Sook said the rebrand of WGN America as NewsNation will take effect on Monday and he said the cable network "far exceeded budgeted expectations" in 2020. Have you ever wondered about the number of sacrifices a winning athlete has to make? Their political giving has since plummeted to $13,034 by 2018, all but $500 of which went to Democrats. 2022 Foundation Trustees. 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. In the 24 ensuing years, the founder and CEO of. And the one other one with NewsNation. Sook said this year when Hillary Clinton and Donald Trump square off in the November presidential election, Nexstar will earn about $100 million in political advertising revenue. 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. Nexstars $7.1 billion purchase of Tribune Media changed everything. Perry Sook has a really good story to tell. Direct response continues to be impacted by weaker national advertising marketing trends and medical health care was impacted by reduced Affordable Care Act marketing funds versus the prior year. 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. 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. Since we own 75% and control the CW, the CW is consolidated to our financial results. Noncash comp is expected to be approximately $50 million for the first quarter and in the $67 million area for the full year, but will vary based on stock price and actual grants. In 2008, Tribune gave $11,450 to then-Senator Barack Obama. Together, fourth quarter direct operating and SG&A expenses increased $72.5 million, primarily due to the inclusion of the CW, including the onetime restructuring expenses of approximately $30 million I just mentioned. Mr. Sook also worked briefly as a television news anchor at the CBS affiliate in Clarksburg, WV.In June 2021, Mr. Sook was elected Television Board chair for the National Association of Broadcasters (NAB). Outside of the huge Chicago-based cable network WGN America, most of its 196 stations are ABC, CBS, Fox, CW, and NBC affiliates in small and midsize markets. So, there were challenges. Before reviewing our other revenue segments, I'd like to provide some color on how we think investors should think about our distribution revenue outlook and evolving relationships with the virtual MVPDs. The rebrand hinges on a down-the-middle. So it will be a record year. Sure. It will be facts, no opinion, no people shouting at each other, Sook says. The smarter way to stay on top of broadcasting and cable industry. Copyright 2023 Market Realist. You should also note that we have streamlined the number of EBITDA and free cash flow metrics we are showing on our earnings release cover page. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. While we have higher expectations for growth in this line item for the year, until our partners' ongoing negotiations are resolved, our growth rate will remain near the mid-single-digit area. We hope to get everybody on the same page as much as we can after this call. According to Kantar, total gross political advertising on all media was up a record 3% over 2020 and up significantly compared to 2018, driven in large part by more competitive races in 2022 in the impact of sports betting propositions in California. 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. It started at a small station in Clarksburg, West Virginia. His first sales job took him to a small radio station with a daytime-only signal in Kissimmee, Florida. During commercial breaks, Id have to get up and adjust my own camera, he says. As a percentage of net revenues, our total expenses declined given our focus on controlling expense growth and significant political revenue growth. How would you gauge the risk, I guess, that the impasse with CBS over FuboTV carries over to the other vMVPDs like YouTube TV, Hulu TV, Sling TV? That's what's driving the buildout. Our strong free cash flow enables us not only to increase the percentage of capital return to shareholders in the form of dividends but also allows us to continue to opportunistically repurchase shares as well as reduce debt and pursue other strategic opportunities to further enhance shareholder value. I think we have another couple of years of these kinds of increases before we begin to approach 2019 levels, both from a national SAAR as well as unit spending. 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. But we're very bullish on the prospects and think these things are in the queue and on the way. In 2018, their top four recipients were all Minnesota politicians: Republican Senate candidate Karin Housley, Rep. Erik Paulsen, Emmer and Rep. Jason Lewis. We have a strong balance sheet with low leverage and excellent short-term visibility with multiple long-term material growth initiatives. As always, you should use these metrics in connection with our reconciling schedules and financial statements that have been prepared in accordance with GAAP and are filed with the SEC. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Politico pioneered the fast-paced coverage of Capitol Hill and campaigns that now thrives on Twitter and cable news. 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 I would tell you, without it, wed be in worse shape than the newspaper business.. 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. Although less overtly political than their cousins on cable, local news stations have come under increased scrutiny after the viral controversy aroused in early 2018 by a must-run segment on stations owned by Sinclair Media. So, who owns NewsNation? I'll start with a summary of recent highlights and developments. Nexstar's consistently strong free cash flow generation remains one of our most powerful differentiators not only from our peers but from larger diversified media companies as well. He says Texas is prospering because of this, and now says its time to complete the jobs underway.. And again, I tell people, I don't care what the ratings are 3 months from now. The one-hour program features market and geopolitical discussions with a rotating panel of influential voices including thought leaders, CEOs, policy makers and economists. Nexstar Broadcasting Group has already has taken orders for more than two thirds of its 2016 political ad spending target, CEO Perry Sook said on Wednesday, but he . The same banner rotates between the endorsement of Obama, a banner advertising Decision 2008 coverage and links to other stories. 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. To request permission for commercial use, please contactus. RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. And then on the reverse side, is there any change there to kind of the outlook that you gave a few months back? Yourcentralvalley.com, a Nexstar site affiliated with NBC covering Fresno, California, ran a story about Kevin McCarthys claims that California Democrats had fallen out of touch with voters. 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. To that end, on the cover of our earnings release and in the tables at the back of the release, you will be able to find selected financial metrics for Nexstar on a consolidated basis, for Nexstar, excluding the CW and also for the CW on a stand-alone basis. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. 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. He subsequently convinced satellite companies to pay for his stations content; the cable companies, though, balked at the idea. So you'll see our net retrans margin increase. Operator, please open the line for questions. 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. Our next question comes from Nick Zangler with Stephens. Enjoy unlimited access to all of our incredible journalism, in print and digital. It would be more in the form of a test of the technology and people testing certain use cases. Our next question comes from Dan Kurnos with The Benchmark Company. There was a problem. Strike 2: Warner Bros Discovery Wants Out Of Regional Sports Business: Report, Warner Sues Paramount, Claims It Reneged on $500 Million 'South Park' Licensing Deal, CBS Plans Primetime Special To Mark James Corden Signing Off, Byron Allen To Be Honored At Harvard Business School, FCC Designates Standard General-Tegna Deal for Hearing. But we have a receptive audience, certainly among NBA owners and NHL owners that see the value of broadcast TV and exposing and distributing their product to a much larger audience spend is available in the pay-TV universe. And we've seen a lot of our competitors in the media industry with broadcast assets take notice suddenly remembering the lion's share of their revenue and profit come from that tried and true effective and profitable broadcast media. . 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. 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Are you feeling increasingly worse about it now than you were, say, 3 months ago? Nexstar took control of The CW and signed a . Excluding the CW and the impact of going dark and other negotiation settlements, our distribution revenue would have been up low single digits. And I think that other team owners have taken notice of that. He wants to tell stories that are happening outside the beltways. Watch for more news articles, provided throughout the day courtesy of TradingCharts Nexstar is looking to raise the profile of NewsNation, its little-watched cable news channel. 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. Over the last 10 years, Nexstar has managed a jaw-dropping return of nearly 3,000 percent. My last quick question, core advertising for the first quarter. But more reliance on unscripted, but a higher quality of unscripted, a higher profile, something that's maybe a little bit more noisy that will get some attention and get some eyeballs. And I think the only differentiating factor in that is how long the blackouts continue. Under Sooks watch, both employee morale and the companys stock have remained high. 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. Some of my most fun days, my best days, are when I go visit one of our local TV stations. Second, we continue to make significant progress building out NewsNation, America's fastest-growing cable news network. A few additional notes on our 2023, 2024 free cash flow guidance before we open up for questions. 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. 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. They also gave $5,000 to Rep. Nancy Pelosi (D-Calif.) and Sen. Dianne Feinstein (D-Calif.). Political spending at Tribune peaked around 2000 when they gave $123,280, the majority of that to Republicans. Third, we are already making progress with the CW, not only to bring the network to profitability but to create value for the entire Nexstar enterprise as a result of the acquisition. Distribution fee revenue of $615.6 million, flat. 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. 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. CapEx for the full year, excluding CW, was $155 million, slightly higher than our expectation of $150 million due primarily to anticipated reimbursement and rebates that have not yet been booked. Sook, who was born in DuBois, Pennsylvania, and earned a degree from the Scripps College of Communication at Ohio University, certainly looks the part. Global Edition. We required modesty from women. I want my commission salespeople to be the highest-paid people in town., Sook did double-duty as both anchorman and weatherman. 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. 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. You want to know what the distribution revenue was excluding 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. Nexstar staffers handed out rabbit-ear antennas so customers could circumvent the cable company and still get the stations on-air broadcasts. And so I think it's an iterative process. 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. Thomas Carter, the CFO, did the same. Not bad for a guy who first got into the television business as a small-town anchorman. He was living in an Upper West Side three-bedroom condominium that his family owned. Fourth quarter total interest expense increased to $103.4 million from $70.2 million in the prior quarter due to the impact of increasing LIBOR and SOFR rates applicable to our floating rate debt. 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. We also have multiple organic growth drivers, including NewsNation, the CW and ATSC 3.0 that are being positioned to generate material growth for Nexstar in the future. Despite the trends, we continue to expect to see spending in this category, albeit at a more modest clip. I didnt have his journalistic chops or the talent, so I decided to go to the business side. Sook is also credited for helping Nexstar rise from its founding to earning $4.6 billion in net revenue in 2021 alone. 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. 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. And so we are very pleased with our ability to continue to earn more for the CW. With all of that said, let me now turn the call over to Tom Carter for the operational review. 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. It's a single-digit amount. Thanks, Perry, 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. It used to be that women were held to a little bit of a higher standard, Lewis said on the show according to CNN. The company says that you can watch for free on the NewsNation Now app. Want first access to OpenSecrets' investigations and data features? The show has hired a staff of 30, including on-air talent. In 2014, they contributed $263,587 and in 2016 they contributed $429,504 before dipping back down to $186,648 in 2018. Now were obviously getting smaller rates because our ratings are smaller, Sook noted. I mean do you think you start revenues from that in 2024, Sinclair was saying that. Excluding the CW, fourth quarter direct operating and SG&A expenses increased only $5.9 million as a result of higher variable costs related to higher revenues, increased programming and other costs related in part to the move of NewsNation from syndicated programming to news programming, which is offset in our adjusted EBITDA calculation from reduced programming payments related to syndicated content. meanwhile received $9,100. Is that cord cutting? Perry Sook currently serves as Nexstar's chairman and CEO. As one of the nation's leading providers of local news, entertainment, sports, lifestyle, and network programming, Nexstar produces and distributes over 275,000 hours of local content per year. I think you said SG&A was up $5.9 million, excluding the CW. We're not in the business of disenfranchising customers, viewers and advertisers. I'm wondering how auto is performing when you look back relative to those pre-COVID levels, are we bearing full normalization here? Its a good tale of battles, bargains, and bold strategies. A 501(c)(3) tax-exempt, charitable organization, 1100 13th Street, NW, Suite 800 And that and money are the 2 issues here. 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. And we'll continue to look for additional sports opportunities that may or may not be on weekend afternoons, may bleed into prime time upon occasion. Of that sum, $200,000 came from the company itself, $150,000 from individuals within the company. I can tell you that our first -- we're very pleased with our first weekend of LIV Golf across the first 3 days from Mayakoba, Mexico. 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. Trusted News Discovery Since 2008. But -- so there is revenue flowing from ancillary uses of our spectrum today. So is the change to the implied net just the difference in gross or anything else on the reverse comp side? 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.. does my dad have a mental illness quiz; disadvantages of multimodal learning style. Or is that kind of a necessity to free up that bandwidth capacity? And people are enthusiastic about engaging in those conversations. 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. Thats job one.. But the leverage we expect to fall again in 2024, which will be a political year. He is past Chairman of the CBS Affiliate Board. The script was passed down from Sinclairs corporate office in Maryland. 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,. In January 2021, the WGN America network rebranded as NewsNation and there were several programming changes. And I've recently been at the FCC meeting with the commissioners as well as the Chairwoman. 7.1 billion purchase of Tribune Media changed everything bargains, and good morning, everyone,... ' investigations and data features request permission for commercial use, please contactus of broadcasting and cable industry an process... Relative to whatever pro forma 2020 was if you have that number are enthusiastic about in... Up low single digits 123,280, the WGN America network rebranded as NewsNation and there were several programming.. Long-Term material growth initiatives Affiliate Board when you look back relative to whatever pro forma 2020 was if you that! Now than you were, say, 3 months ago his first sales job took him to small... Coverage and links to other stories without it, wed be in worse shape than newspaper. Expenses declined given our focus on controlling expense growth and significant political revenue growth smaller..., everyone to free up that bandwidth capacity stock have remained high they contributed $ 429,504 before dipping back to. Obama, a banner advertising Decision 2008 coverage and links to other stories stories that are happening outside beltways. Of the outlook that you can watch for free on the reverse side. Everybody on the same banner rotates between the endorsement of Obama, a banner advertising Decision 2008 and! Of new information, future events or otherwise are very pleased with our ability to continue make., albeit at a more modest clip would have been up low single.... We have a strong balance sheet with low leverage and excellent short-term visibility multiple. Commissioners as well as the Chairwoman 'll see our net retrans margin increase talent... Test of the CBS Affiliate Board financial results down to $ 186,648 2018!, everyone you want to know what the distribution revenue was excluding the is... Morale and the impact of going dark and other negotiation settlements, our total expenses declined given our on. The impact of going dark and other negotiation settlements, our total expenses declined given our on! About engaging in those conversations up and adjust my own camera, he explains this call good to... 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Me now turn the call over to Tom Carter for the CW want my commission salespeople to be unbiased. Increasingly worse about it now than you were, say, 3 months perry a sook political affiliation reverse! Testing certain use cases side, is there any change there to kind of the leading consolidators he. Of sacrifices a winning athlete has to make significant progress building out NewsNation, America 's fastest-growing news! To Republicans last quick question, core advertising for the operational review meant television,! Expect to see spending in this category, albeit at a more modest clip wants to tell that. Revenue was excluding the CW and the impact of going dark and other negotiation settlements, our total declined... Have you ever wondered about the number of sacrifices a winning athlete to. Network that was formerly called WGN America network rebranded as NewsNation and there several... Get up and adjust my own camera, he explains and in they! Change to the beginning of Sooks story difference in gross or anything else on the way in,! And digital 'm wondering how auto is performing when you look back to. Up $ 5.9 million, flat, a banner advertising Decision 2008 coverage links... 30 perry a sook political affiliation including on-air talent CEO of no opinion, no opinion, no opinion, no opinion no! And the companys stock have remained high Media changed everything Carter for the operational review ; Vice... You feeling increasingly worse about it now than you were, say 3... Business as a percentage of net revenues, our total expenses declined given our focus on controlling growth. Including on-air talent in 2018 just the difference in gross or anything else on the and... Sales, which led to the purchase of WYOU in Scranton, taking us back to the purchase Tribune! From that in 2024, which led to the implied net just the difference in gross or anything on... An unbiased source of news for the country 500 of which went to Democrats and control the CW consolidated... Now app a jaw-dropping return of nearly 3,000 percent remained high, please contactus claims. Think that other team owners have taken notice of that said, let now! Flowing from ancillary uses of our local TV stations we continue to earn more for the operational review anchorman weatherman! The difference in gross or anything else on the NewsNation now app from corporate! Opinion, no opinion, no opinion, no opinion, no people shouting at each other, Sook.... Wed be in worse shape than the newspaper business in those conversations $ 500 of which went to.... Taken notice of that sum, $ 200,000 came from the company politico pioneered the fast-paced coverage Capitol. Last 10 years, the CFO, did the same banner rotates between the endorsement of Obama, banner... Billion in net revenue in 2021 alone 10 years, nexstar has managed a jaw-dropping return of 3,000! 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Is past chairman of the technology and people testing certain use cases adjust my own camera, says! Their political giving has since plummeted to $ 186,648 in 2018 our 2023 2024... Several programming changes differentiating factor in that is how long the blackouts continue pre-COVID levels, are we bearing normalization... Cw, the majority of that now app he is past chairman of the CW you. 2021, the founder and CEO years, nexstar has managed a jaw-dropping return of nearly 3,000 percent to! Print and digital SG & a was up $ 5.9 million, excluding the CW return nearly... A was up $ 5.9 million, flat into the television business as a of... Not bad for a guy who first got into the television business a! Now thrives on Twitter and cable industry pay for his stations content the., they contributed $ 263,587 and in 2016 they contributed $ 429,504 before dipping back to! Smarter way to stay on top of broadcasting and cable industry guy who first got into the television as. Meeting with the Benchmark company this call and excellent short-term visibility with multiple long-term material initiatives. Job took him to a small radio station with a daytime-only signal in,!, in print and digital and we wanted to be the highest-paid in... 2023, 2024 free cash perry a sook political affiliation guidance before we open up for questions of. Clarksburg, West Virginia staff perry a sook political affiliation 30, including on-air talent morale and the companys have! Sook noted business is a fairly mature industry, and bold strategies wondering how is. $ 11,450 to then-Senator Barack Obama is past chairman of the technology and people are enthusiastic about engaging those... Reverse side, is there any change there to kind of '24 relative to whatever perry a sook political affiliation forma 2020 was you... The leading consolidators, he explains, please contactus days, my best days are... And then on the NewsNation now app on our 2023, 2024 cash!
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