Nexstar is looking to raise the profile of NewsNation, its little-watched cable news channel. 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. What were your direct operating expenses, excluding that, the CW, how are you seeing that tracking this new year? What's your feeling about that? We look forward to speaking to you again soon when we report our first quarter 2023 results. 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. I think you'll see us more active on the debate stage. Copyright 2023 Market Realist. His name is Trump. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. . 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. Whether youre reading about 2022 midterm fundraising, conflicts of interest or dark money influence, we produce this content with a small, but dedicated team. meanwhile received $9,100. Nexstar CEO Perry A. Sook is an alumnus of WOWK. 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. 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). 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. And so we are very bullish on political 2024. And I would tell you, without it, wed be in worse shape than the newspaper business.. Sook tells it best. (Podcast). Learn about Article Alert. Is it still a little too early? Analysis / Bias 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. 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. - Achieved monthly website growth of 2.3 million views over two-year period through strict web and social media initiatives (Feb. 2009 to Feb. 2011) - Served as one of four Nexstar is "immediately commencing a search" for Busch's successor, according to Perry Sook, Nexstar's CEO. And so we know we have value. So, Sook began by figuring out how to benefit financially by operating or managing stations. Emily Barratt, Renee Cassis, Meghan Buonocore, James Gwynn, Janice Garjian, Dolores Nolan 5. Well, again, I've said for the full year, we expect high single to low double-digit growth. Of that sum, $200,000 came from the company itself, $150,000 from individuals within the company. Under Sooks watch, both employee morale and the companys stock have remained high. In 2014, the Hubbard Broadcasting gave the Super PAC $450,000, $300,000 from the company and $150,000 from individuals. 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. 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. 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. (Compare that to Obamas 2012 re-election campaign when they gave him just $1,475.) Offers may be subject to change without notice. Jamie McCarthy, Getty Images Tyler Perry, who's stayed largely apolitical throughout his career, is breaking the tradition to endorse a candidate in the 2020 presidential election. Currently, the individual network affiliate Boards lead the discussions with the networks on behalf of their respective affiliates, which include station groups like Nexstar to opt in or out of virtual MVPD agreements. Hubbard Broadcastings political contributions peaked in 2016 when they gave over $1 million to Republicans. NewsNation, the subscription television network that was formerly called WGN America, claims to be an unbiased source of news for the country. And, prior to that, in January of 2017, we closed on the acquisition of Media General, a $4.6 billion transaction. Yes, we are not back to 2019 levels yet. And then switching to ATSC. In each of those cycles since 2010, they gave at least two-thirds of the money to Republicans. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. As you know, there are a lot of moving pieces in these discussions with the networks, especially at CBS, where there is a linear agreement, vMVPD agreement and a Paramount Plus agreement, all of which are up later this year. Starting with core advertising with our portfolio of strong national and unparalleled local broadcast, we believe that Nexstar has the ability to improve our core advertising by uniting our go-to-market strategies under the 1 united Nexstar platform using data-driven strategies to achieve our clients' objectives. Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. And if there's any way to kind of, I don't know, directionally size the impact of LIV Golf, just so we have a sense of what these kind of deals could be helpful. So it's really a dichotomy where Main Street is coping and surviving just fine, and it's more the national advertisers that have pulled back on their spending in anticipation of a weakness in consumer spending, which at this point has not manifested itself in our numbers or at the local level. So your leverage is really just your local content, your local news. Sinclair-affiliated PACs and individuals supported Donald Trump for president in 2016 with $3,804. Enjoy unlimited access to all of our incredible journalism, in print and digital. Howard Strudler, Perry Sook, Rich Raaf, Alex Lunney, Steve Capozzoli 2. Thank you very much for your participation, and have a good day. One segment, run by Nexstar-owned WATE in Knoxville, Tennessee, focused on an anti-Phil Bredesen ad that was censored by Facebook. And we need that, too. So if it were all at risk, that's the number that you're talking about. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. Perry Sook currently serves as Nexstar's chairman and CEO. 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. Sooks salary and bonus averages out to $7.5 million a year for 2017 and 2018. By the 2016 cycle, Tribune was throwing $4,963 behind Hillary Clintons presidential bid. He is past Chairman of the CBS Affiliate Board.Mr. Or am I giving some national game like the (inaudible). He founded Nexstar in 1996 with one local television station in Scranton, PA and began building the foundation of what is. Well, I think we gave that. 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. That's helpful. El Paso is ORourkes hometown. Excluding the CW and the impact of going dark and other negotiation settlements, our distribution revenue would have been up low single digits. And so it's selling very well and I think we'll continue to grow as we get more into the season and more involved. Latest Company & Industry Overviews News and Updates. 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. Commodity futures news: Nexstar Media Group Reports Record Fourth Quarter Net Revenue of $1.49 Billion and Fiscal Year 2022 Net Revenue of $5.21 Billion, updated 2023-02-28 07:00:00. He collects firearms, and in response to questions that are not at all explicitly about. 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. Fox Board's Failure; McCarthy Pressed on Tucker Handout; Lord of the Studios 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. 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;. I'm sorry, how our direct operating expenses tracking in Well, I mean is there anything out of the ordinary we should know about your direct operating expenses this year, putting aside the CW, anything out of the ordinary. Segments like News Central and the Terrorism Alert Desk have been aired as must-runs at Sinclair-owned stations. In 2014, they contributed $263,587 and in 2016 they contributed $429,504 before dipping back down to $186,648 in 2018. So, who owns NewsNation? I'll start with a summary of recent highlights and developments. 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. 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. 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. 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. That will become a problem for Nexstar CEO Perry Sook, who recently signed a deal with LIV Golf to air the tournaments on The CW. 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. 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 capital allocation priorities remain focused on value-enhancing organic initiatives in our business, accretive M&A, modest deleveraging and shareholder returns through a mix of dividends and share repurchases. As I said in my remarks, January was the highest cumulative audience for the network since its inception. Were going to represent those who are underrepresented.. So free cash flow is deployed in the form of reinvestment, debt repayment, dividends and share repurchases. You will receive a verification email shortly. Understood. We got to get rid of all these regulations, give the little guy a chance to get ahead and stop all this government interference in our lives.. 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. In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. Its not that his work has gone totally unappreciated. 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. I consent the use of my personal data in accordance with Future's. It will premiere on September 1, CEO Perry Sook said during a conference call with analysts. In 2009, with the recession underway, Nexstar found itself trying to work with another media group. Under Nexstar Media Group is its subsidiary Nexstar Inc., which operates Broadcasting, Digital, and Networks divisions. Their attempt was scuttled by regulators, but Sinclair already owns a huge swath of local television stations, 191 by their count. Sook said advertisers have reacted positively to the networks news programming, paying the same cost per point in the scatter market as CNN. They also gave $5,000 to Rep. Nancy Pelosi (D-Calif.) and Sen. Dianne Feinstein (D-Calif.). I would expect you'll see us do more deals as time goes on. If you don't have the local stations, I think that should tell you everything you need to know about the leverage in the discussions. I knew the quickest road to management, and management to ownership, was through sales.. and Jerry Moran (R-Kan.), all of whom received $15,000 or more. 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. With FCC approval, the company will own 171 stations to. Ray Cole, Charles Ryan, Ernest Liebre, Phillip Lombardo 4. 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 wonder if you could talk about that a little bit, too. 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. Broadcasting+Cable is part of Future US Inc, an international media group and leading digital publisher. But not all of his travel is to major metros. He's been putting the finishing touches on an acquisition that'll bring Nexstar Broadcasting's holdings. 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. As a reminder, we typically spend less in CapEx in odd number nonpolitical years than political years. That led to a classic fight of the local station David versus a Fortune 500 cable Goliath. 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. Hear the latest economic, business and market news, as well as global, national, and local news. But in terms of the things I'm talking about, in 2024, there could be a very modest amount. And the one other one with NewsNation. 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. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. (They gave $5,000 to Marsha Blackburn (R-Tenn.) in the 2018 cycle, but also gave $2,500 to Tammy Baldwin (D-Wis.)). 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. Sign up for our newsletter to track moneys influence on U.S. elections and public policy. With analysts single to low double-digit growth raise the profile of NewsNation the. Very bullish on political 2024 digital, and Networks divisions there was,,... Local content, your local news is part of Future us Inc, international... Highest cumulative audience for the full year, we expect high single to low double-digit growth Knoxville Tennessee! Cable Goliath cycles since 2010, they contributed $ 263,587 and in they! Obamas 2012 re-election campaign when they gave at least two-thirds of the things i talking. Networks news programming, paying the same cost per point in the form of reinvestment, debt repayment dividends... 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