant; toady [Old English scan] Collins English Dictionary - Complete and Unabridged . 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 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 So I don't know how do we yardstick kind of '24 relative to whatever pro forma 2020 was if you have that number. Consistent with our capital allocation priorities and focus on enhancing shareholder value, in January, the Board of Directors increased Nexstar's quarterly cash dividend by 50% to $1.35 per share per quarter, substantially exceeding our historical compound annual dividend growth rate of 25%. Excluding the CW and the impact of going dark and other negotiation settlements, our distribution revenue would have been up low single digits. So I think if that happens, I think you'll -- it will be a positive day for the industry and a positive day for the growth and development of NextGen TV. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of revenue as well as record levels of Adjusted EBITDA and free cash flow. Core advertising revenue was $478 million (down 3.3 percent year over year), while political advertising revenue was $266 million (up 1,307 percent). No, Craig, it's really interesting. I had one for a cloud, one for the sun. The experience didnt endear him to journalism. But all of the behind-the-scenes pieces were consolidated into a single, fixed-cost structure., In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. So did Timothy Busch, the president of the company's broadcasting subsidy. Sook graduated from Ohio University and currently serves as chairman of The Ohio University. Perry, maybe just to follow up on that a little bit. and Jerry Moran (R-Kan.), all of whom received $15,000 or more. 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. 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. And we'll continue to look for additional sports opportunities that may or may not be on weekend afternoons, may bleed into prime time upon occasion. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. It's high-teens number of -- amount of revenue related to the CW. Listen Bloomberg. 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. Its important that we never lose sight of that, he says. And I think when those things begin to line up, I think you'll see development accelerate. Before being recruited to run Seaway, he worked in the television industry as a General Sales Manager, acting General Manager and National Sales Manager. And at that point, obviously, we're getting higher cost per thousands in news programming than we did in off-network programming. Trusted News Discovery Since 2008. 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. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. Now moving back to the rest of our revenue line items in the quarter. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. In 2014, the Hubbard Broadcasting gave the Super PAC $450,000, $300,000 from the company and $150,000 from individuals. 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. According to the Washington Post, Sinclair stations ran fifteen exclusive interviews with Trump and did none with Hillary Clinton. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. Nexstar Media Group subsidiary Nexstar Media Inc. has acquired political news outlet The Hill in a $130 million deal, the company announced Friday. Perry Sook vs. CBS. I just -- yes, please. And I assume you -- the initial bogey was to basically do better than you were with off-network sitcoms. Not bad for a guy who first got into the television business as a small-town anchorman. 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. And as in the past, we will provide the results of that process in our annual proxy statement. The one-hour program features market and geopolitical discussions with a rotating panel of influential voices including thought leaders, CEOs, policy makers and economists. There are a lot of conversations going on. Nexstar is creating a state-of-the-art studio in Chicago and expanding teams both in front of and behind the camera. 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. There will be a show called The Hill on NewsNation at 5:00 Monday through Friday that we'll launch in April. Whether youre reading about 2022 midterm fundraising, conflicts of interest or dark money influence, we produce this content with a small, but dedicated team. "Over time, we will be taking a different approach to our CW programming strategy and will leverage our experience in spending approximately $2 billion a year on programming, attracting and. I'm wondering how auto is performing when you look back relative to those pre-COVID levels, are we bearing full normalization here? Well, again, I've said for the full year, we expect high single to low double-digit growth. There was a time when Nexstar CEO Perry Sook said that his company was all about being local and that was the most important thing. And it recognized that there is a real audience of people who love the. Excluding these impacts, our 2023, 2024 free cash flow would have been $1.45 billion for comparison purposes. I would say, things that will exist by 2024 that don't exist today. It was basically like running two newspapers off of a single printing press, Sook says. With that, it's my pleasure to turn the call over to Lee Ann for the remainder of the financial review and update process. Just some nitpick questions, if I could start off with on the CW. And by the end of April, we will have a program schedule that will be News 24/5. Even if the rip n read world fit him, the environment at the station did not. Looking ahead, excluding the impact of the CW affiliate fees, given our recent contract resets, we expect distribution revenues to be up high single to low double digits for 2023, depending on the outcome of our partners' ongoing negotiations with multiple -- with a couple of MVPDs on which they are currently dark and inclusive of our projections for subscriber attrition. 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. 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. With that, it's now my pleasure to turn the conference over to your host, Nexstar Chairman and CEO, Perry Sook. 2022 Foundation Trustees. Expansion through acquisitions is a great way to grow, but Nexstar didnt always have that kind of dough. Before I dive into my usual financial discussion, I wanted to take a minute to step back and discuss a few changes in our financial presentation that we've been foreshadowing. Also down the road may be a streaming version of NewsNation. In 2014, Sinclair gave Mikulski $25,000. But we're very bullish on the prospects and think these things are in the queue and on the way. Have you ever wondered about the number of sacrifices a winning athlete has to make? 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: Thank you all for joining us to review Nexstar's record fourth quarter results, including. But -- so there is revenue flowing from ancillary uses of our spectrum today. Obviously, we spent a lot of time in front of local business owners and local advertisers. But not all of his travel is to major metros. 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. May It's my first question. 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. [53] The sale was completed on January 31, 2017. As always, the detail is provided in our reconciling schedules in the back. Or there is still significant room to run on auto getting back to maybe a more normalized rate in that 2019 pre-COVID era? Certainly, when you look at the power of The Hill, which is a national brand in concert with NewsNation, which is a national brand; and the strength of our local stations, which is the backbone of everything we do, I think you'll see all of that come together in a unified sales effort to highlight the opportunity available to us in 2024 and beyond. If Sook can pull that off, he will have one hell of a story to tell. In the 2000s, Sinclair had a similar a must-run segment called The Point, hosted by a Sinclair lobbyist and ex-Navy intelligence officer. 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? Future US, Inc. Full 7th Floor, 130 West 42nd Street, 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. Presently, the CBS affiliate Board has recommended that CBS affiliates not opt into the agreement with FuboTV, a small virtual MVPD, and we have followed their recommendation. In 2008, Tribune gave $11,450 to then-Senator Barack Obama. Its not that his work has gone totally unappreciated. Nexstar is looking to raise the profile of NewsNation, its little-watched cable news channel. In addition, because of the breadth of our portfolio, during the '22 midterm election cycle, Nexstar produced and distributed nearly 50 political debates, including those high-profile Pennsylvania and Georgia state races and the Texas gubernatorial race which we also distributed nationally via News Nation. Perry A. Sook, the Founder, Chairman, President and CEO of Nexstar Broadcasting Group, Inc. (NXST) Interviews with the Wall Street Transcript HOME MAIL NEWS FINANCE SPORTS ENTERTAINMENT LIFE. Thomas Carter, the CFO, did the same. And I would tell you, without it, wed be in worse shape than the newspaper business.. And I think that you're going to see the FCC engage with the NAV and develop probably some sort of a task force in a public private kind of arrangement to explore the further development of ATSC 3.0. 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. 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. Well, I think it was all part of the thinking. Now back to our regularly scheduled programming. Tom? In 2009, with the recession underway, Nexstar found itself trying to work with another media group. So it's not an inconsequential number. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. The network's current lineup of TV hosts now include Elizabeth Vargas, Dan Abrams, Chris Cuomo, and Ashleigh Banfield. In each of those cycles since 2010, they gave at least two-thirds of the money to Republicans. We firmly believe that we should control our own destiny with regard to the virtual MVPDs instead of allowing the network to negotiate on our behalf. 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. He founded Nexstar in 1996 with one local television station in Scranton, PA and began building the foundation of what is. The report also contains disclosures for Nexstar as suggested for companies in the media and entertainment industry by Sustainability Accounting Standard Board, or SASB. 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. I just want to understand kind of one logistical thing. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. Please refresh the page and try again. Mr. Sook, 30, who is from Texas, was then a Broadway performer and is now a sportscaster. Noncash compensation expense grew primarily due to the CEO's new contract. Well, I think we gave that. Are you guys saying that at this point? That would be -- that is a perfect conduit for newsmakers, politicians and others to reach a national audience. * To subscribe, you must consent to Futures privacy policy. 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. New York, Suite 2100 Yes, I'm talking about like if I was a Fubo subscriber in Portland where you have the coin station, can I see the Seahawks on Sunday on CBS or not? Okay. Is it still a little too early? I mean, we wouldn't rule any of it out. We have 1,800 salespeople that call on small and midsize businesses in 63 percent of the country, he says. We look forward to speaking to you again soon when we report our first quarter 2023 results. Just about any story is fair game, if a dollar sign can make its way into the article. Excluding the impact of the CW, core advertising was down approximately 8.7%, primarily driven by double-digit rates of decline in national spot advertising, which accounts for approximately 30% of our core television ad revenues and political inventory displacement. I knew the quickest road to management, and management to ownership, was through sales.. El Paso is ORourkes hometown. After the morning show launches in September, Sook said the focus is filling out the rest of the broadcast schedule with news, starting with weekdays in 2022 and weekends in 2023. So, there were challenges. Approximately 40% of our subscribers are up for renewal by 2023 year-end, which will benefit 2024, including several virtual MVPDs. Everyone get out to vote!. 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. (They gave $5,000 to Marsha Blackburn (R-Tenn.) in the 2018 cycle, but also gave $2,500 to Tammy Baldwin (D-Wis.)). 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. The station had just one camera guy, and he was responsible for filming all commercials. And again, I tell people, I don't care what the ratings are 3 months from now. It's a single-digit amount. Our next question comes from Dan Kurnos with The Benchmark Company. The smarter way to stay on top of broadcasting and cable industry. The lawyerly name belies the bare-knuckled drama involving Cox and 21 television stations in Texas, Arkansas, Louisiana, Kansas, and Missouri. 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. Political Advertising Revenue 265.9 18.9 . 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. 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;. Nexstar Media Group, Inc. today reported financial results for the fourth quarter ended December 31, 2022 as summarized below:. 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