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. Nexstar staffers handed out rabbit-ear antennas so customers could circumvent the cable company and still get the stations on-air broadcasts. Perry A. Sook has over 41 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. Theres a lot going on in the country that just doesnt happen in New York or D.C. or Los Angeles, he says. So, in our ads, we put the general manager of the cable companys home phone number so people could express their opinion, Sook says. On Dec. 3, it was announced that Tribune Media would be acquired by Nexstar Media Group for over $4 billion. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. This year, we prepared an ESG report, which will be available on our website, outlining key principles, policies and action. In March 2021, The New York Times reported that NewsNation hadn't lived up to expectations and was seeing low viewership. ANDERSON, Sandra J. BA '73 Vice Chair Fourth quarter operating cash taxes were $53.1 million, which includes $65.3 million attributable to Nexstar, excluding CW and a $12.2 million benefit from the attributable tax deductible losses from our investment in the CW. As the largest local broadcaster, Nexstar is important to both our network partners and our MVPD partners, which provides us with a very strong negotiating position. 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. 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. Mr. Sook, 30, who is from Texas, was then a Broadway performer and is now a sportscaster. Political Advertising Revenue 265.9 18.9 . I mean can you generate revenues that are meaningful without that? 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. My last quick question, core advertising for the first quarter. To that end, we have recently appointed experienced sales and advertising executive, Michael Strober to the newly created position of EVP and Chief Revenue Officer responsible for leading the execution of a new advertising sales and go-to-market strategy for the company, which is designed to accelerate the monetization of our platform with a focus on the national advertising opportunity which is roughly double the size of the local advertising market that Nexstar has predominantly served historically. Excluding the impact of the CW, core advertising was down approximately 8.7%, primarily driven by double-digit rates of decline in national spot advertising, which accounts for approximately 30% of our core television ad revenues and political inventory displacement. We have always fought hard in negotiations with a number of factors that come into play and levers we can pull. Okay. 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. Aerosmith co-founder Joe Perry isn't at all cagey about his political beliefs or his stance on issues. Sure. Offsetting these factors were the impact of ours and our partner stations going dark on certain MVPDs during the quarter in connection with the contract renegotiations and the settlement of certain disputes impacting revenue in connection with these new contracts as well as continued MVPD subscriber attrition. So, Sook began by figuring out how to benefit financially by operating or managing stations. Of that sum, $200,000 came from the company itself, $150,000 from individuals within the company. Yes, we are not back to 2019 levels yet. Want first access to OpenSecrets' investigations and data features? August 21, 2021 / Scott Jones. Since Americans have a significantly greater level of trust in their local news stations than they do in national news outlets or in web-only publications, this level of political activity from media companies is especially significant. So free cash flow is deployed in the form of reinvestment, debt repayment, dividends and share repurchases. 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. Before I dive into my usual financial discussion, I wanted to take a minute to step back and discuss a few changes in our financial presentation that we've been foreshadowing. Between the 2002 and 2018 cycles, Tribune gave generously to Michigan Republican Rep. Fred Upton, climbing from $1,000 in 2002, to $4,000 in 2008, then spiked again to $5,500 in 2012. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. The remainder of our attributable free cash flow went to repay debt. The network's current lineup of TV hosts now include Elizabeth Vargas, Dan Abrams, Chris Cuomo, and Ashleigh Banfield. Our country is very important. In turn, our portfolio of local and national media assets now provides nationwide reach on par with other broadcast networks, combined with local activation at a greater scale than any other broadcast network owner creating a differentiated and highly attractive value proposition for advertisers, brands, content owners in an increasingly fragmented marketplace. Ray Cole, Charles Ryan, Ernest Liebre, Phillip Lombardo 4. We're accessing the fan base, both nationally and at local markets is important for advertisers and brands. In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. It's high-teens number of -- amount of revenue related to the CW. Contrary to the networks narrative, the virtual MVPDs want local news and local content because it's sought out by the viewers. But, that was before Sook launched a national cable news channel and bought a national website. It will originate from WGN in Chicago and. 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. 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. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. All statements and comments made by management during today's conference call, other than statements of historical fact may be deemed forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The studio consisted of a large metal building at the base of the transmitter. We've also taken into consideration the forward curve we are in, which will impact our expected interest expense given our significant floating rate debt load. Nexstar is creating a state-of-the-art studio in Chicago and expanding teams both in front of and behind the camera. There are a lot of conversations going on. We have developed these audiences over decades by consistently providing top-rated local news, sports and entertainment content. Our total net leverage for Nexstar, excluding CW at quarter end, was 2.93x, down from 3.7x as of December 31, 2021, and 3.18% in Q3. Perry Sook has a really good story to tell. A recent graduate of the University of Oklahoma Weitzenhoffer School of Musical Theatre, Perry now lives in New York City, but loves performing . But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. In addition, fourth quarter advertising was impacted as sports betting and gaming companies redirected total television advertising dollars to voter propositions to legalize online gambling in California. Today, broadcast television remains the only place for content creators, sports organizations, team owners and most importantly, advertisers to access local audiences at scale. As such, we are opting to exclude transaction and onetime expenses from these figures. Lazarus is a former chief of staff to the chairman of the FCC. It will premiere on September 1, CEO Perry Sook said during a conference call with analysts. Perry Snook: 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. Is that cord cutting? Mr. Sook was a principal of Superior Communications Group. 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. Good day, and welcome to Nexstar Media Group Fourth Quarter and Full Year 2022 Conference Call. WGN-TV quoted Uptons criticisms of the Affordable Care Act and its rollout in 2013. 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. There will be a show called The Hill on NewsNation at 5:00 Monday through Friday that we'll launch in April. Nexstar Media Group, Inc. (NASDAQ:NASDAQ:NXST) Q4 2020 Earnings Conference Call February 23, 2021 9:00 AM ETCompany ParticipantsJoseph Jaffoni - Investor RelationsPerry Sook - Founder,. does my dad have a mental illness quiz; disadvantages of multimodal learning style. Consumers of news media rightfully want to know whos creating and supporting the information theyre watching and reading. Certainly, sports is 1 avenue that has never been pursued there before. 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. I want my commission salespeople to be the, Nexstars $7.1 billion purchase of Tribune Media changed everything. Talk of a Dish Network and AT&T Merger Have Started Again Who Owns Dish? 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. Fourth quarter political advertising revenue of $265.9 million . 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 . Perry Sook currently serves as Nexstar's chairman and CEO. In 2014, the Hubbard Broadcasting gave the Super PAC $450,000, $300,000 from the company and $150,000 from individuals. Thomas Carter, the CFO, did the same. Every donation we receive from users like you goes directly into promoting high-quality data analysis and investigative journalism that you can trust. The pressure to perform and remain at the top once you're there? [54] On August 1, 2018, Nexstar bought out KRBK in Springfield from Koplar Communications for $16.45 million, and also bought out WHDF in Huntsville from Lockwood Broadcast Group for $2.25 million. We continue to anticipate a low 9-figure investment and to achieve profitability by 2025. 2022 Foundation Trustees. And the one other one with NewsNation. 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. Will joined CRP as a reporting intern in September 2018. 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. In 2023, we plan to allocate a portion of our free cash flow to reduce indebtedness, primarily from mandatory amortization payments. 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. 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. Perry, please go ahead. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. Okay. Excluding the CW, digital revenue declined 6.5%. South Dakota Senator John Thune received the biggest haul from Sinclair in 2016 (over $30,000). Even if the rip n read world fit him, the environment at the station did not. Their attempt was scuttled by regulators, but Sinclair already owns a huge swath of local television stations, 191 by their count. Thats job one.. Or any difference in rates that you're achieving or anything else we need to think about? Thomas Carter, the CFO, did the same. What is your thought on where the U.S. economy is at right now? His name is Trump. Over the last 10 years, Nexstar has managed a jaw-dropping return of nearly 3,000 percent. Or is it really just news (inaudible). Or am I giving some national game like the (inaudible). . Sook also serves on the Board of Directors of Broadcast Music, Inc. Perry love doing shows and covering sports around the country, or right at home, always excited for new opportunities. 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. NewsNation is also available across a wide range of streaming services including Sling, Hulu, YouTube TV, Vidgo, fubu TV, and DirecTV Stream. And as in the past, we will provide the results of that process in our annual proxy statement. Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. And what kind of incremental opportunities or channels do you see heading into next year? And I assume you -- the initial bogey was to basically do better than you were with off-network sitcoms. Perry A. Sook has over 41 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. And I think the only differentiating factor in that is how long the blackouts continue. 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. In addition, Nexstar's digital properties provide innovative digital marketing solutions and services to local and national media companies, advertisers, agencies, and brands. Since we own 75% and control the CW, the CW is consolidated to our financial results. Perry Sook is a performer and reporter who simply loves what he does. If you follow the decline in general network -- general entertainment network ratings, we couldn't have made the pivot at a better time. And I think individually and collectively, we will recognize that value and are not willing to sell at a discount or to sell on an a la carte basis. Pelosi even gave the station an exclusive interview. I had one for a cloud, one for the sun. The experience didnt endear him to journalism. 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. Or there is still significant room to run on auto getting back to maybe a more normalized rate in that 2019 pre-COVID era? Lee Ann? Washington, Hubbard Broadcasting owns the radio station that ran the Jason Lewis Show before Lewis became a congressman. In the segment, news anchors read from a script decrying biased and false news on social media and other news outlets. Excluding the impact of the CW, our top-performing categories in the quarter were automotive, home repair and manufacturing, entertainment, paid programming and air conditioning and heating. Revenue is generated through advertising. We are currently projecting cash CapEx of $35 million in the first quarter and $137 million for the full year. I'm very proud of the folks we have on the air and the job that they do, and we look to add to that as we continue to fill out these other hours and other dayparts. Another WATE story featured anti-Blackburn protestors demonstrating during a moment of silence for the Pittsburgh Synagogue shooting victims at a campaign event. Hubbard Broadcasting gave $350,000 to Freedom Partners Action Fund, a Koch-network Super PAC, in the 2016 election cycle. 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