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? In addition, the CW was responsible for $30 million of onetime expenses comprised of restructuring charges and retention bonuses. They also gave $5,700 to Rep. Greg Gianforte, who became well known nationally after physically assaulting a reporter. I would expect you'll see us do more deals as time goes on. 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. So basically, auto under -- the way you're describing it. We have 5,400 journalists around the country who produce local newsmore than any other organization. When the president of the National Association of Broadcasters introduced Sook to banqueters as, more than just a broadcaster with a handsome face and a great tan, it was an inside joke. And it recognized that there is a real audience of people who love the. Mr. Sook currently serves as Chairman of the CBS Affiliates Board and The Ohio University Foundation Board. Today's call is being recorded. During commercial breaks, Id have to get up and adjust my own camera, he says. Whether youre reading about 2022 midterm fundraising, conflicts of interest or dark money influence, we produce this content with a small, but dedicated team. 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). 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. 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.. So, there were challenges. 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. Or there is still significant room to run on auto getting back to maybe a more normalized rate in that 2019 pre-COVID era? The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. In March 2021, The New York Times reported that NewsNation hadn't lived up to expectations and was seeing low viewership. They gave another $17,600 to John Boehner and $7,900 to Paul Ryan. Q4 digital revenues increased 10.1% year-over-year to approximately $112 million. Nexstar generated fourth quarter political revenue of $265.9 million propelling our full year of political advertising to $505.6 million, just 1% shy of the 2020 presidential election year results and up an impressive 32% pro forma over 2018, the last midterm comp. 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. 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. I consent the use of my personal data in accordance with Future's. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of . In summary, we remain confident in our strategy, the quality of our assets and the strength of our financial position. This year, we prepared an ESG report, which will be available on our website, outlining key principles, policies and action. And they see the customer at the checkout counter or at the cash register, and they know that local consumers are spending and have factored in 7% mortgages and $3 and $4 gasoline into their daily lives. Sign up for our newsletter to track moneys influence on U.S. elections and public policy. In the latest of my series of Legends & Leaders interviews with media industry leaders, Nexstar CEO Perry Sook shares context on the decision to convert WGN America to NewsNation, including details on how 198 Nexstar TV stations and 5,500 journalists feed, support and promote the fledgling news network. 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. I think you'll see us more active on the debate stage. And I think when those things begin to line up, I think you'll see development accelerate. I'll first read the safe harbor language, and then we'll get right into the call. Our next question comes from Steven Cahall with Wells Fargo. Our ability to generate record results and excellent shareholder returns underscores the benefits of our unique scale, the strength of our operating model and our ability to consistently generate substantial free cash flow. 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. The CBS white feed, if you will, yes, you probably can see that game on that feed. 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. We grew double digits in the fourth quarter. With FCC approval, the company will own 171 stations to. And finally, we continue to be committed to treating employees fairly and ethically and fostering a positive work environment as well as providing dedicated diversity, equity and inclusion programs, hiring practices and mentorships. Sook, who was born in DuBois, Pennsylvania, and earned a degree from the Scripps College of Communication at Ohio University, certainly looks the part. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. 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. ABC 5, a Hubbard-owned station, reported on 2009 Facebook comments made by Housley in which she likened Michelle Obama to a chimpanzee. The cable company put Sooks home phone number on ads pushing its side of the argument. I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. So we're very bullish on it. And again, we want to make the CW a -- I mean, it has a distribution on par with the big 4. New York, In the 24 ensuing years, the founder and CEO of. But that doesnt seem to be whats happening, Sook says. No, we heard it directly from FuboTV yesterday that they want that local content back, but understood there. The lawyerly name belies the bare-knuckled drama involving Cox and 21 television stations in Texas, Arkansas, Louisiana, Kansas, and Missouri. Certainly, when you look at the power of The Hill, which is a national brand in concert with NewsNation, which is a national brand; and the strength of our local stations, which is the backbone of everything we do, I think you'll see all of that come together in a unified sales effort to highlight the opportunity available to us in 2024 and beyond. Who's Nexstar CEO Perry Sook? And then, Perry, you mentioned that the recent distribution renewals effectively have paid for the CW deal. Extended our network affiliation agreements with ABC. Fresno and Bakersfield are a stones throw from the 23rd congressional district where McCarthy has his seat. 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. Nexstar generated an adjusted 46.5% EBITDA margin and converted approximately 69% of adjusted EBITDA to free cash flow. Our weatherboard was a map of the United States that you literally put color forms onyou know, like the rubber things that stick. Regular cars couldnt climb the muddy, steep hill. Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. We expect Nexstar's cash interest expense to approximate $110 million for the first quarter and $450 million for the year, reflecting current forward curve and expectations for debt repayment. Our next question comes from Nick Zangler with Stephens. Excluding onetime expenses included in this item, corporate expenses were effectively flat. But the leverage we expect to fall again in 2024, which will be a political year. So, in our ads, we put the general manager of the cable companys home phone number so people could express their opinion, Sook says. It used to be that women were held to a little bit of a higher standard, Lewis said on the show according to CNN. 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. The company says that you can watch for free on the NewsNation Now app. We required modesty from women. 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. And as in the past, we will provide the results of that process in our annual proxy statement. But we're very bullish on the prospects and think these things are in the queue and on the way. Net revenue for the quarter increased 19.3% from the prior year quarter due primarily to our strong political results as well as inclusion of the results from the CW, partially offset by a decline in core advertising primarily a result of national advertising market softness. Well, I think we gave that. As we move forward, we will continue to strategically deploy our cash in a manner that is consistent with our commitment to creating the highest shareholder value. Were going to represent those who are underrepresented.. Feel free to distribute or cite this material, but please credit OpenSecrets. Hes. Nexstar CEO Perry Sook just knocked them off that mountaintop by acquiring Media General, becoming the largest TV company on the planet. I just want to understand kind of one logistical thing. Your comments about (inaudible) drawing attention to the CW. Turning to the balance sheet. And then a big picture question. 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. Early in his career, Mr. Sook was involved in local TV sales and radio sales. By the 2016 cycle, Tribune was throwing $4,963 behind Hillary Clintons presidential bid. Is that cord cutting? 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. It will run on Nexstar stations and the company has committed to spend double-digit millions on advertising on other TV, digital and social media outlets. 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 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. So our job now is to continue to increase the profile, relevance and interest in the programming, offer more varied programming and sports is obviously a big piece of that, that can put us more on par with the other network choices that are out there. That deal, if approved. 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