Unfortunately, some members of the media use their platforms to push their own personal bias and agenda to control exactly what people think said the script. Today's call is being recorded. Perry Sook has a really good story to tell. and Jerry Moran (R-Kan.), all of whom received $15,000 or more. Executive Vice President Elizabeth Ryder gave $2,500 in 2014 and 2016, then beefed up her contribution to $5,000 in 2018. Before reviewing our other revenue segments, I'd like to provide some color on how we think investors should think about our distribution revenue outlook and evolving relationships with the virtual MVPDs. 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. It was to a mobile home dealer, says Sook, still a bit proud. The target launch date is July 2020just ahead of the political conventions and the elections. The founder, chairman, president, and CEO of Nexstar is Perry A. Sook. Yes, I'm talking about like if I was a Fubo subscriber in Portland where you have the coin station, can I see the Seahawks on Sunday on CBS or not? 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. He just want to know what the amount to CW. 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. So it will be a record year. 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. Political spending at Tribune peaked around 2000 when they gave $123,280, the majority of that to Republicans. 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. 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.. Bloomberg Surveillance: Early Edition with Anna Edwards, Matt Miller & Kailey Leinz live from London, Berlin and New York, bringing insight on global markets and the top business stories of the day. Perry A. Sook serves as Chairman of the Board, Chief Executive Officer of the Company. Okay. Tom? With that, it's now my pleasure to turn the conference over to your host, Nexstar Chairman and CEO, Perry Sook. It will originate from WGN in Chicago and. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. Sook believes its important to spend time visiting all of the companys 114 markets. Some of my most fun days, my best days, are when I go visit one of our local TV stations. There was a time when Nexstar CEO Perry Sook said that his company was all about being local and that was the most important thing. 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. In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. That's helpful. We attribute our success during the record midterm cycle to the benefits of Nexstar scale and meticulous analysis and planning on a state-by-state and race-by-race basis, which has enabled us to nicely exceed the midpoint of our initial full year net political revenue guidance range between pro forma 2018 and 2020 levels. And I now would like to turn the conference over to Joe Jaffoni, Investor Relations. The network's current lineup of TV hosts now include Elizabeth Vargas, Dan Abrams, Chris Cuomo, and Ashleigh Banfield. Well, I think our -- I guess I stated earlier, our goal is to create more value in the CW. Thank you, Joe, and good morning, everyone. I want my commission salespeople to be the highest-paid people in town., Sook did double-duty as both anchorman and weatherman. We also believe it is important to do so since we view the near-term losses of the CW as a proxy for purchase price, and we intend to bring the asset to profitability by 2025. 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. How do you see that kind of opportunity between both local stations and the CW? Just some nitpick questions, if I could start off with on the CW. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. They had no audience, no advertisers, and no followers, Sook says. As I said in my remarks, January was the highest cumulative audience for the network since its inception. And I think the only differentiating factor in that is how long the blackouts continue. 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. Now moving back to the rest of our revenue line items in the quarter. It was up low single-digit percentage on an adjusted basis. 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. Turning to the balance sheet. Mr. Sook currently serves as Chairman of the CBS Affiliates Board and The Ohio University Foundation Board. And at that point, obviously, we're getting higher cost per thousands in news programming than we did in off-network programming. And I think for the long-term health of the local ecosystem, we talk to people at Roku, at Fubo, at other virtual MVPDs, and we asked them, what are they watching? And so not unlike traditional cable, where we are the most watched channels in the bundle, why would that be different in a virtual universe? 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. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. It was basically like running two newspapers off of a single printing press, Sook says. Nexstar hired ABC News exec Michael Corn as president of news in May. 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. Approximately 40% of our subscribers are up for renewal by 2023 year-end, which will benefit 2024, including several virtual MVPDs. NewsNation is also available across a wide range of streaming services including Sling, Hulu, YouTube TV, Vidgo, fubu TV, and DirecTV Stream. 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. (Operator Instructions) And our first question comes from Craig Huber with Huber Research Partners. Whether youre reading about 2022 midterm fundraising, conflicts of interest or dark money influence, we produce this content with a small, but dedicated team. On Dec. 3, it was announced that Tribune Media would be acquired by Nexstar Media Group for over $4 billion. Stay up to speed on DFWs fast-moving business community with weekly news reports, interviews, and insights. 2022 Foundation Trustees. 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. His first sales job took him to a small radio station with a daytime-only signal in Kissimmee, Florida. And then switching to ATSC. 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. But not all of his travel is to major metros. 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. Category bright spots included Ohio where sports betting was legalized beginning of '23, and Missouri driven by spending in Kansas City for sports betting in Kansas, which was legalized in September of '22. Blackburn got $5,700 and Arizona Senate candidate Joe Arpaio got $2,000. How would you gauge the risk, I guess, that the impasse with CBS over FuboTV carries over to the other vMVPDs like YouTube TV, Hulu TV, Sling TV? In addition, Nexstar's digital properties provide innovative digital marketing solutions and services to local and national media companies, advertisers, agencies, and brands. Please go ahead, sir. 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 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. Extended our network affiliation agreements with ABC. As we move forward, we will continue to strategically deploy our cash in a manner that is consistent with our commitment to creating the highest shareholder value. 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. We have assumed no material M&A or other onetime or usual transaction these figures. Hubbard Broadcastings political contributions peaked in 2016 when they gave over $1 million to Republicans. A few additional notes on our 2023, 2024 free cash flow guidance before we open up for questions. 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. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. Our 2022 fourth quarter and full year financial results showcase the underlying strength of our scale and business model and our ability to continue delivering record results and significant capital returns to shareholders. Politico pioneered the fast-paced coverage of Capitol Hill and campaigns that now thrives on Twitter and cable news. Great. 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. I would expect you'll see us do more deals as time goes on. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. Our position on the matter is not new. We have 1,800 salespeople that call on small and midsize businesses in 63 percent of the country, he says. It will be based in Chicago and run out of Chicago, drawing on the backbone of those 5,400 journalists sprinkled around the country.. But we're very bullish on the prospects and think these things are in the queue and on the way. Perry A. Sook has over 41 years of professional experience in the television and radio broadcasting industries, covering all facets of the business, including ownership and M&A, management, sales, on-air talent, and news. But that doesnt seem to be whats happening, Sook says. Perry A. Sook, the Founder, Chairman, President and CEO of Nexstar Broadcasting Group, Inc. (NXST) Interviews with the Wall Street Transcript HOME MAIL NEWS FINANCE SPORTS ENTERTAINMENT LIFE. 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. And just another one, just on political, I know it's obviously early for '24, but I mean you have a really broad platform, and we've seen some creative ways that others have kind of attacked it with either CTV partnerships or what have you. After the morning show launches in September, Sook said the focus is filling out the rest of the broadcast schedule with news, starting with weekdays in 2022 and weekends in 2023. . By June, that time period was down to 28,000 viewers and 5,000 in the demo. There are a lot of conversations going on. But I think to a certain extent, people want to see how the RSN plays out and what that means to them and then, therefore, how that influences their behavior going forward. I know that our affiliates in CW affiliates in the top 10 markets generated about 3x the amount of money that the network generated for this first outing. Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. And I think when those things begin to line up, I think you'll see development accelerate. 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. 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. 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. 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.. In turn, our portfolio of local and national media assets now provides nationwide reach on par with other broadcast networks, combined with local activation at a greater scale than any other broadcast network owner creating a differentiated and highly attractive value proposition for advertisers, brands, content owners in an increasingly fragmented marketplace. 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. 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. Nexstar is creating a state-of-the-art studio in Chicago and expanding teams both in front of and behind the camera. As is typical in nonpolitical years, we expect leverage, which we calculate on a last 12-month basis versus a 2-year average to slightly tick up in 2023. Perry Sook is a performer and reporter who simply loves what he does. A July segment in Centex Proud, a Fox-affiliated, Nexstar owned, Waco-area station, covered a Cruz event saying (Cruz) is excited to see the current economy and business boom with the lowest unemployment rate for Hispanics and African-Americans in a decade. Mr. 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. Your comments about (inaudible) drawing attention to the CW. So far in Q1 of '23, we're seeing similar results to what we saw in the fourth quarter with this revenue category. Excluding onetime expenses included in this item, corporate expenses were effectively flat. I consent the use of my personal data in accordance with Future's. 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. Sign up for our newsletter to track moneys influence on U.S. elections and public policy. Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. Sook believes its important to spend time visiting all of the companys 114 markets. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. 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. 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? Fourth quarter CapEx was $57.1 million or $56 million, excluding CapEx related to the CW. 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. Sinclair is based out of Maryland and owns twelve Baltimore-area television stations. The proposed terms were below market, and as a result, CBS-affiliated stations, including Nexstar, remain off the air on that platform. . Watch Vonn and Sinner as they explore the dedication and work required to become the best. A Texas native and University of Oklahoma Alum, Perry now lives in New York City. Mikulski also gave the Fox station an interview on receiving the medal. NewsNation InSites. Hubbard Broadcasting gave $350,000 to Freedom Partners Action Fund, a Koch-network Super PAC, in the 2016 election cycle. 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. So we believe the first half will be more like mid-single digits, and then it will grow again to the full year expectations in the back half of the year. 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, there were challenges. Perry Sook The CW's New Owner, Nexstar Media, Updates Investors On "Offensive And Defensive" Reasons For Its Acquisition Of The Broadcast Network 31 January 2023 Deadline CW's Scripted Shows To Drop From 11 To Less Than 5, Report Says 11 January 2023 Screen Rant ANDERSON, Sandra J. BA '73 Vice Chair Great. The PAC gave $10,000 to Sen. Ted Cruz (R-Texas) and the same amount to committees associated with Senate Majority Leader Mitch McConnell (R-K.Y.) Are your MVPDs kind of happy to pay you a higher affiliate fee for the CW now that you're pairing it with broadcast stations or any other kind of context you could put around that statement and whether or not that's been an incremental surprise or that was always part of the thinking when you bought the CW? He found the perfect candidate for such an arrangement just down the road in Wilkes-Barre, in the form of WBRE-TV. I think you said SG&A was up $5.9 million, excluding the CW. If Sook can pull that off, he will have one hell of a story to tell. So it's not an inconsequential number. Their political giving has since plummeted to $13,034 by 2018, all but $500 of which went to Democrats. 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. 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. Hes. Or is it just like a national game on that national feed? So you'll see our net retrans margin increase. 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. Sook said the rebrand of WGN America as NewsNation will take effect on Monday and he said the cable network "far exceeded budgeted expectations" in 2020. As always, the detail is provided in our reconciling schedules in the back. The one-hour program features market and geopolitical discussions with a rotating panel of influential voices including thought leaders, CEOs, policy makers and economists. In the segment, news anchors read from a script decrying biased and false news on social media and other news outlets. Revenue is generated through advertising. Consumers of news media rightfully want to know whos creating and supporting the information theyre watching and reading. 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. We've seen a number of RSN groups now kind of get into a period of change. It's great to hear auto continue to come back, obviously, a huge vertical for you guys. The show has hired a staff of 30, including on-air talent. 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. And obviously, with things like LIV Golf and other programming expansions, we're hoping to create more value so that we can ultimately extract more value as we go. The studio consisted of a large metal building at the base of the transmitter. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of . In summary, our record 2022 financial results reflected continued performance across our key near-term growth areas, including distribution, political advertising, new local direct advertising and digital with even more to drive growth ahead of us. Nexstars $7.1 billion purchase of Tribune Media changed everything. It used to be that women were held to a little bit of a higher standard, Lewis said on the show according to CNN. Good day, and welcome to Nexstar Media Group Fourth Quarter and Full Year 2022 Conference Call. Gregory Raifman, president of Nexstar Digital, gave $2,500 that year. 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