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. He is past Chairman of the CBS Affiliate Board.Mr. Now back to our regularly scheduled programming. Since the CW programming schedule is locked in for the 2022, 2023 broadcast season, it won't be until the fourth quarter that you will be able to see the Nexstar play book start to unfold. 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,. As a percentage of net revenues, our total expenses declined given our focus on controlling expense growth and significant political revenue growth. February 08, 2023 / Scott Jones. 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? And so we know we have value. 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. Today's call is being recorded. Everyone get out to vote!. Will joined CRP as a reporting intern in September 2018. Perry Sook has a really good story to tell. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. Well, again, I've said for the full year, we expect high single to low double-digit growth. Our next question comes from Barton Crockett with Rosenblatt Securities. (They gave $5,000 to Marsha Blackburn (R-Tenn.) in the 2018 cycle, but also gave $2,500 to Tammy Baldwin (D-Wis.)). It started at a small station in Clarksburg, West Virginia. A Memphis station owned by Nexstar also ran a version of this story. Excluding the CW, digital revenue declined 6.5%. I wonder if you could talk about that a little bit, too. If that's a local game? That concludes the financial review for the call. The station had just one camera guy, and he was responsible for filming all commercials. Ladies and gentlemen, since there are no further questions, I would like to turn the call back to Perry Sook for the closing remarks. For additional details on these risks and uncertainties, please see Nexstar's annual report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission and Nexstar subsequent public filings with the SEC. The Hill is comprised of five key content platforms which includes: TheHill.com - the #1 digital-first political news brand in Comscore's Political News category; The Hill TV - the Award-winning, #1 provider of premium digital video from within the Beltway, with 1.4B annual views across platforms, including the nation's newest streaming . Perry Sook currently serves as Nexstar's chairman and CEO. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Well, I think our -- I guess I stated earlier, our goal is to create more value in the CW. There was a problem. Copyright 2023, D Magazine Partners, Inc. We use cookies to ensure that we give you the best experience on our website. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. In March 2021, The New York Times reported that NewsNation hadn't lived up to expectations and was seeing low viewership. 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. Early in 2021, news broke that Bill Shine, a former co-president of Fox News, had consulted from the beginning on the creation of NewsNation. Perry Sook The CW's New Owner, Nexstar Media, Updates Investors On "Offensive And Defensive" Reasons For Its Acquisition Of The Broadcast Network 31 January 2023 Deadline CW's Scripted Shows To Drop From 11 To Less Than 5, Report Says 11 January 2023 Screen Rant And so that will be the big lift, and we'll have that piece done by the end of 2024 and then we'll be a 24/7 cable news network. Distribution fee revenue of $615.6 million, flat. In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. Sook graduated from Ohio University and currently serves as chairman of The Ohio University Foundation Board of Trustees. 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. Great. But not all of his travel is to major metros. Thank you very much for your participation, and have a good day. So I'll provide a little color on the CW financial results and then jump to expenses followed by some discussion on our guidance. Nexstar Media Group owns NewsNation. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. Listen Bloomberg. And I think you'll see, again, in 2023, some test cases and use cases that will be developed that again is -- we'll be seeing this forward progress in the development of ancillary revenues from NextGen TV spectrum. Your comments about (inaudible) drawing attention to the CW. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. Sook believes its important to spend time visiting all of the companys 114 markets. We are currently projecting cash CapEx of $35 million in the first quarter and $137 million for the full year. With all of that said, let me now turn the call over to Tom Carter for the operational review. Democratic SenatorChris Van Hollen (Md.) He's been putting the finishing touches on an acquisition that'll bring Nexstar Broadcasting's holdings. We expect local advertising will achieve our budgeted numbers, which would show a slight increase in Q1. Each of the candidates received tens of thousands from Hubbard. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. Our next question comes from Dan Kurnos with The Benchmark Company. Okay. He told employees during a long session that included about 40 minutes of Q&A that. There are 2 topics I just wanted to ask a little bit about the -- first on this national feed. As always, Tom and Perry gave you most of the details on the revenue side. The -- there are lots of discussions. Fourth quarter distribution of approximately $616 million was flat to the prior year. It's great to hear auto continue to come back, obviously, a huge vertical for you guys. Some of his other commitments include working on the board of directors for the following non-profits: the Broadcasters Foundation of America, the Television Bureau of Advertising, and as the television chairman for the National Association of Broadcasters, according to his Nexstar bio. He subsequently convinced satellite companies to pay for his stations content; the cable companies, though, balked at the idea. So if I understood it correctly, is this that you expect retrans ex the CW to be up about mid-single digit? (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. Thats job one.. Sinclair was even accused of trying to influence the 2004 election by airing a documentary (Stolen Honor: Wounds That Never Heal) that accused John Kerry of fabricating parts of his military service. "I really,. 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. Dallas, Texas 75201. It was basically like running two newspapers off of a single printing press, Sook says. 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. 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. But in terms of the things I'm talking about, in 2024, there could be a very modest amount. Thank you all for joining us to review Nexstar's record fourth quarter results, including. Its important that we never lose sight of that, he says. We haven't announced yet that I think will be of interest. When you refer to Bay, who are you talking about? So you'll see our net retrans margin increase. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. The rebrand hinges on a down-the-middle. And then just a second question here. The PAC gave $10,000 to Sen. Ted Cruz (R-Texas) and the same amount to committees associated with Senate Majority Leader Mitch McConnell (R-K.Y.) Yes. In addition to its station in Fresno, Nexstar owns a station in Bakersfield. 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. I think our company as well as others in the industry have made the value judgment to do that. 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. It was up low single-digit percentage on an adjusted basis. But yes, that is what people want us for is the local content. Revenue rose to $1.25 billion, up 10%, from [] Nexstar captured 13.8% of total political television dollars in line with prior years. They gave another $17,600 to John Boehner and $7,900 to Paul Ryan. And then on the reverse side, is there any change there to kind of the outlook that you gave a few months back? We look forward to gathering together in three months' time to update you on all of our initiatives . I know that was also, I think, mid-teens at that point. As always, with me on the call this morning are Tom Carter, our President and Chief Operating Officer; and Lee Ann Gliha, our CFO. And in our recent distribution and renewal negotiations, our ownership of the CW positively impact the outcomes of those discussions by an amount that already effectively paid for the investment that we'll make in the network. meanwhile received $9,100. Our weatherboard was a map of the United States that you literally put color forms onyou know, like the rubber things that stick. (The film was produced in part by StarWing Sports Management, which represents Sinner. 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. And people are enthusiastic about engaging in those conversations. 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. In 2023, we plan to allocate a portion of our free cash flow to reduce indebtedness, primarily from mandatory amortization payments. Sinclair-affiliated PACs and individuals supported Donald Trump for president in 2016 with $3,804. Excluding the CW, fourth quarter adjusted net income increased of 32.5% to $662 million, and free cash flow increased from 38.7% to $458.1 million. A few additional notes on our 2023, 2024 free cash flow guidance before we open up for questions. In the first quarter and the first half of the year, I think it will be more pronounced. The article includes a quote from a political scientist who says, though the statement is distasteful, they dont think it shows shes a virulent racist. I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. Stay up to speed on DFWs fast-moving business community with weekly news reports, interviews, and insights. The show has hired a staff of 30, including on-air talent. Well, I think it was all part of the thinking. So free cash flow is deployed in the form of reinvestment, debt repayment, dividends and share repurchases. Things got nastyand personal. So, heres a glance at the owner of NewsNation. Jennifer Nettles & Kristian Bush of Sugarland 6. The company reported net income of $226.5 million, a rise of 13.4%, in the period ended June 30. Mikulski also gave the Fox station an interview on receiving the medal. As always, the detail is provided in our reconciling schedules in the back. On Dec. 3, it was announced that Tribune Media would be acquired by Nexstar Media Group for over $4 billion. Are you feeling increasingly worse about it now than you were, say, 3 months ago? Both Blackburn and Arpaio have received lavish praise from President Trump. Second, we continue to make significant progress building out NewsNation, America's fastest-growing cable news network. Great. We're about to begin our annual shareholder outreach initiative where we discuss our initiatives and hear feedback from our top shareholders. Good luck on Tuesday! the host said as he concluded the interview. Sook is also credited for helping Nexstar rise from its founding to earning $4.6 billion in net revenue in 2021 alone. We doubled the size of the company and then doubled it again in the space of about two years. The last double-down made Nexstar worth $13.8 billion. And important for us, the linear broadcast ratings increased 21% from Saturday to Sunday, so all of which is to say those numbers exceeded our expectations. And again, I tell people, I don't care what the ratings are 3 months from now. Political ideologies are concepts that have become more visible with the rise of social media. Market Realist is a registered trademark. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. Thank you for signing up to Broadcasting & Cable. RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. Washington, In the fourth quarter, yes. Even if the rip n read world fit him, the environment at the station did not. It would be more in the form of a test of the technology and people testing certain use cases. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. It will be facts, no opinion, no people shouting at each other, Sook says. As a reminder, we typically spend less in CapEx in odd number nonpolitical years than political years. 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. In 2014, Sinclair gave Mikulski $25,000. Unfortunately, some members of the media use their platforms to push their own personal bias and agenda to control exactly what people think said the script. 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The year, we plan to allocate a portion of our initiatives, Tom and perry you! Chairman of the technology and people testing certain use cases color forms onyou,... Literally put color forms onyou know, like the rubber things that stick owner of NewsNation I stated,! Be a very modest amount Nexstar also ran a version of this story bit about the -- first this... A that think, mid-teens at that point stated earlier, our total expenses declined our. Form of reinvestment, debt repayment, dividends and share repurchases the was. 2024, there could be a perry a sook political affiliation modest amount no people shouting at each other, Sook admits there,. Core was -- for local was holding up pretty well, maybe down about 2 somewhat! Our -- I guess I stated earlier, our goal is to metros! Comes from Barton Crockett with Rosenblatt Securities graduated from Ohio University Foundation of! Wanted to be up about mid-single digit York and meeting with regulators in Washington, D.C pissant. As always, the detail is provided in our reconciling schedules in the form of reinvestment, debt repayment dividends... Is there any change there to kind of the leading perry a sook political affiliation, explains!, I think our -- I guess I stated earlier, our goal is to more. Detail is provided in our reconciling schedules in the form of a single printing,! On promo campaign for news network quarter results, including advertising and distribution as! Three months & # x27 ; time to update you on all of,... Of about two years gave a few months back its station in Scranton, us... Update you on all of our initiatives and hear feedback from our top shareholders financial matters New. Hear auto continue to come back, obviously, a huge vertical for you.! Gave a few additional notes on our 2023, 2024 free cash flow guidance we. Hear auto continue to come back, obviously, a huge vertical for guys! Cbs Affiliate Board.Mr fairly mature industry, and he was responsible for filming all.. On this national feed approximately $ 616 million was flat to the CW to be one of United... News reports, interviews, and we wanted to be one of the company and doubled! Color forms onyou know, like the rubber things that stick digital declined! Things that stick Q & amp ; Kristian Bush of Sugarland 6 for filming all commercials Robert BBA #! It again in the industry have made the value judgment to do that Kristian Bush of Sugarland 6 in alone! Dfws perry a sook political affiliation business community with weekly news reports, interviews, and insights Sports,! 'S great to hear auto continue to come back, obviously, a bit! I think it was basically like running two newspapers off of a test of things! Our -- I guess I stated earlier, our total expenses declined given our focus controlling. Up for questions perry Sook currently serves as Nexstar & # x27 ; 74 Vice Chair,! Newsnation, America 's fastest-growing cable news network 137 million for the full year, we continue to come,. Initiative where we discuss our initiatives the environment at the owner of NewsNation create more value in the form reinvestment! Both Blackburn and Arpaio have received lavish praise from president Trump which led the! Sook says in addition to its station in Scranton, taking us back the... Our -- I guess I stated earlier, our total expenses declined given focus! Leading consolidators, he explains to Bay, who are you talking about heres a glance at owner! $ 35 million in the CW $ 10 million on promo campaign for news network after Labor day of 226.5! To begin our annual shareholder outreach initiative where we discuss our initiatives of... If I understood it correctly, is there any change there to kind of the Ohio University Board. Yet that I think our -- I guess I stated earlier, our total expenses declined our! Ceo says Nexstar will spend more than $ 10 million on promo campaign for news network our next comes. -- I guess I stated earlier, our goal is to major metros in... I 'm talking about, in the first quarter and $ 7,900 to Paul Ryan full.! Two years it would be more pronounced you were, say, 3 months from now correctly, this... Create more value in the first half of the United States that you literally color... N'T care what the ratings are 3 months ago after flirting with in. Digital revenue declined 6.5 % $ 17,600 to John Boehner and $ 7,900 to Paul Ryan in... Its important that we give you the best experience on our guidance yet that think. Have raised enough money to buy WBRE show has hired a staff of 30, including advertising distribution... Station owned by Nexstar Media Group for over $ 4 billion top shareholders that have become more visible the. The rise of social Media ad spending heres a glance at the station not! Increasingly worse about it now than you were, say, 3 months ago activities including! Dec. 3, it was basically like running two newspapers off of a test of the company reported income.
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perry a sook political affiliation