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.. 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. Sure. By June, that time period was down to 28,000 viewers and 5,000 in the demo. And again, I tell people, I don't care what the ratings are 3 months from now. And I think that you're going to see the FCC engage with the NAV and develop probably some sort of a task force in a public private kind of arrangement to explore the further development of ATSC 3.0. 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. Later that summer, Fox45 covered Van Hollens visit to a Texas border patrol processing center. 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. Nationwide and locally, Nexstar is involved in over 1,600 community initiatives each year donating thousands of hours and helping to raise millions of dollars for worthy causes. Whether youre reading about 2022 midterm fundraising, conflicts of interest or dark money influence, we produce this content with a small, but dedicated team. At the time, Nexstar CEO Perry Sook assured employees in a town hall meeting that the network would be "centrist." Some staffers griped to the New York Times that a NewsNation anchor gave. As such, our net first lien coverage rate -- sorry, our net first lien covenant ratio for Nexstar, excluding the CW at December 31, 2022, was 1.77x, which is well below our first lien only covenant of 4.25x. Mr. Sook is also a member of the Board of Directors of the Television Bureau of Advertising (TVB), where he formerly served as Chairman. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. He founded Nexstar in 1996 with one local television station in Scranton, PA, and began building the foundation of what became one of the world's leading local marketing and content companies, leveraging localism to bring new services and value to consumers and advertisers across its traditional media, digital and mobile media platforms. 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. And then lastly, just on sports content. And then also when we're negotiating with the largest big 4 station group and you negotiate this all as a package, there is leverage inherent in that model. Distribution fee revenue of $615.6 million, flat. They also gave $5,700 to Rep. Greg Gianforte, who became well known nationally after physically assaulting a reporter. As you'll be able to read in our report, throughout 2022, we executed on several ESG initiatives, including eliminating our Class B and Class C shares, which cleared the way for our inclusion in the S&P 400 Index. "Over time, we will be taking a different approach to our CW programming strategy and will leverage our experience in spending approximately $2 billion a year on programming, attracting and. Nexstar's consistently strong free cash flow generation remains one of our most powerful differentiators not only from our peers but from larger diversified media companies as well. 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. At OpenSecrets.org we offer in-depth, money-in-politics stories in the public interest. People may receive compensation for some links to products and services on this website. It was a kind of a sinking feeling in the pit of your stomach, but it also energized me to go out and find a real job. That meant television sales, which led to the purchase of WYOU in Scranton, taking us back to the beginning of Sooks story. 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. 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. "We're now up to 16%, but that means 84% of the country has no earthly idea. WGN-TV quoted Uptons criticisms of the Affordable Care Act and its rollout in 2013. I appreciate that. That's job one." We're not in the business of disenfranchising customers, viewers and advertisers. Perry Snook: 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. Okay. . LIV Golf's 2-day average linear viewership was 24% higher than the average. Future US, Inc. Full 7th Floor, 130 West 42nd Street, He is past Chairman of the CBS Affiliate Board. 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. So maybe you could just put a little more context. 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. 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. 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. The current simulcast requirement does constrain our capacity as to what we can do. 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. 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. NewsNation, the subscription television network that was formerly called WGN America, claims to be an unbiased source of news for the country. In 2008, Tribune gave $11,450 to then-Senator Barack Obama. Lee Ann Gliha; Executive VP & CFO; Nexstar Media Group, Inc. Perry A. Sook; Founder, Chairman & CEO; Nexstar Media Group, Inc. Thomas E. Carter; President & COO; Nexstar Media Group, Inc. Barton Evans Crockett; MD & Senior Internet Media Analyst; Rosenblatt Securities Inc., Research Division, Craig Anthony Huber; CEO, MD & Research Analyst; Huber Research Partners, LLC, Daniel Louis Kurnos; MD & Senior Equity Analyst; The Benchmark Company, LLC, Research Division, James Charles Goss; MD; Barrington Research Associates, Inc., Research Division, Nicholas Todd Zangler; Analyst; Stephens Inc., Research Division, Steven Lee Cahall; Senior Analyst; Wells Fargo Securities, LLC, Research Division, Joseph N. Jaffoni; Founder & President; JCIR. They gave another $17,600 to John Boehner and $7,900 to Paul Ryan. 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. We look forward to gathering together in three months' time to update you on all of our initiatives . Also down the road may be a streaming version of NewsNation. and Jerry Moran (R-Kan.), all of whom received $15,000 or more. 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. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. 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. Fox Board's Failure; McCarthy Pressed on Tucker Handout; Lord of the Studios And important for us, the linear broadcast ratings increased 21% from Saturday to Sunday, so all of which is to say those numbers exceeded our expectations. Theres a lot going on in the country that just doesnt happen in New York or D.C. or Los Angeles, he says. 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. 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. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. Turning to the balance sheet. Mr. Sook previously spent five years with Cox Broadcasting, first in local sales in Pittsburgh, then at Telerep, Inc., as a National Account Executive. He found the perfect candidate for such an arrangement just down the road in Wilkes-Barre, in the form of WBRE-TV. National will be down a low double-digit amount. (Compare that to Obamas 2012 re-election campaign when they gave him just $1,475.) And if there's any way to kind of, I don't know, directionally size the impact of LIV Golf, just so we have a sense of what these kind of deals could be helpful. 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. 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. Before starting at CRP, he wrote for the Hatchet, GWU's independent student newspaper, and covered murder trials for D.C. RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. So, in our ads, we put the general manager of the cable companys home phone number so people could express their opinion, Sook says. In the last two years, shareholders have, by the slimmest of margins, rejected multimillion-dollar compensation packages for the CEO. So you'll see our net retrans margin increase. In 2014, they contributed $263,587 and in 2016 they contributed $429,504 before dipping back down to $186,648 in 2018. Latest Company & Industry Overviews News and Updates. That concludes the financial review for the call. What's your feeling about that? Tuesday, February 28, 2023 Broadcasting+Cable is part of Future US Inc, an international media group and leading digital publisher. They have given generously to Maryland politicians over the years, including Rep. Andy Harris, Sen. Barbara Mikulski and Nancy Jacobs, a Republican state Senator who lost a race for Marylands second congressional district in 2012. Speaking on Nexstars second-quarter earnings call Wednesday, CEO Perry Sook said a year after its launch, few people know about NewsNation. 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. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. Great. He founded Nexstar in 1996 with one local television station in Scranton, PA and began building the foundation of what is. We're about to begin our annual shareholder outreach initiative where we discuss our initiatives and hear feedback from our top shareholders. 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. Curious if you could size that up a bit. Okay. Their attempt was scuttled by regulators, but Sinclair already owns a huge swath of local television stations, 191 by their count. Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. Yes, we are not back to 2019 levels yet. NewsNation aired an interview with President Donald Trump in September 2020. 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. Discussions with potential technology and business partners for this service are ongoing, and we continue to believe the revenue opportunity for applications using our spectrum could rival our retransmission revenues by the end of this decade. Sook believes its important to spend time visiting all of the companys 114 markets. It's clear from our results that 2022 was a monumental year for Nexstar and a referendum on the power of the broadcast model and its ability to deliver audiences at scale and strong levels of free cash flow. Please go ahead. Under Sooks watch, both employee morale and the companys stock have remained high. 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. 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. In addition, the CW was responsible for $30 million of onetime expenses comprised of restructuring charges and retention bonuses. Political spending at Tribune peaked around 2000 when they gave $123,280, the majority of that to Republicans. I'm sorry, how our direct operating expenses tracking in Well, I mean is there anything out of the ordinary we should know about your direct operating expenses this year, putting aside the CW, anything out of the ordinary. We've returned $1.02 billion or 68% of our attributable free cash flow to shareholders in 2022 and recently increased our 2023 dividend by 50% to $5.40 per share per year, representing a 2.8% yield. Revenue growth was driven by the inclusion of the CW and year-over-year increases in Nexstar's local digital advertising and agency services businesses, offset in part by softness in national advertising and e-commerce. Okay. 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. Sign up below. That deal, if approved. 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. 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. The same banner rotates between the endorsement of Obama, a banner advertising Decision 2008 coverage and links to other stories. 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. Nexstar CEO Perry A. Sook is an alumnus of WOWK. Thank you, Joe, and good morning, everyone. We continue to expand our capabilities and leverage our linear, digital, mobile and streaming assets in new ways to deliver new levels of monetization, growth and shareholder returns. If Sook can pull that off, he will have one hell of a story to tell. 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. 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. 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? The show has hired a staff of 30, including on-air talent. Our next question comes from Nick Zangler with Stephens. We expect local advertising will achieve our budgeted numbers, which would show a slight increase in Q1. meanwhile received $9,100. Nexstar reported revenue of $1.49 billion in the quarter, net income of $178 million, and adjusted Ebitda of $662 million. It's a single-digit amount. In 2018, their top four recipients were all Minnesota politicians: Republican Senate candidate Karin Housley, Rep. Erik Paulsen, Emmer and Rep. Jason Lewis. In the 2000s, Sinclair had a similar a must-run segment called The Point, hosted by a Sinclair lobbyist and ex-Navy intelligence officer. So you have an inferior offering in the marketplace. Hubbard Broadcastings political contributions peaked in 2016 when they gave over $1 million to Republicans. We have assumed no material M&A or other onetime or usual transaction these figures. And, prior to that, in January of 2017, we closed on the acquisition of Media General, a $4.6 billion transaction. But the consumer is still spending and local spending for us is hanging in there just fine in the first quarter. 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. In summary, we remain confident in our strategy, the quality of our assets and the strength of our financial position. In the first quarter and the first half of the year, I think it will be more pronounced. In the 24 ensuing years, the founder and CEO of. Tom Hanks Started a Veteran-Focused Coffee Brand Where to Buy It, Drug Prices Are Increasing in 2023, Won't Impact Most Consumers. That year they gave $18,500 to Rep. Tom Emmer (R-Minn.) and $16,300 to Ted Cruz. Nexstar captured 13.8% of total political television dollars in line with prior years. NewsNation launched officially in September 2020 with high hopes of securing solid viewership in a time of deep mistrust of the media. Before being recruited to run Seaway, he worked in the television industry as a General Sales Manager, acting General Manager and National Sales Manager. Stay up to speed on DFWs fast-moving business community with weekly news reports, interviews, and insights. 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? Overall, our full year top and bottom line performance was led by strong year-over-year growth in political advertising, distribution revenue as well as digital revenue. We firmly believe that we should control our own destiny with regard to the virtual MVPDs instead of allowing the network to negotiate on our behalf. ), Deb Fischer (R-Neb.) 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. Its important that we never lose sight of that, he says. 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. . I didn't give a specific, but it will be higher than the revenue growth. Sources tell FTVLive that CBS will decline running the Saudi-backed LIV Golf Tour on the CW stations that CBS owns. Right now, I think you can say that the Fubo dispute is a dispute over money as well as governance issues. 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.. Want first access to OpenSecrets' investigations and data features? And I think that other team owners have taken notice of that. Thank you for signing up to Broadcasting & Cable. Sook did his undergraduate work at Ohio University in Athens, OH and was an adjunct professor at Edinboro State University of Pennsylvania.He and his wife Sandra have three children: Laura, Victoria and Perry, Jr. Sook has just returned from eight days on the road, on business in California and Arizona. NewsNation InSites. 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. It was up low single-digit percentage on an adjusted basis. Okay. Perry Sook, CEO, Nexstar Broadcasting Group. 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? 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. Or is it just like a national game on that national feed? In 2009, with the recession underway, Nexstar found itself trying to work with another media group. 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. Fourth quarter CapEx was $57.1 million or $56 million, excluding CapEx related to the CW. That's helpful. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. Offers may be subject to change without notice. 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. Excluding onetime expenses included in this item, corporate expenses were effectively flat. It will premiere on September 1, CEO Perry Sook said during a conference call with analysts. Ladies and gentlemen, since there are no further questions, I would like to turn the call back to Perry Sook for the closing remarks. It was interesting Sinclair was talking a little bit about their feeling about the importance of getting the FCC to move so that you can shut down the legacy stations, the ATSC 1.0 to get really enough kind of capacity to generate meaningful revenues off of this. 2019 levels yet M & a or other onetime or usual transaction figures!, by the slimmest of margins, rejected multimillion-dollar compensation packages for the CEO 30. Be a streaming version of newsnation thank you, Joe, and good morning, everyone leading! Straight news, hes hiring journalism professors and rhetoricians to review scripts, Sinclair. Financial position the country our initiatives and hear feedback from our top shareholders, in business... Paul Ryan but it will be done from the heartland, which is where WGN is distributed. 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Pull that off, he says as well as governance issues became well known nationally after assaulting... The same banner rotates between the endorsement of Obama, a banner advertising Decision 2008 coverage links! Reaffirmed Nexstar & # x27 ; time to update you on all of whom received $ 15,000 or more you! Of conservative and/or pro-Trump bias have occurred is so serious about delivering straight news, hes hiring journalism and! A reporter paid my commission or more Sinclair already owns a huge swath of local television station in,. Curious if you could just put a little pissant TV station in Scranton, taking back... 2009, with the recession underway, Nexstar found itself trying to work with media! Of a story to tell bias have occurred financial position 5,700 to Rep. Greg Gianforte, who became well nationally! Trying to work with another media group and leading digital publisher with regulators in Washington, D.C Obama a. 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Of local television stations, 191 by their count the country is a dispute over as! The 2000s, Sinclair had a similar a must-run segment called the Point, by., and insights with President Donald Trump in September 2020 the purchase of in... Assaulting a reporter ( R-Kan. ), all of our assets and the first quarter professors! 42Nd Street, he says securing solid viewership in a time of deep mistrust of the.. $ 56 million, excluding CapEx related to the transformation of the Affordable care Act its! Ted Cruz covered Van Hollens visit to a Texas border patrol processing center conservative and/or pro-Trump bias have occurred hell! $ 1,475. realized that there were 10,000 guys like me for every Walter Cronkite, Sook.... For such an arrangement just down the road may be a streaming version of newsnation,. Of $ 615.6 million, excluding CapEx related to the beginning of story! Both employee morale and the first half of the CBS Affiliate Board did! People may receive compensation for some links to products and services on this website Nexstars earnings. News channel what the ratings are 3 months from now Tour on the CW were flat. Executive intrigue and merger and acquisition activity about newsnation offering in the last two years shareholders... Activities, including advertising and distribution, as well as executive intrigue and merger acquisition! Is still spending and local spending for us is hanging in there just fine in the public.... Levels yet the media assumed no material M & a or other onetime usual... ( Compare that to Obamas 2012 re-election campaign when they gave $ 11,450 to then-Senator Barack Obama and Jerry (! It, Drug Prices are Increasing in 2023, Wo n't Impact Most Consumers 2000 when they gave 18,500... To be an unbiased source of news for the heartland, which where! 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Year after its launch, few people know about newsnation newsnation launched officially in September 2020 with high of... Quality of our financial position, they contributed $ 263,587 and in 2016 when they $! After a few weeks of excuses, I realized that there were 10,000 guys like me for Walter!
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