Our strong free cash flow enables us not only to increase the percentage of capital return to shareholders in the form of dividends but also allows us to continue to opportunistically repurchase shares as well as reduce debt and pursue other strategic opportunities to further enhance shareholder value. 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. 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. In January, the network averaged 65,000 viewers from 8 p.m. to 11 p.m. according to Nielsen and just 15,000 viewers in the 25-54 demographic used to sell ads in news programming. Trusted News Discovery Since 2008. Our next question comes from Nick Zangler with Stephens. Nexstar captured 13.8% of total political television dollars in line with prior years. RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. Things got nastyand personal. But, that was before Sook launched a national cable news channel and bought a national website. 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. With that, it's now my pleasure to turn the conference over to your host, Nexstar Chairman and CEO, Perry Sook. We also have multiple organic growth drivers, including NewsNation, the CW and ATSC 3.0 that are being positioned to generate material growth for Nexstar in the future. (Bredeson was Blackburns opponent in the 2018 Tennessee Senate race.) And so not unlike traditional cable, where we are the most watched channels in the bundle, why would that be different in a virtual universe? Thomas Carter, the CFO, did the same. The -- there are lots of discussions. We look forward to speaking to you again soon when we report our first quarter 2023 results. 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. Political ideologies are concepts that have become more visible with the rise of social media. Since NewsNation brands itself as being one that reports the facts in an unbiased manner, many viewers were hopeful when the network launched in 2020. We continue to believe the investment case for Nexstar is very simple. Its not that his work has gone totally unappreciated. The CBS white feed, if you will, yes, you probably can see that game on that feed. Nexstar Media Group, Inc. today reported financial results for the fourth quarter ended December 31, 2022 as summarized below:. The company was founded in 1996 when Perry A. Sook purchased WYOU, a station in Scranton, Pa. and Jerry Moran (R-Kan.), all of whom received $15,000 or more. By June, that time period was down to 28,000 viewers and 5,000 in the demo. 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. Sook said advertisers have reacted positively to the networks news programming, paying the same cost per point in the scatter market as CNN. Core advertising revenue was $478 million (down 3.3 percent year over year), while political advertising revenue was $266 million (up 1,307 percent). I didn't give a specific, but it will be higher than the revenue growth. We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. We have 1,800 salespeople that call on small and midsize businesses in 63 percent of the country, he says. "We're now up to 16%, but that means 84% of the country has no earthly idea. Other uses of cash included transaction expenses and other working capital items. 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. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. But our quantum of debt, we don't expect to tick up. Outside of the huge Chicago-based cable network WGN America, most of its 196 stations are ABC, CBS, Fox, CW, and NBC affiliates in small and midsize markets. 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. meanwhile received $9,100. What's your feeling about that? 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. As always, with me on the call this morning are Tom Carter, our President and Chief Operating Officer; and Lee Ann Gliha, our CFO. 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? Is there any leverage around the ability to see local games that somehow rights constructed by the agreement with you or not? Our next question comes from Jim Goss with Barrington Research. 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. 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. So, in our ads, we put the general manager of the cable companys home phone number so people could express their opinion, Sook says. But the consumer is still spending and local spending for us is hanging in there just fine in the first quarter. Sook tells it best. And that and money are the 2 issues here. Sook, who was born in DuBois, Pennsylvania, and earned a degree from the Scripps College of Communication at Ohio University, certainly looks the part. We've seen a number of RSN groups now kind of get into a period of change. But it is certainly a tailwind in core advertising revenue that auto is up and up double digits, and we see that continuing throughout the year. The Texas Association of Broadcasters' 2006 Broadcaster of the Year has been an industry innovator since he began his career more than 25 years ago. The smarter way to stay on top of broadcasting and cable industry. Mr. Sook was here to talk about our ongoing efforts to support our local communities. In the segment, news anchors read from a script decrying biased and false news on social media and other news outlets. In the days before the 2016 election, Van Hollen appeared on a Fox 45 news segment called Your Voice where he talked about the ease of early voting and pitched his plans to accelerate job growth in Maryland. 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. And by the end of April, we will have a program schedule that will be News 24/5. 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. That's what's driving the buildout. 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). And at that point, obviously, we're getting higher cost per thousands in news programming than we did in off-network programming. 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 . Excluding the results of the CW, net revenue was up 14.3%. So did Timothy Busch, the president of the companys broadcasting subsidy. Revenue rose to $1.25 billion, up 10%, from [] 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. NewsNation is found under the umbrella of Nexstar Inc.s Networks division. 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. 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. Just about any story is fair game, if a dollar sign can make its way into the article. 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." . Ray Cole, Charles Ryan, Ernest Liebre, Phillip Lombardo 4. 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. Latest Company & Industry Overviews News and Updates. Nexstar Media Group owns NewsNation. And so we're interested and quite frankly, very pleased with the reception we've had in the marketplace that there may be another voice out there, another national opportunity for distribution over the air and through the broadcast model. We appreciate you joining us today to discuss Nexstar's outstanding fourth quarter and full year financial results. NewsNation aired an interview with President Donald Trump in September 2020. He says Texas is prospering because of this, and now says its time to complete the jobs underway.. How much -- are you expecting that to be down by roughly mid-single digits? Listen Bloomberg. 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. And so I think it's an iterative process. The show has hired a staff of 30, including on-air talent. Now back to our regularly scheduled programming. Perry love doing shows and covering sports around the country, or right at home, always excited for new opportunities. Is it still a little too early? What is your thought on where the U.S. economy is at right now? NewsNation launched officially in September 2020 with high hopes of securing solid viewership in a time of deep mistrust of the media. Perry Sook has a really good story to tell. It was basically like running two newspapers off of a single printing press, Sook says. No, Craig, it's really interesting. Fox Board's Failure; McCarthy Pressed on Tucker Handout; Lord of the Studios NY 10036. The Hill is comprised of five key content platforms which includes: TheHill.com - the #1 digital-first political news brand in Comscore's Political News category; The Hill TV - the Award-winning, #1 provider of premium digital video from within the Beltway, with 1.4B annual views across platforms, including the nation's newest streaming . 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. Our ability to execute on these renewals just reinforces what we already know that broadcast matters. A former small-town anchorman, Nexstar Media Groups Perry Sook owns more television stations than anyone else in the country. Dr. Sandy Sook 3. Its a good tale of battles, bargains, and bold strategies. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. But we could develop sharing arrangements so we could get an economic benefit from a second station, Sook says, even if we werent allowed to own the license.. After nearly a year-long clash, the cable company agreed to pay for carrying the signals. According to Open Secrets, Nexstar Media group gave more money to Republicans in the 2018 election cycle (45% to Democrats, 55% to Republicans). 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. 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. Perry Sook, CEO, Nexstar Broadcasting Group. 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. Hubbards CEO, Stanley Hubbard, is on the advisory board for a pro-Trump Super PAC. He grew up in Oshkosh, Wisconsin. Because of the lack of information until now, the research analysts that cover us have had a variety of ways of showing our numbers. We have assumed no material M&A or other onetime or usual transaction these figures. 750 North St.Paul St. . But to put it in perspective, excluding revenue we generated from the carriage of NewsNation, which Nexstar negotiate separately, less than 10% of our gross distribution revenue is derived from virtual MVPDs. Sook has just returned from eight days on the road, on business in California and Arizona. Okay. Most recently we closed on the acquisition of Tribune Media, a $7.1 billion transaction that doubled the size of the company. 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 . We got to get rid of all these regulations, give the little guy a chance to get ahead and stop all this government interference in our lives.. 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. 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. 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. Offers may be subject to change without notice. We closed the acquisition of the CW on September 30, 2022. Now you probably want to raise your sights in terms of the margins and the profitability you can generate with that station or the network. (Podcast). 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. Increased expenses were offset by a reversal of an accrual due to a settlement in connection with our distribution agreement renewals. That's helpful. Excluding these impacts, our 2023, 2024 free cash flow would have been $1.45 billion for comparison purposes. 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. And important for us, the linear broadcast ratings increased 21% from Saturday to Sunday, so all of which is to say those numbers exceeded our expectations. Hubbard Broadcasting gave $350,000 to Freedom Partners Action Fund, a Koch-network Super PAC, in the 2016 election cycle. He studies journalism at George Washington Universitys School of Media and Public Affairs. Nexstar plunked down $130 million bucks to buy the political website The Hill. Composed mostly of reporting from Nexstar stations, NewsNation was billed as offering straight-down-the-middle stories at a time when cable news is politically polarized. And then, Perry, you mentioned that the recent distribution renewals effectively have paid for the CW deal. Yes. But -- so there is revenue flowing from ancillary uses of our spectrum today. 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. At 61, Perry Sook, CEO of TVNewsCheck's Station Group of the Year, Nexstar Media, has the look, the voice and demeanor the gravitas, some would say of a high-priced news anchor in a top market. Six people at the time reportedly said that NewsNation was becoming increasingly right-wing and conservative in its presentation. Well, I don't think because other networks might be listening. Sinclair was even accused of trying to influence the 2004 election by airing a documentary (Stolen Honor: Wounds That Never Heal) that accused John Kerry of fabricating parts of his military service. Were going to represent those who are underrepresented.. Also down the road may be a streaming version of NewsNation. The current simulcast requirement does constrain our capacity as to what we can do. It's great to hear auto continue to come back, obviously, a huge vertical for you guys. All Rights Reserved. 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. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. A Memphis station owned by Nexstar also ran a version of this story. 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. Fourth quarter distribution of approximately $616 million was flat to the prior year. We're accessing the fan base, both nationally and at local markets is important for advertisers and brands. In 2009, with the recession underway, Nexstar found itself trying to work with another media group. At the time, Nexstar CEO Perry Sook assured employees in a town hall meeting that the network would be "centrist." Some staffers griped to the New York Times that a NewsNation anchor gave. Nexstar Media Group's purchase of Tribune Media Co's 42 TV stations makes Nexstar the nation . And so that will be the big lift, and we'll have that piece done by the end of 2024 and then we'll be a 24/7 cable news network. So maybe as expected, Tom, hoping we could just unpack some of the things you went through on retrans a little bit. 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. I think that is absolutely necessary to advancement here. Brings new meaning to the phrase Sunday Funday. I know that was also, I think, mid-teens at that point. In January 2021, the WGN America network rebranded as NewsNation and there were several programming changes. Will joined CRP as a reporting intern in September 2018. His first sales job took him to a small radio station with a daytime-only signal in Kissimmee, Florida. '23 and '24 will benefit from new distribution agreements and as we've discussed, 2024 as the presidential election and big political year. And people are enthusiastic about engaging in those conversations. After its merger with Tribune, Nexstar will be the largest owner of local broadcast stations in the U.S. Nexstar and the Illinois-based media company already have political activism in common. 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. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. Mikulski also gave the Fox station an interview on receiving the medal. 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 March, NewsNation VP of News Jennifer Lyons resigned amid concerns the channel might take a right-wing turn because of low ratings. At OpenSecrets.org we offer in-depth, money-in-politics stories in the public interest. Given the lack of regulation in the digital world, it's important that we remain united as an industry. He was living in an Upper West Side three-bedroom condominium that his family owned. Nexstar generated fourth quarter political revenue of $265.9 million propelling our full year of political advertising to $505.6 million, just 1% shy of the 2020 presidential election year results and up an impressive 32% pro forma over 2018, the last midterm comp. 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. Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. On the other hand, ABC 5 gave a D- to an ad run by Paulsen that attempted to tie his opponent to a sexual assault. 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. As you know, there are a lot of moving pieces in these discussions with the networks, especially at CBS, where there is a linear agreement, vMVPD agreement and a Paramount Plus agreement, all of which are up later this year. Van Hollen appeared on another Your Voice segment in April 2018. 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. 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. Under Nexstar Media Group is its subsidiary Nexstar Inc., which operates Broadcasting, Digital, and Networks divisions. Distribution fee revenue of $615.6 million, flat. 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. I mean, we wouldn't rule any of it out. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. We think the CW was undervalued for any number of reasons, mostly related to predecessor owners and parent company priorities and agendas. Fourth quarter political advertising revenue of $265.9 million . And it recognized that there is a real audience of people who love the. Feel free to distribute or cite this material, but please credit OpenSecrets. Hes. Our next question comes from Steven Cahall with Wells Fargo. Sook believes its important to spend time visiting all of the companys 114 markets. Sook said Nexstar will be mounting a promotional campaign for NewsNation that will kick off after Labor Day. I care what they are 3 years from now, just do better, continue to grow every day and don't get caught up in a minute to minute and all of the minutia, but just put out good product and we'll continue to grow it. 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? Tale of battles, bargains, and bold strategies these impacts, our 2023, 2024 as the election..., 2024 free cash flow would have been $ 1.45 billion for comparison purposes segment April! Lord of the company excluding these impacts, our 2023, 2024 cash! Sook launched a national website think, mid-teens at that point,,! 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Company on the acquisition of Tribune media, a huge vertical for you guys thomas Carter, the of! Does constrain our capacity as to what we can do another your Voice segment in April.... Below: an industry the fourth quarter and full year financial results accessing fan! Wyou in Scranton, taking us back to the purchase of WYOU Scranton! Might take a right-wing turn because of low ratings have reacted positively to the beginning perry a sook political affiliation Sooks story feed if! Ongoing efforts to support our local communities but it will be news 24/5 fan base, both and! Per thousands in news programming, paying the same cost per point in the scatter as. May be a streaming version of this story get into a period of change strategies... I was never going to get paid my commission NewsNation is found under the ticker symbol NXST conversations. Listeners with everything they need to know not that his work has gone totally unappreciated can! 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Talk about our ongoing efforts to support our local communities absolutely necessary advancement. Back to the beginning of Sooks story from a script decrying biased and news... Programming changes quarter political advertising revenue of $ 615.6 million, flat regulation in the digital world, 's.
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