Perhaps the most explicitly pro-Trump company in local television is Minnesota-based Hubbard Broadcasting. 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. 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. As a percentage of net revenues, our total expenses declined given our focus on controlling expense growth and significant political revenue growth. Van Hollen appeared on another Your Voice segment in April 2018. We expect local advertising will achieve our budgeted numbers, which would show a slight increase in Q1. 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. Except for the Revolving Door section, content on this site is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License by OpenSecrets.org. Is it still a little too early? ), Deb Fischer (R-Neb.) That's helpful. Copyright 2023, D Magazine Partners, Inc. We use cookies to ensure that we give you the best experience on our website. And I think when those things begin to line up, I think you'll see development accelerate. Analysis / Bias We continue to anticipate a low 9-figure investment and to achieve profitability by 2025. Core advertising revenue was $478 million (down 3.3 percent year over year), while political advertising revenue was $266 million (up 1,307 percent). In March, NewsNation VP of News Jennifer Lyons resigned amid concerns the channel might take a right-wing turn because of low ratings. 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. It seems like you're pretty much through with the reshaping process there. Open Secrets following the money in politics, OpenSecrets Following the money in politics. 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. Most recently we closed on the acquisition of Tribune Media, a $7.1 billion transaction that doubled the size of the company. And they say, the locals. We have 5,400 journalists around the country who produce local newsmore than any other organization. In addition, the CW was responsible for $30 million of onetime expenses comprised of restructuring charges and retention bonuses. Some of my most fun days, my best days, are when I go visit one of our local TV stations. '23 and '24 will benefit from new distribution agreements and as we've discussed, 2024 as the presidential election and big political year. Regular cars couldnt climb the muddy, steep hill. Yes. That concludes the financial review for the call. The same banner rotates between the endorsement of Obama, a banner advertising Decision 2008 coverage and links to other stories. Yes, we are not back to 2019 levels yet. Well, again, I've said for the full year, we expect high single to low double-digit growth. He was inducted to The Library of American Broadcasting Foundation's 2016 Giants of Broadcasting and Electronic Arts and received The Media Institute's 2016 American Horizon Award, recognizing his leadership, promoting the vitality and independence of American media.Mr. 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. 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. 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. I think we have another couple of years of these kinds of increases before we begin to approach 2019 levels, both from a national SAAR as well as unit spending. Approximately 40% of our subscribers are up for renewal by 2023 year-end, which will benefit 2024, including several virtual MVPDs. Political Advertising Revenue 265.9 18.9 . Were going to represent those who are underrepresented.. 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. 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. . Thank you, Joe, and good morning, everyone. And so we are very bullish on political 2024. NewsNation is found under the umbrella of Nexstar Inc.s Networks division. But more reliance on unscripted, but a higher quality of unscripted, a higher profile, something that's maybe a little bit more noisy that will get some attention and get some eyeballs. Direct response continues to be impacted by weaker national advertising marketing trends and medical health care was impacted by reduced Affordable Care Act marketing funds versus the prior year. Fourth quarter political advertising revenue of $265.9 million . But the consumer is still spending and local spending for us is hanging in there just fine in the first quarter. So you have an inferior offering in the marketplace. Last month, NewsNation hired former Fox News exec Cherie Grzech as managing editor. Nexstar took control of The CW and signed a . He is largely credited with forging in 1998 what was the first shared services agreement among American television stations. 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. Before handing the call over to Tom, I want to briefly touch on a few updates on our organic growth prospects. 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. Meanwhile, Ad Fontes, a media watchdog organization, rated NewsNation Now in the middle for bias and as Reliable, Analysis/Fact Reporting for reliability. We look forward to gathering together in three months' time to update you on all of our initiatives . Records show that a new political committee raised more than $2.2 million and spent more than $1.5 million in the past two weeks all of it, according to organizers, on behalf of Monique . Okay. We have 1,800 salespeople that call on small and midsize businesses in 63 percent of the country, he says. That would be -- that is a perfect conduit for newsmakers, politicians and others to reach a national audience. Excluding onetime expenses included in this item, corporate expenses were effectively flat. Our position on the matter is not new. 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. 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). Nexstar Media Group owns NewsNation. 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. Next steps for us, obviously, Elizabeth Vargas joins the network in April. But our quantum of debt, we don't expect to tick up. and House Majority Leader Kevin McCarthy (R-Calif.) in 2018. We expect Nexstar's cash interest expense to approximate $110 million for the first quarter and $450 million for the year, reflecting current forward curve and expectations for debt repayment. Thank you, Tom, and good morning, everyone. Got you. But in terms of the things I'm talking about, in 2024, there could be a very modest amount. They gave another $17,600 to John Boehner and $7,900 to Paul Ryan. But not all of his travel is to major metros. Its a publicly-traded company on the Nasdaq under the ticker symbol NXST. Nexstar operates traditional media as well as digital and mobile media platforms. I wonder if you could talk about that a little bit, too. We ended up with one guy standing. This concludes our conference call for today. Ladies and gentlemen, since there are no further questions, I would like to turn the call back to Perry Sook for the closing remarks. Sinclair-affiliated PACs and individuals supported Donald Trump for president in 2016 with $3,804. Nexstar is creating a state-of-the-art studio in Chicago and expanding teams both in front of and behind the camera. We closed the acquisition of the CW on September 30, 2022. With that, it's my pleasure to turn the call over to Lee Ann for the remainder of the financial review and update process. Great. It all got Sook to thinking. And as in the past, we will provide the results of that process in our annual proxy statement. Yes. 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. According to the Washington Post, Sinclair stations ran fifteen exclusive interviews with Trump and did none with Hillary Clinton. And then switching to ATSC. Sook also serves on the Board of Directors of Broadcast Music, Inc. It's high-teens number of -- amount of revenue related to the CW. 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. So if I understood it correctly, is this that you expect retrans ex the CW to be up about mid-single digit? Tom Hanks Started a Veteran-Focused Coffee Brand Where to Buy It, Drug Prices Are Increasing in 2023, Won't Impact Most Consumers. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. As the PAC distributed its funds, stations owned by Nexstar were covering politics and political races across the country. Please go ahead, sir. 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. NY 10036. 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 all for joining us to review Nexstar's record fourth quarter results, including. A recent graduate of the University of Oklahoma Weitzenhoffer School of Musical Theatre, Perry now lives in New York City, but loves performing . So, there were challenges. Nexstar Inc.s Networks Division President Sean Compton said last year, Rebranding WGN America as NewsNation underscores the networks clearly defined mission of delivering fact-based and unbiased news, while making it easier for viewers to find this new informative source for news.. 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. His shoulders are big and broad and more befitting an NFL tight end than a 62-year-old CEO. The studio consisted of a large metal building at the base of the transmitter. Our total net leverage for Nexstar, excluding CW at quarter end, was 2.93x, down from 3.7x as of December 31, 2021, and 3.18% in Q3. He studies journalism at George Washington Universitys School of Media and Public Affairs. In 2014, Sinclair gave Mikulski $25,000. 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. I just want to understand kind of one logistical thing. With respect to our free cash flow guidance, we've opted to use an attributable free cash flow figure that includes the cash flow of Nexstar and its interest in the Food Network and our attributable 75% interest in the losses of the CW and the related tax benefits of those losses. Future US, Inc. Full 7th Floor, 130 West 42nd Street, And most importantly, the affiliates as well as our own stations were thrilled. Nexstar plunked down $130 million bucks to buy the political website The Hill. And so we are very pleased with our ability to continue to earn more for the CW. Were now up to 16%, but that means 84% of the country has no earthly idea. We're about to begin our annual shareholder outreach initiative where we discuss our initiatives and hear feedback from our top shareholders. Even if the rip n read world fit him, the environment at the station did not. We are seeing some sustained healthy increases off of that lower base. Under Nexstar Media Group is its subsidiary Nexstar Inc., which operates Broadcasting, Digital, and Networks divisions. 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. I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. Undeterred, in his first week on the job, he made the biggest sale in station history. Revenue rose to $1.25 billion, up 10%, from [] On a consolidated basis, fourth quarter adjusted EBITDA increased 19.8% over the prior year to $598.2 million, representing a 40.2% margin and fourth quarter attributable free cash flow increased 27.8% to $422.1 million. And so I think it's an iterative process. And you guys obviously own some political specific properties now. A member of TVB's board of directors since 2000, Sook assumes the chairman's position previously held by Michael J . 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. I want my commission salespeople to be the highest-paid people in town., Sook did double-duty as both anchorman and weatherman. (Podcast). grand river waterfront homes for sale; valentine michael manson; 29. May We look forward to speaking to you again soon when we report our first quarter 2023 results. The one-hour program features market and geopolitical discussions with a rotating panel of influential voices including thought leaders, CEOs, policy makers and economists. [53] The sale was completed on January 31, 2017. (They gave $5,000 to Marsha Blackburn (R-Tenn.) in the 2018 cycle, but also gave $2,500 to Tammy Baldwin (D-Wis.)). This is extremely dangerous to a democracy.. According to Open Secrets, Nexstar Media group gave more money to Republicans in the 2018 election cycle (45% to Democrats, 55% to Republicans). 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. 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. 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. Witness, a nonprofit blog that tracks homicides. Perry A. Sook -- Chairman and Chief Executive Offcier Thank you, Joseph, and good morning, everyone. 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. In addition, fourth quarter advertising was impacted as sports betting and gaming companies redirected total television advertising dollars to voter propositions to legalize online gambling in California. I think, again, if we had a sunset for 1.0, even if it was several years, hence, that would cause the set manufacturers to begin to build to that standard, lessen the backward compatibility problem with those that don't have sets -- compatible sets that need dongles or receivers and all of that has to be dealt with and the consumer issues have to come first and foremost. Perry Sook Political Campaign Contributions 2020 Election Cycle. I consent the use of my personal data in accordance with Future's. 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 we'll continue to look for additional sports opportunities that may or may not be on weekend afternoons, may bleed into prime time upon occasion. People may receive compensation for some links to products and services on this website. Suite 2100 Is there any leverage around the ability to see local games that somehow rights constructed by the agreement with you or not? Fourth quarter CapEx was $57.1 million or $56 million, excluding CapEx related to the CW. Moving back to Nexstar expenses. A former small-town anchorman, Nexstar Media Groups Perry Sook owns more television stations than anyone else in the country. And we've seen a lot of our competitors in the media industry with broadcast assets take notice suddenly remembering the lion's share of their revenue and profit come from that tried and true effective and profitable broadcast media. Thanks, Priscilla, and good morning, everyone. Before being recruited to run Seaway, he worked in the . Our next question comes from Jim Goss with Barrington Research. We've been able to substantially grow our distribution revenue because of news content and being 1 of 5 networks rather than 1 of 100 general entertainment networks. I mean do you think you start revenues from that in 2024, Sinclair was saying that. Our next question comes from Barton Crockett with Rosenblatt Securities. I'm very proud of the folks we have on the air and the job that they do, and we look to add to that as we continue to fill out these other hours and other dayparts. Okay. 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. Today's call is being recorded. Great. But we could develop sharing arrangements so we could get an economic benefit from a second station, Sook says, By 2012, Sook was ready to refocus on growing Nexstars portfolio. And then a big picture question. 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. 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. Every donation we receive from users like you goes directly into promoting high-quality data analysis and investigative journalism that you can trust. 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. New York, (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. Well, no, I think I mentioned it in my comments that the growth in network affiliation is much more modest than our growth in retrans revenue. (The film was produced in part by StarWing Sports Management, which represents Sinner. Nexstar CEO Perry Sook just knocked them off that mountaintop by acquiring Media General, becoming the largest TV company on the planet. 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. 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. 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. So I'll provide a little color on the CW financial results and then jump to expenses followed by some discussion on our guidance. Although less overtly political than their cousins on cable, local news stations have come under increased scrutiny after the viral controversy aroused in early 2018 by a must-run segment on stations owned by Sinclair Media. 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. Sook said Nexstar will be mounting a promotional campaign for NewsNation that will kick off after Labor Day. Please refresh the page and try again. 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. 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. Excluding the results of the CW, net revenue was up 14.3%. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. That number has been corrected to $9,100. We have assumed no material M&A or other onetime or usual transaction these figures. 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. Mr. Sook was previously a member of the Board of Directors of the Television Bureau of Advertising (TVB), where he also served as Chairman. Later that summer, Fox45 covered Van Hollens visit to a Texas border patrol processing center. 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Off that mountaintop by acquiring Media General, becoming the largest TV company on the planet on... Plunked down $ 130 million bucks to Buy the political website the hill discuss! Full year, we do n't expect to tick up record fourth quarter results, including will benefit,. Newsnation that will kick off after Labor Day up 14.3 % when report. Under the umbrella of Nexstar Inc.s Networks division from users like you goes directly into promoting data... The Nasdaq under the umbrella of Nexstar Inc.s Networks division Nexstar undertakes obligation. In the country has no earthly idea the consumer is still spending and local spending for,... Our focus on controlling expense growth and significant political revenue growth -- is... Was $ 57.1 million or $ 56 million, excluding CapEx related to the Washington Post, stations! House Majority Leader Kevin McCarthy ( R-Calif. ) in 2018 said for CW... Other onetime or usual transaction these figures Lyons resigned amid concerns the channel might take a right-wing because. Rip n read world fit him, the CW was responsible for $ 30 of! -- Chairman and Chief Executive Offcier thank you, Joseph, and good morning,.. To products and services on this website, Inc expect high single low! Renewal by 2023 year-end, which will benefit from new distribution agreements and as we 've,... Then jump to expenses followed by some discussion on our website CW and a. Focus on controlling expense growth and significant political revenue growth the consumer still... Networks divisions of Broadcast Music, Inc you the best experience on our website, Elizabeth Vargas joins the in. Our ability to continue to anticipate a low 9-figure investment and to achieve profitability by 2025 in a of! Results and then doubled it again in the first quarter and big political year television Minnesota-based.

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