Moving to distribution revenue. 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. And people are enthusiastic about engaging in those conversations. 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. So it's really a dichotomy where Main Street is coping and surviving just fine, and it's more the national advertisers that have pulled back on their spending in anticipation of a weakness in consumer spending, which at this point has not manifested itself in our numbers or at the local level. I just -- yes, please. Perry Sook has a really good story to tell. There was a problem. A former small-town anchorman, Nexstar Media Groups Perry Sook owns more television stations than anyone else in the country. Watch Vonn and Sinner as they explore the dedication and work required to become the best. Okay. Were going to represent those who are underrepresented.. Chairman and CEO Perry Sook revealed that previously discussed series based on the political news outlet, acquired by Nexstar in 2021 for $130 million., will premiere in April and run Monday-Friday. 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. 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. And we've seen a lot of our competitors in the media industry with broadcast assets take notice suddenly remembering the lion's share of their revenue and profit come from that tried and true effective and profitable broadcast media. The Texas Association of Broadcasters' 2006 Broadcaster of the Year has been an industry innovator since he began his career more than 25 years ago. The show has hired a staff of 30, including on-air talent. Trusted News Discovery Since 2008. Our next question comes from Jim Goss with Barrington Research. August 21, 2021 / Scott Jones. 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He is past Chairman of the CBS Affiliate Board.Mr. So, in our ads, we put the general manager of the cable companys home phone number so people could express their opinion, Sook says. We appreciate you joining us today to discuss Nexstar's outstanding fourth quarter and full year financial results. As such, Nexstar shares represent a solid investment opportunity for existing and potential shareholders as we are the largest broadcast company with top-tier operational performance in the sector but we trade at a very modest '23, '24 free cash flow yield. 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. Political spending at Tribune peaked around 2000 when they gave $123,280, the majority of that to Republicans. Perry love doing shows and covering sports around the country, or right at home, always excited for new opportunities. 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. They had no audience, no advertisers, and no followers, Sook says. Sook is also credited for helping Nexstar rise from its founding to earning $4.6 billion in net revenue in 2021 alone. Well, I don't think because other networks might be listening. The current simulcast requirement does constrain our capacity as to what we can do. (Bredeson was Blackburns opponent in the 2018 Tennessee Senate race.) At the Nexstar level, we see the CW as instrumental to our ability to unlock the national advertising opportunity I discussed just a moment ago. By June, that time period was down to 28,000 viewers and 5,000 in the demo. Perry A. Sook serves as Chairman of the Board, Chief Executive Officer of the Company. [54] On August 1, 2018, Nexstar bought out KRBK in Springfield from Koplar Communications for $16.45 million, and also bought out WHDF in Huntsville from Lockwood Broadcast Group for $2.25 million. 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. Sook did his undergraduate work at Ohio University in Athens, OH and was an adjunct professor at Edinboro State University of Pennsylvania.He and his wife Sandra have three children: Laura, Victoria and Perry, Jr. The FCC Chairman Lazarus served under, Julius Genachowski, was nominated to the position by Obama in March 2009. Its a good tale of battles, bargains, and bold strategies. So you'll see our net retrans margin increase. 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. Revenue growth was driven by the inclusion of the CW and year-over-year increases in Nexstar's local digital advertising and agency services businesses, offset in part by softness in national advertising and e-commerce. In 2023, we plan to allocate a portion of our free cash flow to reduce indebtedness, primarily from mandatory amortization payments. Boris Epshteyn, a former Trump staffer, has a recurring editorial segment. And I think individually and collectively, we will recognize that value and are not willing to sell at a discount or to sell on an a la carte basis. 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. 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.. In 2009, with the recession underway, Nexstar found itself trying to work with another media group. It all got Sook to thinking. Its a publicly-traded company on the Nasdaq under the ticker symbol NXST. Nexstar operates traditional media as well as digital and mobile media platforms. We ended up with one guy standing. 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 . 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. Nexstar Media Group, Inc. today reported financial results for the fourth quarter ended December 31, 2022 as summarized below:. As always, you should use these metrics in connection with our reconciling schedules and financial statements that have been prepared in accordance with GAAP and are filed with the SEC. 2022 Foundation Trustees. It will originate from WGN in Chicago and. Looking ahead, excluding the impact of the CW affiliate fees, given our recent contract resets, we expect distribution revenues to be up high single to low double digits for 2023, depending on the outcome of our partners' ongoing negotiations with multiple -- with a couple of MVPDs on which they are currently dark and inclusive of our projections for subscriber attrition. Okay. NewsNation, the subscription television network that was formerly called WGN America, claims to be an unbiased source of news for the country. We expect Nexstar's cash interest expense to approximate $110 million for the first quarter and $450 million for the year, reflecting current forward curve and expectations for debt repayment. I guess if they felt they wanted to vote with their feet, they wouldnt own the shares. Thanks, Perry, and good morning, everyone. Nexstar generated an adjusted 46.5% EBITDA margin and converted approximately 69% of adjusted EBITDA to free cash flow. Ray Cole, Charles Ryan, Ernest Liebre, Phillip Lombardo 4. With that, it's now my pleasure to turn the conference over to your host, Nexstar Chairman and CEO, Perry Sook. Are you guys saying that at this point? But about the overall though for 1Q. We closed the acquisition of the CW on September 30, 2022. 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. A Texas native and University of Oklahoma Alum, Perry now lives in New York City. But I don't expect that anyone would sign on to a big contract until they had the chance to administer their tests. We anticipate being active in the debate business as we were in 2020. And then just a second question here. I'm wondering how auto is performing when you look back relative to those pre-COVID levels, are we bearing full normalization here? I mean, we wouldn't rule any of it out. It will premiere on September 1, CEO Perry Sook said during a conference call with analysts. And then if you get some of the current blackout renewals done, then accelerates into that new guidance. 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. In March 2021, The New York Times reported that NewsNation hadn't lived up to expectations and was seeing low viewership. 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. Global Edition. He wants to tell stories that are happening outside the beltways. Its not that his work has gone totally unappreciated. 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. That led to a classic fight of the local station David versus a Fortune 500 cable Goliath. 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. Suite 2100 Are they able to see the local football game from the NFL on CBS? 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. (The film was produced in part by StarWing Sports Management, which represents Sinner. The category is primarily responsible for the core advertising revenue decline more gaming, sports betting, insurance, direct response, medical health care and radio TV cable newspapers. So basically, auto under -- the way you're describing it. Thank you all for joining us to review Nexstar's record fourth quarter results, including. It's my first question. Perry Sook says that in addition to a strong trending political segment, "approximately half of our television advertising categories are pacing up for the third quarter." . 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. And it recognized that there is a real audience of people who love the. A member of TVB's board of directors since 2000, Sook assumes the chairman's position previously held by Michael J . We have 1,800 salespeople that call on small and midsize businesses in 63 percent of the country, he says. 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. Future US, Inc. Full 7th Floor, 130 West 42nd Street, Our promotional campaign will kick off in earnest in the month of April. I'll start with a summary of recent highlights and developments. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. And I would tell you, without it, wed be in worse shape than the newspaper business.. Could you talk a little bit about how else you are going to try to navigate that process of changing the content and publicizing the changes in the content to attract the desired audience since that transition could pose its own challenges? Nexstar Media Groups PAC, for instance, has steadily ramped up its spending on political causes from 2014, with $27,100 spent that year, $95,700 spent in 2016 and $196,500 in 2018. 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. Or is it just like a national game on that national feed? 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. 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 subsequently convinced satellite companies to pay for his stations content; the cable companies, though, balked at the idea. I think we have another couple of years of these kinds of increases before we begin to approach 2019 levels, both from a national SAAR as well as unit spending. Perry Sook Political Campaign Contributions 2020 Election Cycle. [53] The sale was completed on January 31, 2017. Nexstar Media Group's purchase of Tribune Media Co's 42 TV stations makes Nexstar the nation . That's what's driving the buildout. Theres a lot going on in the country that just doesnt happen in New York or D.C. or Los Angeles, he says. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. 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. Next steps for us, obviously, Elizabeth Vargas joins the network in April. At the time, Nexstar CEO Perry Sook assured employees in a town hall meeting that the network would be "centrist." Some staffers griped to the New York Times that a NewsNation anchor gave. Up next: Reinventing local news. And by the end of April, we will have a program schedule that will be News 24/5. Some of my most fun days, my best days, are when I go visit one of our local TV stations. He was right. Also Read: Despite Low Ratings, Nexstar Adding News to Mornings on NewsNation, When we launched NewsNation, 10% of the country knew what NewsNation was, Sook told analysts and investors. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. February 08, 2023 / Scott Jones. In the last two years, shareholders have, by the slimmest of margins, rejected multimillion-dollar compensation packages for the CEO. Last month, NewsNation hired former Fox News exec Cherie Grzech as managing editor. Right now, I think you can say that the Fubo dispute is a dispute over money as well as governance issues. Dallas, Texas 75201. 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. And that and money are the 2 issues here. Okay. Curious if you could size that up a bit. Tom Hanks Started a Veteran-Focused Coffee Brand Where to Buy It, Drug Prices Are Increasing in 2023, Won't Impact Most Consumers. 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. Dennis Miller and Brad Schwartz and their teams are hard at work putting that together. 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. 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 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. 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. So it's not an inconsequential number. Nexstar Media Group subsidiary Nexstar Media Inc. has acquired political news outlet The Hill in a $130 million deal, the company announced Friday. And then on the reverse side, is there any change there to kind of the outlook that you gave a few months back? I think you said SG&A was up $5.9 million, excluding the CW. I wonder if you could talk about that a little bit, too. 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. 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. Nexstar captured 13.8% of total political television dollars in line with prior years. Pelosi even gave the station an exclusive interview. But yes, that is what people want us for is the local content. There are 2 topics I just wanted to ask a little bit about the -- first on this national feed. Upton represents Michigans sixth congressional district in the Southeast of the state. Many Americans rely on stations owned by companies like Sinclair, Tribune Media and Nexstar Media Group to stay informed on local politics. Excluding these impacts, our 2023, 2024 free cash flow would have been $1.45 billion for comparison purposes. 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. And then, Perry, you mentioned that the recent distribution renewals effectively have paid for the CW deal. Our next question comes from Steven Cahall with Wells Fargo. 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. We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. Understood. Do we know enough yet to know if it's a buyer's market? Operationally, in the fourth quarter, we renewed and extended our network affiliation agreement with ABC on terms favorable to the company, and we successfully renewed and extended distribution agreements with our largest MVPD partners on terms that will enable Nexstar to enjoy continued annual growth in distribution revenue for the foreseeable future. Last quarter, you announced the Clippers deal. If that's a local game? Records show that a new political committee raised more than $2.2 million and spent more than $1.5 million in the past two weeks all of it, according to organizers, on behalf of Monique . Are those negotiations coming up at all? So free cash flow is deployed in the form of reinvestment, debt repayment, dividends and share repurchases. Early in his career, Mr. Sook was involved in local TV sales and radio sales. In 2018, their top four recipients were all Minnesota politicians: Republican Senate candidate Karin Housley, Rep. Erik Paulsen, Emmer and Rep. Jason Lewis. Executive Vice President Elizabeth Ryder gave $2,500 in 2014 and 2016, then beefed up her contribution to $5,000 in 2018. I didnt have his journalistic chops or the talent, so I decided to go to the business side. This continues to be in line with the historical trends with local advertisers maintain more consistent levels of ad spending throughout economic cycles. "I really,. It's clear from our results that 2022 was a monumental year for Nexstar and a referendum on the power of the broadcast model and its ability to deliver audiences at scale and strong levels of free cash flow. 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. Watch for more news articles, provided throughout the day courtesy of TradingCharts Over the last 10 years, Nexstar has managed a jaw-dropping return of nearly 3,000 percent. And if there's any way to kind of, I don't know, directionally size the impact of LIV Golf, just so we have a sense of what these kind of deals could be helpful. Overall, in the quarter, we saw an increase in the rate of decline in our subscribers to the mid-single-digit range, which was impacted by higher rate of MVPD declines offset by continued growth at virtual MVPD and DTC subscribers. Well, no, I think I mentioned it in my comments that the growth in network affiliation is much more modest than our growth in retrans revenue. grand river waterfront homes for sale; valentine michael manson; 29. Sooks salary and bonus averages out to $7.5 million a year for 2017 and 2018. I wondered what the next steps are. In trade jargon, its referred to as a retransmission consent dispute. Pack and political advertising accounted for 50% of our political revenue. Thomas Carter, the CFO, did the same. 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 . He is past Chairman of the CBS Affiliate Board. 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. The cable company put Sooks home phone number on ads pushing its side of the argument. 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. That concludes the financial review for the call. 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. 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. Even if the rip n read world fit him, the environment at the station did not. Good day, and welcome to Nexstar Media Group Fourth Quarter and Full Year 2022 Conference Call. Their political giving has since plummeted to $13,034 by 2018, all but $500 of which went to Democrats. So we'll be a 24-hour news network Monday through Friday by the end of April, and that will include the daytime expansion, the addition of the Hill, the addition of Elizabeth Vargas Reports show at 6:00 Eastern Monday through Friday. And so I think it's an iterative process. Nexstar also closed its acquisition of The CW last quarter, bringing the . 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. Thomas Carter, the CFO, did the same. Does constrain our capacity as to what we can do to those pre-COVID,. The outlook that you gave a few months back 2022 conference call Nexstar. Companies, though, balked at the station did not on to classic... March 2021, the majority of that to Republicans describing it ; 29 last quarter, bringing.! 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