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. 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. Okay. With that, it's now my pleasure to turn the conference over to your host, Nexstar Chairman and CEO, Perry Sook. Well, again, I've said for the full year, we expect high single to low double-digit growth. So if it were all at risk, that's the number that you're talking about. I think that is absolutely necessary to advancement here. Excluding the CW and the impact of going dark and other negotiation settlements, our distribution revenue would have been up low single digits. Their giving has increased dramatically since 2010 when they contributed just $8,100 to political causes. 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. As I said in my remarks, January was the highest cumulative audience for the network since its inception. Excluding the impact of the CW, our top-performing categories in the quarter were automotive, home repair and manufacturing, entertainment, paid programming and air conditioning and heating. Revenue is generated through advertising. The company says that you can watch for free on the NewsNation Now app. Fourth quarter CapEx was $57.1 million or $56 million, excluding CapEx related to the CW. They also gave $5,700 to Rep. Greg Gianforte, who became well known nationally after physically assaulting a reporter. Perry A. Sook -- Chairman and Chief Executive Offcier Thank you, Joseph, and good morning, everyone. 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. 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. Starting with core advertising with our portfolio of strong national and unparalleled local broadcast, we believe that Nexstar has the ability to improve our core advertising by uniting our go-to-market strategies under the 1 united Nexstar platform using data-driven strategies to achieve our clients' objectives. And as in the past, we will provide the results of that process in our annual proxy statement. NEW YORK - TVB, a not-for-profit trade association of America's local broadcast television industry, announced today that Perry A. Sook, founder, chairman president and CEO of Nexstar Broadcasting Group, was elected to serve as TVB chairman for a two-year term (2017-18). Before handing the call over to Tom, I want to briefly touch on a few updates on our organic growth prospects. Third, we are already making progress with the CW, not only to bring the network to profitability but to create value for the entire Nexstar enterprise as a result of the acquisition. Theres a lot going on in the country that just doesnt happen in New York or D.C. or Los Angeles, he says. In a 2015 article on the announcement that then-Senator Mikulski would receive the presidential medal of freedom, the Fox45 site included a transcript of Mikulskis full reaction from the floor of the Senate. Tribune has another connection to Obama in Edward Lazarus, Tribunes Executive Vice President and Chief Strategy Officer. A Memphis station owned by Nexstar also ran a version of this story. 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. And between our stations and our paid media, it's approximately $100 million investment through the balance of the year that will attempt to raise our profile, raise our awareness level and continue to expose what I feel is the top-tier level of talent that we have on the network. That's job one." No spam, ever. One segment, run by Nexstar-owned WATE in Knoxville, Tennessee, focused on an anti-Phil Bredesen ad that was censored by Facebook. People may receive compensation for some links to products and services on this website. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. The format had just changed from big-band to country. Do we know enough yet to know if it's a buyer's market? 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. I consent the use of my personal data in accordance with Future's. He studies journalism at George Washington Universitys School of Media and Public Affairs. With that, it's my pleasure to turn the call over to Lee Ann for the remainder of the financial review and update process. Another $2,000 went to Sen. Orrin Hatch (R-Utah) and $1000 went to Sen. Kamala Harris (D-Calif.). So it's not an inconsequential number. Well, I would say, first of all, that embedded in the guidance that we issued this morning is a record political number for 2024, and it is up not inconsequentially from what you saw in both 2022 and in 2020. On the strategic side, we acquired a 75% interest in the CW network for no purchase consideration, adding a national broadcast platform to our portfolio, another asset in addition to NewsNation and ATSC 3.0 that will be capable of contributing long-term outsized growth to the company. "We're now up to 16%, but that means 84% of the country has no earthly idea. The CBS white feed, if you will, yes, you probably can see that game on that feed. 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. Moving back to Nexstar expenses. And I now would like to turn the conference over to Joe Jaffoni, Investor Relations. The smarter way to stay on top of broadcasting and cable industry. And so yes, our profitability has been enhanced, and we're investing our syndicated programming expense back into journalism. 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. Perry Sook Political Campaign Contributions 2020 Election Cycle. NewsNation, the subscription television network that was formerly called WGN America, claims to be an unbiased source of news for the country. I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. Perry Sook currently serves as Nexstar's chairman and CEO. So we continue to grow, the numbers are off of a low base, but we're the only cable news network that is growing, and we continue to grow. Emily Barratt, Renee Cassis, Meghan Buonocore, James Gwynn, Janice Garjian, Dolores Nolan 5. Meanwhile, Ad Fontes, a media watchdog organization, rated NewsNation Now in the middle for bias and as Reliable, Analysis/Fact Reporting for reliability. 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. NewsNation is found under the umbrella of Nexstar Inc.s Networks division. Nationwide and locally, Nexstar is involved in over 1,600 community initiatives each year donating thousands of hours and helping to raise millions of dollars for worthy causes. Increased expenses were offset by a reversal of an accrual due to a settlement in connection with our distribution agreement renewals. I mean, we wouldn't rule any of it out. Last month, NewsNation hired former Fox News exec Cherie Grzech as managing editor. 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. Everyone get out to vote!. Many Americans rely on stations owned by companies like Sinclair, Tribune Media and Nexstar Media Group to stay informed on local politics. Sook graduated from Ohio University and currently serves as chairman of The Ohio University. He told employees during a long session that included about 40 minutes of Q&A that. Tuesday, February 28, 2023 So we're very bullish on it. In line with our historical approach, we will not be accepting any deals that discount the value of our content, our stations deliver to these platforms. Hubbard Broadcasting gave $350,000 to Freedom Partners Action Fund, a Koch-network Super PAC, in the 2016 election cycle. 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. Although it is a small part of our overall financial results, we've announced by analysts and investors to break out the impact of the CW. So basically, auto under -- the way you're describing it. 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. May The same banner rotates between the endorsement of Obama, a banner advertising Decision 2008 coverage and links to other stories. You want to know what the distribution revenue was excluding the CW? Perhaps the most explicitly pro-Trump company in local television is Minnesota-based Hubbard Broadcasting. '23 and '24 will benefit from new distribution agreements and as we've discussed, 2024 as the presidential election and big political 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. Ray Cole, Charles Ryan, Ernest Liebre, Phillip Lombardo 4. And then lastly, just on sports content. Listen Bloomberg. In 2018, their top four recipients were all Minnesota politicians: Republican Senate candidate Karin Housley, Rep. Erik Paulsen, Emmer and Rep. Jason Lewis. As always, the detail is provided in our reconciling schedules in the back. We're accessing the fan base, both nationally and at local markets is important for advertisers and brands. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. 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. Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. And then if you get some of the current blackout renewals done, then accelerates into that new guidance. The company reported net income of $226.5 million, a rise of 13.4%, in the period ended June 30. Mr. Sook was a principal of Superior Communications Group. We also have multiple organic growth drivers, including NewsNation, the CW and ATSC 3.0 that are being positioned to generate material growth for Nexstar in the future. I think you said SG&A was up $5.9 million, excluding the CW. Pack and political advertising accounted for 50% of our political revenue. 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. Some of his other commitments include working on the board of directors for the following non-profits: the Broadcasters Foundation of America, the Television Bureau of Advertising, and as the television chairman for the National Association of Broadcasters, according to his Nexstar bio. Up next: Reinventing local news. Other uses of cash included transaction expenses and other working capital items. Because of the lack of information until now, the research analysts that cover us have had a variety of ways of showing our numbers. Visit our corporate site (opens in new tab). Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. Nexstar reported revenue of $1.49 billion in the quarter, net income of $178 million, and adjusted Ebitda of $662 million. Perry Sook is a performer that lives by these words. . A Texas native and University of Oklahoma Alum, Perry now lives in New York City. And at that point, obviously, we're getting higher cost per thousands in news programming than we did in off-network programming. The Hill will join Irving-based Nexstar's . 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. And finally, we continue to be committed to treating employees fairly and ethically and fostering a positive work environment as well as providing dedicated diversity, equity and inclusion programs, hiring practices and mentorships. El Paso is ORourkes hometown. 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. 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. Or is it just like a national game on that national feed? and House Majority Leader Kevin McCarthy (R-Calif.) in 2018. Mr. Sook, 30, who is from Texas, was then a Broadway performer and is now a sportscaster. Our next question comes from Nick Zangler with Stephens. Sinclair-affiliated PACs and individuals supported Donald Trump for president in 2016 with $3,804. Why? So I was wondering if you could just help us kind of bridge the gap there. But we could develop sharing arrangements so we could get an economic benefit from a second station, Sook says, even if we werent allowed to own the license.. NATIONAL ASSOCIATION OF BROADCASTERS POLITICAL ACTION COMMITTEE (NABPAC) - Unknown: SOOK, PERRY MR. IRVING, TX 75062: Nexstar Broadcasting Group, Inc./Chairman, President & Ceo: $5,000: 04/08/2015: P: NATIONAL ASSOCIATION OF BROADCASTERS POLITICAL ACTION COMMITTEE (NABPAC) - Unknown: SOOK, PERRY FLOWER MOUND, TX 75022: Nexstar Broadcasting . Learn about Article Alert. 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. 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. As always, with me on the call this morning are Tom Carter, our President and Chief Operating Officer; and Lee Ann Gliha, our CFO. So free cash flow is deployed in the form of reinvestment, debt repayment, dividends and share repurchases. According to Open Secrets, Nexstar Media group gave more money to Republicans in the 2018 election cycle (45% to Democrats, 55% to Republicans). Hubbard Broadcastings political contributions peaked in 2016 when they gave over $1 million to Republicans. As always, Tom and Perry gave you most of the details on the revenue side. 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. 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. The rebrand hinges on a down-the-middle. We have always fought hard in negotiations with a number of factors that come into play and levers we can pull. Have you ever wondered about the number of sacrifices a winning athlete has to make? ANDERSON, Sandra J. BA '73 Vice Chair * To subscribe, you must consent to Futures privacy policy. 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. 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. This is extremely dangerous to a democracy.. Nexstar Inc.s Networks Division President Sean Compton said last year, Rebranding WGN America as NewsNation underscores the networks clearly defined mission of delivering fact-based and unbiased news, while making it easier for viewers to find this new informative source for news.. Are you feeling increasingly worse about it now than you were, say, 3 months ago? 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. grand river waterfront homes for sale; valentine michael manson; 29. Last year, it. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. Tom? Given the lack of regulation in the digital world, it's important that we remain united as an industry. We anticipate being active in the debate business as we were in 2020. Its a good tale of battles, bargains, and bold strategies. 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. It's clear from our results that 2022 was a monumental year for Nexstar and a referendum on the power of the broadcast model and its ability to deliver audiences at scale and strong levels of free cash flow. Hubbards CEO, Stanley Hubbard, is on the advisory board for a pro-Trump Super PAC. 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. Perry love doing shows and covering sports around the country, or right at home, always excited for new opportunities. If it rained, staffers had to send a Jeep down the road to retrieve Sook. That deal, if approved. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. Copyright 2023 Market Realist. Howard Strudler, Perry Sook, Rich Raaf, Alex Lunney, Steve Capozzoli 2. 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. So thank you, everyone, for joining us today. Our country is very important. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of . (Compare that to Obamas 2012 re-election campaign when they gave him just $1,475.) The network's current lineup of TV hosts now include Elizabeth Vargas, Dan Abrams, Chris Cuomo, and Ashleigh Banfield. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. He grew up in Oshkosh, Wisconsin. Washington, 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. Okay. 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 . Contrary to the networks narrative, the virtual MVPDs want local news and local content because it's sought out by the viewers. Nexstar plunked down $130 million bucks to buy the political website The Hill. 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. 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. Note: Due to errors with CRP data obtained from the FEC that triple-countedcontributions, it was originally reported that Sen. Chris Van Hollen received$28,000 from Sinclair affiliates and its PAC. In March 2021, The New York Times reported that NewsNation hadn't lived up to expectations and was seeing low viewership. Nexstar is creating a state-of-the-art studio in Chicago and expanding teams both in front of and behind the camera. 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. I would expect you'll see us do more deals as time goes on. Offers may be subject to change without notice. In addition, fourth quarter advertising was impacted as sports betting and gaming companies redirected total television advertising dollars to voter propositions to legalize online gambling in California. 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. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. As is typical in nonpolitical years, we expect leverage, which we calculate on a last 12-month basis versus a 2-year average to slightly tick up in 2023. We have a strong balance sheet with low leverage and excellent short-term visibility with multiple long-term material growth initiatives. 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. 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? Jon has been business editor of Broadcasting+Cable since 2010. To that end, on the cover of our earnings release and in the tables at the back of the release, you will be able to find selected financial metrics for Nexstar on a consolidated basis, for Nexstar, excluding the CW and also for the CW on a stand-alone basis. 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 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. 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. Politico pioneered the fast-paced coverage of Capitol Hill and campaigns that now thrives on Twitter and cable news. 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. Using the Wayback Machine to return to October 2008, one can see Tribunes official endorsement of Obama for president on the WGN-TV website. And again, I tell people, I don't care what the ratings are 3 months from now. It will run on Nexstar stations and the company has committed to spend double-digit millions on advertising on other TV, digital and social media outlets. Want first access to OpenSecrets' investigations and data features? I'll first read the safe harbor language, and then we'll get right into the call. 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. Feel free to distribute or cite this material, but please credit OpenSecrets. Nexstar captured 13.8% of total political television dollars in line with prior years. Latest Company & Industry Overviews News and Updates. Obviously, we spent a lot of time in front of local business owners and local advertisers. And so not unlike traditional cable, where we are the most watched channels in the bundle, why would that be different in a virtual universe? 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. Sook's visit comes one week after the company marked "Founder's Day of Caring", the 25th anniversary of the. Turning to political advertising. [53] The sale was completed on January 31, 2017. We provide reach that no other medium can, especially for sports content. Some of my most fun days, my best days, are when I go visit one of our local TV stations. Upton represents Michigans sixth congressional district in the Southeast of the state. 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. 750 North St.Paul St. Nexstar CEO Perry Sook just knocked them off that mountaintop by acquiring Media General, becoming the largest TV company on the planet. 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. UPDATED: Nexstar, the largest TV station group, got a boost from midterm political ad spending as well as a rise in distribution and digital revenue in the second quarter. 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. Nexstar's outstanding debt as of December 31, 2021, was $6.95 billion, down from $7.41 billion at year-end last year. A 501(c)(3) tax-exempt, charitable organization, 1100 13th Street, NW, Suite 800 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. 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. DC It will be based in Chicago and run out of Chicago, drawing on the backbone of those 5,400 journalists sprinkled around the country. And it will be absent of bias. Great. But the consumer is still spending and local spending for us is hanging in there just fine in the first quarter. If you don't have the local stations, I think that should tell you everything you need to know about the leverage in the discussions. Nexstars $7.1 billion purchase of Tribune Media changed everything. Sook said advertisers have reacted positively to the networks news programming, paying the same cost per point in the scatter market as CNN. No, we heard it directly from FuboTV yesterday that they want that local content back, but understood there. I know that was also, I think, mid-teens at that point. Dennis Miller and Brad Schwartz and their teams are hard at work putting that together. 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.. Who's Nexstar CEO Perry Sook? And so that means we have to go dark for a little while to make the point. Enjoy unlimited access to all of our incredible journalism, in print and digital. Nexstar Media Group subsidiary Nexstar Media Inc. has acquired political news outlet The Hill in a $130 million deal, the company announced Friday. All Rights Reserved. How do you see that kind of opportunity between both local stations and the CW? Composed mostly of reporting from Nexstar stations, NewsNation was billed as offering straight-down-the-middle stories at a time when cable news is politically polarized. So I'll provide a little color on the CW financial results and then jump to expenses followed by some discussion on our guidance. The station had just one camera guy, and he was responsible for filming all commercials. So maybe as expected, Tom, hoping we could just unpack some of the things you went through on retrans a little bit. & a was up $ 5.9 million, excluding CapEx related to the CW and the impact of going and... Low single digits native and University of Oklahoma Alum, Perry Sook yesterday! To get paid my commission low single digits as expected, Tom, I 've said the..., if you could just unpack some of my most fun days, my best days, best. Compensation for some links to other stories Majority Leader Kevin McCarthy ( R-Calif. ) 2018... 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