I would expect you'll see us do more deals as time goes on. 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. LIV Golf's 2-day average linear viewership was 24% higher than the average. Dr. Sandy Sook 3. The only time we had video of what was going on in town was if there was a car wreck or a house fire, Sook says. Enjoy unlimited access to all of our incredible journalism, in print and digital. 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. For those with a cable subscription package, NewsNation might be included in the subscription offerings, and NewsNations channel finder can locate the correct channel. And 2022, we did 50 debates across our company, 3 of which we put on the national cable network to offer to all of America outside of the states in which they were being contested. 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. I consent the use of my personal data in accordance with Future's. Future US, Inc. Full 7th Floor, 130 West 42nd Street, Excluding onetime expenses included in this item, corporate expenses were effectively flat. 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.. He subsequently convinced satellite companies to pay for his stations content; the cable companies, though, balked at the idea. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. Our promotional campaign will kick off in earnest in the month of April. Well, no, I think I mentioned it in my comments that the growth in network affiliation is much more modest than our growth in retrans revenue. National will be down a low double-digit amount. Political ideologies are concepts that have become more visible with the rise of social media. A former small-town anchorman, Nexstar Media Groups Perry Sook owns more television stations than anyone else in the country. Okay. 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? On a consolidated basis, fourth quarter adjusted EBITDA increased 19.8% over the prior year to $598.2 million, representing a 40.2% margin and fourth quarter attributable free cash flow increased 27.8% to $422.1 million. ABC 5, a Hubbard-owned station, reported on 2009 Facebook comments made by Housley in which she likened Michelle Obama to a chimpanzee. Sinclair is based out of Maryland and owns twelve Baltimore-area television stations. Hubbard Broadcastings political contributions peaked in 2016 when they gave over $1 million to Republicans. We appreciate you joining us today to discuss Nexstar's outstanding fourth quarter and full year financial results. Were now up to 16%, but that means 84% of the country has no earthly idea. Sook believes its important to spend time visiting all of the companys 114 markets. Right now, I think you can say that the Fubo dispute is a dispute over money as well as governance issues. But not all of his travel is to major metros. Mr. Sook was a principal of Superior Communications Group. Hear the latest economic, business and market news, as well as global, national, and local news. SOOK, Perry A. BSC '80 Chairperson Southlake, TX. Mr. Sook was here to talk about our ongoing efforts to support our local communities. No, we heard it directly from FuboTV yesterday that they want that local content back, but understood there. Ray Cole, Charles Ryan, Ernest Liebre, Phillip Lombardo 4. How much -- are you expecting that to be down by roughly mid-single digits? Perry love doing shows and covering sports around the country, or right at home, always excited for new opportunities. You want to know what the distribution revenue was excluding the CW? NewsNation aired an interview with President Donald Trump in September 2020. A Texas native and University of Oklahoma Alum, Perry now lives in New York City. And by the end of April, we will have a program schedule that will be News 24/5. With FCC approval, the company will own 171 stations to. As we move forward, we will continue to strategically deploy our cash in a manner that is consistent with our commitment to creating the highest shareholder value. And again, I tell people, I don't care what the ratings are 3 months from now. Listen Bloomberg. 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. 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. Before being recruited to run Seaway, he worked in the television industry as a General Sales Manager, acting General Manager and National Sales Manager. As always, the detail is provided in our reconciling schedules in the back. . In addition, for purposes of our credit agreement and indentures, we have designated the CW as an unrestricted subsidiary, and it is not included for purposes of calculating our covenants. 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. Nexstar had a strong year financially, reporting free cash flow of $1.3 billion in 2020, a 100% increase over 2018; TV stations typically see a boon from political advertising in election years . Perry Sook currently serves as Nexstar's chairman and CEO. And in our recent distribution and renewal negotiations, our ownership of the CW positively impact the outcomes of those discussions by an amount that already effectively paid for the investment that we'll make in the network. 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. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of . And that and money are the 2 issues here. We attribute our success during the record midterm cycle to the benefits of Nexstar scale and meticulous analysis and planning on a state-by-state and race-by-race basis, which has enabled us to nicely exceed the midpoint of our initial full year net political revenue guidance range between pro forma 2018 and 2020 levels. He is largely credited with forging in 1998 what was the first shared services agreement among American television stations. We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. NewsNation launched officially in September 2020 with high hopes of securing solid viewership in a time of deep mistrust of the media. Outside of the huge Chicago-based cable network WGN America, most of its 196 stations are ABC, CBS, Fox, CW, and NBC, We have 5,400 journalists around the country who produce local newsmore than any other organization. And I assume you -- the initial bogey was to basically do better than you were with off-network sitcoms. Extended our network affiliation agreements with ABC. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. But it is certainly a tailwind in core advertising revenue that auto is up and up double digits, and we see that continuing throughout the year. We had two separate studios for local news, two different on-air staffs, and two separate sales forces. Because we have designated to CW with an unrestricted subsidiary, the losses associated with the CW are not accounted for in our calculation of leverage for purposes of our credit agreement. 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. Tribune has another connection to Obama in Edward Lazarus, Tribunes Executive Vice President and Chief Strategy Officer. The company reported net income of $226.5 million, a rise of 13.4%, in the period ended June 30. In 2014, they contributed $263,587 and in 2016 they contributed $429,504 before dipping back down to $186,648 in 2018. Perry Sook is a performer and reporter who simply loves what he does. Sook said this year when Hillary Clinton and Donald Trump square off in the November presidential election, Nexstar will earn about $100 million in political advertising revenue. 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.. 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. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. And while we're executing well on our business, ESG also remains a priority for Nexstar, and we continue to take actions to evolve our practices and disclosures to improve our already strong profile. 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. And I've recently been at the FCC meeting with the commissioners as well as the Chairwoman. In 2014, the Hubbard Broadcasting gave the Super PAC $450,000, $300,000 from the company and $150,000 from individuals. Who's Nexstar CEO Perry Sook? The script was passed down from Sinclairs corporate office in Maryland. And then switching to ATSC. So I don't know how do we yardstick kind of '24 relative to whatever pro forma 2020 was if you have that number. Learn about Article Alert. Perry A. Sook serves as Chairman of the Board, Chief Executive Officer of the Company. The company is now the nations biggest player in local television. We continue to anticipate a low 9-figure investment and to achieve profitability by 2025. Operator, please open the line for questions. Okay. In March, NewsNation VP of News Jennifer Lyons resigned amid concerns the channel might take a right-wing turn because of low ratings. Perry, please go ahead. Thank you, Joe, and good morning, everyone. 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. And then, Perry, you mentioned that the recent distribution renewals effectively have paid for the CW deal. 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 category is primarily responsible for the core advertising revenue decline more gaming, sports betting, insurance, direct response, medical health care and radio TV cable newspapers. 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. Nexstar is "immediately commencing a search" for Busch's successor, according to Perry Sook, Nexstar's CEO. Despite the trends, we continue to expect to see spending in this category, albeit at a more modest clip. It all got Sook to thinking. It was interesting Sinclair was talking a little bit about their feeling about the importance of getting the FCC to move so that you can shut down the legacy stations, the ATSC 1.0 to get really enough kind of capacity to generate meaningful revenues off of this. Before being recruited to run Seaway, he worked in the . NY 10036. I didnt have his journalistic chops or the talent, so I decided to go to the business side. However, political ideologies have influenced human society since the dawn of civilization as. I know that was also, I think, mid-teens at that point. So it's not an inconsequential number. It's high-teens number of -- amount of revenue related to the CW. In addition, Nexstar's digital properties provide innovative digital marketing solutions and services to local and national media companies, advertisers, agencies, and brands. As one of the nation's leading providers of local news, entertainment, sports, lifestyle, and network programming, Nexstar produces and distributes over 275,000 hours of local content per year. It used to be that women were held to a little bit of a higher standard, Lewis said on the show according to CNN. 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. Double-digit attributable free cash flow growth enabled us to return approximately 68% of our 2022 attributable free cash flow or a record of $1.02 billion to our shareholders in the form of share repurchases as well as dividends. Core advertising revenue was $478 million (down 3.3 percent year over year), while political advertising revenue was $266 million (up 1,307 percent). 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. 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. 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. It would be more in the form of a test of the technology and people testing certain use cases. Want first access to OpenSecrets' investigations and data features? At the CW level, on the programming front, while we are locked into most programming for the '22, '23 broadcast season, we've already taken action to improve and diversify our content to better align with audiences through our exclusive multiyear broadcast rights agreement with LIV Golf. So basically, auto under -- the way you're describing it. As such, our net first lien coverage rate -- sorry, our net first lien covenant ratio for Nexstar, excluding the CW at December 31, 2022, was 1.77x, which is well below our first lien only covenant of 4.25x. His shoulders are big and broad and more befitting an NFL tight end than a 62-year-old CEO. Jamie McCarthy, Getty Images Tyler Perry, who's stayed largely apolitical throughout his career, is breaking the tradition to endorse a candidate in the 2020 presidential election. There was a problem. They also gave $5,000 to Rep. Nancy Pelosi (D-Calif.) and Sen. Dianne Feinstein (D-Calif.). Okay. I think that is absolutely necessary to advancement here. 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. So our job now is to continue to increase the profile, relevance and interest in the programming, offer more varied programming and sports is obviously a big piece of that, that can put us more on par with the other network choices that are out there. I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. Certainly, sports is 1 avenue that has never been pursued there before. While still early, our strategy of providing unbiased news for all America is already delivering results as NewsNation was the only cable news network to see double-digit growth in total viewers in 2022. Now, are we beyond those days where a woman can behave as a slut, but you cant call her a slut?. In 2018, their top four recipients were all Minnesota politicians: Republican Senate candidate Karin Housley, Rep. Erik Paulsen, Emmer and Rep. Jason Lewis. Excluding the results of the CW, net revenue was up 14.3%. Sure. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. Or am I giving some national game like the (inaudible). Sook believes its important to spend time visiting all of the companys 114 markets. In addition, Nexstar's local sales initiatives continue to deliver healthy levels of new business with our sales teams generating new local advertising incentive program revenue of $37 million, flat to the prior year despite significant political displacement. Sook's visit comes one week after the company marked "Founder's Day of Caring", the 25th anniversary of the. I appreciate that. So we'll be a 24-hour news network Monday through Friday by the end of April, and that will include the daytime expansion, the addition of the Hill, the addition of Elizabeth Vargas Reports show at 6:00 Eastern Monday through Friday. 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. "I really,. NewsNation InSites. So, heres a glance at the owner of NewsNation. Sinclairs top three recipients for 2018 were Republican Senators Roger Wicker (R-Miss. 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. With that, it's my pleasure to turn the call over to Lee Ann for the remainder of the financial review and update process. Thomas Carter, the CFO, did the same. 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. What were your direct operating expenses, excluding that, the CW, how are you seeing that tracking this new year? They're fielding tons of pitches. Six people at the time reportedly said that NewsNation was becoming increasingly right-wing and conservative in its presentation. 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? He serves on the Board of Directors of Broadcast Music, Inc. (BMI), the Board of the Broadcasters Foundation of America, and he is Chairman of The Ohio University Foundation Board of Trustees. But in terms of the things I'm talking about, in 2024, there could be a very modest amount. It's a single-digit amount. 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. Given the lack of regulation in the digital world, it's important that we remain united as an industry. The one-hour program features market and geopolitical discussions with a rotating panel of influential voices including thought leaders, CEOs, policy makers and economists. 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. NewsNation is found under the umbrella of Nexstar Inc.s Networks division. He founded Nexstar in 1996 with one local television station in Scranton, PA and began building the foundation of what is. Lee Ann Gliha; Executive VP & CFO; Nexstar Media Group, Inc. Perry A. Sook; Founder, Chairman & CEO; Nexstar Media Group, Inc. Thomas E. Carter; President & COO; Nexstar Media Group, Inc. Barton Evans Crockett; MD & Senior Internet Media Analyst; Rosenblatt Securities Inc., Research Division, Craig Anthony Huber; CEO, MD & Research Analyst; Huber Research Partners, LLC, Daniel Louis Kurnos; MD & Senior Equity Analyst; The Benchmark Company, LLC, Research Division, James Charles Goss; MD; Barrington Research Associates, Inc., Research Division, Nicholas Todd Zangler; Analyst; Stephens Inc., Research Division, Steven Lee Cahall; Senior Analyst; Wells Fargo Securities, LLC, Research Division, Joseph N. Jaffoni; Founder & President; JCIR. 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. Why? 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. Well, again, I've said for the full year, we expect high single to low double-digit growth. We've signed some things. In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. By 2012, Sook was ready to refocus on growing Nexstars portfolio. Perry Sook is a performer that lives by these words. Fourth quarter CapEx was $57.1 million or $56 million, excluding CapEx related to the CW. He told employees during a long session that included about 40 minutes of Q&A that. Global Edition. Mr. Sook is also a member of the Board of Directors of the Television Bureau of Advertising (TVB), where he formerly served as Chairman. And, prior to that, in January of 2017, we closed on the acquisition of Media General, a $4.6 billion transaction. 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