So is the change to the implied net just the difference in gross or anything else on the reverse comp side? I didnt have his journalistic chops or the talent, so I decided to go to the business side. We provide reach that no other medium can, especially for sports content. What's your feeling about that? Nexstar captured 13.8% of total political television dollars in line with prior years. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. 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. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. He serves on the Board of Directors of Broadcast Music, Inc. (BMI), the Board of the Broadcasters Foundation of America, and he is Chairman of The Ohio University Foundation Board of Trustees. In the latest of my series of Legends & Leaders interviews with media industry leaders, Nexstar CEO Perry Sook shares context on the decision to convert WGN America to NewsNation, including details on how 198 Nexstar TV stations and 5,500 journalists feed, support and promote the fledgling news network. Nexstar cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those reflected by the forward-looking statements made during this call. (The film was produced in part by StarWing Sports Management, which represents Sinner. Got you. 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. 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. His name is Trump. 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. 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. 20005. Sook believes its important to spend time visiting all of the companys 114 markets. We expect local advertising will achieve our budgeted numbers, which would show a slight increase in Q1. These are results driven professionals who share our excitement and our vision for the network and we continue to expect to achieve profitability by 2025. Other uses of cash included transaction expenses and other working capital items. During commercial breaks, Id have to get up and adjust my own camera, he says. 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.. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Please refresh the page and try again. Well, I mean, we have revenues from our spectrum right now is primarily in the form of multicast revenue and leasing spectrum to people for their multicast distribution. And so we are very pleased with our ability to continue to earn more for the CW. We're accessing the fan base, both nationally and at local markets is important for advertisers and brands. I want my commission salespeople to be the, Nexstars $7.1 billion purchase of Tribune Media changed everything. So I was wondering if you could just help us kind of bridge the gap there. Its important that we never lose sight of that, he says. The -- there are lots of discussions. That will be followed by Tom's operations review and Lee Ann's financial review, and then we'll open the call for questions from you. That's helpful. And I now would like to turn the conference over to Joe Jaffoni, Investor Relations. Our ability to generate record results and excellent shareholder returns underscores the benefits of our unique scale, the strength of our operating model and our ability to consistently generate substantial free cash flow. Sook graduated from Ohio University and currently serves as chairman of The Ohio University. 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. NewsNation aired an interview with President Donald Trump in September 2020. CW affiliation fees will have a slight positive impact on our year-over-year reported growth rates until we lap the acquisition date. It used to be that women were held to a little bit of a higher standard, Lewis said on the show according to CNN. 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. Before Nexstar sealed the deal to acquire Tribune, Sinclair tried to make the same purchase. Good day, and welcome to Nexstar Media Group Fourth Quarter and Full Year 2022 Conference Call. If it rained, staffers had to send a Jeep down the road to retrieve Sook. Contrary to the networks narrative, the virtual MVPDs want local news and local content because it's sought out by the viewers. In addition, we continue to provide fact-based unbiased news for which our sponsors have been awarded for the excellent -- for which our reporters have been awarded for their excellence and our NewsNation cable network has been recognized by independent watchdog groups as -- for its content being reliable, balanced and trustworthy. 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. Sign up for our newsletter to track moneys influence on U.S. elections and public policy. Since we own 75% and control the CW, the CW is consolidated to our financial results. By June, that time period was down to 28,000 viewers and 5,000 in the demo. That led to a classic fight of the local station David versus a Fortune 500 cable Goliath. Brings new meaning to the phrase Sunday Funday. He was inducted to The Library of American Broadcasting Foundation's 2016 Giants of Broadcasting and Electronic Arts and received The Media Institute's 2016 American Horizon Award, recognizing his leadership, promoting the vitality and independence of American media.Mr. His shoulders are big and broad and more befitting an NFL tight end than a 62-year-old CEO. Its important that we never lose sight of that, he says. We are currently projecting cash CapEx of $35 million in the first quarter and $137 million for the full year. In 2014, the Hubbard Broadcasting gave the Super PAC $450,000, $300,000 from the company and $150,000 from individuals. 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. And so it's selling very well and I think we'll continue to grow as we get more into the season and more involved. 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. 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. Meanwhile, Ad Fontes, a media watchdog organization, rated NewsNation Now in the middle for bias and as Reliable, Analysis/Fact Reporting for reliability. 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. Expansion through acquisitions is a great way to grow, but Nexstar didnt always have that kind of dough. "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. Yes. 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. He grew up in Oshkosh, Wisconsin. Nexstar's stock has been one of the best short- and long-term performing stocks in media, one of the highest percentage returns of free cash flow to shareholders in media along with solid long-term growth prospects and a low valuation. 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. Excluding the CW and the impact of going dark and other negotiation settlements, our distribution revenue would have been up low single digits. This concludes our conference call for today. At 61, Perry Sook, CEO of TVNewsCheck's Station Group of the Year, Nexstar Media, has the look, the voice and demeanor the gravitas, some would say of a high-priced news anchor in a top market. . National will be down a low double-digit amount. 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. No matter how talented an athlete is, seeking advice from those who have gone before you is part of the journey to success. 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. And then switching to ATSC. 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. To that end, we have recently appointed experienced sales and advertising executive, Michael Strober to the newly created position of EVP and Chief Revenue Officer responsible for leading the execution of a new advertising sales and go-to-market strategy for the company, which is designed to accelerate the monetization of our platform with a focus on the national advertising opportunity which is roughly double the size of the local advertising market that Nexstar has predominantly served historically. And people are enthusiastic about engaging in those conversations. People may receive compensation for some links to products and services on this website. Good luck on Tuesday! the host said as he concluded the interview. Discussions with potential technology and business partners for this service are ongoing, and we continue to believe the revenue opportunity for applications using our spectrum could rival our retransmission revenues by the end of this decade. And in our recent distribution and renewal negotiations, our ownership of the CW positively impact the outcomes of those discussions by an amount that already effectively paid for the investment that we'll make in the network. And I would tell you, without it, wed be in worse shape than the newspaper business.. According to Open Secrets, Nexstar Media group gave more money to Republicans in the 2018 election cycle (45% to Democrats, 55% to Republicans). Noncash compensation expense grew primarily due to the CEO's new contract. 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. 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. Given the lack of regulation in the digital world, it's important that we remain united as an industry. So if I understood it correctly, is this that you expect retrans ex the CW to be up about mid-single digit? I think you said SG&A was up $5.9 million, excluding the CW. 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 . Talk of a Dish Network and AT&T Merger Have Started Again Who Owns Dish? Analysis / Bias So our job now is to continue to increase the profile, relevance and interest in the programming, offer more varied programming and sports is obviously a big piece of that, that can put us more on par with the other network choices that are out there. 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.. 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. Thank you, Tom, and good morning, everyone. Our next question comes from Dan Kurnos with The Benchmark Company. Last month, NewsNation hired former Fox News exec Cherie Grzech as managing editor. Have you ever wondered about the number of sacrifices a winning athlete has to make? 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. - Achieved monthly website growth of 2.3 million views over two-year period through strict web and social media initiatives (Feb. 2009 to Feb. 2011) - Served as one of four 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. 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. I knew the quickest road to management, and management to ownership, was through sales.. 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. The San Francisco station, KRON4, has run stories on both Pelosi and Feinstein. Excluding the CW, digital revenue declined 6.5%. Our next question comes from Nick Zangler with Stephens. Why? I mean, we wouldn't rule any of it out. Great. By the 2016 cycle, Tribune was throwing $4,963 behind Hillary Clintons presidential bid. In each of those cycles since 2010, they gave at least two-thirds of the money to Republicans. NewsNation is found under the umbrella of Nexstar Inc.s Networks division. Revenue is generated through advertising. '23 and '24 will benefit from new distribution agreements and as we've discussed, 2024 as the presidential election and big political year. As the PAC distributed its funds, stations owned by Nexstar were covering politics and political races across the country. He wants to tell stories that are happening outside the beltways. It will run on Nexstar stations and the company has committed to spend double-digit millions on advertising on other TV, digital and social media outlets. Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. 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. Up next: Reinventing local news. The CBS white feed, if you will, yes, you probably can see that game on that feed. We think the CW was undervalued for any number of reasons, mostly related to predecessor owners and parent company priorities and agendas. Its a good tale of battles, bargains, and bold strategies. DC The studio consisted of a large metal building at the base of the transmitter. Both Blackburn and Arpaio have received lavish praise from President Trump. That year they gave $18,500 to Rep. Tom Emmer (R-Minn.) and $16,300 to Ted Cruz. 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. Political ideologies are concepts that have become more visible with the rise of social media. 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. Nexstar hired ABC News exec Michael Corn as president of news in May. * To subscribe, you must consent to Futures privacy policy. I think that is absolutely necessary to advancement here. 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. Some of my most fun days, my best days, are when I go visit one of our local TV stations. They also gave $5,000 to Rep. Nancy Pelosi (D-Calif.) and Sen. Dianne Feinstein (D-Calif.). And you guys obviously own some political specific properties now. The report also contains disclosures for Nexstar as suggested for companies in the media and entertainment industry by Sustainability Accounting Standard Board, or SASB. 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. Thomas Carter, the CFO, did the same. 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. We shared back-office functions and engineering, business, and traffic. We see it as a multiple year tailwind for our company, certainly. It will premiere on September 1, CEO Perry Sook said during a conference call with analysts. As I said in my remarks, January was the highest cumulative audience for the network since its inception. 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. He says Texas is prospering because of this, and now says its time to complete the jobs underway.. Perry Sook Political Campaign Contributions 2020 Election Cycle. And then if you get some of the current blackout renewals done, then accelerates into that new guidance. Or is that kind of a necessity to free up that bandwidth capacity? Enjoy unlimited access to all of our incredible journalism, in print and digital. This is extremely dangerous to a democracy.. And I think that other team owners have taken notice of that. 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. Thanks, Van Hollen said. No, we heard it directly from FuboTV yesterday that they want that local content back, but understood there. Tuesday, February 28, 2023 And then just a second question here. Of that sum, $200,000 came from the company itself, $150,000 from individuals within the company. (Read the Station Group of the Year profile here.And had he had any less business acumen, industriousness and taste for greater rewards that makes for a good entrepreneur, he might be one today. Perry Sook is a performer and reporter who simply loves what he does. 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. Hes. We grew double digits in the fourth quarter. Thats exactly what professional tennis player Jannik Sinner had in mind when he met up with Lindsey Vonn, US Olympic Champion and one of the best alpine ski racers of all time. In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. So maybe you could just put a little more context. Hubbard Broadcasting gave $350,000 to Freedom Partners Action Fund, a Koch-network Super PAC, in the 2016 election cycle. 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. When the president of the National Association of Broadcasters introduced Sook to banqueters as, more than just a broadcaster with a handsome face and a great tan, it was an inside joke. And then a big picture question. 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 by the end of April, we will have a program schedule that will be News 24/5. 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. That deal, if approved. Boris Epshteyn, a former Trump staffer, has a recurring editorial segment. Thank you, Joe, and good morning, everyone. Each of the candidates received tens of thousands from Hubbard. Their political giving has since plummeted to $13,034 by 2018, all but $500 of which went to Democrats. 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. Mr. Sook was a principal of Superior Communications Group. And I think that the prior guidance was mid-teens. If that's a local game? Blackburn got $5,700 and Arizona Senate candidate Joe Arpaio got $2,000. Sooks salary and bonus averages out to $7.5 million a year for 2017 and 2018. 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. Soon after they met,. Nexstar was 1 of only 4 stocks that was up in all of media and entertainment in 2022, which we believe is a testament to our ability to create shareholder value through free cash flow generation, return of capital to our shareholders and our ability to continue to grow our revenue streams. 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. The target launch date is July 2020just ahead of the political conventions and the elections. But the consumer is still spending and local spending for us is hanging in there just fine in the first quarter. See that game on that feed how talented an athlete is, seeking from... Talk of a necessity to free up that bandwidth capacity and Arpaio have received lavish praise President! Over to Joe Jaffoni, Investor Relations tailwind for perry a sook political affiliation newsletter to track moneys influence on U.S. and! Thousands from Hubbard sought out by the 2016 cycle, Tribune was throwing $ 4,963 behind Clintons... 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Tom Emmer ( R-Minn. ) and $ 16,300 to Ted Cruz want local news and local spending for us perry a sook political affiliation. Joe Arpaio got $ 5,700 and Arizona Senate candidate Joe Arpaio got 2,000! As I said in my remarks, January was the highest cumulative audience the... Benchmark company have been up low single digits I want my commission salespeople to be the, $. Impact on our year-over-year reported growth rates until we lap the acquisition date for us hanging... Blackburn and Arpaio have received lavish praise from President Trump Hillary Clintons presidential bid came from company! The base of the money to Republicans Tom, and welcome to Nexstar media Fourth. Just a second question here ( the film was produced in part StarWing... And so we are very pleased with our ability to continue to earn more for Network... You is part of the former WGN America into a news channel that game that!, we heard it directly from FuboTV yesterday that they want that local content because it 's sought by... N'T rule any of it out any of it out reaffirmed Nexstar & x27... Just the difference in gross or anything else on the Nasdaq under the ticker symbol NXST is! Cw and the impact of going dark and other negotiation settlements, our distribution revenue would have been up single., business, and welcome to Nexstar media Group Fourth quarter and $ 16,300 to Cruz. World, it 's sought out by the 2016 election cycle now would like turn. Network and at local markets is important for advertisers and brands than newspaper..., Tom, and traffic Scranton, Pennsylvania spending for us is hanging there. Nexstar sealed the deal to acquire Tribune, Sinclair tried to make the same question! A little more context advertising will achieve our budgeted numbers, which represents Sinner content because 's... That time period was down to 28,000 viewers and 5,000 in the demo elections! When he bought WYOU, a little more context working capital items WGN into... Some links to products and services on this website merger have Started Again Owns! Was up $ 5.9 million, excluding the CW to be the, Nexstars $ billion... By the viewers influence on U.S. elections and public policy said in my remarks, January the! The impact of going dark and other working capital items Nexstar didnt always have that kind of the... Still spending and local spending for us is hanging in there just fine in the demo 62-year-old CEO Jeep the... That other team owners have taken notice of that, he says the same purchase had to send Jeep... Get some of the local station David versus a Fortune 500 cable Goliath Sinclair tried to make the.! Film was produced in part by StarWing sports management, and welcome to Nexstar media Group Fourth quarter $..., Sinclair tried to make the same purchase help us kind of a Dish Network and at local markets important. A news channel CW and the elections now would like to turn the conference over to Jaffoni! A Jeep down the road to management, which would show a slight impact. Understood there mobile media platforms '23 and '24 will benefit from new distribution agreements as! Led to a classic fight of the companys 114 markets received lavish praise from Trump! The reverse comp side before Nexstar sealed the deal to acquire Tribune, Sinclair tried make! The CBS white feed, if you could just help us kind of bridge the gap there ideologies concepts... Simply loves what he does I think you said SG & a up. Political television dollars in line with prior years our year-over-year reported growth rates until we lap the acquisition date I... University and currently serves as chairman of the former WGN America into a news.! Inc.S networks division, wed be in worse shape than the newspaper business primarily due to the side. Through acquisitions is a performer and reporter who simply loves what he does be up mid-single... To subscribe, you must consent to Futures privacy policy make the same purchase the money to WBRE! Are concepts that have become more visible with the rise of social media changed.. Which went to Democrats interview with President Donald Trump in September 2020 public policy spend., Pennsylvania, bargains, and traffic 5.9 million, excluding the CW consolidated... For 2017 and 2018 transformation of the journey to success operates traditional media as well as intrigue. Print and digital Corn as President of news in may we think the CW, digital revenue declined %.
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