Their giving has increased dramatically since 2010 when they contributed just $8,100 to political causes. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. (Compare that to Obamas 2012 re-election campaign when they gave him just $1,475.) There will be a show called The Hill on NewsNation at 5:00 Monday through Friday that we'll launch in April. Pack and political advertising accounted for 50% of our political revenue. May We continue to expand our capabilities and leverage our linear, digital, mobile and streaming assets in new ways to deliver new levels of monetization, growth and shareholder returns. 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. Well, I don't think because other networks might be listening. A former small-town anchorman, Nexstar Media Groups Perry Sook owns more television stations than anyone else in the country. Because of the lack of information until now, the research analysts that cover us have had a variety of ways of showing our numbers. We are seeing some sustained healthy increases off of that lower base. 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. That year they gave $18,500 to Rep. Tom Emmer (R-Minn.) and $16,300 to Ted Cruz. 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;. Nexstar Broadcasting Group has already has taken orders for more than two thirds of its 2016 political ad spending target, CEO Perry Sook said on Wednesday, but he . Our country is very important. Contrary to the networks narrative, the virtual MVPDs want local news and local content because it's sought out by the viewers. I appreciate that. We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. Excluding the results of the CW, net revenue was up 14.3%. I consent the use of my personal data in accordance with Future's. But -- so there is revenue flowing from ancillary uses of our spectrum today. And so that means we have to go dark for a little while to make the point. He found the perfect candidate for such an arrangement just down the road in Wilkes-Barre, in the form of WBRE-TV. It was to a mobile home dealer, says Sook, still a bit proud. 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. A Texas native and University of Oklahoma Alum, Perry now lives in New York City. 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. Please go ahead, sir. 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. Stay up to speed on DFWs fast-moving business community with weekly news reports, interviews, and insights. So you have an inferior offering in the marketplace. I think you said SG&A was up $5.9 million, excluding the CW. No spam, ever. The same banner rotates between the endorsement of Obama, a banner advertising Decision 2008 coverage and links to other stories. And we know that from everyone we talk to, people understand the power of broadcast and what broadcast has that no one else has, which is superior reach. We exceeded the $5 billion annual revenue milestone for the first time in the company's history, and we delivered record adjusted EBITDA, attributable free cash flow of $2.2 billion and $1.5 billion, respectively. 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. You will receive a verification email shortly. So we're very bullish on it. In 2014, Sinclair gave Mikulski $25,000. That led to a classic fight of the local station David versus a Fortune 500 cable Goliath. NewsNation launched officially in September 2020 with high hopes of securing solid viewership in a time of deep mistrust of the media. But yes, that is what people want us for is the local content. Nexstar staffers handed out rabbit-ear antennas so customers could circumvent the cable company and still get the stations on-air broadcasts. In the fourth quarter, yes. Now you probably want to raise your sights in terms of the margins and the profitability you can generate with that station or the network. But, aside from their reporting, these organizations dabble directly in politics and elections more than one might expect. Okay. 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. But about the overall though for 1Q. But I don't expect that anyone would sign on to a big contract until they had the chance to administer their tests. They also gave $5,700 to Rep. Greg Gianforte, who became well known nationally after physically assaulting a reporter. We closed the acquisition of the CW on September 30, 2022. Please go ahead. The target launch date is July 2020just ahead of the political conventions and the elections. Perry Sook, president and CEO of Nexstar Broadcasting Group Inc., is pictured at their Irving offices. 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 . In addition to its station in Fresno, Nexstar owns a station in Bakersfield. That would be -- that is a perfect conduit for newsmakers, politicians and others to reach a national audience. Nexstar has access to nearly two-thirds of the homes in America. A 501(c)(3) tax-exempt, charitable organization, 1100 13th Street, NW, Suite 800 It will be based in Chicago and run out of Chicago, drawing on the backbone of those 5,400 journalists sprinkled around the country.. The -- there are lots of discussions. 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. Good day, and welcome to Nexstar Media Group Fourth Quarter and Full Year 2022 Conference Call. Ray Cole, Charles Ryan, Ernest Liebre, Phillip Lombardo 4. Sook graduated from Ohio University and currently serves as chairman of The Ohio University Foundation Board of Trustees. We have developed these audiences over decades by consistently providing top-rated local news, sports and entertainment content. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. SOOK, Perry A. BSC '80 Chairperson Southlake, TX. All right. Perry love doing shows and covering sports around the country, or right at home, always excited for new opportunities. by: Perry Sook Posted: Feb 4, 2023 / 10:58 PM EST Updated: Feb 4, 2023 / 10:58 PM EST MANHATTAN, N.Y. (PIX11) The Columbia women's basketball team has the best record in program history at this point in the season, but this weekend, they hosted a duo of second-place Ivy League teams in Penn and Princeton. They had no audience, no advertisers, and no followers, Sook says. As you'll be able to read in our report, throughout 2022, we executed on several ESG initiatives, including eliminating our Class B and Class C shares, which cleared the way for our inclusion in the S&P 400 Index. So, who owns NewsNation? Ladies and gentlemen, since there are no further questions, I would like to turn the call back to Perry Sook for the closing remarks. kenton county section 8 application; 2 bedroom houses for sale in leigh on sea 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. In January 2021, the WGN America network rebranded as NewsNation and there were several programming changes. But in terms of the things I'm talking about, in 2024, there could be a very modest amount. 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. Will joined CRP as a reporting intern in September 2018. He is past Chairman of the CBS Affiliate Board. Yes, we are not back to 2019 levels yet. Market Realist is a registered trademark. 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. This continues to be in line with the historical trends with local advertisers maintain more consistent levels of ad spending throughout economic cycles. Nexstar's local TV advertising revenue, which represents approximately 70% of our total core TV ad revenues, excluding the CW, continues to meaningfully outperform national declining just 2% year-over-year despite significant inventory allocations towards political during the quarter. He grew up in Oshkosh, Wisconsin. Although less overtly political than their cousins on cable, local news stations have come under increased scrutiny after the viral controversy aroused in early 2018 by a must-run segment on stations owned by Sinclair Media. Of that sum, $200,000 came from the company itself, $150,000 from individuals within the company. It was a kind of a sinking feeling in the pit of your stomach, but it also energized me to go out and find a real job. That meant television sales, which led to the purchase of WYOU in Scranton, taking us back to the beginning of Sooks story. So, yeah, its a point of frustration for me, because the performance has been there.. All statements and comments made by management during today's conference call, other than statements of historical fact may be deemed forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The founder and CEO of ENSEO takes us along on a day overseeing the company with a rock 'n' roll attitude. As I said in my remarks, January was the highest cumulative audience for the network since its inception. Nexstar Media Group, Inc. (NXST) SEC Filing 8-K Material Event for the period ending Tuesday, February 28, 2023 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. He told employees during a long session that included about 40 minutes of Q&A that. 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. 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. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. 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. 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. Are you feeling increasingly worse about it now than you were, say, 3 months ago? So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. 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. We have always fought hard in negotiations with a number of factors that come into play and levers we can pull. 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. Enjoy unlimited access to all of our incredible journalism, in print and digital. Hubbard Broadcastings political contributions peaked in 2016 when they gave over $1 million to Republicans. Great. 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. Fourth quarter distribution of approximately $616 million was flat to the prior year. He was living in an Upper West Side three-bedroom condominium that his family owned. Tribune has another connection to Obama in Edward Lazarus, Tribunes Executive Vice President and Chief Strategy Officer. TV continues to be the gold standard for political advertisers with local TV and local cable TV together representing 70% of gross political ad spending. Although it is a small part of our overall financial results, we've announced by analysts and investors to break out the impact of the CW. 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. This is extremely dangerous to a democracy.. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. 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 . Gregory Raifman, president of Nexstar Digital, gave $2,500 that year. 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. And then switching to ATSC. And are making choices and maybe moving some of that spending and you're seeing higher net worth customers showing up at Walmart to buy some -- buy their basic items. The resulting company will own over 200 television stations, giving it incredible access to American homes across the country through their local news programming. 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. Thank you. 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. 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. Hubbard Broadcasting gave $350,000 to Freedom Partners Action Fund, a Koch-network Super PAC, in the 2016 election cycle. When you refer to Bay, who are you talking about? I'll start with a summary of recent highlights and developments. And I would tell you, without it, wed be in worse shape than the newspaper business.. Sook's visit comes one week after the company marked "Founder's Day of Caring", the 25th anniversary of the. We've seen a number of RSN groups now kind of get into a period of change. The show has hired a staff of 30, including on-air talent. In January, the network averaged 65,000 viewers from 8 p.m. to 11 p.m. according to Nielsen and just 15,000 viewers in the 25-54 demographic used to sell ads in news programming. For all the factors are enumerated by Perry and Tom, we are excited about the prospects for 2023 and remain confident in our ability to enhance shareholder value and deliver on our new pro forma annual -- average annual attributable free cash flow guidance for 2023, 2024 cycle of approximately $1.25 billion, including $90 million of attributable losses and associated tax benefit in connection with our ownership interest in CW.Comparing this to our original 2022, 2024 guidance of $1.4 billion, for the 2023, 2024 average, we have about $110 million more interest expense given the movement in interest rates and a $90 million attributable loss for the investment in the CW. Strike 2: Warner Bros Discovery Wants Out Of Regional Sports Business: Report, Warner Sues Paramount, Claims It Reneged on $500 Million 'South Park' Licensing Deal, CBS Plans Primetime Special To Mark James Corden Signing Off, Byron Allen To Be Honored At Harvard Business School, FCC Designates Standard General-Tegna Deal for Hearing. Perry Sook Political Campaign Contributions 2020 Election Cycle. Also down the road may be a streaming version of NewsNation. Or am I giving some national game like the (inaudible). These interim distributions are primarily for tax payments and are due to lower operating income this year versus last year. 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. February 08, 2023 / Scott Jones. From an operating perspective, these figures take into consideration our current best estimates for our core business based on current and expected trends as of today. Got you. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. I wonder if you could talk about that a little bit, too. It's high-teens number of -- amount of revenue related to the CW. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. And given the weighting of those numbers, we see, again, kind of a low single-digit decline year-over-year is what we're forecasting currently. Under Sooks watch, both employee morale and the companys stock have remained high. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of . Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. 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.. Excluding the CW and the impact of going dark and other negotiation settlements, our distribution revenue would have been up low single digits. 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. There are several ways to watch NewsNation around the country. Moving to distribution revenue. 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. They reside in Flower Mound, TX. I care what they are 3 years from now, just do better, continue to grow every day and don't get caught up in a minute to minute and all of the minutia, but just put out good product and we'll continue to grow it. Or is it really just news (inaudible). 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. IRVING, Texas After a 36-year career in broadcasting, including the last 20 with Nexstar, Timothy C. Busch, Nexstar's president of Broadcasting, will retire as of June 1. Over the last 10 years, Nexstar has managed a jaw-dropping return of nearly 3,000 percent. Perhaps the most explicitly pro-Trump company in local television is Minnesota-based Hubbard Broadcasting. It's a single-digit amount. He's been putting the finishing touches on an acquisition that'll bring Nexstar Broadcasting's holdings. Now, are we beyond those days where a woman can behave as a slut, but you cant call her a slut?. Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. And they see the customer at the checkout counter or at the cash register, and they know that local consumers are spending and have factored in 7% mortgages and $3 and $4 gasoline into their daily lives. Thank you for signing up to Broadcasting & Cable. 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. Thank you, Tom, and good morning, everyone. Thats job one.. Perry A. Sook serves as Chairman of the Board, Chief Executive Officer of the Company. Our promotional campaign will kick off in earnest in the month of April. And I think when those things begin to line up, I think you'll see development accelerate. 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. 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. 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. Cash interest expense was $100 million for the quarter and $323.6 million for the year, slightly lower than our $326 million expectation at the last call due to the impact of the -- of actual versus projected yield curve and debt repayment. And then on the reverse side, is there any change there to kind of the outlook that you gave a few months back? 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. Howard Strudler, Perry Sook, Rich Raaf, Alex Lunney, Steve Capozzoli 2. (Operator Instructions) And our first question comes from Craig Huber with Huber Research Partners. Sook is also credited for helping Nexstar rise from its founding to earning $4.6 billion in net revenue in 2021 alone. Analysis / Bias Mr. Sook was here to talk about our ongoing efforts to support our local communities. The weakness we see is in national where national advertisers that obviously aren't as close to the end user and customer have paused or reduced spending due to a potential weakness in consumers going forward. . Despite the trends, we continue to expect to see spending in this category, albeit at a more modest clip. He was right. We anticipate being active in the debate business as we were in 2020. The sports betting and gaming category experienced the largest year-over-year decline due to fewer state launches in the quarter, a general movement by larger sports betting operators of advertising dollars to the network market and reduced spending in more established markets. And most importantly, the affiliates as well as our own stations were thrilled. Some include the CW and some exclude it, creating some noise in our consensus estimates. "Over time, we will be taking a different approach to our CW programming strategy and will leverage our experience in spending approximately $2 billion a year on programming, attracting and. So I was wondering if you could just help us kind of bridge the gap there. Sook was named the 2009 Broadcaster of the Year by Broadcasting and Cable (B&C) and was among the honorees inducted into the B&C Hall of Fame in 2014. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. And I now would like to turn the conference over to Joe Jaffoni, Investor Relations. 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. And people are enthusiastic about engaging in those conversations. Nexstar Media Group owns NewsNation. Our weatherboard was a map of the United States that you literally put color forms onyou know, like the rubber things that stick. 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. 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.. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. Okay. 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. After nearly a year-long clash, the cable company agreed to pay for carrying the signals. 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. 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. Political Advertising Revenue 265.9 18.9 . The company reported net income of $226.5 million, a rise of 13.4%, in the period ended June 30. Understood. Copyright 2023 Market Realist. For the '23, '24 cycle, we expect to generate pro forma average annual attributable free cash flow of approximately $1.25 billion, inclusive of our approximate $90 million attributable to the investment losses associated and tax benefits related to our turnaround of the CW. The founder, chairman, president, and CEO of Nexstar is Perry A. Sook. Its important that we never lose sight of that, he says. Obviously, we spent a lot of time in front of local business owners and local advertisers. 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. I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. It was basically like running two newspapers off of a single printing press, Sook says. The FCC Chairman Lazarus served under, Julius Genachowski, was nominated to the position by Obama in March 2009. We've returned $1.02 billion or 68% of our attributable free cash flow to shareholders in 2022 and recently increased our 2023 dividend by 50% to $5.40 per share per year, representing a 2.8% yield. Community with weekly news reports, interviews, and insights you could talk about a... 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