Nexstar Media Group subsidiary Nexstar Media Inc. has acquired political news outlet The Hill in a $130 million deal, the company announced Friday. Could you talk a little bit about how else you are going to try to navigate that process of changing the content and publicizing the changes in the content to attract the desired audience since that transition could pose its own challenges? He is past Chairman of the CBS Affiliate Board.Mr. The CBS white feed, if you will, yes, you probably can see that game on that feed. How should we think about your willingness to trade off in kind of prime time sort of programming, like how are we thinking about either from a CPM or a viewership perspective, if you wanted to put stuff on CW sort of that trade-off between sort of traditional programming and sports? Politico pioneered the fast-paced coverage of Capitol Hill and campaigns that now thrives on Twitter and cable news. We haven't announced yet that I think will be of interest. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. Jennifer Nettles & Kristian Bush of Sugarland 6. Not bad for a guy who first got into the television business as a small-town anchorman. But we're very bullish on the prospects and think these things are in the queue and on the way. There was a problem. Future US, Inc. Full 7th Floor, 130 West 42nd Street, There was a time when Nexstar CEO Perry Sook said that his company was all about being local and that was the most important thing. 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. He is largely credited with forging in 1998 what was the first shared services agreement among American television stations. ), Deb Fischer (R-Neb.) In each of those cycles since 2010, they gave at least two-thirds of the money to Republicans. Fox Board's Failure; McCarthy Pressed on Tucker Handout; Lord of the Studios For those with a cable subscription package, NewsNation might be included in the subscription offerings, and NewsNations channel finder can locate the correct channel. 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. Full year net revenue, adjusted EBITDA and attributable free cash flow reached new all-time highs. Starting with core advertising with our portfolio of strong national and unparalleled local broadcast, we believe that Nexstar has the ability to improve our core advertising by uniting our go-to-market strategies under the 1 united Nexstar platform using data-driven strategies to achieve our clients' objectives. 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. 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. For all the factors are enumerated by Perry and Tom, we are excited about the prospects for 2023 and remain confident in our ability to enhance shareholder value and deliver on our new pro forma annual -- average annual attributable free cash flow guidance for 2023, 2024 cycle of approximately $1.25 billion, including $90 million of attributable losses and associated tax benefit in connection with our ownership interest in CW.Comparing this to our original 2022, 2024 guidance of $1.4 billion, for the 2023, 2024 average, we have about $110 million more interest expense given the movement in interest rates and a $90 million attributable loss for the investment in the CW. IRVING, Texas After a 36-year career in broadcasting, including the last 20 with Nexstar, Timothy C. Busch, Nexstar's president of Broadcasting, will retire as of June 1. That will be followed by Tom's operations review and Lee Ann's financial review, and then we'll open the call for questions from you. The studio consisted of a large metal building at the base of the transmitter. And I've recently been at the FCC meeting with the commissioners as well as the Chairwoman. NewsNation launched officially in September 2020 with high hopes of securing solid viewership in a time of deep mistrust of the media. RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. In the first quarter and the first half of the year, I think it will be more pronounced. 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. Operator, please open the line for questions. That would be -- that is a perfect conduit for newsmakers, politicians and others to reach a national audience. CapEx for the full year, excluding CW, was $155 million, slightly higher than our expectation of $150 million due primarily to anticipated reimbursement and rebates that have not yet been booked. 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 just -- yes, please. 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. The company is now the nations biggest player in local television. It was up low single-digit percentage on an adjusted basis. . And I think when those things begin to line up, I think you'll see development accelerate. In turn, our portfolio of local and national media assets now provides nationwide reach on par with other broadcast networks, combined with local activation at a greater scale than any other broadcast network owner creating a differentiated and highly attractive value proposition for advertisers, brands, content owners in an increasingly fragmented marketplace. Nexstar is creating a state-of-the-art studio in Chicago and expanding teams both in front of and behind the camera. His shoulders are big and broad and more befitting an NFL tight end than a 62-year-old CEO. But our quantum of debt, we don't expect to tick up. Witness, a nonprofit blog that tracks homicides. Sure. 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. We grew double digits in the fourth quarter. 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. Learn about Article Alert. Mr. Sook, 30, who is from Texas, was then a Broadway performer and is now a sportscaster. 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. The company says that you can watch for free on the NewsNation Now app. 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. Undeterred, in his first week on the job, he made the biggest sale in station history. 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. 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. 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: But, aside from their reporting, these organizations dabble directly in politics and elections more than one might expect. You should also note that we have streamlined the number of EBITDA and free cash flow metrics we are showing on our earnings release cover page. It's a single-digit amount. Today's call is being recorded. By June, that time period was down to 28,000 viewers and 5,000 in the demo. I mean do you think you start revenues from that in 2024, Sinclair was saying that. Analysis / Bias The company was founded in 1996 when Perry A. Sook purchased WYOU, a station in Scranton, Pa. * To subscribe, you must consent to Futures privacy policy. I just want to understand kind of one logistical thing. SOOK, Perry A. BSC '80 Chairperson Southlake, TX. 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." . Sources tell FTVLive that CBS will decline running the Saudi-backed LIV Golf Tour on the CW stations that CBS owns. Were now up to 16%, but that means 84% of the country has no earthly idea. At the CW level, on the programming front, while we are locked into most programming for the '22, '23 broadcast season, we've already taken action to improve and diversify our content to better align with audiences through our exclusive multiyear broadcast rights agreement with LIV Golf. Our ability to attract top-tier talent and make good progress on ratings, with January 2023, marking NewsNation's highest-rated month to date, all only reinforces that view. So did Timothy Busch, the president of the companys broadcasting subsidy. 2022 Foundation Trustees. Its important that we never lose sight of that, he says. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. 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. To that end, we have recently appointed experienced sales and advertising executive, Michael Strober to the newly created position of EVP and Chief Revenue Officer responsible for leading the execution of a new advertising sales and go-to-market strategy for the company, which is designed to accelerate the monetization of our platform with a focus on the national advertising opportunity which is roughly double the size of the local advertising market that Nexstar has predominantly served historically. 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. He found the perfect candidate for such an arrangement just down the road in Wilkes-Barre, in the form of WBRE-TV. sook (sk) n 1. dialect Southwest English a baby 2. derogatory a coward 3. As the PAC distributed its funds, stations owned by Nexstar were covering politics and political races across the country. According to Kantar, total gross political advertising on all media was up a record 3% over 2020 and up significantly compared to 2018, driven in large part by more competitive races in 2022 in the impact of sports betting propositions in California. Our next question comes from Nick Zangler with Stephens. ABC 5, a Hubbard-owned station, reported on 2009 Facebook comments made by Housley in which she likened Michelle Obama to a chimpanzee. So we continue to grow, the numbers are off of a low base, but we're the only cable news network that is growing, and we continue to grow. 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. DC On a net basis, we expect reverse comp to increase but at a mid-single-digit rate, slightly improving our distribution or retrans margin. 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. You will receive a verification email shortly. This continues to be in line with the historical trends with local advertisers maintain more consistent levels of ad spending throughout economic cycles. 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? And 2022, we did 50 debates across our company, 3 of which we put on the national cable network to offer to all of America outside of the states in which they were being contested. 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. and Jerry Moran (R-Kan.), all of whom received $15,000 or more. Aerosmith co-founder Joe Perry isn't at all cagey about his political beliefs or his stance on issues. Fourth quarter political advertising revenue of $265.9 million . And then Because that's a lot. 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. Our ability to generate record results and excellent shareholder returns underscores the benefits of our unique scale, the strength of our operating model and our ability to consistently generate substantial free cash flow. 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. I think you'll see some higher profile programming there, certainly in the unscripted than you have seen historically. 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. Yes, we are not back to 2019 levels yet. Also Read: Despite Low Ratings, Nexstar Adding News to Mornings on NewsNation, When we launched NewsNation, 10% of the country knew what NewsNation was, Sook told analysts and investors. We're about to begin our annual shareholder outreach initiative where we discuss our initiatives and hear feedback from our top shareholders. And I think that other team owners have taken notice of that. We have 1,800 salespeople that call on small and midsize businesses in 63 percent of the country, he says. He says Texas is prospering because of this, and now says its time to complete the jobs underway.. 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. As a reminder, Nexstar generates distribution revenues from our linear MVPDs like Comcast and Charter, virtual MVPDs like YouTube TV and Hulu and other direct-to-consumer platforms like Paramount Plus and Peacock. Perry Sook is a performer and reporter who simply loves what he does. And one of your peers has also recently launched a service that's going to pick up regional or local sports rights. When the president of the National Association of Broadcasters introduced Sook to banqueters as, more than just a broadcaster with a handsome face and a great tan, it was an inside joke. 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. It sounds like your reverse is going to be up about mid-single digit, and you just kind of went through what's going on, on the growth side. Finally, Nexstar continues to lead the industry in total deployment of ATSC 3.0 or NextGen TV with markets reaching approximately 35% of the U.S. households, and we have a goal of reaching 50% of the U.S. populations with ATSC 3.0 signals via our stations by the end of this year. 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. 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. Last quarter, you announced the Clippers deal. Nexstar generated an adjusted 46.5% EBITDA margin and converted approximately 69% of adjusted EBITDA to free cash flow. 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. Hes. 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. So maybe you could just put a little more context. But yes, that is what people want us for is the local content. Last year, it. Mr. Sook is also a member of the Board of Directors of the Television Bureau of Advertising (TVB), where he formerly served as Chairman. As always, with me on the call this morning are Tom Carter, our President and Chief Operating Officer; and Lee Ann Gliha, our CFO. 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 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. Positively impacting this revenue category in the quarter was the inclusion of the CW-affiliate fees as well as growth in the virtual MVPD revenue and MVPD rate resets and annual rate escalators. Their attempt was scuttled by regulators, but Sinclair already owns a huge swath of local television stations, 191 by their count. Hear the latest economic, business and market news, as well as global, national, and local news. Sinclair-affiliated PACs and individuals supported Donald Trump for president in 2016 with $3,804. At the Nexstar level, we see the CW as instrumental to our ability to unlock the national advertising opportunity I discussed just a moment ago. 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. Tuesday, February 28, 2023 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. So I don't know how do we yardstick kind of '24 relative to whatever pro forma 2020 was if you have that number. But in terms of the things I'm talking about, in 2024, there could be a very modest amount. And the one other one with NewsNation. 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. 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. 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. So I was wondering if you could just help us kind of bridge the gap there. His first sales job took him to a small radio station with a daytime-only signal in Kissimmee, Florida. (Operator Instructions) And our first question comes from Craig Huber with Huber Research Partners. After nearly a year-long clash, the cable company agreed to pay for carrying the signals. And are we talking about the affiliates effectively drawing the line in the sand here, which could see and could create spillover and impact these relationships with other vMVPDs as well? 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. 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;. 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. Okay. Mr. Sook was a principal of Superior Communications Group. Perry A. Sook -- Chairman and Chief Executive Offcier Thank you, Joseph, and good morning, everyone. The San Francisco station, KRON4, has run stories on both Pelosi and Feinstein. Perry A. Sook, President and Chief Executive Officer of Nexstar Broadcasting Group, has worked in all facets of the business - from radio sales and on . 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. 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. He is past Chairman of the CBS Affiliate Board. Excluding the CW, fourth quarter adjusted net income increased of 32.5% to $662 million, and free cash flow increased from 38.7% to $458.1 million. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Nexstar's outstanding debt as of December 31, 2021, was $6.95 billion, down from $7.41 billion at year-end last year. 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. For cash taxes, we use a 26.5% tax rate when calculating our estimated tax benefit before onetime and other adjustments. That concludes the financial review for the call. We are currently projecting cash CapEx of $35 million in the first quarter and $137 million for the full year. '23 and '24 will benefit from new distribution agreements and as we've discussed, 2024 as the presidential election and big political year. Nexstar Media Group, Inc. today reported financial results for the fourth quarter ended December 31, 2022 as summarized below:. (The film was produced in part by StarWing Sports Management, which represents Sinner. 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. 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