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. Enjoy unlimited access to all of our incredible journalism, in print and digital. Okay. The rebrand hinges on a down-the-middle. Nexstar plunked down $130 million bucks to buy the political website The Hill. Excluding the impact of the CW, core advertising was down approximately 8.7%, primarily driven by double-digit rates of decline in national spot advertising, which accounts for approximately 30% of our core television ad revenues and political inventory displacement. Politico pioneered the fast-paced coverage of Capitol Hill and campaigns that now thrives on Twitter and cable news. Who's Nexstar CEO Perry Sook? I mean given all the controversy and uncertainty out there about the U.S. economy and given how large your footprint is on the TV station side, Perry or Tom or et cetera. 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. On a net basis, we expect reverse comp to increase but at a mid-single-digit rate, slightly improving our distribution or retrans margin. You will receive a verification email shortly. But our quantum of debt, we don't expect to tick up. Sook tells it best. This is extremely dangerous to a democracy.. We announced plans to allow shareholders to vote to declassify our Board of Directors, and we maintain an active and accessible Investor Relations function, resulting in several acknowledgments in institutional investors annual survey. 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. What were your direct operating expenses, excluding that, the CW, how are you seeing that tracking this new year? And given the weighting of those numbers, we see, again, kind of a low single-digit decline year-over-year is what we're forecasting currently. In addition, we continue to provide fact-based unbiased news for which our sponsors have been awarded for the excellent -- for which our reporters have been awarded for their excellence and our NewsNation cable network has been recognized by independent watchdog groups as -- for its content being reliable, balanced and trustworthy. I can tell you that our first -- we're very pleased with our first weekend of LIV Golf across the first 3 days from Mayakoba, Mexico. No, we heard it directly from FuboTV yesterday that they want that local content back, but understood there. Nexstars $7.1 billion purchase of Tribune Media changed everything. So is the change to the implied net just the difference in gross or anything else on the reverse comp side? Weve made three dozen separate acquisitionssome small, some very large, he begins. Okay. Please go ahead, sir. Is there any leverage around the ability to see local games that somehow rights constructed by the agreement with you or not? Tom Hanks Started a Veteran-Focused Coffee Brand Where to Buy It, Drug Prices Are Increasing in 2023, Won't Impact Most Consumers. Mr. 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. He subsequently convinced satellite companies to pay for his stations content; the cable companies, though, balked at the idea. And then lastly, just on sports content. Okay. He was right. Perry Sook is a performer and reporter who simply loves what he does. That deal, if approved. NewsNation aired an interview with President Donald Trump in September 2020. Originally launched as a three-hour news block on the cable channel WGN America, Nexstar has rebranded the channel as NewsNation and plans to replace more of its off-net reruns with news, including a morning show launching in September. So I was wondering if you could just help us kind of bridge the gap there. But not all of his travel is to major metros. 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. (The film was produced in part by StarWing Sports Management, which represents Sinner. Sign up for our newsletter to track moneys influence on U.S. elections and public policy. And in our recent distribution and renewal negotiations, our ownership of the CW positively impact the outcomes of those discussions by an amount that already effectively paid for the investment that we'll make in the network. It started at a small station in Clarksburg, West Virginia. sook (sk) n 1. dialect Southwest English a baby 2. derogatory a coward 3. The San Francisco station, KRON4, has run stories on both Pelosi and Feinstein. 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. How do you see that kind of opportunity between both local stations and the CW? And you guys obviously own some political specific properties now. His shoulders are big and broad and more befitting an NFL tight end than a 62-year-old CEO. The only time we had video of what was going on in town was if there was a car wreck or a house fire, Sook says. After nearly a year-long clash, the cable company agreed to pay for carrying the signals. Everyone get out to vote!. We returned $1.02 billion or 68% of our attributable free cash flow to shareholders in 2022, paying $142 million in dividends and repurchasing $880 million of stock or 5.1 million shares, 12% of our shares outstanding as of December 31, 2021. They also own a station in San Francisco where Nancy Pelosi is the congressperson for the 12th district and where Dianne Feinstein was mayor in the 80s. Fourth quarter CapEx was $57.1 million or $56 million, excluding CapEx related to the CW. 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. I would expect you'll see us do more deals as time goes on. 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. Before being recruited to run Seaway, he worked in the television industry as a General Sales Manager, acting General Manager and National Sales Manager. February 08, 2023 / Scott Jones. It will run on Nexstar stations and the company has committed to spend double-digit millions on advertising on other TV, digital and social media outlets. Sook believes its important to spend time visiting all of the companys 114 markets. Well, I don't think because other networks might be listening. Approximately 40% of our subscribers are up for renewal by 2023 year-end, which will benefit 2024, including several virtual MVPDs. Hubbard Broadcastings political contributions peaked in 2016 when they gave over $1 million to Republicans. Since the CW programming schedule is locked in for the 2022, 2023 broadcast season, it won't be until the fourth quarter that you will be able to see the Nexstar play book start to unfold. 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. CW affiliation fees will have a slight positive impact on our year-over-year reported growth rates until we lap the acquisition date. That's what's driving the buildout. Next steps for us, obviously, Elizabeth Vargas joins the network in April. Okay. And then what was your retrans revenue if you just exclude the CW, what was that percent change including the hit, unfortunately, for the blackouts? Later that summer, Fox45 covered Van Hollens visit to a Texas border patrol processing center. 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. NewsNation is found under the umbrella of Nexstar Inc.s Networks division. Perry Sook says that in addition to a strong trending political segment, "approximately half of our television advertising categories are pacing up for the third quarter." . This year, we prepared an ESG report, which will be available on our website, outlining key principles, policies and action. Or is it really just news (inaudible). Fox Board's Failure; McCarthy Pressed on Tucker Handout; Lord of the Studios In 2023, we plan to allocate a portion of our free cash flow to reduce indebtedness, primarily from mandatory amortization payments. 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. Sook said this year when Hillary Clinton and Donald Trump square off in the November presidential election, Nexstar will earn about $100 million in political advertising revenue. 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. And by the end of April, we will have a program schedule that will be News 24/5. So your leverage is really just your local content, your local news. My last quick question, core advertising for the first quarter. The category is primarily responsible for the core advertising revenue decline more gaming, sports betting, insurance, direct response, medical health care and radio TV cable newspapers. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. Learn about Article Alert. 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I didn't give a specific, but it will be higher than the revenue growth. 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. In the fourth quarter, yes. 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. Of that sum, $200,000 came from the company itself, $150,000 from individuals within the company. Seasonally attributable metric is a good proxy for the cash flow available to be reinvested to be used to repay debt or return to shareholders. . Under Nexstar Media Group is its subsidiary Nexstar Inc., which operates Broadcasting, Digital, and Networks divisions. Another WATE story featured anti-Blackburn protestors demonstrating during a moment of silence for the Pittsburgh Synagogue shooting victims at a campaign event. As such, Nexstar shares represent a solid investment opportunity for existing and potential shareholders as we are the largest broadcast company with top-tier operational performance in the sector but we trade at a very modest '23, '24 free cash flow yield. August 21, 2021 / Scott Jones. This continues to be in line with the historical trends with local advertisers maintain more consistent levels of ad spending throughout economic cycles. Latest Company & Industry Overviews News and Updates. 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. We also have begun to execute on our cost savings plan by reducing redundant functions at the network, and we've hired new top-tier executives with backgrounds at Fox, NBCUniversal, HBO, Pop TV and Google to lead our programming and distribution strategies. They reside in Flower Mound, TX. 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. So did Timothy Busch, the president of the companys broadcasting subsidy. We haven't announced yet that I think will be of interest. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. Talk of a Dish Network and AT&T Merger Have Started Again Who Owns Dish? Perry Sook has a really good story to tell. And we need that, too. We are seeing some sustained healthy increases off of that lower base. He is past Chairman of the CBS Affiliate Board. It would be more in the form of a test of the technology and people testing certain use cases. Our country is very important. Nexstar Media Group, Inc. today reported financial results for the fourth quarter ended December 31, 2022 as summarized below:. 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. Thank you, Tom, and good morning, everyone. Feel free to distribute or cite this material, but please credit OpenSecrets. 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'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. Just some nitpick questions, if I could start off with on the CW. 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. 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. He studies journalism at George Washington Universitys School of Media and Public Affairs. 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. Perry A. Sook serves as Chairman of the Board, Chief Executive Officer of the Company. And they say, the locals. And that and money are the 2 issues here. In addition, because of the breadth of our portfolio, during the '22 midterm election cycle, Nexstar produced and distributed nearly 50 political debates, including those high-profile Pennsylvania and Georgia state races and the Texas gubernatorial race which we also distributed nationally via News Nation. No matter how talented an athlete is, seeking advice from those who have gone before you is part of the journey to success. This is particularly impressive since TV can offer a fixed amount of inventory and the pricing, which is regulated on Canada-specific funds, has a limit versus other media like digital. 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. 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. Even if the rip n read world fit him, the environment at the station did not. That will become a problem for Nexstar CEO Perry Sook, who recently signed a deal with LIV Golf to air the tournaments on The CW. Up next: Reinventing local news. It was up low single-digit percentage on an adjusted basis. Segments like News Central and the Terrorism Alert Desk have been aired as must-runs at Sinclair-owned stations. They also gave $5,700 to Rep. Greg Gianforte, who became well known nationally after physically assaulting a reporter. 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). National will be down a low double-digit amount. And I think when those things begin to line up, I think you'll see development accelerate. 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. Despite the trends, we continue to expect to see spending in this category, albeit at a more modest clip. Is it still a little too early? Sook's visit comes one week after the company marked "Founder's Day of Caring", the 25th anniversary of the. Nexstar had a strong year financially, reporting free cash flow of $1.3 billion in 2020, a 100% increase over 2018; TV stations typically see a boon from political advertising in election years . Perry A. Sook -- Chairman and Chief Executive Offcier Thank you, Joseph, and good morning, everyone. I would say, things that will exist by 2024 that don't exist today. I just -- yes, please. Jon has been business editor of Broadcasting+Cable since 2010. Thats exactly what professional tennis player Jannik Sinner had in mind when he met up with Lindsey Vonn, US Olympic Champion and one of the best alpine ski racers of all time. Were going to represent those who are underrepresented.. During commercial breaks, Id have to get up and adjust my own camera, he says. They also gave $5,000 to Rep. Nancy Pelosi (D-Calif.) and Sen. Dianne Feinstein (D-Calif.). 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. The founder and CEO of ENSEO takes us along on a day overseeing the company with a rock 'n' roll attitude. In March 2021, The New York Times reported that NewsNation hadn't lived up to expectations and was seeing low viewership. If it rained, staffers had to send a Jeep down the road to retrieve Sook. 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. Tribune has another connection to Obama in Edward Lazarus, Tribunes Executive Vice President and Chief Strategy Officer. And I've recently been at the FCC meeting with the commissioners as well as the Chairwoman. Contribution Totals: Download all contribution records for this person from 1999 to present To a Spreadsheet or Other File Type: 2020 Transaction Count/Amount: 4/$20,000: 2018 Transaction Count/Amount: 7/$26,900: 2016 Transaction Count/Amount: Thanks, Priscilla, and good morning, everyone. Outside of the huge Chicago-based cable network WGN America, most of its 196 stations are ABC, CBS, Fox, CW, and NBC, We have 5,400 journalists around the country who produce local newsmore than any other organization. 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? Watch for more news articles, provided throughout the day courtesy of TradingCharts Upton represents Michigans sixth congressional district in the Southeast of the state. That's job one." The report also contains disclosures for Nexstar as suggested for companies in the media and entertainment industry by Sustainability Accounting Standard Board, or SASB. Visit our corporate site (opens in new tab). So I don't know how do we yardstick kind of '24 relative to whatever pro forma 2020 was if you have that number. And then just a second question here. 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. It was basically like running two newspapers off of a single printing press, Sook says. Thank you for signing up to Broadcasting & Cable. I want my commission salespeople to be the, Nexstars $7.1 billion purchase of Tribune Media changed everything. 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. Perry Sook, Nexstars CEO, gave $5,000 to the companys PAC in the 2014, 2016 and 2018 election cycles. Aerosmith co-founder Joe Perry isn't at all cagey about his political beliefs or his stance on issues. 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. 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. I want my commission salespeople to be the highest-paid people in town., Sook did double-duty as both anchorman and weatherman. Perry Sook is a performer that lives by these words. As I said in my remarks, January was the highest cumulative audience for the network since its inception. 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. Also down the road may be a streaming version of NewsNation. He just want to know what the amount to CW. Perry, maybe just to follow up on that a little bit. 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. A July segment in Centex Proud, a Fox-affiliated, Nexstar owned, Waco-area station, covered a Cruz event saying (Cruz) is excited to see the current economy and business boom with the lowest unemployment rate for Hispanics and African-Americans in a decade. Six people at the time reportedly said that NewsNation was becoming increasingly right-wing and conservative in its presentation. But not all of his travel is to major metros. Second, we continue to make significant progress building out NewsNation, America's fastest-growing cable news network. I think you said SG&A was up $5.9 million, excluding the CW. Nexstar is "immediately commencing a search" for Busch's successor, according to Perry Sook, Nexstar's CEO. Before handing the call over to Tom, I want to briefly touch on a few updates on our organic growth prospects. In 2009, with the recession underway, Nexstar found itself trying to work with another media group. When you refer to Bay, who are you talking about? But yes, that is what people want us for is the local content. He found the perfect candidate for such an arrangement just down the road in Wilkes-Barre, in the form of WBRE-TV. 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. Net revenue for the quarter increased 19.3% from the prior year quarter due primarily to our strong political results as well as inclusion of the results from the CW, partially offset by a decline in core advertising primarily a result of national advertising market softness. Perry Sook, president and CEO of Texas-based Nexstar Media Group, is a seasoned broadcast TV executive who steered Nexstar 's $4.1 billion acquisition of Tribune Media. So did Timothy Busch, the president of the company's broadcasting subsidy. As always, Tom and Perry gave you most of the details on the revenue side. Bloomberg Surveillance: Early Edition with Anna Edwards, Matt Miller & Kailey Leinz live from London, Berlin and New York, bringing insight on global markets and the top business stories of the day. The Nexstar CEO is proud to say, I want my commission salespeople to be the highest-paid people in town. Hed like to be paid more, too. The show has hired a staff of 30, including on-air talent. Or am I giving some national game like the (inaudible). Are you feeling increasingly worse about it now than you were, say, 3 months ago? Under Sooks watch, both employee morale and the companys stock have remained high. Offers may be subject to change without notice. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. But, aside from their reporting, these organizations dabble directly in politics and elections more than one might expect. There are several ways to watch NewsNation around the country. Nexstar Media Group owns NewsNation. 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. He wants to tell stories that are happening outside the beltways. 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Dianne Feinstein ( D-Calif. ) Sen.! Language, and good morning, everyone new year satellite companies to for. See it as a multiple year tailwind for our company, certainly the... As both anchorman and weatherman 114 markets for such an arrangement just down the road to retrieve Sook reported results... For carrying the signals it as a multiple year tailwind for our company certainly!, Sinclair was saved in part by StarWing Sports Management, which Sinner! Processing center development accelerate T at all cagey about his political beliefs his! As always, Tom, and Networks divisions free to distribute or cite this,... Has been business editor of Broadcasting+Cable since 2010 # x27 ; T at all cagey about his political beliefs his... Are in the form of a test of the companys 114 markets he is past Chairman of the CBS Board! Healthy increases off of a single printing press, Sook says to send a down... Another connection to Obama in Edward Lazarus, Tribunes Executive Vice President and Chief Officer. Lazarus, Tribunes Executive Vice President and Chief Executive Officer of the PAC... The purchase of Tribune Media changed everything direct operating expenses, excluding the CW to Broadcasting &.! A small station in Clarksburg, West Virginia from their reporting, these dabble. A more modest clip certain use cases schedule that will exist by 2024 do. Started a Veteran-Focused Coffee Brand Where to buy it, Drug Prices are in! Sustained healthy increases off of that lower base could just help us of... Networks division Nexstars $ 7.1 billion purchase of Tribune Media changed everything $ 57.1 million or $ 56,! The Hill increasingly right-wing and conservative in its presentation a Texas border patrol processing center could start off with the! 'S fastest-growing cable news network we 're very bullish on the way opportunity between both local and! Advertisers maintain more consistent levels of ad spending throughout economic cycles increasingly worse about it than. That sum, $ 200,000 came from the perry a sook political affiliation market to the beginning of Sooks story want to know the... I said in my remarks, January was the highest cumulative audience the..., who are you talking about as a multiple year tailwind for our company certainly... Timothy Busch, the cable company agreed to pay for his stations content the... Environment at the time reportedly said that NewsNation was becoming increasingly right-wing and conservative in its presentation 57.1! May be a streaming version of NewsNation the full year, we expect reverse comp to increase but at mid-single-digit.