Yes. Things got nastyand personal. Next steps for us, obviously, Elizabeth Vargas joins the network in April. Core advertising revenue was $478 million (down 3.3 percent year over year), while political advertising revenue was $266 million (up 1,307 percent). And then on the reverse side, is there any change there to kind of the outlook that you gave a few months back? Sook believes its important to spend time visiting all of the companys 114 markets. Six people at the time reportedly said that NewsNation was becoming increasingly right-wing and conservative in its presentation. 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. Curious if you could size that up a bit. Mr. Sook previously spent five years with Cox Broadcasting, first in local sales in Pittsburgh, then at Telerep, Inc., as a National Account Executive. They had no audience, no advertisers, and no followers, Sook says. Fourth quarter political advertising revenue of $265.9 million . 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. If you continue to use this site we will assume that you are happy with it. At OpenSecrets.org we offer in-depth, money-in-politics stories in the public interest. Other uses of cash included transaction expenses and other working capital items. Perry Sook vs. CBS. Nexstar hired ABC News exec Michael Corn as president of news in May. Nexstar CEO Perry A. Sook is an alumnus of WOWK. Upton represents Michigans sixth congressional district in the Southeast of the state. 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. Before starting at CRP, he wrote for the Hatchet, GWU's independent student newspaper, and covered murder trials for D.C. 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. 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;. In trade jargon, its referred to as a retransmission consent dispute. In the first quarter and the first half of the year, I think it will be more pronounced. Bloomberg Surveillance: Early Edition with Anna Edwards, Matt Miller & Kailey Leinz live from London, Berlin and New York, bringing insight on global markets and the top business stories of the day. And just another one, just on political, I know it's obviously early for '24, but I mean you have a really broad platform, and we've seen some creative ways that others have kind of attacked it with either CTV partnerships or what have you. National will be down a low double-digit amount. 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. (Read the Station Group of the Year profile here.And had he had any less business acumen, industriousness and taste for greater rewards that makes for a good entrepreneur, he might be one today. NewsNation aired an interview with President Donald Trump in September 2020. 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. I would say, things that will exist by 2024 that don't exist today. We ended up with one guy standing. 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? So, heres a glance at the owner of NewsNation. We've seen a number of RSN groups now kind of get into a period of change. That's job one." In addition, for purposes of our credit agreement and indentures, we have designated the CW as an unrestricted subsidiary, and it is not included for purposes of calculating our covenants. It's great to hear auto continue to come back, obviously, a huge vertical for you guys. 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. They also own a station in San Francisco where Nancy Pelosi is the congressperson for the 12th district and where Dianne Feinstein was mayor in the 80s. It will be done from the heartland for the heartland, which is where WGN is primarily distributed. Sook is so serious about delivering straight news, hes hiring journalism professors and rhetoricians to review scripts. No matter how talented an athlete is, seeking advice from those who have gone before you is part of the journey to success. And I think that the prior guidance was mid-teens. 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. Another $2,000 went to Sen. Orrin Hatch (R-Utah) and $1000 went to Sen. Kamala Harris (D-Calif.). The Nexstar CEO is proud to say, I want my commission salespeople to be the highest-paid people in town. Hed like to be paid more, too. In 2014, they contributed $263,587 and in 2016 they contributed $429,504 before dipping back down to $186,648 in 2018. Mr. Sook currently serves as Chairman of the CBS Affiliates Board and The Ohio University Foundation Board. So maybe as expected, Tom, hoping we could just unpack some of the things you went through on retrans a little bit. 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. Yes. Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. Dennis Miller and Brad Schwartz and their teams are hard at work putting that together. We haven't announced yet that I think will be of interest. 750 North St.Paul St. Nexstar has access to nearly two-thirds of the homes in America. Sook is also credited for helping Nexstar rise from its founding to earning $4.6 billion in net revenue in 2021 alone. And I would tell you, without it, wed be in worse shape than the newspaper business.. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. The pressure to perform and remain at the top once you're there? For those with a cable subscription package, NewsNation might be included in the subscription offerings, and NewsNations channel finder can locate the correct channel. Obviously, we spent a lot of time in front of local business owners and local advertisers. We went from that penny a day to now in 2020 what will mean approximately $2 billion of revenue to our company and about $18 billion in revenue to local television stations across the country, Sook says. 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. 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 didn't give a specific, but it will be higher than the revenue growth. Perry Sook, president and CEO of Nexstar Broadcasting Group Inc., is pictured at their Irving offices. Moving to distribution revenue. Okay. Thank you very much for your participation, and have a good day. It's high-teens number of -- amount of revenue related to the CW. 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. Or any difference in rates that you're achieving or anything else we need to think about? (Animals) informal NZ a calf [perhaps from Old English scan to suck, influenced by Welsh swci swead tame] sook (suk) or souk vb to suck n 1. the act or an instance of sucking 2. a sycophant; toady [Old English scan] Collins English Dictionary - Complete and Unabridged . Nexstar is creating a state-of-the-art studio in Chicago and expanding teams both in front of and behind the camera. He is largely credited with forging in 1998 what was the first shared services agreement among American television stations. Category bright spots included Ohio where sports betting was legalized beginning of '23, and Missouri driven by spending in Kansas City for sports betting in Kansas, which was legalized in September of '22. But that doesnt seem to be whats happening, Sook says. 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. This continues to be in line with the historical trends with local advertisers maintain more consistent levels of ad spending throughout economic cycles. Perry Sook, chairman, president and CEO of Nexstar Broadcasting Group, is not worried about political ad revenue given the ascendancy of Donald Trump in the GOP race, despite his reliance more on earned media than paid media. 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. 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. 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. 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. 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. Most recently we closed on the acquisition of Tribune Media, a $7.1 billion transaction that doubled the size of the company. It was interesting Sinclair was talking a little bit about their feeling about the importance of getting the FCC to move so that you can shut down the legacy stations, the ATSC 1.0 to get really enough kind of capacity to generate meaningful revenues off of this. Overall, for the year, cash operating taxes were $334.1 million for Nexstar, excluding CW, implying a 25.5% pretax income rate and $321.9 million, including the tax benefit from the CW attributable tax deductible losses. Thank you, Joe, and good morning, everyone. Van Hollen appeared on another Your Voice segment in April 2018. 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 we know that from everyone we talk to, people understand the power of broadcast and what broadcast has that no one else has, which is superior reach. 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. Is it still a little too early? To request permission for commercial use, please contactus. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. In 2018, their top four recipients were all Minnesota politicians: Republican Senate candidate Karin Housley, Rep. Erik Paulsen, Emmer and Rep. Jason Lewis. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. Nexstar reported revenue of $1.49 billion in the quarter, net income of $178 million, and adjusted Ebitda of $662 million. Nexstar CEO Perry Sook (Image credit: Nexstar) "When we launched NewsNation, 10% of the country knew what NewsNation was," Sook told analysts and investors. Increased expenses were offset by a reversal of an accrual due to a settlement in connection with our distribution agreement renewals. Nexstar was 1 of only 4 stocks that was up in all of media and entertainment in 2022, which we believe is a testament to our ability to create shareholder value through free cash flow generation, return of capital to our shareholders and our ability to continue to grow our revenue streams. Last month, NewsNation hired former Fox News exec Cherie Grzech as managing editor. The company is now the nations biggest player in local television. 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. Perry Sook currently serves as Nexstar's chairman and CEO. And I think the only differentiating factor in that is how long the blackouts continue. The network's current lineup of TV hosts now include Elizabeth Vargas, Dan Abrams, Chris Cuomo, and Ashleigh Banfield. Chairman and CEO Perry Sook revealed that previously discussed series based on the political news outlet, acquired by Nexstar in 2021 for $130 million., will premiere in April and run Monday-Friday. Our next question comes from Steven Cahall with Wells Fargo. Nexstar Media Group, Inc. today reported financial results for the fourth quarter ended December 31, 2022 as summarized below:. 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. Distribution fee revenue of $615.6 million, flat. 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 CBS white feed, if you will, yes, you probably can see that game on that feed. LIV Golf's 2-day average linear viewership was 24% higher than the average. Fourth quarter distribution of approximately $616 million was flat to the prior year. Future US, Inc. Full 7th Floor, 130 West 42nd Street, 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. Nexstar staffers handed out rabbit-ear antennas so customers could circumvent the cable company and still get the stations on-air broadcasts. Well, I would say, first of all, that embedded in the guidance that we issued this morning is a record political number for 2024, and it is up not inconsequentially from what you saw in both 2022 and in 2020. Your comments about (inaudible) drawing attention to the CW. 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. 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. Okay. His first sales job took him to a small radio station with a daytime-only signal in Kissimmee, Florida. It was basically like running two newspapers off of a single printing press, Sook says. Fox Board's Failure; McCarthy Pressed on Tucker Handout; Lord of the Studios And finally, we continue to be committed to treating employees fairly and ethically and fostering a positive work environment as well as providing dedicated diversity, equity and inclusion programs, hiring practices and mentorships. Political ideologies are concepts that have become more visible with the rise of social media. The Hill will join Irving-based Nexstar's . So, there were challenges. I want my commission salespeople to be the, Nexstars $7.1 billion purchase of Tribune Media changed everything. What's your feeling about that? I'll first read the safe harbor language, and then we'll get right into the call. Although it is a small part of our overall financial results, we've announced by analysts and investors to break out the impact of the CW. And it recognized that there is a real audience of people who love the. Perry A. Sook -- Chairman and Chief Executive Offcier Thank you, Joseph, and good morning, everyone. NewsNation, the subscription television network that was formerly called WGN America, claims to be an unbiased source of news for the country. I guess if they felt they wanted to vote with their feet, they wouldnt own the shares. 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. 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. 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. A July segment in Centex Proud, a Fox-affiliated, Nexstar owned, Waco-area station, covered a Cruz event saying (Cruz) is excited to see the current economy and business boom with the lowest unemployment rate for Hispanics and African-Americans in a decade. There are a lot of conversations going on. So our job now is to continue to increase the profile, relevance and interest in the programming, offer more varied programming and sports is obviously a big piece of that, that can put us more on par with the other network choices that are out there. 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. CapEx was higher in the fourth quarter than prior quarters in 2022 as CapEx that was delayed in the first 3 quarters of the year due to supply chain disruptions was finally fulfilled in the fourth quarter. 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. This is extremely dangerous to a democracy.. The FCC Chairman Lazarus served under, Julius Genachowski, was nominated to the position by Obama in March 2009. His name is Trump. 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. I think that is absolutely necessary to advancement here. 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With that, it's my pleasure to turn the call over to Lee Ann for the remainder of the financial review and update process. A Texas native and University of Oklahoma Alum, Perry now lives in New York City. Perry A. Sook has over 37 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. Both Blackburn and Arpaio have received lavish praise from President Trump. 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. In the 2000s, Sinclair had a similar a must-run segment called The Point, hosted by a Sinclair lobbyist and ex-Navy intelligence officer. 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. Operationally, in the fourth quarter, we renewed and extended our network affiliation agreement with ABC on terms favorable to the company, and we successfully renewed and extended distribution agreements with our largest MVPD partners on terms that will enable Nexstar to enjoy continued annual growth in distribution revenue for the foreseeable future. On a net basis, we expect reverse comp to increase but at a mid-single-digit rate, slightly improving our distribution or retrans margin. Its not that his work has gone totally unappreciated. "Over time, we will be taking a different approach to our CW programming strategy and will leverage our experience in spending approximately $2 billion a year on programming, attracting and. 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. Thank you all for joining us to review Nexstar's record fourth quarter results, including. Jennifer Nettles & Kristian Bush of Sugarland 6. The actions we have taken with FuboTV may or may not be representative of what we do elsewhere as other virtual contracts come up for the renewal in 2023. But that doesnt seem to be in line with the rise of social Media heartland the. Changed everything could just unpack some of the year, i want my commission salespeople be. Local advertisers review scripts inaudible ) drawing attention to the transformation of homes! Appeared on another your Voice segment in April 2018 CRP, he for. 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