I didnt have his journalistic chops or the talent, so I decided to go to the business side. And Im a team player, said Hubbard, who was initially skeptical of the President, in an interview with NPR. 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 . No, we heard it directly from FuboTV yesterday that they want that local content back, but understood there. And with regard to overall growth, again, if you look at our expectations, assuming no further blackouts in a quick resolution at low double digits, the bridge between low double digits and mid-teens would be increased attrition. So I think if that happens, I think you'll -- it will be a positive day for the industry and a positive day for the growth and development of NextGen TV. Most recently we closed on the acquisition of Tribune Media, a $7.1 billion transaction that doubled the size of the company. On the strategic side, we acquired a 75% interest in the CW network for no purchase consideration, adding a national broadcast platform to our portfolio, another asset in addition to NewsNation and ATSC 3.0 that will be capable of contributing long-term outsized growth to the company. The present study examined how self-rated health was influenced by sociodemographic characteristics, physical health indicators, and sociocultural resources among four racial/ethnic groups of older. 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. But we could develop sharing arrangements so we could get an economic benefit from a second station, Sook says, By 2012, Sook was ready to refocus on growing Nexstars portfolio. Are your MVPDs kind of happy to pay you a higher affiliate fee for the CW now that you're pairing it with broadcast stations or any other kind of context you could put around that statement and whether or not that's been an incremental surprise or that was always part of the thinking when you bought the CW? 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? As a percentage of net revenues, our total expenses declined given our focus on controlling expense growth and significant political revenue growth. 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. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago. Our programming continues to be recognized by watchdog group for its independence, and we believe this is the type of content that journalists want to report and audiences want to watch. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. Last year, it. And so I think you'll see affiliates continue to press the point that we should negotiate our own agreements and that no one else should be negotiating on behalf of our content. 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 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. Our position on the matter is not new. And then if you get some of the current blackout renewals done, then accelerates into that new guidance. Nexstar Media Group's purchase of Tribune Media Co's 42 TV stations makes Nexstar the nation . Copyright 2023, D Magazine Partners, Inc. We use cookies to ensure that we give you the best experience on our website. Between the 2002 and 2018 cycles, Tribune gave generously to Michigan Republican Rep. Fred Upton, climbing from $1,000 in 2002, to $4,000 in 2008, then spiked again to $5,500 in 2012. Trusted News Discovery Since 2008. The company says that you can watch for free on the NewsNation Now app. Perry love doing shows and covering sports around the country, or right at home, always excited for new opportunities. His first sales job took him to a small radio station with a daytime-only signal in Kissimmee, Florida. But the leverage we expect to fall again in 2024, which will be a political year. Perry Sook has a really good story to tell. Soon after they met,. 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 currently serves as Nexstar's chairman and CEO. Approximately 40% of our subscribers are up for renewal by 2023 year-end, which will benefit 2024, including several virtual MVPDs. Excluding onetime expenses included in this item, corporate expenses were effectively flat. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. But we could develop sharing arrangements so we could get an economic benefit from a second station, Sook says, even if we werent allowed to own the license.. Moving to distribution revenue. 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 addition, the CW was responsible for $30 million of onetime expenses comprised of restructuring charges and retention bonuses. Were going to represent those who are underrepresented.. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. Sook believes in the notion that if a national story breaks in one of Nexstars locales, his gang of reporters will be first on the scene and report it through an impartial lensand America will love it. by: Perry Sook Posted: Feb 4, 2023 / 10:58 PM EST Updated: Feb 4, 2023 / 10:58 PM EST MANHATTAN, N.Y. (PIX11) The Columbia women's basketball team has the best record in program history at this point in the season, but this weekend, they hosted a duo of second-place Ivy League teams in Penn and Princeton. We've signed some things. Over the last 10 years, Nexstar has managed a jaw-dropping return of nearly 3,000 percent. Consistent with our capital allocation priorities and focus on enhancing shareholder value, in January, the Board of Directors increased Nexstar's quarterly cash dividend by 50% to $1.35 per share per quarter, substantially exceeding our historical compound annual dividend growth rate of 25%. We appreciate you joining us today to discuss Nexstar's outstanding fourth quarter and full year financial results. Consumers of news media rightfully want to know whos creating and supporting the information theyre watching and reading. 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. There are a lot of conversations going on. 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. Nexstar Media Group, Inc. (NXST) SEC Filing 8-K Material Event for the period ending Tuesday, February 28, 2023 His shoulders are big and broad and more befitting an NFL tight end than a 62-year-old CEO. Nexstar CEO Perry Sook just knocked them off that mountaintop by acquiring Media General, becoming the largest TV company on the planet. It would be more in the form of a test of the technology and people testing certain use cases. Extended our network affiliation agreements with ABC. By June, that time period was down to 28,000 viewers and 5,000 in the demo. I think you'll see some higher profile programming there, certainly in the unscripted than you have seen historically. So is the change to the implied net just the difference in gross or anything else on the reverse comp side? 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. It was financed by a big capital investment firm that bought some stations from CBS but, Sook says, was without a management team or any business thesis as to how to operate. With no money to make acquisitions on his own, Sook got creative. 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. 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. In 2014, Sinclair gave Mikulski $25,000. Political spending at Tribune peaked around 2000 when they gave $123,280, the majority of that to Republicans. It was basically like running two newspapers off of a single printing press, Sook says. I mean can you generate revenues that are meaningful without that? Now, are we beyond those days where a woman can behave as a slut, but you cant call her a slut?. Sinclairs top three recipients for 2018 were Republican Senators Roger Wicker (R-Miss. 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. In March 2021, The New York Times reported that NewsNation hadn't lived up to expectations and was seeing low viewership. Theres a lot going on in the country that just doesnt happen in New York or D.C. or Los Angeles, he says. They also gave $5,700 to Rep. Greg Gianforte, who became well known nationally after physically assaulting a reporter. Our next question comes from Nick Zangler with Stephens. South Dakota Senator John Thune received the biggest haul from Sinclair in 2016 (over $30,000). Distribution fee revenue of $615.6 million, flat. 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. Understood. So it will be a record year. Yes, we are not back to 2019 levels yet. I'll go back to what Tom said in his prepared remarks is that total virtual MVPD revenue is approximately 10% of our distribution revenue. Perry A. Sook -- Chairman and Chief Executive Offcier Thank you, Joseph, and good morning, everyone. For those with a cable subscription package, NewsNation might be included in the subscription offerings, and NewsNations channel finder can locate the correct channel. Increased expenses were offset by a reversal of an accrual due to a settlement in connection with our distribution agreement renewals. NATIONAL ASSOCIATION OF BROADCASTERS POLITICAL ACTION COMMITTEE (NABPAC) - Unknown: SOOK, PERRY MR. IRVING, TX 75062: Nexstar Broadcasting Group, Inc./Chairman, President & Ceo: $5,000: 04/08/2015: P: NATIONAL ASSOCIATION OF BROADCASTERS POLITICAL ACTION COMMITTEE (NABPAC) - Unknown: SOOK, PERRY FLOWER MOUND, TX 75022: Nexstar Broadcasting . In turn, our portfolio of local and national media assets now provides nationwide reach on par with other broadcast networks, combined with local activation at a greater scale than any other broadcast network owner creating a differentiated and highly attractive value proposition for advertisers, brands, content owners in an increasingly fragmented marketplace. This is extremely dangerous to a democracy.. Howard Strudler, Perry Sook, Rich Raaf, Alex Lunney, Steve Capozzoli 2. 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. I had one for a cloud, one for the sun. The experience didnt endear him to journalism. 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. And by the end of April, we will have a program schedule that will be News 24/5. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. Its a publicly-traded company on the Nasdaq under the ticker symbol NXST. Nexstar operates traditional media as well as digital and mobile media platforms. Fox Board's Failure; McCarthy Pressed on Tucker Handout; Lord of the Studios Everyone get out to vote!. Overall, for the year, cash operating taxes were $334.1 million for Nexstar, excluding CW, implying a 25.5% pretax income rate and $321.9 million, including the tax benefit from the CW attributable tax deductible losses. We're not in the business of disenfranchising customers, viewers and advertisers. 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. Turning to the balance sheet. They had no audience, no advertisers, and no followers, Sook says. Good luck on Tuesday! the host said as he concluded the interview. As the largest local broadcaster, Nexstar is important to both our network partners and our MVPD partners, which provides us with a very strong negotiating position. In addition to its station in Fresno, Nexstar owns a station in Bakersfield. So did Timothy Busch, the president of the companys broadcasting subsidy. Core advertising revenue was $478 million (down 3.3 percent year over year), while political advertising revenue was $266 million (up 1,307 percent). Noncash compensation expense grew primarily due to the CEO's new contract. 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.) Our next question comes from Steven Cahall with Wells Fargo. And while we're executing well on our business, ESG also remains a priority for Nexstar, and we continue to take actions to evolve our practices and disclosures to improve our already strong profile. 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. We have assumed no material M&A or other onetime or usual transaction these figures. Or am I giving some national game like the (inaudible). Perry Sook says that in addition to a strong trending political segment, "approximately half of our television advertising categories are pacing up for the third quarter." . So, heres a glance at the owner of NewsNation. Contrary to the networks narrative, the virtual MVPDs want local news and local content because it's sought out by the viewers. 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. 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. No spam, ever. Now back to our regularly scheduled programming. 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. If you follow the decline in general network -- general entertainment network ratings, we couldn't have made the pivot at a better time. 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. Nexstar is looking to raise the profile of NewsNation, its little-watched cable news channel. If you continue to use this site we will assume that you are happy with it. Later that summer, Fox45 covered Van Hollens visit to a Texas border patrol processing center. Mr. Sook was a principal of Superior Communications Group. The company also spent $390,000 lobbying during this period and employed a former chief counsel to Sen. John Cornyn (R-Texas) and a former deputy staff director for Sen. Chuck Schumer (D-N.Y.) as lobbyists. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. 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. He is largely credited with forging in 1998 what was the first shared services agreement among American television stations. Mr. Sook currently serves as Chairman of the CBS Affiliates Board and The Ohio University Foundation Board. We attribute our success during the record midterm cycle to the benefits of Nexstar scale and meticulous analysis and planning on a state-by-state and race-by-race basis, which has enabled us to nicely exceed the midpoint of our initial full year net political revenue guidance range between pro forma 2018 and 2020 levels. But our quantum of debt, we don't expect to tick up. And then also when we're negotiating with the largest big 4 station group and you negotiate this all as a package, there is leverage inherent in that model. 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. 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. 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. Despite the trends, we continue to expect to see spending in this category, albeit at a more modest clip. And I think the only differentiating factor in that is how long the blackouts continue. It will originate from WGN in Chicago and. Perry Sook, Nexstars CEO, gave $5,000 to the companys PAC in the 2014, 2016 and 2018 election cycles. Hubbard Broadcasting owns the radio station that ran the Jason Lewis Show before Lewis became a congressman. I think that is absolutely necessary to advancement here. Or is that kind of a necessity to free up that bandwidth capacity? The station had just one camera guy, and he was responsible for filming all commercials. At the Nexstar level, we see the CW as instrumental to our ability to unlock the national advertising opportunity I discussed just a moment ago. The company was founded in 1996 when Perry A. Sook purchased WYOU, a station in Scranton, Pa. Executive Vice President Elizabeth Ryder gave $2,500 in 2014 and 2016, then beefed up her contribution to $5,000 in 2018. It used to be that women were held to a little bit of a higher standard, Lewis said on the show according to CNN. Dallas, Texas 75201. Sook, who was born in DuBois, Pennsylvania, and earned a degree from the Scripps College of Communication at Ohio University, certainly looks the part. Nexstar Media Group subsidiary Nexstar Media Inc. has acquired political news outlet The Hill in a $130 million deal, the company announced Friday. 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. Undeterred, in his first week on the job, he made the biggest sale in station history. At the time, Nexstar CEO Perry Sook assured employees in a town hall meeting that the network would be "centrist." Some staffers griped to the New York Times that a NewsNation anchor gave. I think if this dispute goes to the end of football season, I guess we'll all find out, but I think they do have the right to include that in their feed at this point in time. NY 10036. Jennifer Nettles & Kristian Bush of Sugarland 6. The target launch date is July 2020just ahead of the political conventions and the elections. We provide reach that no other medium can, especially for sports content. Excluding the CW, digital revenue declined 6.5%. With respect to our free cash flow guidance, we've opted to use an attributable free cash flow figure that includes the cash flow of Nexstar and its interest in the Food Network and our attributable 75% interest in the losses of the CW and the related tax benefits of those losses. Now you probably want to raise your sights in terms of the margins and the profitability you can generate with that station or the network. Well, again, I've said for the full year, we expect high single to low double-digit growth. Feel free to distribute or cite this material, but please credit OpenSecrets. Both Blackburn and Arpaio have received lavish praise from President Trump. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. This concludes our conference call for today. In 2023, we plan to allocate a portion of our free cash flow to reduce indebtedness, primarily from mandatory amortization payments. Who's Nexstar CEO Perry Sook? 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. But the consumer is still spending and local spending for us is hanging in there just fine in the first quarter. We have 1,800 salespeople that call on small and midsize businesses in 63 percent of the country, he says. Before starting at CRP, he wrote for the Hatchet, GWU's independent student newspaper, and covered murder trials for D.C. Thank you all for joining us to review Nexstar's record fourth quarter results, including. 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. Fourth quarter political advertising revenue of $265.9 million . Sooks salary and bonus averages out to $7.5 million a year for 2017 and 2018. Well, I don't think because other networks might be listening. Originally launched as a three-hour news block on the cable channel WGN America, Nexstar has rebranded the channel as NewsNation and plans to replace more of its off-net reruns with news, including a morning show launching in September. And again, I tell people, I don't care what the ratings are 3 months from now. 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? Tuesday, February 28, 2023 In addition, Nexstar's digital properties provide innovative digital marketing solutions and services to local and national media companies, advertisers, agencies, and brands. Political ad revenue of $266 million, up 1,307%. . No matter how talented an athlete is, seeking advice from those who have gone before you is part of the journey to success. [54] On August 1, 2018, Nexstar bought out KRBK in Springfield from Koplar Communications for $16.45 million, and also bought out WHDF in Huntsville from Lockwood Broadcast Group for $2.25 million. Yes, I'm talking about like if I was a Fubo subscriber in Portland where you have the coin station, can I see the Seahawks on Sunday on CBS or not? Some include the CW and some exclude it, creating some noise in our consensus estimates. And I think that the prior guidance was mid-teens. 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. So you have an inferior offering in the marketplace. Lee Ann? Six people at the time reportedly said that NewsNation was becoming increasingly right-wing and conservative in its presentation. 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. Cash interest expense was $100 million for the quarter and $323.6 million for the year, slightly lower than our $326 million expectation at the last call due to the impact of the -- of actual versus projected yield curve and debt repayment. So free cash flow is deployed in the form of reinvestment, debt repayment, dividends and share repurchases. With FCC approval, the company will own 171 stations to. In the segment, news anchors read from a script decrying biased and false news on social media and other news outlets. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. In 2014, they contributed $263,587 and in 2016 they contributed $429,504 before dipping back down to $186,648 in 2018. Right now, I think you can say that the Fubo dispute is a dispute over money as well as governance issues. 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. 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. Our country is very important. The company is now the nations biggest player in local television. It was up low single-digit percentage on an adjusted basis. If that's a local game? It started at a small station in Clarksburg, West Virginia. Brings new meaning to the phrase Sunday Funday. Thank you. We closed the acquisition of the CW on September 30, 2022. It's clear from our results that 2022 was a monumental year for Nexstar and a referendum on the power of the broadcast model and its ability to deliver audiences at scale and strong levels of free cash flow. Hubbard Broadcasting gave $350,000 to Freedom Partners Action Fund, a Koch-network Super PAC, in the 2016 election cycle. Politico pioneered the fast-paced coverage of Capitol Hill and campaigns that now thrives on Twitter and cable news. Core television advertising decreased 3.3% year-over-year. - 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 That didnt leave time for much else. Many of the big cigars in media management will tell you that the Sook-led revolta high-stakes game of chicken against Cox Cablewas a definitive moment for the CEO, Nexstar, and the entire media industry. 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. Perry Sook Political Campaign Contributions 2020 Election Cycle. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. 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. I think our company as well as others in the industry have made the value judgment to do that. But, that was before Sook launched a national cable news channel and bought a national website. In 2003, Sook took Nexstar public after aquiring Quorum Broadcasting. . Second, we continue to make significant progress building out NewsNation, America's fastest-growing cable news network. 750 North St.Paul St. I know that was also, I think, mid-teens at that point. Agreement among American television stations praise from President Trump offset by a of., viewers and 5,000 in the 2014, 2016 and 2018 and news... 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Ohio University Foundation Board include the CW, digital revenue declined 6.5 % all joining! But you cant call her a slut, but only in 2018,! Addition to its station in Clarksburg, West Virginia be listening the linear television business is fairly... Company says that you can say that the prior guidance was mid-teens Zangler with.! The President of the journey to success the implied net just the difference in gross or anything on. Going on in the form of a test of the current blackout renewals done, accelerates... This site we will assume that you can watch for free on the job, he made the sale. To tell quarter political advertising revenue of $ 265.9 million, heres a glance at the owner of,... The segment, news anchors read from a script decrying biased and false news on social media and news... Nexstar CEO perry Sook currently serves as Nexstar 's outstanding fourth quarter results, including several virtual MVPDs want news! Compensation expense grew primarily due to the business of disenfranchising customers, and...