But I don't expect that anyone would sign on to a big contract until they had the chance to administer their tests. 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. There was a problem. I think you'll see some higher profile programming there, certainly in the unscripted than you have seen historically. People may receive compensation for some links to products and services on this website. Perry Sook currently serves as Nexstar's chairman and CEO. 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. We recorded $14.8 million in distributions from equity investments related to our 31% ownership in the TV Food network in the fourth quarter, which represents a 13.5% decrease over prior year quarter. I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. Nexstar Media Group's purchase of Tribune Media Co's 42 TV stations makes Nexstar the nation . 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. Core television advertising decreased 3.3% year-over-year. So basically, auto under -- the way you're describing it. Nexstar CEO Perry Sook (Image credit: Nexstar) "When we launched NewsNation, 10% of the country knew what NewsNation was," Sook told analysts and investors. But we're very bullish on the prospects and think these things are in the queue and on the way. 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. NewsNation launched officially in September 2020 with high hopes of securing solid viewership in a time of deep mistrust of the media. And again, I tell people, I don't care what the ratings are 3 months from now. When you refer to Bay, who are you talking about? Perry Sook, CEO, Nexstar Broadcasting Group. 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. Jon has been business editor of Broadcasting+Cable since 2010. And Im a team player, said Hubbard, who was initially skeptical of the President, in an interview with NPR. If you follow the decline in general network -- general entertainment network ratings, we couldn't have made the pivot at a better time. Lewis infamously used the platform to vent his frustrations with modern gender politics. 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. 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. Ray Cole, Charles Ryan, Ernest Liebre, Phillip Lombardo 4. Cash interest expense was $100 million for the quarter and $323.6 million for the year, slightly lower than our $326 million expectation at the last call due to the impact of the -- of actual versus projected yield curve and debt repayment. We have 1,800 salespeople that call on small and midsize businesses in 63 percent of the country, he says. 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. Since we own 75% and control the CW, the CW is consolidated to our financial results. Yes. One segment, run by Nexstar-owned WATE in Knoxville, Tennessee, focused on an anti-Phil Bredesen ad that was censored by Facebook. Were now up to 16%, but that means 84% of the country has no earthly idea. They're fielding tons of pitches. We provide reach that no other medium can, especially for sports content. NEW YORK - TVB, a not-for-profit trade association of America's local broadcast television industry, announced today that Perry A. Sook, founder, chairman president and CEO of Nexstar Broadcasting Group, was elected to serve as TVB chairman for a two-year term (2017-18). The station had just one camera guy, and he was responsible for filming all commercials. We continue to believe the investment case for Nexstar is very simple. KTSM, an El Paso, Texas station owned by Nexstar, re-ran an article from the Texas Tribune exploring the effect of Hispanic identity on the Senatorial race that pitted Beto ORourke against Cruz. As always, with me on the call this morning are Tom Carter, our President and Chief Operating Officer; and Lee Ann Gliha, our CFO. Nexstar took control of The CW and signed a . Mr. Sook is also a member of the Board of Directors of the Television Bureau of Advertising (TVB), where he formerly served as Chairman. Their political giving has since plummeted to $13,034 by 2018, all but $500 of which went to Democrats. 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. I appreciate that. Approximately 40% of our subscribers are up for renewal by 2023 year-end, which will benefit 2024, including several virtual MVPDs. How much -- are you expecting that to be down by roughly mid-single digits? (They gave $5,000 to Marsha Blackburn (R-Tenn.) in the 2018 cycle, but also gave $2,500 to Tammy Baldwin (D-Wis.)). I didn't give a specific, but it will be higher than the revenue growth. Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. The Nexstar CEO is proud to say, I want my commission salespeople to be the highest-paid people in town. Hed like to be paid more, too. Many Americans rely on stations owned by companies like Sinclair, Tribune Media and Nexstar Media Group to stay informed on local politics. Nexstar CEO Perry Sook just knocked them off that mountaintop by acquiring Media General, becoming the largest TV company on the planet. But our quantum of debt, we don't expect to tick up. Our next question comes from Steven Cahall with Wells Fargo. LIV Golf's 2-day average linear viewership was 24% higher than the average. From an operating perspective, these figures take into consideration our current best estimates for our core business based on current and expected trends as of today. We've seen a number of RSN groups now kind of get into a period of change. Want first access to OpenSecrets' investigations and data features? Please go ahead. 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. Now back to our regularly scheduled programming. Thank you all for joining us to review Nexstar's record fourth quarter results, including. Sorry. Talk of a Dish Network and AT&T Merger Have Started Again Who Owns Dish? We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. Sook, who was born in DuBois, Pennsylvania, and earned a degree from the Scripps College of Communication at Ohio University, certainly looks the part. Enjoy unlimited access to all of our incredible journalism, in print and digital. Their giving has increased dramatically since 2010 when they contributed just $8,100 to political causes. With FCC approval, the company will own 171 stations to. 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. 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. Thank you, Joe, and good morning, everyone. Note: Due to errors with CRP data obtained from the FEC that triple-countedcontributions, it was originally reported that Sen. Chris Van Hollen received$28,000 from Sinclair affiliates and its PAC. There are several ways to watch NewsNation around the country. Six people at the time reportedly said that NewsNation was becoming increasingly right-wing and conservative in its presentation. The remainder of our attributable free cash flow went to repay debt. I would say, things that will exist by 2024 that don't exist today. No, Craig, it's really interesting. 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. Well, I think it was all part of the thinking. Based in Irving, TX, Nexstar trades on NASDAQ under the symbol "NXST".Following the $7.1 billion accretive acquisition of Tribune Media and the $4.6 billion accretive acquisition of Media General, Nexstar Media Group, Inc. is the largest local broadcast television operator in the United States, with 199 stations reaching 116 markets, or more than 68% of all television households, and annual revenue in excess of $4.5 billion. Fourth quarter distribution of approximately $616 million was flat to the prior year. A former small-town anchorman, Nexstar Media Groups Perry Sook owns more television stations than anyone else in the country. Aerosmith co-founder Joe Perry isn't at all cagey about his political beliefs or his stance on issues. Despite the trends, we continue to expect to see spending in this category, albeit at a more modest clip. 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. 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. 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. He was living in an Upper West Side three-bedroom condominium that his family owned. NewsNation InSites. 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. Fresno and Bakersfield are a stones throw from the 23rd congressional district where McCarthy has his seat. No spam, ever. Full year net revenue, adjusted EBITDA and attributable free cash flow reached new all-time highs. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. Last quarter, you announced the Clippers deal. 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. The PAC favors Republicans, but only slightly. 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. To that end, on the cover of our earnings release and in the tables at the back of the release, you will be able to find selected financial metrics for Nexstar on a consolidated basis, for Nexstar, excluding the CW and also for the CW on a stand-alone basis. 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? So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. In the fourth quarter, yes. And, prior to that, in January of 2017, we closed on the acquisition of Media General, a $4.6 billion transaction. The company was founded in 1996 when Perry A. Sook purchased WYOU, a station in Scranton, Pa. The report also contains disclosures for Nexstar as suggested for companies in the media and entertainment industry by Sustainability Accounting Standard Board, or SASB. 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. Please go ahead, sir. So, Sook began by figuring out how to benefit financially by operating or managing stations. If you don't have the local stations, I think that should tell you everything you need to know about the leverage in the discussions. Moreover, it should be noted that the digital political spending is primarily used for fundraising versus messaging as local television is the preferred medium for the choice of branding. 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. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. Political ad revenue of $266 million, up 1,307%. That year they gave $18,500 to Rep. Tom Emmer (R-Minn.) and $16,300 to Ted Cruz. Democratic SenatorChris Van Hollen (Md.) 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 so we know we have value. And they say, the locals. The company reported net income of $226.5 million, a rise of 13.4%, in the period ended June 30. Copyright 2023, D Magazine Partners, Inc. We use cookies to ensure that we give you the best experience on our website. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. 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. Nexstar is looking to raise the profile of NewsNation, its little-watched cable news channel. Have you ever wondered about the number of sacrifices a winning athlete has to make? Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of . The studio consisted of a large metal building at the base of the transmitter. Operator, please open the line for questions. Perry Sook has a really good story to tell. 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. 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 . Lazarus is a former chief of staff to the chairman of the FCC. Okay. But not all of his travel is to major metros. Sooks salary and bonus averages out to $7.5 million a year for 2017 and 2018. Excluding onetime expenses included in this item, corporate expenses were effectively flat. Since Americans have a significantly greater level of trust in their local news stations than they do in national news outlets or in web-only publications, this level of political activity from media companies is especially significant. 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. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. This is an important fact as there is no regulatory limit on pricing for these advertisers and these dollars can quickly shift from race to race as political season progresses and benefits a scale player like Nexstar since we have stations in a substantial majority of the competitive markets. People, I tell people, I do n't exist today Sook serves! 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