Well, I can tell you that the number of inbound inquiries as well as discussions that are going on with team owners, the activity is frenetic around here. We have a strong balance sheet with low leverage and excellent short-term visibility with multiple long-term material growth initiatives. 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. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. Sign up for our newsletter to track moneys influence on U.S. elections and public policy. Perry Sook, president and CEO of Nexstar Broadcasting Group Inc., is pictured at their Irving offices. Tribune has another connection to Obama in Edward Lazarus, Tribunes Executive Vice President and Chief Strategy Officer. 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. For cash taxes, we use a 26.5% tax rate when calculating our estimated tax benefit before onetime and other adjustments. Nexstar is "immediately commencing a search" for Busch's successor, according to Perry Sook, Nexstar's CEO. 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. NewsNation, the subscription television network that was formerly called WGN America, claims to be an unbiased source of news for the country. I wondered what the next steps are. 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. Core television advertising decreased 3.3% year-over-year. So far in Q1 of '23, we're seeing similar results to what we saw in the fourth quarter with this revenue category. 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. We have assumed no material M&A or other onetime or usual transaction these figures. We are seeing some sustained healthy increases off of that lower base. 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? I'll first read the safe harbor language, and then we'll get right into the call. But I don't expect that anyone would sign on to a big contract until they had the chance to administer their tests. Are your MVPDs kind of happy to pay you a higher affiliate fee for the CW now that you're pairing it with broadcast stations or any other kind of context you could put around that statement and whether or not that's been an incremental surprise or that was always part of the thinking when you bought the CW? The ramp-up of sports betting advertising came at a time when automotive was declining and now we see a reversal in the performance of these 2 categories. Approximately 40% of our subscribers are up for renewal by 2023 year-end, which will benefit 2024, including several virtual MVPDs. In 2014, they contributed $263,587 and in 2016 they contributed $429,504 before dipping back down to $186,648 in 2018. 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. Our 2022 fourth quarter and full year financial results showcase the underlying strength of our scale and business model and our ability to continue delivering record results and significant capital returns to shareholders. Local television broadcasting generated $2.4 billion in gross political ad dollars, a record amount for midterm election, capturing more than 50% of the total spend in 2022, representing a 38% growth over 2018. They had no audience, no advertisers, and no followers, Sook says. No spam, ever. Moving back to Nexstar expenses. Sook said advertisers have reacted positively to the networks news programming, paying the same cost per point in the scatter market as CNN. and House Majority Leader Kevin McCarthy (R-Calif.) in 2018. Our programming continues to be recognized by watchdog group for its independence, and we believe this is the type of content that journalists want to report and audiences want to watch. 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. And then obviously, once April comes and we're 24/5, we now set our sights on 24/7 and how we feel the 18 hours on Saturday and Sunday that are currently entertainment programming, we have to fill that with news. Thank you for signing up to Broadcasting & Cable. Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. People may receive compensation for some links to products and services on this website. 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. In March 2021, The New York Times reported that NewsNation hadn't lived up to expectations and was seeing low viewership. But the leverage we expect to fall again in 2024, which will be a political year. After the morning show launches in September, Sook said the focus is filling out the rest of the broadcast schedule with news, starting with weekdays in 2022 and weekends in 2023. Suite 2100 Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. 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. NewsNation aired an interview with President Donald Trump in September 2020. The PAC favors Republicans, but only slightly. (They gave $5,000 to Marsha Blackburn (R-Tenn.) in the 2018 cycle, but also gave $2,500 to Tammy Baldwin (D-Wis.)). Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The company was founded in 1996 when Perry A. Sook purchased WYOU, a station in Scranton, Pa. Or there is still significant room to run on auto getting back to maybe a more normalized rate in that 2019 pre-COVID era? CW affiliation fees will have a slight positive impact on our year-over-year reported growth rates until we lap the acquisition date. And I would tell you, without it, wed be in worse shape than the newspaper business.. Well, I think we gave that. 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. 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. So if I understood it correctly, is this that you expect retrans ex the CW to be up about mid-single digit? In 2008, Tribune gave $11,450 to then-Senator Barack Obama. And people are enthusiastic about engaging in those conversations. We think the CW was undervalued for any number of reasons, mostly related to predecessor owners and parent company priorities and agendas. Obviously, the simulcast requirement needs to sunset at some point and there needs to be a sunset of 1.0 and an endorsement of 3.0 as the new transmission standard. 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. The -- there are lots of discussions. Dr. Sandy Sook 3. [53] The sale was completed on January 31, 2017. Were going to represent those who are underrepresented.. The reach of our local platform, which is where the political game is played overlaps very well with the open Senate races, the states that are expected to be in play for the presidential contest. Good day, and welcome to Nexstar Media Group Fourth Quarter and Full Year 2022 Conference Call. LIV Golf was viewed by over 1.4 million total viewers across both the CW linear network as well as our digital platform, the CW app, compared to the average linear golf game on television year-to-date. 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. That's job one." And so I think you'll see affiliates continue to press the point that we should negotiate our own agreements and that no one else should be negotiating on behalf of our content. RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. Howard Strudler, Perry Sook, Rich Raaf, Alex Lunney, Steve Capozzoli 2. Enjoy unlimited access to all of our incredible journalism, in print and digital. I'll start with a summary of recent highlights and developments. In the 24 ensuing years, the founder and CEO of. Thanks, Perry, and good morning, everyone. Fresno and Bakersfield are a stones throw from the 23rd congressional district where McCarthy has his seat. Thank you. 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. A recent graduate of the University of Oklahoma Weitzenhoffer School of Musical Theatre, Perry now lives in New York City, but loves performing . 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. Sorry. And then on the reverse side, is there any change there to kind of the outlook that you gave a few months back? Under Sooks watch, both employee morale and the companys stock have remained high. 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. So free cash flow is deployed in the form of reinvestment, debt repayment, dividends and share repurchases. Sook tells it best. Everyone get out to vote!. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. Nexstar took control of The CW and signed a . SOOK, Perry A. BSC '80 Chairperson Southlake, TX. 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