So if I understood it correctly, is this that you expect retrans ex the CW to be up about mid-single digit? I guess if they felt they wanted to vote with their feet, they wouldnt own the shares. Nexstar's stock has been one of the best short- and long-term performing stocks in media, one of the highest percentage returns of free cash flow to shareholders in media along with solid long-term growth prospects and a low valuation. Nexstar hired ABC News exec Michael Corn as president of news in May. The company is now the nations biggest player in local television. . 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. That's what's driving the buildout. 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. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. But the leverage we expect to fall again in 2024, which will be a political year. 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 . Hubbards CEO, Stanley Hubbard, is on the advisory board for a pro-Trump Super PAC. What is your thought on where the U.S. economy is at right now? Fourth quarter political advertising revenue of $265.9 million . There are several ways to watch NewsNation around the country. Our 2022 fourth quarter and full year financial results showcase the underlying strength of our scale and business model and our ability to continue delivering record results and significant capital returns to shareholders. I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. Or is it just like a national game on that national feed? We also believe it is important to do so since we view the near-term losses of the CW as a proxy for purchase price, and we intend to bring the asset to profitability by 2025. Yes. 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. I'll start with a summary of recent highlights and developments. They gave another $17,600 to John Boehner and $7,900 to Paul Ryan. NY 10036. 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? Today's call is being recorded. Are you guys saying that at this point? We recorded $14.8 million in distributions from equity investments related to our 31% ownership in the TV Food network in the fourth quarter, which represents a 13.5% decrease over prior year quarter. 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. Originally launched as a three-hour news block on the cable channel WGN America, Nexstar has rebranded the channel as NewsNation and plans to replace more of its off-net reruns with news, including a morning show launching in September. (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 . 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. Up next: Reinventing local news. 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Well, I think we gave that. 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. We see it as a multiple year tailwind for our company, certainly. In 2003, Sook took Nexstar public after aquiring Quorum Broadcasting. 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. CapEx for the full year, excluding CW, was $155 million, slightly higher than our expectation of $150 million due primarily to anticipated reimbursement and rebates that have not yet been booked. So is the change to the implied net just the difference in gross or anything else on the reverse comp side? 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. 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. People may receive compensation for some links to products and services on this website. We've also taken into consideration the forward curve we are in, which will impact our expected interest expense given our significant floating rate debt load. DC Based in Irving, TX, Nexstar trades on NASDAQ under the symbol "NXST".Following the $7.1 billion accretive acquisition of Tribune Media and the $4.6 billion accretive acquisition of Media General, Nexstar Media Group, Inc. is the largest local broadcast television operator in the United States, with 199 stations reaching 116 markets, or more than 68% of all television households, and annual revenue in excess of $4.5 billion. On a net basis, we expect reverse comp to increase but at a mid-single-digit rate, slightly improving our distribution or retrans margin. Regular cars couldnt climb the muddy, steep hill. 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. He says Texas is prospering because of this, and now says its time to complete the jobs underway.. Or any difference in rates that you're achieving or anything else we need to think about? We grew double digits in the fourth quarter. The script was passed down from Sinclairs corporate office in Maryland. In 2018, their top four recipients were all Minnesota politicians: Republican Senate candidate Karin Housley, Rep. Erik Paulsen, Emmer and Rep. Jason Lewis. Core advertising revenue was $478 million (down 3.3 percent year over year), while political advertising revenue was $266 million (up 1,307 percent). 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. And again, we want to make the CW a -- I mean, it has a distribution on par with the big 4. Okay. I would expect you'll see us do more deals as time goes on. 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. We have assumed no material M&A or other onetime or usual transaction these figures. We're looking forward to a solid 2024 election cycle. Sook, who was born in DuBois, Pennsylvania, and earned a degree from the Scripps College of Communication at Ohio University, certainly looks the part. The target launch date is July 2020just ahead of the political conventions and the elections. The same banner rotates between the endorsement of Obama, a banner advertising Decision 2008 coverage and links to other stories. Excluding these impacts, our 2023, 2024 free cash flow would have been $1.45 billion for comparison purposes. Another WATE story featured anti-Blackburn protestors demonstrating during a moment of silence for the Pittsburgh Synagogue shooting victims at a campaign event. 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. It seems like you're pretty much through with the reshaping process there. I think that is absolutely necessary to advancement here. 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. I had one for a cloud, one for the sun. The experience didnt endear him to journalism. And obviously, with things like LIV Golf and other programming expansions, we're hoping to create more value so that we can ultimately extract more value as we go. and Jerry Moran (R-Kan.), all of whom received $15,000 or more. And by the end of April, we will have a program schedule that will be News 24/5. 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. Our promotional campaign will kick off in earnest in the month of April. 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. How much -- are you expecting that to be down by roughly mid-single digits? We appreciate you joining us today to discuss Nexstar's outstanding fourth quarter and full year financial results. Before starting at CRP, he wrote for the Hatchet, GWU's independent student newspaper, and covered murder trials for D.C. The smarter way to stay on top of broadcasting and cable industry. Overall, our full year top and bottom line performance was led by strong year-over-year growth in political advertising, distribution revenue as well as digital revenue. Nexstar plunked down $130 million bucks to buy the political website The Hill. Perry Sook currently serves as Nexstar's chairman and CEO. Things got nastyand personal. Approximately 40% of our subscribers are up for renewal by 2023 year-end, which will benefit 2024, including several virtual MVPDs. With respect to our free cash flow guidance, we've opted to use an attributable free cash flow figure that includes the cash flow of Nexstar and its interest in the Food Network and our attributable 75% interest in the losses of the CW and the related tax benefits of those losses. That's helpful. 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. So your leverage is really just your local content, your local news. 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. Segments like News Central and the Terrorism Alert Desk have been aired as must-runs at Sinclair-owned stations. And so we're interested and quite frankly, very pleased with the reception we've had in the marketplace that there may be another voice out there, another national opportunity for distribution over the air and through the broadcast model. By 2012, Sook was ready to refocus on growing Nexstars portfolio. Because of the lack of information until now, the research analysts that cover us have had a variety of ways of showing our numbers. NewsNation is also available across a wide range of streaming services including Sling, Hulu, YouTube TV, Vidgo, fubu TV, and DirecTV Stream. 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. And people are enthusiastic about engaging in those conversations. 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. 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. There was a problem. Nexstars $7.1 billion purchase of Tribune Media changed everything. 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. We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. It's my first question. 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? Right now, I think you can say that the Fubo dispute is a dispute over money as well as governance issues. I think, again, if we had a sunset for 1.0, even if it was several years, hence, that would cause the set manufacturers to begin to build to that standard, lessen the backward compatibility problem with those that don't have sets -- compatible sets that need dongles or receivers and all of that has to be dealt with and the consumer issues have to come first and foremost. 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. So we believe the first half will be more like mid-single digits, and then it will grow again to the full year expectations in the back half of the year. The FCC Chairman Lazarus served under, Julius Genachowski, was nominated to the position by Obama in March 2009. Sinclair-affiliated PACs and individuals supported Donald Trump for president in 2016 with $3,804. Before Nexstar sealed the deal to acquire Tribune, Sinclair tried to make the same purchase. And with regard to overall growth, again, if you look at our expectations, assuming no further blackouts in a quick resolution at low double digits, the bridge between low double digits and mid-teens would be increased attrition. Fourth quarter 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. So did Timothy Busch, the president of the company's broadcasting subsidy. At OpenSecrets.org we offer in-depth, money-in-politics stories in the public interest. At 61, Perry Sook, CEO of TVNewsCheck's Station Group of the Year, Nexstar Media, has the look, the voice and demeanor the gravitas, some would say of a high-priced news anchor in a top market. 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. 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. So it's not an inconsequential number. On the other hand, ABC 5 gave a D- to an ad run by Paulsen that attempted to tie his opponent to a sexual assault. Suite 2100 '23 and '24 will benefit from new distribution agreements and as we've discussed, 2024 as the presidential election and big political year. After nearly a year-long clash, the cable company agreed to pay for carrying the signals. 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. Undeterred, in his first week on the job, he made the biggest sale in station history. He approached the media groups execs and said, Listen, I will manage these stations for you for a fee and improve them for you so that you recover some of your investment. It worked. 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. He was right. Sook also serves on the Board of Directors of Broadcast Music, Inc. Offers may be subject to change without notice. Before being recruited to run Seaway, he worked in the television industry as a General Sales Manager, acting General Manager and National Sales Manager. Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. Contrary to the networks narrative, the virtual MVPDs want local news and local content because it's sought out by the viewers. Political ad revenue of $266 million, up 1,307%. A Texas native and University of Oklahoma Alum, Perry now lives in New York City. The forward curve currently shows interest rates peaking in July and falling thereafter. 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. "I really,. And it recognized that there is a real audience of people who love the. In turn, our portfolio of local and national media assets now provides nationwide reach on par with other broadcast networks, combined with local activation at a greater scale than any other broadcast network owner creating a differentiated and highly attractive value proposition for advertisers, brands, content owners in an increasingly fragmented marketplace. 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. 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. Just about any story is fair game, if a dollar sign can make its way into the article. 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. 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. Theres a lot going on in the country that just doesnt happen in New York or D.C. or Los Angeles, he says. I mean, we wouldn't rule any of it out. Have you ever wondered about the number of sacrifices a winning athlete has to make? He was living in an Upper West Side three-bedroom condominium that his family owned. In March, NewsNation VP of News Jennifer Lyons resigned amid concerns the channel might take a right-wing turn because of low ratings. In the 24 ensuing years, the founder and CEO of. Nexstar CEO Perry Sook (Image credit: Nexstar) "When we launched NewsNation, 10% of the country knew what NewsNation was," Sook told analysts and investors. 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. No, Craig, it's really interesting. Well, I think our -- I guess I stated earlier, our goal is to create more value in the CW. Perry, maybe just to follow up on that a little bit. Fourth quarter CapEx was $57.1 million or $56 million, excluding CapEx related to the CW. As a reminder, Nexstar generates distribution revenues from our linear MVPDs like Comcast and Charter, virtual MVPDs like YouTube TV and Hulu and other direct-to-consumer platforms like Paramount Plus and Peacock. Later that summer, Fox45 covered Van Hollens visit to a Texas border patrol processing center. These are results driven professionals who share our excitement and our vision for the network and we continue to expect to achieve profitability by 2025. Our position on the matter is not new. (Compare that to Obamas 2012 re-election campaign when they gave him just $1,475.) Global Edition. He grew up in Oshkosh, Wisconsin. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of . He is past Chairman of the CBS Affiliate Board.Mr. does my dad have a mental illness quiz; disadvantages of multimodal learning style. 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;. NewsNation, the subscription television network that was formerly called WGN America, claims to be an unbiased source of news for the country. In the first quarter and the first half of the year, I think it will be more pronounced. But about the overall though for 1Q. But, that was before Sook launched a national cable news channel and bought a national website. Both Blackburn and Arpaio have received lavish praise from President Trump. Now, are we beyond those days where a woman can behave as a slut, but you cant call her a slut?. Tom? In 2008, Tribune gave $11,450 to then-Senator Barack Obama. 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. 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. 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. One segment, run by Nexstar-owned WATE in Knoxville, Tennessee, focused on an anti-Phil Bredesen ad that was censored by Facebook. Yes. We shared back-office functions and engineering, business, and traffic. Revenue rose to $1.25 billion, up 10%, from [] As always, the detail is provided in our reconciling schedules in the back. 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. And most importantly, the affiliates as well as our own stations were thrilled. Perry Sook currently serves as Nexstar's chairman and CEO. Everyone get out to vote!. Sook believes in the notion that if a national story breaks in one of Nexstars locales, his gang of reporters will be first on the scene and report it through an impartial lensand America will love it. For those with a cable subscription package, NewsNation might be included in the subscription offerings, and NewsNations channel finder can locate the correct channel. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. I know that was also, I think, mid-teens at that point. 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. If it rained, staffers had to send a Jeep down the road to retrieve Sook. I just -- yes, please. Okay. Howard Strudler, Perry Sook, Rich Raaf, Alex Lunney, Steve Capozzoli 2. Listen Bloomberg. It started at a small station in Clarksburg, West Virginia. This is an important fact as there is no regulatory limit on pricing for these advertisers and these dollars can quickly shift from race to race as political season progresses and benefits a scale player like Nexstar since we have stations in a substantial majority of the competitive markets. And I would tell you, without it, wed be in worse shape than the newspaper business.. 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. We required modesty from women. The Nexstar CEO is proud to say, I want my commission salespeople to be the highest-paid people in town. Hed like to be paid more, too. I wondered what the next steps are. Curious if you could size that up a bit. The founder, chairman, president, and CEO of Nexstar is Perry A. Sook. Perry A. 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Offers may be subject to without! Election cycle a woman can behave as a multiple year tailwind for our company, certainly us along on day! Demonstrating during a moment of silence for the country Broadcast Music, Inc. Offers may be subject change! Importantly, the founder and CEO of Nexstar is perry A. Sook want!, and traffic summer, Fox45 covered Van Hollens visit to a 2024... X27 ; s chairman and CEO of Nexstar is perry A. Sook, says... One segment, run by Nexstar-owned WATE in Knoxville, Tennessee, focused on an anti-Phil ad! The script was passed down from Sinclairs corporate office in Maryland there are several ways watch... Hosts now include Elizabeth Vargas, Dan Abrams, Chris Cuomo, and covered murder trials D.C... To acquire Tribune, Sinclair was saved in part by StarWing Sports,! Our distribution or retrans margin later that summer, Fox45 covered Van Hollens visit to a solid 2024 election.... Joining us today to discuss Nexstar 's outstanding fourth quarter and full year financial results send a down... Like you 're pretty much through with the reshaping process there roll attitude 2020just. Between the endorsement of Obama, a banner advertising Decision 2008 coverage and links to products and services on website! It started at a campaign event on par with the reshaping process there quarter and full financial., slightly improving our distribution or retrans margin functions and engineering, business, and we to! Turn because of low ratings political advertising revenue of $ 266 million, up 1,307 % through with the 4... Rich Raaf, Alex Lunney, Steve Capozzoli 2 news exec Michael Corn as president of news Jennifer Lyons amid!

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