We closed the acquisition of the CW on September 30, 2022. He wants to tell stories that are happening outside the beltways. And I would tell you, without it, wed be in worse shape than the newspaper business.. We doubled the size of the company and then doubled it again in the space of about two years. The last double-down made Nexstar worth $13.8 billion. Thanks, Perry, and good morning, everyone. 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. CapEx for the full year, excluding CW, was $155 million, slightly higher than our expectation of $150 million due primarily to anticipated reimbursement and rebates that have not yet been booked. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. Fourth quarter operating cash taxes were $53.1 million, which includes $65.3 million attributable to Nexstar, excluding CW and a $12.2 million benefit from the attributable tax deductible losses from our investment in the CW. I wonder if you could talk about that a little bit, too. Perry Sook has a really good story to tell. I mean do you think you start revenues from that in 2024, Sinclair was saying that. Despite the trends, we continue to expect to see spending in this category, albeit at a more modest clip. 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. It sounds like your reverse is going to be up about mid-single digit, and you just kind of went through what's going on, on the growth side. Noncash comp is expected to be approximately $50 million for the first quarter and in the $67 million area for the full year, but will vary based on stock price and actual grants. Hubbard Broadcasting owns the radio station that ran the Jason Lewis Show before Lewis became a congressman. In 2003, Sook took Nexstar public after aquiring Quorum Broadcasting. Dennis Miller and Brad Schwartz and their teams are hard at work putting that together. Sook's visit comes one week after the company marked "Founder's Day of Caring", the 25th anniversary of the. Excluding these impacts, our 2023, 2024 free cash flow would have been $1.45 billion for comparison purposes. Even if the rip n read world fit him, the environment at the station did not. But we're very bullish on the prospects and think these things are in the queue and on the way. Our ability to execute on these renewals just reinforces what we already know that broadcast matters. 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. 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? In 2018, their top four recipients were all Minnesota politicians: Republican Senate candidate Karin Housley, Rep. Erik Paulsen, Emmer and Rep. Jason Lewis. His shoulders are big and broad and more befitting an NFL tight end than a 62-year-old CEO. We continue to anticipate a low 9-figure investment and to achieve profitability by 2025. 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. It used to be that women were held to a little bit of a higher standard, Lewis said on the show according to CNN. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of . 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. After nearly a year-long clash, the cable company agreed to pay for carrying the signals. 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. So, yeah, its a point of frustration for me, because the performance has been there.. 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. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. 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. Thank you. A few additional notes on our 2023, 2024 free cash flow guidance before we open up for questions. Curious if you could size that up a bit. Or there is still significant room to run on auto getting back to maybe a more normalized rate in that 2019 pre-COVID era? They're fielding tons of pitches. The cable company put Sooks home phone number on ads pushing its side of the argument. 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. Yes. Hes. Feel free to distribute or cite this material, but please credit OpenSecrets. But yes, that is what people want us for is the local content. Perry, maybe just to follow up on that a little bit. Do we know enough yet to know if it's a buyer's market? Perry Sook says that in addition to a strong trending political segment, "approximately half of our television advertising categories are pacing up for the third quarter." . 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. RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. In the 24 ensuing years, the founder and CEO of. They reside in Flower Mound, TX. 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. I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. Originally launched as a three-hour news block on the cable channel WGN America, Nexstar has rebranded the channel as NewsNation and plans to replace more of its off-net reruns with news, including a morning show launching in September. The company is now the nations biggest player in local television. But, that was before Sook launched a national cable news channel and bought a national website. We're looking forward to a solid 2024 election cycle. Politico pioneered the fast-paced coverage of Capitol Hill and campaigns that now thrives on Twitter and cable news. 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. In 2014, they contributed $263,587 and in 2016 they contributed $429,504 before dipping back down to $186,648 in 2018. That led to a classic fight of the local station David versus a Fortune 500 cable Goliath. I mean can you generate revenues that are meaningful without that? Extended our network affiliation agreements with ABC. It's a gradual process, but I think you'll see just generally less of a reliance on scripted, although we're not going to totally abandon the genre. We required modesty from women. So did Timothy Busch, the president of the company's broadcasting subsidy. 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. There are 2 topics I just wanted to ask a little bit about the -- first on this national feed. We announced plans to allow shareholders to vote to declassify our Board of Directors, and we maintain an active and accessible Investor Relations function, resulting in several acknowledgments in institutional investors annual survey. Its important that we never lose sight of that, he says. That concludes the financial review for the call. 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. Nexstar's outstanding debt as of December 31, 2021, was $6.95 billion, down from $7.41 billion at year-end last year. 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. 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. By June, that time period was down to 28,000 viewers and 5,000 in the demo. Why? So I was wondering if you could just help us kind of bridge the gap there. I just want to understand kind of one logistical thing. . I think you'll see some higher profile programming there, certainly in the unscripted than you have seen historically. Nexstar Media Group, Inc. (NXST) SEC Filing 8-K Material Event for the period ending Tuesday, February 28, 2023 Whether youre reading about 2022 midterm fundraising, conflicts of interest or dark money influence, we produce this content with a small, but dedicated team. Nexstar Media Groups PAC, for instance, has steadily ramped up its spending on political causes from 2014, with $27,100 spent that year, $95,700 spent in 2016 and $196,500 in 2018. 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. Aerosmith co-founder Joe Perry isn't at all cagey about his political beliefs or his stance on issues. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. And 2022, we did 50 debates across our company, 3 of which we put on the national cable network to offer to all of America outside of the states in which they were being contested. Mr. Sook previously spent five years with Cox Broadcasting, first in local sales in Pittsburgh, then at Telerep, Inc., as a National Account Executive. Last year, it. New York, 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. Thanks, Priscilla, and good morning, everyone. Some include the CW and some exclude it, creating some noise in our consensus estimates. (Compare that to Obamas 2012 re-election campaign when they gave him just $1,475.) If that's a local game? The CW generates revenue primarily from national television and digital advertising, distribution fees from affiliates and virtual MVPDs as well as some short-term continuing revenue from licensing content to an SVOD player. National will be down a low double-digit amount. Many Americans rely on stations owned by companies like Sinclair, Tribune Media and Nexstar Media Group to stay informed on local politics. Theres a lot going on in the country that just doesnt happen in New York or D.C. or Los Angeles, he says. By the 2016 cycle, Tribune was throwing $4,963 behind Hillary Clintons presidential bid. Great. Howard Strudler, Perry Sook, Rich Raaf, Alex Lunney, Steve Capozzoli 2. 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. Soon after they met,. Stay up to speed on DFWs fast-moving business community with weekly news reports, interviews, and insights. Later that summer, Fox45 covered Van Hollens visit to a Texas border patrol processing center. Sure. He approached the media groups execs and said, Listen, I will manage these stations for you for a fee and improve them for you so that you recover some of your investment. It worked. 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. Thank you, Tom, and good morning, everyone. But we could develop sharing arrangements so we could get an economic benefit from a second station, Sook says, even if we werent allowed to own the license.. NewsNation aired an interview with President Donald Trump in September 2020. NY 10036. Q4 digital revenues increased 10.1% year-over-year to approximately $112 million. The show has hired a staff of 30, including on-air talent. In the segment, news anchors read from a script decrying biased and false news on social media and other news outlets. Sinclair-affiliated PACs and individuals supported Donald Trump for president in 2016 with $3,804. NATIONAL ASSOCIATION OF BROADCASTERS POLITICAL ACTION COMMITTEE (NABPAC) - Unknown: SOOK, PERRY MR. IRVING, TX 75062: Nexstar Broadcasting Group, Inc./Chairman, President & Ceo: $5,000: 04/08/2015: P: NATIONAL ASSOCIATION OF BROADCASTERS POLITICAL ACTION COMMITTEE (NABPAC) - Unknown: SOOK, PERRY FLOWER MOUND, TX 75022: Nexstar Broadcasting . Wondering if you could just help us kind of bridge the gap there and Brad Schwartz and teams... Happen in New York or D.C. or Los Angeles, he says after Quorum! Would have been $ 1.45 billion for comparison purposes false news on social Media other! Newscast, seven nights a week, on WGN America would have been $ 1.45 billion for comparison.. 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