So if I understood it correctly, is this that you expect retrans ex the CW to be up about mid-single digit? 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. RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. I think that is absolutely necessary to advancement here. Offsetting these factors were the impact of ours and our partner stations going dark on certain MVPDs during the quarter in connection with the contract renegotiations and the settlement of certain disputes impacting revenue in connection with these new contracts as well as continued MVPD subscriber attrition. Unfortunately, some members of the media use their platforms to push their own personal bias and agenda to control exactly what people think said the script. I didnt have his journalistic chops or the talent, so I decided to go to the business side. And again, we want to make the CW a -- I mean, it has a distribution on par with the big 4. 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. As the largest local broadcaster, Nexstar is important to both our network partners and our MVPD partners, which provides us with a very strong negotiating position. 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. 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. I'm very proud of the folks we have on the air and the job that they do, and we look to add to that as we continue to fill out these other hours and other dayparts. Democratic SenatorChris Van Hollen (Md.) By 2012, Sook was ready to refocus on growing Nexstars portfolio. 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. Under Sooks watch, both employee morale and the companys stock have remained high. Excluding the CW, fourth quarter direct operating and SG&A expenses increased only $5.9 million as a result of higher variable costs related to higher revenues, increased programming and other costs related in part to the move of NewsNation from syndicated programming to news programming, which is offset in our adjusted EBITDA calculation from reduced programming payments related to syndicated content. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. Many Americans rely on stations owned by companies like Sinclair, Tribune Media and Nexstar Media Group to stay informed on local politics. In trade jargon, its referred to as a retransmission consent dispute. Fourth quarter operating cash taxes were $53.1 million, which includes $65.3 million attributable to Nexstar, excluding CW and a $12.2 million benefit from the attributable tax deductible losses from our investment in the CW. We are seeing some sustained healthy increases off of that lower base. Every donation we receive from users like you goes directly into promoting high-quality data analysis and investigative journalism that you can trust. Is there any leverage around the ability to see local games that somehow rights constructed by the agreement with you or not? He collects firearms, and in response to questions that are not at all explicitly about. Are you guys saying that at this point? 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. Their attempt was scuttled by regulators, but Sinclair already owns a huge swath of local television stations, 191 by their count. The -- there are lots of discussions. We have assumed no material M&A or other onetime or usual transaction these figures. That concludes the financial review for the call. I would expect you'll see us do more deals as time goes on. We continue to anticipate a low 9-figure investment and to achieve profitability by 2025. Nexstar staffers handed out rabbit-ear antennas so customers could circumvent the cable company and still get the stations on-air broadcasts. He just want to know what the amount to CW. 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? Perry Sook, CEO, Nexstar Broadcasting Group. There will be a show called The Hill on NewsNation at 5:00 Monday through Friday that we'll launch in April. Our ability to execute on these renewals just reinforces what we already know that broadcast matters. The target launch date is July 2020just ahead of the political conventions and the elections. And then a big picture question. (They gave $5,000 to Marsha Blackburn (R-Tenn.) in the 2018 cycle, but also gave $2,500 to Tammy Baldwin (D-Wis.)). 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. And at that point, obviously, we're getting higher cost per thousands in news programming than we did in off-network programming. The host would criticize other media outlets for their coverage of then-President Bush, once going so far as to say that terrorist leaders would dearly love to see President Bush replaced with Senator (John) Kerry.. 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. After nearly a year-long clash, the cable company agreed to pay for carrying the signals. Fourth quarter political advertising revenue of $265.9 million . Their political giving has since plummeted to $13,034 by 2018, all but $500 of which went to Democrats. The PAC favors Republicans, but only slightly. Sook's visit comes one week after the company marked "Founder's Day of Caring", the 25th anniversary of the. 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. 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. But about the overall though for 1Q. 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. 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 CW generates revenue primarily from national television and digital advertising, distribution fees from affiliates and virtual MVPDs as well as some short-term continuing revenue from licensing content to an SVOD player. Nexstar Media Group's purchase of Tribune Media Co's 42 TV stations makes Nexstar the nation . Its a good tale of battles, bargains, and bold strategies. He says Texas is prospering because of this, and now says its time to complete the jobs underway.. CW affiliation fees will have a slight positive impact on our year-over-year reported growth rates until we lap the acquisition date. 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. Increased expenses were offset by a reversal of an accrual due to a settlement in connection with our distribution agreement renewals. 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. Hear the latest economic, business and market news, as well as global, national, and local news. Market Realist is a registered trademark. So it will be a record year. Nexstar plunked down $130 million bucks to buy the political website The Hill. In addition to its station in Fresno, Nexstar owns a station in Bakersfield. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. 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. Sook said Nexstar will be mounting a promotional campaign for NewsNation that will kick off after Labor Day. Political ad revenue of $266 million, up 1,307%. Mr. Sook, 30, who is from Texas, was then a Broadway performer and is now a sportscaster. 20005. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago. Nexstar Media Group, Inc. today reported financial results for the fourth quarter ended December 31, 2022 as summarized below:. 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. Washington, And then also when we're negotiating with the largest big 4 station group and you negotiate this all as a package, there is leverage inherent in that model. 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. Perry A. Sook has over 43 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. 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. On Dec. 3, it was announced that Tribune Media would be acquired by Nexstar Media Group for over $4 billion. 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. Expansion through acquisitions is a great way to grow, but Nexstar didnt always have that kind of dough. 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. 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. Yourcentralvalley.com, a Nexstar site affiliated with NBC covering Fresno, California, ran a story about Kevin McCarthys claims that California Democrats had fallen out of touch with voters. Except for the Revolving Door section, content on this site is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License by OpenSecrets.org. And that and money are the 2 issues here. does my dad have a mental illness quiz; disadvantages of multimodal learning style. And so that will be the big lift, and we'll have that piece done by the end of 2024 and then we'll be a 24/7 cable news network. NewsNation is found under the umbrella of Nexstar Inc.s Networks division. Right now, I think you can say that the Fubo dispute is a dispute over money as well as governance issues. Thats job one.. Our country is very important. 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.. We required modesty from women. No matter how talented an athlete is, seeking advice from those who have gone before you is part of the journey to success. With that, it's my pleasure to turn the call over to Lee Ann for the remainder of the financial review and update process. Thanks, Priscilla, and good morning, everyone. Moving to distribution revenue. Hubbard Broadcasting owns the radio station that ran the Jason Lewis Show before Lewis became a congressman. We continue to believe the investment case for Nexstar is very simple. Perry A. Sook -- Chairman and Chief Executive Offcier Thank you, Joseph, and good morning, everyone. Thank you all for joining us to review Nexstar's record fourth quarter results, including. Nexstar is creating a state-of-the-art studio in Chicago and expanding teams both in front of and behind the camera. Sign up for our newsletter to track moneys influence on U.S. elections and public policy. Witness, a nonprofit blog that tracks homicides. I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. And I would tell you, without it, wed be in worse shape than the newspaper business.. He was right. Even if the rip n read world fit him, the environment at the station did not. 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. NewsNation aired an interview with President Donald Trump in September 2020. Dallas, Texas 75201. Undeterred, in his first week on the job, he made the biggest sale in station history. Given the lack of regulation in the digital world, it's important that we remain united as an industry. Gregory Raifman, president of Nexstar Digital, gave $2,500 that year. 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. Today's call is being recorded. Global Edition. 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. 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. 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. But we could develop sharing arrangements so we could get an economic benefit from a second station, Sook says, By 2012, Sook was ready to refocus on growing Nexstars portfolio. 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;. I knew the quickest road to management, and management to ownership, was through sales.. 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. With that, it's now my pleasure to turn the conference over to your host, Nexstar Chairman and CEO, Perry Sook. 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. Politico pioneered the fast-paced coverage of Capitol Hill and campaigns that now thrives on Twitter and cable news. As a percentage of net revenues, our total expenses declined given our focus on controlling expense growth and significant political revenue growth. Good day, and welcome to Nexstar Media Group Fourth Quarter and Full Year 2022 Conference Call. Sign up below. Core advertising revenue was $478 million (down 3.3 percent year over year), while political advertising revenue was $266 million (up 1,307 percent). Sources tell FTVLive that CBS will decline running the Saudi-backed LIV Golf Tour on the CW stations that CBS owns. In the days before the 2016 election, Van Hollen appeared on a Fox 45 news segment called Your Voice where he talked about the ease of early voting and pitched his plans to accelerate job growth in Maryland. 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. [53] The sale was completed on January 31, 2017. That deal, if approved. Nexstar Media Group, Inc. (NXST) SEC Filing 8-K Material Event for the period ending Tuesday, February 28, 2023 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. Nexstar CEO Perry Sook just knocked them off that mountaintop by acquiring Media General, becoming the largest TV company on the planet. Ladies and gentlemen, since there are no further questions, I would like to turn the call back to Perry Sook for the closing remarks. 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. Sook tells it best. 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. This is particularly impressive since TV can offer a fixed amount of inventory and the pricing, which is regulated on Canada-specific funds, has a limit versus other media like digital. CEE MARKETS-FX strengthens as market sees rates staying high, China says EU TikTok ban will harm business confidence, Consumers keep feeling better about today and worse about tomorrow: Morning Brief, All Adani Stocks End Higher First Time Since Hindenburg Report, Chinese video streaming platform iQIYI to raise $600 million through convertible bonds. That year they gave $18,500 to Rep. Tom Emmer (R-Minn.) and $16,300 to Ted Cruz. Who's Nexstar CEO Perry Sook? 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.. How do you see that kind of opportunity between both local stations and the CW? 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. SOOK, Perry A. BSC '80 Chairperson Southlake, TX. Whether youre reading about 2022 midterm fundraising, conflicts of interest or dark money influence, we produce this content with a small, but dedicated team. 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. Last quarter, you announced the Clippers deal. Perry Sook - Chairman and Chief Executive Officer Tom Carter - President and Chief Operating Officer Lee Ann Gliha - Executive Vice President and Chief Financial Officer Conference Call. We provide reach that no other medium can, especially for sports content. I mean, we wouldn't rule any of it out. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. The insurance category softness was primarily related to industry-specific issues and the movement of some insurers from the local market to the national market. 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. So, heres a glance at the owner of NewsNation. 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. Since Americans have a significantly greater level of trust in their local news stations than they do in national news outlets or in web-only publications, this level of political activity from media companies is especially significant. All right. Perry, please go ahead. 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Mr. Sook currently serves as Chairman of the CBS Affiliates Board and The Ohio University Foundation Board. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. 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. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. A member of TVB's board of directors since 2000, Sook assumes the chairman's position previously held by Michael J . "We're now up to 16%, but that means 84% of the country has no earthly idea. Not bad for a guy who first got into the television business as a small-town anchorman. Was completed on January 31, 2017 gave $ 18,500 to Rep. Tom (... 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