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. 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. With FCC approval, the company will own 171 stations to. 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. 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. As you'll be able to read in our report, throughout 2022, we executed on several ESG initiatives, including eliminating our Class B and Class C shares, which cleared the way for our inclusion in the S&P 400 Index. 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. 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? Will joined CRP as a reporting intern in September 2018. On a net basis, we expect reverse comp to increase but at a mid-single-digit rate, slightly improving our distribution or retrans margin. And most importantly, the affiliates as well as our own stations were thrilled. Up next: Reinventing local news. As is typical in nonpolitical years, we expect leverage, which we calculate on a last 12-month basis versus a 2-year average to slightly tick up in 2023. 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. He just want to know what the amount to CW. Our ability to attract top-tier talent and make good progress on ratings, with January 2023, marking NewsNation's highest-rated month to date, all only reinforces that view. Regular cars couldnt climb the muddy, steep hill. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. I just want to understand kind of one logistical thing. And as in the past, we will provide the results of that process in our annual proxy statement. Nexstar hired ABC News exec Michael Corn as president of news in May. Mikulski also gave the Fox station an interview on receiving the medal. That number has been corrected to $9,100. Today, broadcast television remains the only place for content creators, sports organizations, team owners and most importantly, advertisers to access local audiences at scale. A former small-town anchorman, Nexstar Media Groups Perry Sook owns more television stations than anyone else in the country. And I think for the long-term health of the local ecosystem, we talk to people at Roku, at Fubo, at other virtual MVPDs, and we asked them, what are they watching? 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. Ratings for NewsNations news programming have been dropping all year. And I think the only differentiating factor in that is how long the blackouts continue. We recorded $14.8 million in distributions from equity investments related to our 31% ownership in the TV Food network in the fourth quarter, which represents a 13.5% decrease over prior year quarter. Perry Sook, Nexstars CEO, gave $5,000 to the companys PAC in the 2014, 2016 and 2018 election cycles. He grew up in Oshkosh, Wisconsin. 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. The network's current lineup of TV hosts now include Elizabeth Vargas, Dan Abrams, Chris Cuomo, and Ashleigh Banfield. The station had just one camera guy, and he was responsible for filming all commercials. And I think that you're going to see the FCC engage with the NAV and develop probably some sort of a task force in a public private kind of arrangement to explore the further development of ATSC 3.0. Do we know enough yet to know if it's a buyer's market? To request permission for commercial use, please contactus. Auto is likely a multiyear tailwind as we continue to push to normalization, which would require SAAR levels back in that 17-ish million dollar -- or million unit range back in pre-COVID era? Suite 2100 Perry A. Sook has over 43 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. 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. Our promotional campaign will kick off in earnest in the month of April. 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? Excluding the CW and the impact of going dark and other negotiation settlements, our distribution revenue would have been up low single digits. Overall, in the quarter, we saw an increase in the rate of decline in our subscribers to the mid-single-digit range, which was impacted by higher rate of MVPD declines offset by continued growth at virtual MVPD and DTC subscribers. 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 . As such, our net first lien coverage rate -- sorry, our net first lien covenant ratio for Nexstar, excluding the CW at December 31, 2022, was 1.77x, which is well below our first lien only covenant of 4.25x. Tom Hanks Started a Veteran-Focused Coffee Brand Where to Buy It, Drug Prices Are Increasing in 2023, Won't Impact Most Consumers. New York, Other uses of cash included transaction expenses and other working capital items. These are results driven professionals who share our excitement and our vision for the network and we continue to expect to achieve profitability by 2025. We closed the acquisition of the CW on September 30, 2022. 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. Thomas Carter, the CFO, did the same. a serious, hands-on leader who earned executive-level platinum points last year in just five months while still managing to maintain a golf handicap of 15. You want to know what the distribution revenue was excluding the CW? Your comments about (inaudible) drawing attention to the CW. What's your feeling about that? Who's Nexstar CEO Perry Sook? We continue to expand our capabilities and leverage our linear, digital, mobile and streaming assets in new ways to deliver new levels of monetization, growth and shareholder returns. . meanwhile received $9,100. 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. Just about any story is fair game, if a dollar sign can make its way into the article. How do you see that kind of opportunity between both local stations and the CW? Well, I think it was all part of the thinking. In summary, we remain confident in our strategy, the quality of our assets and the strength of our financial position. 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. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. Okay. A member of TVB's board of directors since 2000, Sook assumes the chairman's position previously held by Michael J . By 2012, Sook was ready to refocus on growing Nexstars portfolio. I didnt have his journalistic chops or the talent, so I decided to go to the business side. 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. Well, I don't think because other networks might be listening. 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. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. This is extremely dangerous to a democracy.. Last quarter, you announced the Clippers deal. Nexstar took control of The CW and signed a . At OpenSecrets.org we offer in-depth, money-in-politics stories in the public interest. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago. That will be followed by Tom's operations review and Lee Ann's financial review, and then we'll open the call for questions from you. 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. And then lastly, just on sports content. Or is it really just news (inaudible). He says Texas is prospering because of this, and now says its time to complete the jobs underway.. 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. Political ideologies are concepts that have become more visible with the rise of social media. He's been putting the finishing touches on an acquisition that'll bring Nexstar Broadcasting's holdings. We're not in the business of disenfranchising customers, viewers and advertisers. As such, we are opting to exclude transaction and onetime expenses from these figures. Democratic SenatorChris Van Hollen (Md.) The founder and CEO of ENSEO takes us along on a day overseeing the company with a rock 'n' roll attitude. Nexstar CEO Perry A. Sook is an alumnus of WOWK. Our ability to execute on these renewals just reinforces what we already know that broadcast matters. That didnt leave time for much else. Yes, we are not back to 2019 levels yet. 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. Despite the trends, we continue to expect to see spending in this category, albeit at a more modest clip. 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. Some of my most fun days, my best days, are when I go visit one of our local TV stations. Some include the CW and some exclude it, creating some noise in our consensus estimates. It all got Sook to thinking. CW affiliation fees will have a slight positive impact on our year-over-year reported growth rates until we lap the acquisition date. 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. There are several ways to watch NewsNation around the country. I guess if they felt they wanted to vote with their feet, they wouldnt own the shares. Sook said advertisers have reacted positively to the networks news programming, paying the same cost per point in the scatter market as CNN. Please refresh the page and try again. Both Blackburn and Arpaio have received lavish praise from President Trump. Yes. We think the CW was undervalued for any number of reasons, mostly related to predecessor owners and parent company priorities and agendas. Increased expenses were offset by a reversal of an accrual due to a settlement in connection with our distribution agreement renewals. So basically, auto under -- the way you're describing it. Thank you for signing up to Broadcasting & Cable. 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. 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. We required modesty from women. 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. Dallas, Texas 75201. It's great to hear auto continue to come back, obviously, a huge vertical for you guys. And we need that, too. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Looking ahead, 2023 will benefit from the renegotiation of our distribution contracts, representing more than half of our subscribers during 2022 and 2024 will benefit from the presidential election year, political advertising cycle as well as additional distribution contract renewals at the end of this year. Sook did his undergraduate work at Ohio University in Athens, OH and was an adjunct professor at Edinboro State University of Pennsylvania.He and his wife Sandra have three children: Laura, Victoria and Perry, Jr. 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. Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. Also Read: Despite Low Ratings, Nexstar Adding News to Mornings on NewsNation, When we launched NewsNation, 10% of the country knew what NewsNation was, Sook told analysts and investors. Political Advertising Revenue 265.9 18.9 . We hope to get everybody on the same page as much as we can after this call. Fourth quarter distribution of approximately $616 million was flat to the prior year. Or any difference in rates that you're achieving or anything else we need to think about? Its a good tale of battles, bargains, and bold strategies. Tribune has another connection to Obama in Edward Lazarus, Tribunes Executive Vice President and Chief Strategy Officer. Understood. And then Because that's a lot. I wonder if you could talk about that a little bit, too. It will be based in Chicago and run out of Chicago, drawing on the backbone of those 5,400 journalists sprinkled around the country.. We have a strong balance sheet with low leverage and excellent short-term visibility with multiple long-term material growth initiatives. This concludes our conference call for today. 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. 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. It will premiere on September 1, CEO Perry Sook said during a conference call with analysts. Each of the candidates received tens of thousands from Hubbard. Thanks, Perry, and good morning, everyone. Hes. Great. They also gave $5,700 to Rep. Greg Gianforte, who became well known nationally after physically assaulting a reporter. 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. 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. 20005. 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. 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. Or there is still significant room to run on auto getting back to maybe a more normalized rate in that 2019 pre-COVID era? But all of the behind-the-scenes pieces were consolidated into a single, fixed-cost structure., In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. Our next question comes from Steven Cahall with Wells Fargo. It was to a mobile home dealer, says Sook, still a bit proud. Theres a lot going on in the country that just doesnt happen in New York or D.C. or Los Angeles, he says. Presently, the CBS affiliate Board has recommended that CBS affiliates not opt into the agreement with FuboTV, a small virtual MVPD, and we have followed their recommendation. But when it came time for the owner of the station to pay me my commission, he said, Well, we had a problem at the transmitter, and I had to buy a part. After a few weeks of excuses, I realized I was never going to get paid my commission. But about the overall though for 1Q. And I assume you -- the initial bogey was to basically do better than you were with off-network sitcoms. I consent the use of my personal data in accordance with Future's. For example, former President Donald Trump tweeted a good luck message (when his Twitter account was still active) to Compton for the networks launch and later gave an interview in which anchor Joe Donlon didnt challenge his false statements. Nexstar CEO Perry Sook (Image credit: Nexstar) "When we launched NewsNation, 10% of the country knew what NewsNation was," Sook told analysts and investors. Copyright 2023, D Magazine Partners, Inc. We use cookies to ensure that we give you the best experience on our website. Perry Sook, president and CEO of Texas-based Nexstar Media Group, is a seasoned broadcast TV executive who steered Nexstar 's $4.1 billion acquisition of Tribune Media. Moving back to Nexstar expenses. 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. (The film was produced in part by StarWing Sports Management, which represents Sinner. Since we own 75% and control the CW, the CW is consolidated to our financial results. Early in his career, Mr. Sook was involved in local TV sales and radio sales. Good luck on Tuesday! the host said as he concluded the interview. And then on the reverse side, is there any change there to kind of the outlook that you gave a few months back? People may receive compensation for some links to products and services on this website. Listen Bloomberg. We have assumed no material M&A or other onetime or usual transaction these figures. 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. Moreover, it should be noted that the digital political spending is primarily used for fundraising versus messaging as local television is the preferred medium for the choice of branding. As always, with me on the call this morning are Tom Carter, our President and Chief Operating Officer; and Lee Ann Gliha, our CFO. Hes a serious, hands-on leader who earned executive-level platinum points last year in just five months while still managing to maintain a golf handicap of 15. South Dakota Senator John Thune received the biggest haul from Sinclair in 2016 (over $30,000). 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. 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Of the outlook that you 're achieving or anything else we need to think?! Prices are Increasing in 2023, D Magazine Partners, Inc. we use cookies to ensure that we give the. Country that just doesnt happen in New York or D.C. or Los Angeles, explains... Cost per point in the month of April he focuses on revenue-generating activities, including advertising distribution! Chief Technology Officer, Brett Jenkins, gave $ 5,700 to Rep. Greg Gianforte, who became known!