Please go ahead. Watch Vonn and Sinner as they explore the dedication and work required to become the best. 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. The weakness we see is in national where national advertisers that obviously aren't as close to the end user and customer have paused or reduced spending due to a potential weakness in consumers going forward. Just some nitpick questions, if I could start off with on the CW. Perry Sook, president and CEO of Nexstar Broadcasting Group Inc., is pictured at their Irving offices. I just want to understand kind of one logistical thing. Our next question comes from Barton Crockett with Rosenblatt Securities. Before handing the call over to Tom, I want to briefly touch on a few updates on our organic growth prospects. According to Open Secrets, Nexstar Media group gave more money to Republicans in the 2018 election cycle (45% to Democrats, 55% to Republicans). 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? And I think that the prior guidance was mid-teens. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. 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. This past year, we expanded weekday news programming to 17 hours per day, made key journalists and editorial additions and are completing production facility expansions in both New York City and in Washington, D.C. And I've recently been at the FCC meeting with the commissioners as well as the Chairwoman. So is the change to the implied net just the difference in gross or anything else on the reverse comp side? 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. In addition, the CW was responsible for $30 million of onetime expenses comprised of restructuring charges and retention bonuses. 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. I know that was also, I think, mid-teens at that point. Blackburn got $5,700 and Arizona Senate candidate Joe Arpaio got $2,000. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. He studies journalism at George Washington Universitys School of Media and Public Affairs. You will receive a verification email shortly. We provide reach that no other medium can, especially for sports content. We're accessing the fan base, both nationally and at local markets is important for advertisers and brands. 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. Stay up to speed on DFWs fast-moving business community with weekly news reports, interviews, and insights. Nexstars $7.1 billion purchase of Tribune Media changed everything. Mr. Sook, 30, who is from Texas, was then a Broadway performer and is now a sportscaster. I knew the quickest road to management, and management to ownership, was through sales.. Perry, maybe just to follow up on that a little bit. May And most importantly, the affiliates as well as our own stations were thrilled. In 2014, Sinclair gave Mikulski $25,000. 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's been putting the finishing touches on an acquisition that'll bring Nexstar Broadcasting's holdings. Our next question comes from Steven Cahall with Wells Fargo. We exceeded the $5 billion annual revenue milestone for the first time in the company's history, and we delivered record adjusted EBITDA, attributable free cash flow of $2.2 billion and $1.5 billion, respectively. And, prior to that, in January of 2017, we closed on the acquisition of Media General, a $4.6 billion transaction. 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. Thanks, Van Hollen said. He grew up in Oshkosh, Wisconsin. To request permission for commercial use, please contactus. This year, we prepared an ESG report, which will be available on our website, outlining key principles, policies and action. 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? Sook said Nexstar will be mounting a promotional campaign for NewsNation that will kick off after Labor Day. 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. His first sales job took him to a small radio station with a daytime-only signal in Kissimmee, Florida. Commodity futures news: Nexstar Media Group Reports Record Fourth Quarter Net Revenue of $1.49 Billion and Fiscal Year 2022 Net Revenue of $5.21 Billion, updated 2023-02-28 07:00:00. That led to a classic fight of the local station David versus a Fortune 500 cable Goliath. I think you'll see us more active on the debate stage. Nationwide and locally, Nexstar is involved in over 1,600 community initiatives each year donating thousands of hours and helping to raise millions of dollars for worthy causes. 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. 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 . This continues to be in line with the historical trends with local advertisers maintain more consistent levels of ad spending throughout economic cycles. Increased expenses were offset by a reversal of an accrual due to a settlement in connection with our distribution agreement renewals. Good day, and welcome to Nexstar Media Group Fourth Quarter and Full Year 2022 Conference Call. (Bredeson was Blackburns opponent in the 2018 Tennessee Senate race.) 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. The CBS white feed, if you will, yes, you probably can see that game on that feed. 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. This is an important fact as there is no regulatory limit on pricing for these advertisers and these dollars can quickly shift from race to race as political season progresses and benefits a scale player like Nexstar since we have stations in a substantial majority of the competitive markets. So, in our ads, we put the general manager of the cable companys home phone number so people could express their opinion, Sook says. 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. In summary, we remain confident in our strategy, the quality of our assets and the strength of our financial position. Another WATE story featured anti-Blackburn protestors demonstrating during a moment of silence for the Pittsburgh Synagogue shooting victims at a campaign event. 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. If you follow the decline in general network -- general entertainment network ratings, we couldn't have made the pivot at a better time. 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. With that, it's now my pleasure to turn the conference over to your host, Nexstar Chairman and CEO, Perry Sook. Nexstar Media Group, Inc. (NXST) SEC Filing 8-K Material Event for the period ending Tuesday, February 28, 2023 Are you guys saying that at this point? grand river waterfront homes for sale; valentine michael manson; 29. By 2012, Sook was ready to refocus on growing Nexstars portfolio. Thomas Carter, the CFO, did the same. Curious if you could size that up a bit. But the leverage we expect to fall again in 2024, which will be a political year. At OpenSecrets.org we offer in-depth, money-in-politics stories in the public interest. Thank you. 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. 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 I think when those things begin to line up, I think you'll see development accelerate. Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. Okay. Looking ahead, we project corporate overhead exclusive of stock comp and transaction cost to be approximately $36 million in the first quarter, and we expect overhead around $144 million for the year. And so we are very bullish on political 2024. 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? NewsNation is also available across a wide range of streaming services including Sling, Hulu, YouTube TV, Vidgo, fubu TV, and DirecTV Stream. Gregory Raifman, president of Nexstar Digital, gave $2,500 that year. 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. That number has been corrected to $9,100. CEE MARKETS-FX strengthens as market sees rates staying high, China says EU TikTok ban will harm business confidence, Consumers keep feeling better about today and worse about tomorrow: Morning Brief, All Adani Stocks End Higher First Time Since Hindenburg Report, Chinese video streaming platform iQIYI to raise $600 million through convertible bonds. He found the perfect candidate for such an arrangement just down the road in Wilkes-Barre, in the form of WBRE-TV. Nexstar Inc.s Networks Division President Sean Compton said last year, Rebranding WGN America as NewsNation underscores the networks clearly defined mission of delivering fact-based and unbiased news, while making it easier for viewers to find this new informative source for news.. DC It all got Sook to thinking. In trade jargon, its referred to as a retransmission consent dispute. It will originate from WGN in Chicago and. Talk of a Dish Network and AT&T Merger Have Started Again Who Owns Dish? 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 graduated from Ohio University and currently serves as chairman of The Ohio University Foundation Board of Trustees. In the fourth quarter, the CW generated $66 million of revenue and $64 million of adjusted EBITDA losses in line with our expectations for the quarter. Sure. Want first access to OpenSecrets' investigations and data features? Is it still a little too early? RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. Perry A. Sook -- Chairman and Chief Executive Offcier Thank you, Joseph, and good morning, everyone. Excluding the results of the CW, net revenue was up 14.3%. He is largely credited with forging in 1998 what was the first shared services agreement among American television stations. 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