Who's Nexstar CEO Perry Sook? 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. 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. 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. Executive Vice President Elizabeth Ryder gave $2,500 in 2014 and 2016, then beefed up her contribution to $5,000 in 2018. They had no audience, no advertisers, and no followers, Sook says. Even if the rip n read world fit him, the environment at the station did not. NewsNation is found under the umbrella of Nexstar Inc.s Networks division. For the '23, '24 cycle, we expect to generate pro forma average annual attributable free cash flow of approximately $1.25 billion, inclusive of our approximate $90 million attributable to the investment losses associated and tax benefits related to our turnaround of the CW. 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. In 2023, we plan to allocate a portion of our free cash flow to reduce indebtedness, primarily from mandatory amortization payments. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. DC Our programming continues to be recognized by watchdog group for its independence, and we believe this is the type of content that journalists want to report and audiences want to watch. Segments like News Central and the Terrorism Alert Desk have been aired as must-runs at Sinclair-owned stations. Lee Ann? 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. Moreover, it should be noted that the digital political spending is primarily used for fundraising versus messaging as local television is the preferred medium for the choice of branding. Our next question comes from Steven Cahall with Wells Fargo. Our next question comes from Nick Zangler with Stephens. Sook believes its important to spend time visiting all of the companys 114 markets. The target launch date is July 2020just ahead of the political conventions and the elections. Watch for more news articles, provided throughout the day courtesy of TradingCharts In 2009, with the recession underway, Nexstar found itself trying to work with another media group. A member of TVB's board of directors since 2000, Sook assumes the chairman's position previously held by Michael J . El Paso is ORourkes hometown. Okay. Thanks, Perry, and good morning, everyone. When you refer to Bay, who are you talking about? We shared back-office functions and engineering, business, and traffic. Thank you, Joe, and good morning, everyone. Politico pioneered the fast-paced coverage of Capitol Hill and campaigns that now thrives on Twitter and cable news. Perry, maybe just to follow up on that a little bit. 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. 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. People may receive compensation for some links to products and services on this website. And we know that from everyone we talk to, people understand the power of broadcast and what broadcast has that no one else has, which is superior reach. He founded Nexstar in 1996 with one local television station in Scranton, PA and began building the foundation of what is. A recent graduate of the University of Oklahoma Weitzenhoffer School of Musical Theatre, Perry now lives in New York City, but loves performing . The cable company put Sooks home phone number on ads pushing its side of the argument. 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. And we need that, too. In addition, the CW was responsible for $30 million of onetime expenses comprised of restructuring charges and retention bonuses. Full year net revenue, adjusted EBITDA and attributable free cash flow reached new all-time highs. As always, Tom and Perry gave you most of the details on the revenue side. Revenue rose to $1.25 billion, up 10%, from [] And if there's any way to kind of, I don't know, directionally size the impact of LIV Golf, just so we have a sense of what these kind of deals could be helpful. Sources tell FTVLive that CBS will decline running the Saudi-backed LIV Golf Tour on the CW stations that CBS owns. So maybe you could just put a little more context. The company reported net income of $226.5 million, a rise of 13.4%, in the period ended June 30. 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. 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. . The company also spent $390,000 lobbying during this period and employed a former chief counsel to Sen. John Cornyn (R-Texas) and a former deputy staff director for Sen. Chuck Schumer (D-N.Y.) as lobbyists. 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. 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. Perry Sook is a performer and reporter who simply loves what he does. 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. And they see the customer at the checkout counter or at the cash register, and they know that local consumers are spending and have factored in 7% mortgages and $3 and $4 gasoline into their daily lives. Perry Sook has a really good story to tell. Direct response continues to be impacted by weaker national advertising marketing trends and medical health care was impacted by reduced Affordable Care Act marketing funds versus the prior year. Their attempt was scuttled by regulators, but Sinclair already owns a huge swath of local television stations, 191 by their count. Every donation we receive from users like you goes directly into promoting high-quality data analysis and investigative journalism that you can trust. By the 2016 cycle, Tribune was throwing $4,963 behind Hillary Clintons presidential bid. Before handing the call over to Tom, I want to briefly touch on a few updates on our organic growth prospects. Some of my most fun days, my best days, are when I go visit one of our local TV stations. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. Perry A. Sook, President and Chief Executive Officer of Nexstar Broadcasting Group, has worked in all facets of the business - from radio sales and on . 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. KTSM, an El Paso, Texas station owned by Nexstar, re-ran an article from the Texas Tribune exploring the effect of Hispanic identity on the Senatorial race that pitted Beto ORourke against Cruz. And I assume you -- the initial bogey was to basically do better than you were with off-network sitcoms. 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. So it will be a record year. Will joined CRP as a reporting intern in September 2018. We want to necessarily put our playbook out there, but I think you'll see as we move toward the upfront level and the programming schedule that gets -- that will be displayed and deployed for the fall. If you follow the decline in general network -- general entertainment network ratings, we couldn't have made the pivot at a better time. The resulting company will own over 200 television stations, giving it incredible access to American homes across the country through their local news programming. Are you guys saying that at this point? It's great to hear auto continue to come back, obviously, a huge vertical for you guys. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago. Our position on the matter is not new. Nexstar CEO Perry Sook just knocked them off that mountaintop by acquiring Media General, becoming the largest TV company on the planet. 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. 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. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. We grew double digits in the fourth quarter. The company says that you can watch for free on the NewsNation Now app. Tribune has another connection to Obama in Edward Lazarus, Tribunes Executive Vice President and Chief Strategy Officer. In 2008, Tribune gave $11,450 to then-Senator Barack Obama. And at that point, obviously, we're getting higher cost per thousands in news programming than we did in off-network programming. He is past Chairman of the CBS Affiliate Board. Perry A. Sook -- Chairman and Chief Executive Offcier Thank you, Joseph, and good morning, everyone. Or is that kind of a necessity to free up that bandwidth capacity? 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. Fourth quarter CapEx was $57.1 million or $56 million, excluding CapEx related to the CW. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. But about the overall though for 1Q. Fourth quarter political advertising revenue of $265.9 million . 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. I guess if they felt they wanted to vote with their feet, they wouldnt own the shares. Excluding the CW, digital revenue declined 6.5%. And so I think you'll see affiliates continue to press the point that we should negotiate our own agreements and that no one else should be negotiating on behalf of our content. Sinclairs top three recipients for 2018 were Republican Senators Roger Wicker (R-Miss. Last quarter, you announced the Clippers deal. Not bad for a guy who first got into the television business as a small-town anchorman. And then lastly, just on sports content. 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. And Im a team player, said Hubbard, who was initially skeptical of the President, in an interview with NPR. That year they gave $18,500 to Rep. Tom Emmer (R-Minn.) and $16,300 to Ted Cruz. And so yes, our profitability has been enhanced, and we're investing our syndicated programming expense back into journalism. Perhaps the most explicitly pro-Trump company in local television is Minnesota-based Hubbard Broadcasting. Our next question comes from Barton Crockett with Rosenblatt Securities. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. Thank you. Sook also serves on the Board of Directors of Broadcast Music, Inc. The studio consisted of a large metal building at the base of the transmitter. 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. Nexstar CEO Perry A. Sook is an alumnus of WOWK. I'll first read the safe harbor language, and then we'll get right into the call. Washington, There are a lot of conversations going on. Now moving back to the rest of our revenue line items in the quarter. 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. Perry Sook, chairman, president and CEO of Nexstar Broadcasting Group, is not worried about political ad revenue given the ascendancy of Donald Trump in the GOP race, despite his reliance more on earned media than paid media. 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? * To subscribe, you must consent to Futures privacy policy. South Dakota Senator John Thune received the biggest haul from Sinclair in 2016 (over $30,000). Early in his career, Mr. Sook was involved in local TV sales and radio sales. There are several ways to watch NewsNation around the country. These interim distributions are primarily for tax payments and are due to lower operating income this year versus last year. But the consumer is still spending and local spending for us is hanging in there just fine in the first quarter. Copyright 2023 Market Realist. So far in Q1 of '23, we're seeing similar results to what we saw in the fourth quarter with this revenue category. That led to a classic fight of the local station David versus a Fortune 500 cable Goliath. Seasonally attributable metric is a good proxy for the cash flow available to be reinvested to be used to repay debt or return to shareholders. Perry Sook vs. CBS. Dr. Sandy Sook 3. The forward curve currently shows interest rates peaking in July and falling thereafter. We closed the acquisition of the CW on September 30, 2022. In trade jargon, its referred to as a retransmission consent dispute. 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. 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. Yes. It seems like you're pretty much through with the reshaping process there. In March, NewsNation VP of News Jennifer Lyons resigned amid concerns the channel might take a right-wing turn because of low ratings. 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 also have begun to execute on our cost savings plan by reducing redundant functions at the network, and we've hired new top-tier executives with backgrounds at Fox, NBCUniversal, HBO, Pop TV and Google to lead our programming and distribution strategies. I didn't give a specific, but it will be higher than the revenue growth. Curious if you could size that up a bit. For the full year, we generated $1.5 billion of attributable free cash flow and generated approximately $188 million of net proceeds related to asset sales in 2022. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. So, there were challenges. The lawyerly name belies the bare-knuckled drama involving Cox and 21 television stations in Texas, Arkansas, Louisiana, Kansas, and Missouri. We've been able to substantially grow our distribution revenue because of news content and being 1 of 5 networks rather than 1 of 100 general entertainment networks. Well, I think our -- I guess I stated earlier, our goal is to create more value in the CW. Witness, a nonprofit blog that tracks homicides. 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. But yes, that is what people want us for is the local content. 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ABC 5, a Hubbard-owned station, reported on 2009 Facebook comments made by Housley in which she likened Michelle Obama to a chimpanzee. Yes, we are not back to 2019 levels yet. The Hill will join Irving-based Nexstar's . Nexstar Media Group owns NewsNation. 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. No, Craig, it's really interesting. He founded Nexstar in 1996 with one local television station in Scranton, PA, and began building the foundation of what became one of the world's leading local marketing and content companies, leveraging localism to bring new services and value to consumers and advertisers across its traditional media, digital and mobile media platforms. For cash taxes, we use a 26.5% tax rate when calculating our estimated tax benefit before onetime and other adjustments. Mikulski also gave the Fox station an interview on receiving the medal. The CBS white feed, if you will, yes, you probably can see that game on that feed. The script was passed down from Sinclairs corporate office in Maryland. Now were obviously getting smaller rates because our ratings are smaller, Sook noted. So did Timothy Busch, the president of the companys broadcasting subsidy. Given the lack of regulation in the digital world, it's important that we remain united as an industry. Nexstar's consistently strong free cash flow generation remains one of our most powerful differentiators not only from our peers but from larger diversified media companies as well. Nexstar was 1 of only 4 stocks that was up in all of media and entertainment in 2022, which we believe is a testament to our ability to create shareholder value through free cash flow generation, return of capital to our shareholders and our ability to continue to grow our revenue streams. I think if this dispute goes to the end of football season, I guess we'll all find out, but I think they do have the right to include that in their feed at this point in time. But that doesnt seem to be whats happening, Sook says. And so that means we have to go dark for a little while to make the point. Open Secrets following the money in politics, OpenSecrets Following the money in politics. Political Advertising Revenue 265.9 18.9 . The station had just one camera guy, and he was responsible for filming all commercials. Undeterred, in his first week on the job, he made the biggest sale in station history. Trusted News Discovery Since 2008. 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. 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. But more reliance on unscripted, but a higher quality of unscripted, a higher profile, something that's maybe a little bit more noisy that will get some attention and get some eyeballs. The current simulcast requirement does constrain our capacity as to what we can do. Listen Bloomberg. (Operator Instructions) And our first question comes from Craig Huber with Huber Research Partners. 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? 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. 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. However, political ideologies have influenced human society since the dawn of civilization as. Pushing its side of the transmitter to vote with their feet, they wouldnt the. 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