Nexstar is looking to raise the profile of NewsNation, its little-watched cable news channel. However, political ideologies have influenced human society since the dawn of civilization as. 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 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. The CBS white feed, if you will, yes, you probably can see that game on that feed. Obviously, we spent a lot of time in front of local business owners and local advertisers. Were going to represent those who are underrepresented.. Curious if you could size that up a bit. And I think the only differentiating factor in that is how long the blackouts continue. Lee Ann? We see it as a multiple year tailwind for our company, certainly. '23 and '24 will benefit from new distribution agreements and as we've discussed, 2024 as the presidential election and big political year. Perry, maybe just to follow up on that a little bit. It all got Sook to thinking. Fourth quarter distribution of approximately $616 million was flat to the prior year. Thank you for signing up to Broadcasting & Cable. He's been putting the finishing touches on an acquisition that'll bring Nexstar Broadcasting's holdings. Sinclair-affiliated PACs and individuals supported Donald Trump for president in 2016 with $3,804. 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 cable company put Sooks home phone number on ads pushing its side of the argument. The present study examined how self-rated health was influenced by sociodemographic characteristics, physical health indicators, and sociocultural resources among four racial/ethnic groups of older. 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. 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. Early in his career, Mr. Sook was involved in local TV sales and radio sales. 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. In addition to its station in Fresno, Nexstar owns a station in Bakersfield. For example, former President Donald Trump tweeted a good luck message (when his Twitter account was still active) to Compton for the networks launch and later gave an interview in which anchor Joe Donlon didnt challenge his false statements. I consent the use of my personal data in accordance with Future's. 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. Some include the CW and some exclude it, creating some noise in our consensus estimates. Before starting at CRP, he wrote for the Hatchet, GWU's independent student newspaper, and covered murder trials for D.C. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Democratic SenatorChris Van Hollen (Md.) Core television advertising decreased 3.3% year-over-year. 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. 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. Certainly, when you look at the power of The Hill, which is a national brand in concert with NewsNation, which is a national brand; and the strength of our local stations, which is the backbone of everything we do, I think you'll see all of that come together in a unified sales effort to highlight the opportunity available to us in 2024 and beyond. This is extremely dangerous to a democracy.. The grade was part of a segment called Truth Test in which political ads are rated on their factual accuracy. 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. In trade jargon, its referred to as a retransmission consent dispute. Sook graduated from Ohio University and currently serves as chairman of The Ohio University. And I now would like to turn the conference over to Joe Jaffoni, Investor Relations. Global Edition. 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. But the consumer is still spending and local spending for us is hanging in there just fine in the first quarter. Political ideologies are concepts that have become more visible with the rise of social media. As you know, there are a lot of moving pieces in these discussions with the networks, especially at CBS, where there is a linear agreement, vMVPD agreement and a Paramount Plus agreement, all of which are up later this year. Okay. 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. So if it were all at risk, that's the number that you're talking about. In addition, Nexstar's local sales initiatives continue to deliver healthy levels of new business with our sales teams generating new local advertising incentive program revenue of $37 million, flat to the prior year despite significant political displacement. So did Timothy Busch, the president of the companys broadcasting subsidy. In a 2015 article on the announcement that then-Senator Mikulski would receive the presidential medal of freedom, the Fox45 site included a transcript of Mikulskis full reaction from the floor of the Senate. I think that is absolutely necessary to advancement here. Jon has been business editor of Broadcasting+Cable since 2010. And I think that other team owners have taken notice of that. With that, it's now my pleasure to turn the conference over to your host, Nexstar Chairman and CEO, Perry Sook. Our next question comes from Steven Cahall with Wells Fargo. These interim distributions are primarily for tax payments and are due to lower operating income this year versus last year. I mean can you generate revenues that are meaningful without that? 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. (Operator Instructions) And our first question comes from Craig Huber with Huber Research Partners. In March, NewsNation VP of News Jennifer Lyons resigned amid concerns the channel might take a right-wing turn because of low ratings. Thank you. Q4 2022 total corporate expense was approximately $49.2 million, including noncash compensation expense of $18.2 million compared to $43.6 million, including noncash compensation expense of $12.4 million in 2021. August 21, 2021 / Scott Jones. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. Local television broadcasting generated $2.4 billion in gross political ad dollars, a record amount for midterm election, capturing more than 50% of the total spend in 2022, representing a 38% growth over 2018. But it is certainly a tailwind in core advertising revenue that auto is up and up double digits, and we see that continuing throughout the year. 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. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. Their attempt was scuttled by regulators, but Sinclair already owns a huge swath of local television stations, 191 by their count. Second, we continue to make significant progress building out NewsNation, America's fastest-growing cable news network. And that and money are the 2 issues here. All right. There are several ways to watch NewsNation around the country. Core advertising revenue was $478 million (down 3.3 percent year over year), while political advertising revenue was $266 million (up 1,307 percent). Beginning with the LIV Golf season, which kicked off last Friday, the CW will air 14 global events and stream the events live on our CW app. Why? Visit our corporate site (opens in new tab). The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. In line with our historical approach, we will not be accepting any deals that discount the value of our content, our stations deliver to these platforms. 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. Many of the big cigars in media management will tell you that the Sook-led revolta high-stakes game of chicken against Cox Cablewas a definitive moment for the CEO, Nexstar, and the entire media industry. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of . He collects firearms, and in response to questions that are not at all explicitly about. Yes. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. Thank you, Tom, and good morning, everyone. Excluding the CW and the impact of going dark and other negotiation settlements, our distribution revenue would have been up low single digits. Operator, please open the line for questions. On Dec. 3, it was announced that Tribune Media would be acquired by Nexstar Media Group for over $4 billion. 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. Another $2,000 went to Sen. Orrin Hatch (R-Utah) and $1000 went to Sen. Kamala Harris (D-Calif.). It will be done from the heartland for the heartland, which is where WGN is primarily distributed. Sook is so serious about delivering straight news, hes hiring journalism professors and rhetoricians to review scripts. If that's a local game? We appreciate you joining us today to discuss Nexstar's outstanding fourth quarter and full year financial results. Broadcasting+Cable is part of Future US Inc, an international media group and leading digital publisher. And then Because that's a lot. 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? and Jerry Moran (R-Kan.), all of whom received $15,000 or more. Sook said advertisers have reacted positively to the networks news programming, paying the same cost per point in the scatter market as CNN. So, Sook began by figuring out how to benefit financially by operating or managing stations. We've signed some things. 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. If it rained, staffers had to send a Jeep down the road to retrieve Sook. Okay. We're looking forward to a solid 2024 election cycle. We required modesty from women. ABC 5, a Hubbard-owned station, reported on 2009 Facebook comments made by Housley in which she likened Michelle Obama to a chimpanzee. As such, we are opting to exclude transaction and onetime expenses from these figures. It seems like you're pretty much through with the reshaping process there. Since we own 75% and control the CW, the CW is consolidated to our financial results. 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 insurance category softness was primarily related to industry-specific issues and the movement of some insurers from the local market to the national market. We went from that penny a day to now in 2020 what will mean approximately $2 billion of revenue to our company and about $18 billion in revenue to local television stations across the country, Sook says. (They gave $5,000 to Marsha Blackburn (R-Tenn.) in the 2018 cycle, but also gave $2,500 to Tammy Baldwin (D-Wis.)). Or is it really just news (inaudible). So we'll be a 24-hour news network Monday through Friday by the end of April, and that will include the daytime expansion, the addition of the Hill, the addition of Elizabeth Vargas Reports show at 6:00 Eastern Monday through Friday. NewsNation InSites. 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. 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. Their political giving has since plummeted to $13,034 by 2018, all but $500 of which went to Democrats. "I really,. TV continues to be the gold standard for political advertisers with local TV and local cable TV together representing 70% of gross political ad spending. Mr. Sook previously spent five years with Cox Broadcasting, first in local sales in Pittsburgh, then at Telerep, Inc., as a National Account Executive. And so that means we have to go dark for a little while to make the point. Thank you, Joe, and good morning, everyone. 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.) (Podcast). 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. 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. Last month, NewsNation hired former Fox News exec Cherie Grzech as managing editor. Sure. All statements and comments made by management during today's conference call, other than statements of historical fact may be deemed forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Our weatherboard was a map of the United States that you literally put color forms onyou know, like the rubber things that stick. People may receive compensation for some links to products and services on this website. And, prior to that, in January of 2017, we closed on the acquisition of Media General, a $4.6 billion transaction. 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. Its important that we never lose sight of that, he says. Is there any leverage around the ability to see local games that somehow rights constructed by the agreement with you or not? He founded Nexstar in 1996 with one local television station in Scranton, PA and began building the foundation of what is. Thanks, Perry, and good morning, everyone. Hubbard Broadcasting owns the radio station that ran the Jason Lewis Show before Lewis became a congressman. Up next: Reinventing local news. I think you'll see us more active on the debate stage. Copyright 2023, D Magazine Partners, Inc. We use cookies to ensure that we give you the best experience on our website. And finally, we continue to be committed to treating employees fairly and ethically and fostering a positive work environment as well as providing dedicated diversity, equity and inclusion programs, hiring practices and mentorships. In March 2021, The New York Times reported that NewsNation hadn't lived up to expectations and was seeing low viewership. And then if you get some of the current blackout renewals done, then accelerates into that new guidance. 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. Our next question comes from Dan Kurnos with The Benchmark Company. 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. You want to know what the distribution revenue was excluding the CW? It's high-teens number of -- amount of revenue related to the CW. Perry A. Sook -- Chairman and Chief Executive Offcier Thank you, Joseph, and good morning, everyone. 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. I would expect you'll see us do more deals as time goes on. Full year net revenue, adjusted EBITDA and attributable free cash flow reached new all-time highs. . Perry A. Sook has over 43 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. 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. NewsNation is found under the umbrella of Nexstar Inc.s Networks division. Contrary to the networks narrative, the virtual MVPDs want local news and local content because it's sought out by the viewers. 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. Next steps for us, obviously, Elizabeth Vargas joins the network in April. All Rights Reserved. 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. Just about any story is fair game, if a dollar sign can make its way into the article. And then a big picture question. Hes 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. The forward curve currently shows interest rates peaking in July and falling thereafter. 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 have always fought hard in negotiations with a number of factors that come into play and levers we can pull. Perry A. Sook serves as Chairman of the Board, Chief Executive Officer of the Company. Each of the candidates received tens of thousands from Hubbard. In summary, we remain confident in our strategy, the quality of our assets and the strength of our financial position. Copyright 2023 Market Realist. 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. In the segment, news anchors read from a script decrying biased and false news on social media and other news outlets. In addition, Nexstar's digital properties provide innovative digital marketing solutions and services to local and national media companies, advertisers, agencies, and brands. And the one other one with NewsNation. He just want to know what the amount to CW. In the last two years, shareholders have, by the slimmest of margins, rejected multimillion-dollar compensation packages for the CEO. 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. There are 2 topics I just wanted to ask a little bit about the -- first on this national feed. And so that will be the big lift, and we'll have that piece done by the end of 2024 and then we'll be a 24/7 cable news network. By 2012, Sook was ready to refocus on growing Nexstars portfolio. "We're now up to 16%, but that means 84% of the country has no earthly idea. Listen Bloomberg. How much -- are you expecting that to be down by roughly mid-single digits? 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. I think our Clippers deal with Steve Ballmer and the Clippers putting a group of games on broadcast exclusively to expose that to the part of the market that is not inside the pay-TV universe kind of broke the seal. 20005. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago. The Hill will join Irving-based Nexstar's . The show has hired a staff of 30, including on-air talent. Watch Vonn and Sinner as they explore the dedication and work required to become the best. meanwhile received $9,100. grand river waterfront homes for sale; valentine michael manson; 29. Please go ahead, sir. Are they able to see the local football game from the NFL on CBS? In January, the network averaged 65,000 viewers from 8 p.m. to 11 p.m. according to Nielsen and just 15,000 viewers in the 25-54 demographic used to sell ads in news programming. by: Perry Sook Posted: Feb 4, 2023 / 10:58 PM EST Updated: Feb 4, 2023 / 10:58 PM EST MANHATTAN, N.Y. (PIX11) The Columbia women's basketball team has the best record in program history at this point in the season, but this weekend, they hosted a duo of second-place Ivy League teams in Penn and Princeton. Nexstar has access to nearly two-thirds of the homes in America. Analysis / Bias Nexstar CEO Perry A. Sook is an alumnus of WOWK. The station had just one camera guy, and he was responsible for filming all commercials. 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. Thank you all for joining us to review Nexstar's record fourth quarter results, including. 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. Our position on the matter is not new. 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. 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. Weve made three dozen separate acquisitionssome small, some very large, he begins. 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The use of my personal data in accordance with Future 's & cable of since! Explicitly about sinclair-affiliated PACs and individuals supported Donald Trump for president in 2016 with $ 3,804 levers we can.... To become the best experience on our website perry A. Sook is so serious delivering... Which she likened Michelle Obama to a chimpanzee game from the heartland for the CEO s fourth. S record fourth quarter distribution of approximately $ 616 million was flat to CW. The CW from a script decrying biased and false news on social media,. Rubber things that stick first quarter the candidates received tens of thousands from hubbard Magazine Partners, Inc. use... Straight news, hes hiring journalism professors and rhetoricians to review Nexstar & # x27 s! Analysis / Bias Nexstar CEO perry A. Sook is so serious about delivering news... From these figures goes on, including on-air talent to refocus on growing Nexstars.. 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