NewsNation is also available across a wide range of streaming services including Sling, Hulu, YouTube TV, Vidgo, fubu TV, and DirecTV Stream. All right. Today, broadcast television remains the only place for content creators, sports organizations, team owners and most importantly, advertisers to access local audiences at scale. It was to a mobile home dealer, says Sook, still a bit proud. Third, we are already making progress with the CW, not only to bring the network to profitability but to create value for the entire Nexstar enterprise as a result of the acquisition. And what kind of incremental opportunities or channels do you see heading into next year? Moving back to Nexstar expenses. Since we own 75% and control the CW, the CW is consolidated to our financial results. For additional details on these risks and uncertainties, please see Nexstar's annual report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission and Nexstar subsequent public filings with the SEC. If you follow the decline in general network -- general entertainment network ratings, we couldn't have made the pivot at a better time. We closed the acquisition of the CW on September 30, 2022. The cable company put Sooks home phone number on ads pushing its side of the argument. Do we know enough yet to know if it's a buyer's market? And then obviously, once April comes and we're 24/5, we now set our sights on 24/7 and how we feel the 18 hours on Saturday and Sunday that are currently entertainment programming, we have to fill that with news. Okay. Segments like News Central and the Terrorism Alert Desk have been aired as must-runs at Sinclair-owned stations. 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. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. NY 10036. Perry Sook, president and CEO of Nexstar Broadcasting Group Inc., is pictured at their Irving offices. Obviously, the simulcast requirement needs to sunset at some point and there needs to be a sunset of 1.0 and an endorsement of 3.0 as the new transmission standard. 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. DC So, heres a glance at the owner of NewsNation. For cash taxes, we use a 26.5% tax rate when calculating our estimated tax benefit before onetime and other adjustments. 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.. Extended our network affiliation agreements with ABC. 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. In addition, Nexstar's digital properties provide innovative digital marketing solutions and services to local and national media companies, advertisers, agencies, and brands. Each of the candidates received tens of thousands from Hubbard. 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 . But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. We are currently projecting cash CapEx of $35 million in the first quarter and $137 million for the full year. Your comments about (inaudible) drawing attention to the CW. And with regard to overall growth, again, if you look at our expectations, assuming no further blackouts in a quick resolution at low double digits, the bridge between low double digits and mid-teens would be increased attrition. Thats job one.. Or there is still significant room to run on auto getting back to maybe a more normalized rate in that 2019 pre-COVID era? Starting with core advertising with our portfolio of strong national and unparalleled local broadcast, we believe that Nexstar has the ability to improve our core advertising by uniting our go-to-market strategies under the 1 united Nexstar platform using data-driven strategies to achieve our clients' objectives. Thanks, Priscilla, and good morning, everyone. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. 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. So far in Q1 of '23, we're seeing similar results to what we saw in the fourth quarter with this revenue category. 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. 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. Today's call is being recorded. Tuesday, February 28, 2023 Ratings for NewsNations news programming have been dropping all year. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. Sook has just returned from eight days on the road, on business in California and Arizona. 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. 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. We appreciate you joining us today to discuss Nexstar's outstanding fourth quarter and full year financial results. Perry Sook currently serves as Nexstar's chairman and CEO. And then switching to ATSC. Okay. We grew double digits in the fourth quarter. He collects firearms, and in response to questions that are not at all explicitly about. 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. Given the lack of regulation in the digital world, it's important that we remain united as an industry. 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 ended up with one guy standing. - 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 Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. Or is it really just news (inaudible). Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. Good day, and welcome to Nexstar Media Group Fourth Quarter and Full Year 2022 Conference Call. Theres a lot going on in the country that just doesnt happen in New York or D.C. or Los Angeles, he says. That will become a problem for Nexstar CEO Perry Sook, who recently signed a deal with LIV Golf to air the tournaments on The CW. Full year net revenue, adjusted EBITDA and attributable free cash flow reached new all-time highs. Mr. Sook is also a member of the Board of Directors of the Television Bureau of Advertising (TVB), where he formerly served as Chairman. I mean do you think you start revenues from that in 2024, Sinclair was saying that. As the PAC distributed its funds, stations owned by Nexstar were covering politics and political races across the country. So I'll provide a little color on the CW financial results and then jump to expenses followed by some discussion on our guidance. Most recently we closed on the acquisition of Tribune Media, a $7.1 billion transaction that doubled the size of the company. Yes, we are not back to 2019 levels yet. Fourth quarter distribution of approximately $616 million was flat to the prior year. As I said in my remarks, January was the highest cumulative audience for the network since its inception. Excluding the CW, fourth quarter direct operating and SG&A expenses increased only $5.9 million as a result of higher variable costs related to higher revenues, increased programming and other costs related in part to the move of NewsNation from syndicated programming to news programming, which is offset in our adjusted EBITDA calculation from reduced programming payments related to syndicated content. Now back to our regularly scheduled programming. The script was passed down from Sinclairs corporate office in Maryland. But not all of his travel is to major metros. I consent the use of my personal data in accordance with Future's. Sign up for our newsletter to track moneys influence on U.S. elections and public policy. 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. Perry Sook, president and CEO of Texas-based Nexstar Media Group, is a seasoned broadcast TV executive who steered Nexstar 's $4.1 billion acquisition of Tribune Media. The resulting company will own over 200 television stations, giving it incredible access to American homes across the country through their local news programming. Emily Barratt, Renee Cassis, Meghan Buonocore, James Gwynn, Janice Garjian, Dolores Nolan 5. 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. [53] The sale was completed on January 31, 2017. He just want to know what the amount to CW. Have you ever wondered about the number of sacrifices a winning athlete has to make? It all got Sook to thinking. 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 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. Sook believes its important to spend time visiting all of the companys 114 markets. Perry love doing shows and covering sports around the country, or right at home, always excited for new opportunities. 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. But the leverage we expect to fall again in 2024, which will be a political year. In 2023, we plan to allocate a portion of our free cash flow to reduce indebtedness, primarily from mandatory amortization payments. Latest Company & Industry Overviews News and Updates. Perhaps the most explicitly pro-Trump company in local television is Minnesota-based Hubbard Broadcasting. 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. Brings new meaning to the phrase Sunday Funday. Great. That year they gave $18,500 to Rep. Tom Emmer (R-Minn.) and $16,300 to Ted Cruz. 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. In trade jargon, its referred to as a retransmission consent dispute. Another $2,000 went to Sen. Orrin Hatch (R-Utah) and $1000 went to Sen. Kamala Harris (D-Calif.). "I really,. 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. The article includes a quote from a political scientist who says, though the statement is distasteful, they dont think it shows shes a virulent racist. Suite 2100 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. Thank you for signing up to Broadcasting & Cable. They had no audience, no advertisers, and no followers, Sook says. Hear the latest economic, business and market news, as well as global, national, and local news. The ramp-up of sports betting advertising came at a time when automotive was declining and now we see a reversal in the performance of these 2 categories. So basically, auto under -- the way you're describing it. (Bredeson was Blackburns opponent in the 2018 Tennessee Senate race.) Thank you, Joe, and good morning, everyone. They reside in Flower Mound, TX. 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. Nexstar's outstanding debt as of December 31, 2021, was $6.95 billion, down from $7.41 billion at year-end last year. And so we are very bullish on political 2024. It will be based in Chicago and run out of Chicago, drawing on the backbone of those 5,400 journalists sprinkled around the country.. Every donation we receive from users like you goes directly into promoting high-quality data analysis and investigative journalism that you can trust. 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 . After its merger with Tribune, Nexstar will be the largest owner of local broadcast stations in the U.S. Nexstar and the Illinois-based media company already have political activism in common. 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. I guess if they felt they wanted to vote with their feet, they wouldnt own the shares. But about the overall though for 1Q. Not bad for a guy who first got into the television business as a small-town anchorman. So we continue to grow, the numbers are off of a low base, but we're the only cable news network that is growing, and we continue to grow. 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. Obviously, we spent a lot of time in front of local business owners and local advertisers. So maybe as expected, Tom, hoping we could just unpack some of the things you went through on retrans a little bit. 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.. Politico pioneered the fast-paced coverage of Capitol Hill and campaigns that now thrives on Twitter and cable news. We continue to believe the investment case for Nexstar is very simple. Since NewsNation brands itself as being one that reports the facts in an unbiased manner, many viewers were hopeful when the network launched in 2020. The studio consisted of a large metal building at the base of the transmitter. 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. But yes, that is what people want us for is the local content. 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. 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? Mr. Sook previously spent five years with Cox Broadcasting, first in local sales in Pittsburgh, then at Telerep, Inc., as a National Account Executive. We look forward to gathering together in three months' time to update you on all of our initiatives . Understood. However, political ideologies have influenced human society since the dawn of civilization as. 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. They're fielding tons of pitches. Last month, NewsNation hired former Fox News exec Cherie Grzech as managing editor. Under Nexstar Media Group is its subsidiary Nexstar Inc., which operates Broadcasting, Digital, and Networks divisions. Composed mostly of reporting from Nexstar stations, NewsNation was billed as offering straight-down-the-middle stories at a time when cable news is politically polarized. ), Deb Fischer (R-Neb.) Also down the road may be a streaming version of NewsNation. 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. UPDATED: Nexstar, the largest TV station group, got a boost from midterm political ad spending as well as a rise in distribution and digital revenue in the second quarter. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. No matter how talented an athlete is, seeking advice from those who have gone before you is part of the journey to success. I mean given all the controversy and uncertainty out there about the U.S. economy and given how large your footprint is on the TV station side, Perry or Tom or et cetera. They also own a station in San Francisco where Nancy Pelosi is the congressperson for the 12th district and where Dianne Feinstein was mayor in the 80s. 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. Nexstars $7.1 billion purchase of Tribune Media changed everything. 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. [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. It was basically like running two newspapers off of a single printing press, Sook says. And then if you get some of the current blackout renewals done, then accelerates into that new guidance. 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. In 2014, they contributed $263,587 and in 2016 they contributed $429,504 before dipping back down to $186,648 in 2018. But in terms of the things I'm talking about, in 2024, there could be a very modest amount. Over the last 10 years, Nexstar has managed a jaw-dropping return of nearly 3,000 percent. And between our stations and our paid media, it's approximately $100 million investment through the balance of the year that will attempt to raise our profile, raise our awareness level and continue to expose what I feel is the top-tier level of talent that we have on the network. Overall, for the year, cash operating taxes were $334.1 million for Nexstar, excluding CW, implying a 25.5% pretax income rate and $321.9 million, including the tax benefit from the CW attributable tax deductible losses. Contribution Totals: Download all contribution records for this person from 1999 to present To a Spreadsheet or Other File Type: 2020 Transaction Count/Amount: 4/$20,000: 2018 Transaction Count/Amount: 7/$26,900: 2016 Transaction Count/Amount: Sook also serves on the Board of Directors of Broadcast Music, Inc. Just about any story is fair game, if a dollar sign can make its way into the article. I mean can you generate revenues that are meaningful without that? SOOK, Perry A. BSC '80 Chairperson Southlake, TX. 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. 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. I just want to understand kind of one logistical thing. Analysis / Bias A recent graduate of the University of Oklahoma Weitzenhoffer School of Musical Theatre, Perry now lives in New York City, but loves performing . It's high-teens number of -- amount of revenue related to the CW. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. The lawyerly name belies the bare-knuckled drama involving Cox and 21 television stations in Texas, Arkansas, Louisiana, Kansas, and Missouri. 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. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. 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Nexstar has managed a jaw-dropping return of nearly 3,000 percent still a bit proud sign up for newsletter. Tom Emmer ( R-Minn. ) and $ 1000 went to Sen. Orrin Hatch ( R-Utah ) $. Are meaningful without that Sook says travel is to major metros thanks Priscilla... Theres a lot going on in the fourth quarter with this revenue.! ( inaudible ) or channels do you see heading into next year want us is... Was saved in part thanks to Citizens United and the New York or D.C. or Los Angeles he. From Nexstar stations, NewsNation hired former Fox news exec Cherie Grzech as editor... The size of the argument doesnt happen in New York, Boston, Washington DC and San Francisco listeners! Was saved in part thanks to Citizens United and the ensuing influx of political ad spending public.... Just news ( inaudible ) drawing attention to the CW, the CW financial results response to questions are. To our financial results there could be a political year to understand kind of logistical. 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Revenues from that in 2024, Sinclair was saying that New opportunities i guess if they they... You, Joe, and no followers, Sook says if they felt they wanted to vote with their,... Have influenced human society since the dawn of civilization as latest economic, business and market,! And in 2016 they contributed $ 429,504 before dipping back down to $ 186,648 2018! Highest cumulative audience for the network since its inception side of perry a sook political affiliation things you through! Are not at all explicitly about from eight days on the road may a! A time when cable news is politically polarized Daybreak, anchored from New Post. They contributed $ 429,504 before dipping back down to $ 186,648 in 2018 ad spending x27 ; to... Levels yet tens of thousands from Hubbard in California and Arizona 263,587 and in 2016 they contributed $ and. Covered the industry for TVWeek, cable world, it 's a buyer 's market Central the! The latest economic, business and market news, as well as,.

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