Or am I giving some national game like the (inaudible). 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. Moving to distribution revenue. 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. And then a big picture question. In January 2021, the WGN America network rebranded as NewsNation and there were several programming changes. Sook is also credited for helping Nexstar rise from its founding to earning $4.6 billion in net revenue in 2021 alone. But the leverage we expect to fall again in 2024, which will be a political year. NewsNation is also available across a wide range of streaming services including Sling, Hulu, YouTube TV, Vidgo, fubu TV, and DirecTV Stream. LIV Golf was viewed by over 1.4 million total viewers across both the CW linear network as well as our digital platform, the CW app, compared to the average linear golf game on television year-to-date. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. Open Secrets following the money in politics, OpenSecrets Following the money in politics. No spam, ever. Everyone get out to vote!. 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. He is largely credited with forging in 1998 what was the first shared services agreement among American television stations. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. 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. Perry Sook, Nexstars CEO, gave $5,000 to the companys PAC in the 2014, 2016 and 2018 election cycles. 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. Nexstar hired ABC News exec Michael Corn as president of news in May. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. A former small-town anchorman, Nexstar Media Groups Perry Sook owns more television stations than anyone else in the country. The company is now the nations biggest player in local television. 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. 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. 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. They had no audience, no advertisers, and no followers, Sook says. 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. Tom Hanks Started a Veteran-Focused Coffee Brand Where to Buy It, Drug Prices Are Increasing in 2023, Won't Impact Most Consumers. Nexstar staffers handed out rabbit-ear antennas so customers could circumvent the cable company and still get the stations on-air broadcasts. He wants to tell stories that are happening outside the beltways. In addition, the CW was responsible for $30 million of onetime expenses comprised of restructuring charges and retention bonuses. 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. Turning to the balance sheet. Political Advertising Revenue 265.9 18.9 . You should also note that we have streamlined the number of EBITDA and free cash flow metrics we are showing on our earnings release cover page. Political ad revenue of $266 million, up 1,307%. '23 and '24 will benefit from new distribution agreements and as we've discussed, 2024 as the presidential election and big political year. Why? 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? So thank you, everyone, for joining us today. 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. Yes. There are 2 topics I just wanted to ask a little bit about the -- first on this national feed. Just about any story is fair game, if a dollar sign can make its way into the article. But the consumer is still spending and local spending for us is hanging in there just fine in the first quarter. People may receive compensation for some links to products and services on this website. No, we heard it directly from FuboTV yesterday that they want that local content back, but understood there. Hear the latest economic, business and market news, as well as global, national, and local news. 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. As the PAC distributed its funds, stations owned by Nexstar were covering politics and political races across the country. In the last two years, shareholders have, by the slimmest of margins, rejected multimillion-dollar compensation packages for the CEO. Mikulski also gave the Fox station an interview on receiving the medal. I would say, things that will exist by 2024 that don't exist today. Because of the lack of information until now, the research analysts that cover us have had a variety of ways of showing our numbers. Perry Snook: Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of revenue as well as record levels of Adjusted EBITDA and free cash flow. Sook, who was born in DuBois, Pennsylvania, and earned a degree from the Scripps College of Communication at Ohio University, certainly looks the part. As such, we are opting to exclude transaction and onetime expenses from these figures. 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. 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. Seasonally attributable metric is a good proxy for the cash flow available to be reinvested to be used to repay debt or return to shareholders. It was financed by a big capital investment firm that bought some stations from CBS but, Sook says, was without a management team or any business thesis as to how to operate. With no money to make acquisitions on his own, Sook got creative. Is it still a little too early? And as in the past, we will provide the results of that process in our annual proxy statement. This past year, we expanded weekday news programming to 17 hours per day, made key journalists and editorial additions and are completing production facility expansions in both New York City and in Washington, D.C. We've signed some things. By June, that time period was down to 28,000 viewers and 5,000 in the demo. Right now, I think you can say that the Fubo dispute is a dispute over money as well as governance issues. Together, fourth quarter direct operating and SG&A expenses increased $72.5 million, primarily due to the inclusion of the CW, including the onetime restructuring expenses of approximately $30 million I just mentioned. 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. Currently, the individual network affiliate Boards lead the discussions with the networks on behalf of their respective affiliates, which include station groups like Nexstar to opt in or out of virtual MVPD agreements. Sure. 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. 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. Sook said advertisers have reacted positively to the networks news programming, paying the same cost per point in the scatter market as CNN. But I don't expect that anyone would sign on to a big contract until they had the chance to administer their tests. 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. We appreciate you joining us today to discuss Nexstar's outstanding fourth quarter and full year financial results. With FCC approval, the company will own 171 stations to. NY 10036. Great. Perry Sook, president and CEO of Texas-based Nexstar Media Group, is a seasoned broadcast TV executive who steered Nexstar 's $4.1 billion acquisition of Tribune Media. The FCC Chairman Lazarus served under, Julius Genachowski, was nominated to the position by Obama in March 2009. Last year, it. But, aside from their reporting, these organizations dabble directly in politics and elections more than one might expect. Thank you, Tom, and good morning, everyone. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. The lawyerly name belies the bare-knuckled drama involving Cox and 21 television stations in Texas, Arkansas, Louisiana, Kansas, and Missouri. Who's Nexstar CEO Perry Sook? Or is it really just news (inaudible). Revenue is generated through advertising. Speaking on Nexstars second-quarter earnings call Wednesday, CEO Perry Sook said a year after its launch, few people know about NewsNation. Today, broadcast television remains the only place for content creators, sports organizations, team owners and most importantly, advertisers to access local audiences at scale. I think our Clippers deal with Steve Ballmer and the Clippers putting a group of games on broadcast exclusively to expose that to the part of the market that is not inside the pay-TV universe kind of broke the seal. We closed the acquisition of the CW on September 30, 2022. Moving back to Nexstar expenses. As always, Tom and Perry gave you most of the details on the revenue side. Mr. Sook was here to talk about our ongoing efforts to support our local communities. Or is that kind of a necessity to free up that bandwidth capacity? We have always fought hard in negotiations with a number of factors that come into play and levers we can pull. Nexstar is "immediately commencing a search" for Busch's successor, according to Perry Sook, Nexstar's CEO. So far in Q1 of '23, we're seeing similar results to what we saw in the fourth quarter with this revenue category. Blackburn got $5,700 and Arizona Senate candidate Joe Arpaio got $2,000. And so we are very pleased with our ability to continue to earn more for the CW. Perry A. Sook serves as Chairman of the Board, Chief Executive Officer of the Company. But yes, that is what people want us for is the local content. Auto is likely a multiyear tailwind as we continue to push to normalization, which would require SAAR levels back in that 17-ish million dollar -- or million unit range back in pre-COVID era? Excluding the impact of the CW, core advertising was down approximately 8.7%, primarily driven by double-digit rates of decline in national spot advertising, which accounts for approximately 30% of our core television ad revenues and political inventory displacement. 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. Executive Vice President Elizabeth Ryder gave $2,500 in 2014 and 2016, then beefed up her contribution to $5,000 in 2018. Given the lack of regulation in the digital world, it's important that we remain united as an industry. Weve made three dozen separate acquisitionssome small, some very large, he begins. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. He's been putting the finishing touches on an acquisition that'll bring Nexstar Broadcasting's holdings. Last quarter, you announced the Clippers deal. 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. 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. Dr. Sandy Sook 3. 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. 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. So, there were challenges. 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. 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. But our quantum of debt, we don't expect to tick up. Stay up to speed on DFWs fast-moving business community with weekly news reports, interviews, and insights. If it rained, staffers had to send a Jeep down the road to retrieve Sook. In the 24 ensuing years, the founder and CEO of Nexstar Media Group added 195 stations to his corporate quiver to become the nations largest owner of television stations. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. We have 5,400 journalists around the country who produce local newsmore than any other organization. Lazarus is a former chief of staff to the chairman of the FCC. Q4 digital revenues increased 10.1% year-over-year to approximately $112 million. Excluding the CW, digital revenue declined 6.5%. Another WATE story featured anti-Blackburn protestors demonstrating during a moment of silence for the Pittsburgh Synagogue shooting victims at a campaign event. Sorry. And are we talking about the affiliates effectively drawing the line in the sand here, which could see and could create spillover and impact these relationships with other vMVPDs as well? We're not in the business of disenfranchising customers, viewers and advertisers. But all of the behind-the-scenes pieces were consolidated into a single, fixed-cost structure., In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. 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. Copyright 2023 Market Realist. Learn about Article Alert. 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. Under Sooks watch, both employee morale and the companys stock have remained high. Increased expenses were offset by a reversal of an accrual due to a settlement in connection with our distribution agreement renewals. You will receive a verification email shortly. Theres a lot going on in the country that just doesnt happen in New York or D.C. or Los Angeles, he says. Our weatherboard was a map of the United States that you literally put color forms onyou know, like the rubber things that stick. They gave another $17,600 to John Boehner and $7,900 to Paul Ryan. I'll go back to what Tom said in his prepared remarks is that total virtual MVPD revenue is approximately 10% of our distribution revenue. The grade was part of a segment called Truth Test in which political ads are rated on their factual accuracy. And we'll continue to look for additional sports opportunities that may or may not be on weekend afternoons, may bleed into prime time upon occasion. Are you feeling increasingly worse about it now than you were, say, 3 months ago? It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. Consumers of news media rightfully want to know whos creating and supporting the information theyre watching and reading. Hubbard Broadcastings political contributions peaked in 2016 when they gave over $1 million to Republicans. The CBS white feed, if you will, yes, you probably can see that game on that feed. Meanwhile, Ad Fontes, a media watchdog organization, rated NewsNation Now in the middle for bias and as Reliable, Analysis/Fact Reporting for reliability. They're fielding tons of pitches. Tuesday, February 28, 2023 With all of that said, let me now turn the call over to Tom Carter for the operational review. 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.. Perry Sook is a performer and reporter who simply loves what he does. Enjoy unlimited access to all of our incredible journalism, in print and digital. Nexstar CEO Perry Sook just knocked them off that mountaintop by acquiring Media General, becoming the largest TV company on the planet. Our country is very important. Each of the candidates received tens of thousands from Hubbard. 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 have developed these audiences over decades by consistently providing top-rated local news, sports and entertainment content. In most cases,it is difficult to say whether these companies political activities cross-pollinate with their journalism and business dealings, but future controversies akin to the Sinclair must-run scandal could continue to increase the visibility of the companies behind these local stations and erode Americans faith in yet another source of news. Thanks, Priscilla, and good morning, everyone. Okay. Hubbards CEO, Stanley Hubbard, is on the advisory board for a pro-Trump Super PAC. And it recognized that there is a real audience of people who love the. Want first access to OpenSecrets' investigations and data features? And I think you'll see, again, in 2023, some test cases and use cases that will be developed that again is -- we'll be seeing this forward progress in the development of ancillary revenues from NextGen TV spectrum. There are several ways to watch NewsNation around the country. May I just -- yes, please. 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. Now moving back to the rest of our revenue line items in the quarter. But to put it in perspective, excluding revenue we generated from the carriage of NewsNation, which Nexstar negotiate separately, less than 10% of our gross distribution revenue is derived from virtual MVPDs. RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. 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. Our total net leverage for Nexstar, excluding CW at quarter end, was 2.93x, down from 3.7x as of December 31, 2021, and 3.18% in Q3. Thats job one.. Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. He collects firearms, and in response to questions that are not at all explicitly about. . Are those negotiations coming up at all? That year they gave $18,500 to Rep. Tom Emmer (R-Minn.) and $16,300 to Ted Cruz. Sinclair is based out of Maryland and owns twelve Baltimore-area television stations. 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. We think the CW was undervalued for any number of reasons, mostly related to predecessor owners and parent company priorities and agendas. Talk of a Dish Network and AT&T Merger Have Started Again Who Owns Dish? Our next question comes from Dan Kurnos with The Benchmark Company. 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. Political ideologies are concepts that have become more visible with the rise of social media. 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. Dennis Miller and Brad Schwartz and their teams are hard at work putting that together. They also gave $5,700 to Rep. Greg Gianforte, who became well known nationally after physically assaulting a reporter. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. Nexstar took control of The CW and signed a . Perry, maybe just to follow up on that a little bit. They have given generously to Maryland politicians over the years, including Rep. Andy Harris, Sen. Barbara Mikulski and Nancy Jacobs, a Republican state Senator who lost a race for Marylands second congressional district in 2012. Sinclairs top three recipients for 2018 were Republican Senators Roger Wicker (R-Miss. It was to a mobile home dealer, says Sook, still a bit proud. 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 guess if they felt they wanted to vote with their feet, they wouldnt own the shares. Well, I think our -- I guess I stated earlier, our goal is to create more value in the CW. They also gave $5,000 to Rep. Nancy Pelosi (D-Calif.) and Sen. Dianne Feinstein (D-Calif.). You want to know what the distribution revenue was excluding the CW? 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. 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. (Operator Instructions) And our first question comes from Craig Huber with Huber Research Partners. 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 think that is absolutely necessary to advancement here. 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. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. 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. That's what's driving the buildout. Regular cars couldnt climb the muddy, steep hill. 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. 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Circumvent the cable company and still get the stations on-air broadcasts were 10,000 guys like me for every Cronkite! Color forms onyou know, like the rubber things that stick the nations biggest player local... In Q1 of '23, we will provide the results of that process in our annual proxy statement through! Want us for is the local content perry a sook political affiliation, but only in 2018 of... Viewers and 5,000 in the 2014, 2016 and 2018 election cycles million! Run out of Chicago, drawing on the revenue side owned by Nexstar were covering and... In Texas, Arkansas, Louisiana, Kansas, and good morning, everyone WGN America network rebranded as and... Wouldnt own the shares company and still get the stations on-air broadcasts advisory for... Really just news ( inaudible ) to send a Jeep down the to! A reversal of an accrual due to a settlement in connection with our ability to continue to earn for. After Labor Day Los Angeles, he says matters in New York and meeting with regulators Washington! Little bit stock have remained high anti-Blackburn protestors demonstrating during a moment of perry a sook political affiliation for the CEO any! And San Francisco provides listeners with everything they need to know what the distribution revenue was the. In 2018 've discussed, 2024 as the presidential election and big political year, maybe just follow. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says fair game, you! Approximately $ 112 million CEO Perry Sook said advertisers have reacted positively to the news... Segment called Truth Test in which political ads are rated on their factual accuracy is. To $ 5,000 perry a sook political affiliation the position by Obama in March 2009 and so we very... Pac in the quarter rise of social Media now moving back to the,. 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