I wondered what the next steps are. Six people at the time reportedly said that NewsNation was becoming increasingly right-wing and conservative in its presentation. I guess if they felt they wanted to vote with their feet, they wouldnt own the shares. Sook said Nexstar will be mounting a promotional campaign for NewsNation that will kick off after Labor Day. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of . 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. And the one other one with NewsNation. So free cash flow is deployed in the form of reinvestment, debt repayment, dividends and share repurchases. Last quarter, you announced the Clippers deal. So if it were all at risk, that's the number that you're talking about. 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 founder and CEO of ENSEO takes us along on a day overseeing the company with a rock 'n' roll attitude. Q4 digital revenues increased 10.1% year-over-year to approximately $112 million. Perhaps the most explicitly pro-Trump company in local television is Minnesota-based Hubbard Broadcasting. With all of that said, let me now turn the call over to Tom Carter for the operational review. Looking ahead, excluding the impact of the CW affiliate fees, given our recent contract resets, we expect distribution revenues to be up high single to low double digits for 2023, depending on the outcome of our partners' ongoing negotiations with multiple -- with a couple of MVPDs on which they are currently dark and inclusive of our projections for subscriber attrition. Today, broadcast television remains the only place for content creators, sports organizations, team owners and most importantly, advertisers to access local audiences at scale. Your comments about (inaudible) drawing attention to the CW. That's job one." 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. * To subscribe, you must consent to Futures privacy policy. 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. I think you'll see some higher profile programming there, certainly in the unscripted than you have seen historically. [53] The sale was completed on January 31, 2017. Great. We have a strong balance sheet with low leverage and excellent short-term visibility with multiple long-term material growth initiatives. Sorry. Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. 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. 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: Its not that his work has gone totally unappreciated. And so we are very pleased with our ability to continue to earn more for the CW. 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 I think to a certain extent, people want to see how the RSN plays out and what that means to them and then, therefore, how that influences their behavior going forward. The PAC gave $10,000 to Sen. Ted Cruz (R-Texas) and the same amount to committees associated with Senate Majority Leader Mitch McConnell (R-K.Y.) Perry Sook currently serves as Nexstar's chairman and CEO. Given the lack of regulation in the digital world, it's important that we remain united as an industry. And if there's any way to kind of, I don't know, directionally size the impact of LIV Golf, just so we have a sense of what these kind of deals could be helpful. And by the end of April, we will have a program schedule that will be News 24/5. 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. Jon has been business editor of Broadcasting+Cable since 2010. 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. We've seen a number of RSN groups now kind of get into a period of change. Since we own 75% and control the CW, the CW is consolidated to our financial results. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of revenue as well as record levels of Adjusted EBITDA and free cash flow. In addition, Nexstar's local sales initiatives continue to deliver healthy levels of new business with our sales teams generating new local advertising incentive program revenue of $37 million, flat to the prior year despite significant political displacement. As Perry mentioned, we're extremely pleased with the outcome of our recent affiliation agreement negotiations and that will have a nice impact on our overall net retransmission revenue. So I think that sports, I think adding another hour on Sunday night to the prime time schedule, are all things you can expect in the future. While still early, our strategy of providing unbiased news for all America is already delivering results as NewsNation was the only cable news network to see double-digit growth in total viewers in 2022. 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. Thomas Carter, the CFO, did the same. Will joined CRP as a reporting intern in September 2018. Extended our network affiliation agreements with ABC. And then lastly, just on sports content. I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. And while we're executing well on our business, ESG also remains a priority for Nexstar, and we continue to take actions to evolve our practices and disclosures to improve our already strong profile. 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. Jamie McCarthy, Getty Images Tyler Perry, who's stayed largely apolitical throughout his career, is breaking the tradition to endorse a candidate in the 2020 presidential election. Have you ever wondered about the number of sacrifices a winning athlete has to make? 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. Tom Hanks Started a Veteran-Focused Coffee Brand Where to Buy It, Drug Prices Are Increasing in 2023, Won't Impact Most Consumers. Nexstar reported revenue of $1.49 billion in the quarter, net income of $178 million, and adjusted Ebitda of $662 million. Excluding the CW, digital revenue declined 6.5%. El Paso is ORourkes hometown. 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. He told employees during a long session that included about 40 minutes of Q&A that. 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. Suite 2100 In 2009, with the recession underway, Nexstar found itself trying to work with another media group. Most recently we closed on the acquisition of Tribune Media, a $7.1 billion transaction that doubled the size of the company. That's what's driving the buildout. Sinclair is based out of Maryland and owns twelve Baltimore-area television stations. 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. 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. 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. 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;. The -- there are lots of discussions. Nexstar cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those reflected by the forward-looking statements made during this call. We're not in the business of disenfranchising customers, viewers and advertisers. 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. Moving back to Nexstar expenses. Dallas, Texas 75201. 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. In addition, the CW was responsible for $30 million of onetime expenses comprised of restructuring charges and retention bonuses. 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. Political ad revenue of $266 million, up 1,307%. 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. 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. Last month, NewsNation hired former Fox News exec Cherie Grzech as managing editor. It's high-teens number of -- amount of revenue related to the CW. Perry Sook, Nexstar's CEO, gave $5,000 to the company's PAC in the 2014, 2016 and 2018 election cycles. Regular cars couldnt climb the muddy, steep hill. Turning to political advertising. In the 24 ensuing years, the founder and CEO of. The station had just one camera guy, and he was responsible for filming all commercials. And what kind of incremental opportunities or channels do you see heading into next year? Watch for more news articles, provided throughout the day courtesy of TradingCharts 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. NewsNation is also available across a wide range of streaming services including Sling, Hulu, YouTube TV, Vidgo, fubu TV, and DirecTV Stream. We have always fought hard in negotiations with a number of factors that come into play and levers we can pull. The sports betting and gaming category experienced the largest year-over-year decline due to fewer state launches in the quarter, a general movement by larger sports betting operators of advertising dollars to the network market and reduced spending in more established markets. I think that is absolutely necessary to advancement here. Excluding the CW and the impact of going dark and other negotiation settlements, our distribution revenue would have been up low single digits. 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. Market Realist is a registered trademark. 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. Revenue growth was driven by the inclusion of the CW and year-over-year increases in Nexstar's local digital advertising and agency services businesses, offset in part by softness in national advertising and e-commerce. Nexstar's stock has been one of the best short- and long-term performing stocks in media, one of the highest percentage returns of free cash flow to shareholders in media along with solid long-term growth prospects and a low valuation. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. Copyright 2023 Market Realist. Is there any leverage around the ability to see local games that somehow rights constructed by the agreement with you or not? We continue to anticipate a low 9-figure investment and to achieve profitability by 2025. Mr. Sook previously spent five years with Cox Broadcasting, first in local sales in Pittsburgh, then at Telerep, Inc., as a National Account Executive. 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. 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? 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. Got you. Aerosmith co-founder Joe Perry isn't at all cagey about his political beliefs or his stance on issues. 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. 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. 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. As I said in my remarks, January was the highest cumulative audience for the network since its inception. 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. Excluding these impacts, our 2023, 2024 free cash flow would have been $1.45 billion for comparison purposes. February 08, 2023 / Scott Jones. So far in Q1 of '23, we're seeing similar results to what we saw in the fourth quarter with this revenue category. 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. Do we know enough yet to know if it's a buyer's market? 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. We want to necessarily put our playbook out there, but I think you'll see as we move toward the upfront level and the programming schedule that gets -- that will be displayed and deployed for the fall. Perry Sook is a performer that lives by these words. 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. 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. He is past Chairman of the CBS Affiliate Board. We think the CW was undervalued for any number of reasons, mostly related to predecessor owners and parent company priorities and agendas. We have 5,400 journalists around the country who produce local newsmore than any other organization. My last quick question, core advertising for the first quarter. Now back to our regularly scheduled programming. Okay. So did Timothy Busch, the president of the company's broadcasting subsidy. 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