And I think you'll see, again, in 2023, some test cases and use cases that will be developed that again is -- we'll be seeing this forward progress in the development of ancillary revenues from NextGen TV spectrum. Hubbard Broadcasting owns the radio station that ran the Jason Lewis Show before Lewis became a congressman. Copyright 2023 Market Realist. NY 10036. We have a strong balance sheet with low leverage and excellent short-term visibility with multiple long-term material growth initiatives. 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. Auto is likely a multiyear tailwind as we continue to push to normalization, which would require SAAR levels back in that 17-ish million dollar -- or million unit range back in pre-COVID era? There was a problem. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. Because of the lack of information until now, the research analysts that cover us have had a variety of ways of showing our numbers. In addition, Nexstar's digital properties provide innovative digital marketing solutions and services to local and national media companies, advertisers, agencies, and brands. 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. Great. Sook said the rebrand of WGN America as NewsNation will take effect on Monday and he said the cable network "far exceeded budgeted expectations" in 2020. Well, I don't think because other networks might be listening. Please refresh the page and try again. The company also spent $390,000 lobbying during this period and employed a former chief counsel to Sen. John Cornyn (R-Texas) and a former deputy staff director for Sen. Chuck Schumer (D-N.Y.) as lobbyists. And they say, the locals. And by the end of April, we will have a program schedule that will be News 24/5. Core television advertising decreased 3.3% year-over-year. We're extremely pleased to see auto, our largest advertising category in terms of dollars spent, maintain its growth trajectory for the second consecutive quarter, increasing 23.5% over Q4 of '21. And as in the past, we will provide the results of that process in our annual proxy statement. 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. Its not that his work has gone totally unappreciated. He is past Chairman of the CBS Affiliate Board. Increased expenses were offset by a reversal of an accrual due to a settlement in connection with our distribution agreement renewals. So maybe as expected, Tom, hoping we could just unpack some of the things you went through on retrans a little bit. Washington, Global Edition. A recent graduate of the University of Oklahoma Weitzenhoffer School of Musical Theatre, Perry now lives in New York City, but loves performing . On the strategic side, we acquired a 75% interest in the CW network for no purchase consideration, adding a national broadcast platform to our portfolio, another asset in addition to NewsNation and ATSC 3.0 that will be capable of contributing long-term outsized growth to the company. 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. So if it were all at risk, that's the number that you're talking about. 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? As the largest local broadcaster, Nexstar is important to both our network partners and our MVPD partners, which provides us with a very strong negotiating position. And I've recently been at the FCC meeting with the commissioners as well as the Chairwoman. 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. That would be -- that is a perfect conduit for newsmakers, politicians and others to reach a national audience. 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. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. Stay up to speed on DFWs fast-moving business community with weekly news reports, interviews, and insights. It used to be that women were held to a little bit of a higher standard, Lewis said on the show according to CNN. 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. 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. 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. 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. Analysis / Bias I want my commission salespeople to be the, Nexstars $7.1 billion purchase of Tribune Media changed everything. Howard Strudler, Perry Sook, Rich Raaf, Alex Lunney, Steve Capozzoli 2. 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. Since we own 75% and control the CW, the CW is consolidated to our financial results. May The rebrand hinges on a down-the-middle. Sinclairs name recognition spiked after a Deadspin compilation synchronizing the biased news must-run segment went viral, but Sinclair has been distributing corporate speech through local news stations for years. But the leverage we expect to fall again in 2024, which will be a political year. Mr. Sook was here to talk about our ongoing efforts to support our local communities. Unfortunately, some members of the media use their platforms to push their own personal bias and agenda to control exactly what people think said the script. Is it still a little too early? You want to know what the distribution revenue was excluding the CW? I think that is absolutely necessary to advancement here. Learn about Article Alert. 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. Sook said advertisers have reacted positively to the networks news programming, paying the same cost per point in the scatter market as CNN. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. Sook also serves on the Board of Directors of Broadcast Music, Inc. 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. Speaking on Nexstars second-quarter earnings call Wednesday, CEO Perry Sook said a year after its launch, few people know about NewsNation. As a reminder, we typically spend less in CapEx in odd number nonpolitical years than political years. 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. Please go ahead. Yourcentralvalley.com, a Nexstar site affiliated with NBC covering Fresno, California, ran a story about Kevin McCarthys claims that California Democrats had fallen out of touch with voters. Do we know enough yet to know if it's a buyer's market? Some include the CW and some exclude it, creating some noise in our consensus estimates. That concludes the financial review for the call. So, there were challenges. 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. As always, the detail is provided in our reconciling schedules in the back. It will be based in Chicago and run out of Chicago, drawing on the backbone of those 5,400 journalists sprinkled around the country. And it will be absent of bias. We attribute our success during the record midterm cycle to the benefits of Nexstar scale and meticulous analysis and planning on a state-by-state and race-by-race basis, which has enabled us to nicely exceed the midpoint of our initial full year net political revenue guidance range between pro forma 2018 and 2020 levels. Okay. So it will be a record year. Sook believes in the notion that if a national story breaks in one of Nexstars locales, his gang of reporters will be first on the scene and report it through an impartial lensand America will love it. Segments like News Central and the Terrorism Alert Desk have been aired as must-runs at Sinclair-owned stations. And then on the reverse side, is there any change there to kind of the outlook that you gave a few months back? A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago. He is largely credited with forging in 1998 what was the first shared services agreement among American television stations. And then lastly, just on sports content. 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. Perry Sook - Chairman and Chief Executive Officer Tom Carter - President and Chief Operating Officer Lee Ann Gliha - Executive Vice President and Chief Financial Officer Conference Call. (Read the Station Group of the Year profile here.And had he had any less business acumen, industriousness and taste for greater rewards that makes for a good entrepreneur, he might be one today. Great. Before handing the call over to Tom, I want to briefly touch on a few updates on our organic growth prospects. 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. 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. His shoulders are big and broad and more befitting an NFL tight end than a 62-year-old CEO. By June, that time period was down to 28,000 viewers and 5,000 in the demo. Van Hollen appeared on another Your Voice segment in April 2018. 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. 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. Perry A. Sook has over 41 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. Even if the rip n read world fit him, the environment at the station did not. Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. And the one other one with NewsNation. Before Nexstar sealed the deal to acquire Tribune, Sinclair tried to make the same purchase. As one of the nation's leading providers of local news, entertainment, sports, lifestyle, and network programming, Nexstar produces and distributes over 275,000 hours of local content per year. 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. The CBS white feed, if you will, yes, you probably can see that game on that feed. We're about to begin our annual shareholder outreach initiative where we discuss our initiatives and hear feedback from our top shareholders. I would expect you'll see us do more deals as time goes on. I consent the use of my personal data in accordance with Future's. The report also contains disclosures for Nexstar as suggested for companies in the media and entertainment industry by Sustainability Accounting Standard Board, or SASB. Perhaps the most explicitly pro-Trump company in local television is Minnesota-based Hubbard Broadcasting. 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. But -- so there is revenue flowing from ancillary uses of our spectrum today. 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. And again, we want to make the CW a -- I mean, it has a distribution on par with the big 4. Visit our corporate site (opens in new tab). Mr. Sook was previously a member of the Board of Directors of the Television Bureau of Advertising (TVB), where he also served as Chairman. Thank you. Another $2,000 went to Sen. Orrin Hatch (R-Utah) and $1000 went to Sen. Kamala Harris (D-Calif.). "I really,. We required modesty from women. Nexstar's outstanding debt as of December 31, 2021, was $6.95 billion, down from $7.41 billion at year-end last year. 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. Yes, we are not back to 2019 levels yet. Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. 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. No spam, ever. Sook recalls running commercials with us holding up a penny and asking, Dont you think were worth a penny a day on your cable bill?, The Nexstar CEO felt he was on the right side of things and that cable customers would be willing to pay to get their local news content. They also gave $5,700 to Rep. Greg Gianforte, who became well known nationally after physically assaulting a reporter. (Bredeson was Blackburns opponent in the 2018 Tennessee Senate race.) Nexstar Media Group subsidiary Nexstar Media Inc. has acquired political news outlet The Hill in a $130 million deal, the company announced Friday. In summary, our record 2022 financial results reflected continued performance across our key near-term growth areas, including distribution, political advertising, new local direct advertising and digital with even more to drive growth ahead of us. We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. 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 speaking to you again soon when we report our first quarter 2023 results. Nexstar Media Group, Inc. (NXST) SEC Filing 8-K Material Event for the period ending Tuesday, February 28, 2023 Turning to political advertising. That's what's driving the buildout. To request permission for commercial use, please contactus. Presently, the CBS affiliate Board has recommended that CBS affiliates not opt into the agreement with FuboTV, a small virtual MVPD, and we have followed their recommendation. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. Today, broadcast television remains the only place for content creators, sports organizations, team owners and most importantly, advertisers to access local audiences at scale. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. 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. 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. Certainly, sports is 1 avenue that has never been pursued there before. Their political giving has since plummeted to $13,034 by 2018, all but $500 of which went to Democrats. Market Realist is a registered trademark. Before being recruited to run Seaway, he worked in the television industry as a General Sales Manager, acting General Manager and National Sales Manager. Okay. The pressure to perform and remain at the top once you're there? In 2023, we plan to allocate a portion of our free cash flow to reduce indebtedness, primarily from mandatory amortization payments. As always, with me on the call this morning are Tom Carter, our President and Chief Operating Officer; and Lee Ann Gliha, our CFO. Under Sooks watch, both employee morale and the companys stock have remained high. I know that was also, I think, mid-teens at that point. 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. Perry Sook has a really good story to tell. Core advertising revenue was $478 million (down 3.3 percent year over year), while political advertising revenue was $266 million (up 1,307 percent). Nexstar staffers handed out rabbit-ear antennas so customers could circumvent the cable company and still get the stations on-air broadcasts. And as in the past, we want to briefly touch on a few updates on organic. 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