And most importantly, the affiliates as well as our own stations were thrilled. Perhaps the most explicitly pro-Trump company in local television is Minnesota-based Hubbard Broadcasting. 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. 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. In January, the network averaged 65,000 viewers from 8 p.m. to 11 p.m. according to Nielsen and just 15,000 viewers in the 25-54 demographic used to sell ads in news programming. Aerosmith co-founder Joe Perry isn't at all cagey about his political beliefs or his stance on issues. But our quantum of debt, we don't expect to tick up. I would expect you'll see us do more deals as time goes on. 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. Double-digit attributable free cash flow growth enabled us to return approximately 68% of our 2022 attributable free cash flow or a record of $1.02 billion to our shareholders in the form of share repurchases as well as dividends. Sook graduated from Ohio University and currently serves as chairman of The Ohio University. RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. I know that was also, I think, mid-teens at that point. So did Timothy Busch, the president of the company's broadcasting subsidy. Sook said Nexstar will be mounting a promotional campaign for NewsNation that will kick off after Labor Day. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. And I've recently been at the FCC meeting with the commissioners as well as the Chairwoman. In addition, fourth quarter advertising was impacted as sports betting and gaming companies redirected total television advertising dollars to voter propositions to legalize online gambling in California. 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. NewsNation launched officially in September 2020 with high hopes of securing solid viewership in a time of deep mistrust of the media. In the segment, news anchors read from a script decrying biased and false news on social media and other news outlets. The ramp-up of sports betting advertising came at a time when automotive was declining and now we see a reversal in the performance of these 2 categories. And I would tell you, without it, wed be in worse shape than the newspaper business.. In March, NewsNation VP of News Jennifer Lyons resigned amid concerns the channel might take a right-wing turn because of low ratings. Sook believes its important to spend time visiting all of the companys 114 markets. Now were obviously getting smaller rates because our ratings are smaller, Sook noted. And so we're interested and quite frankly, very pleased with the reception we've had in the marketplace that there may be another voice out there, another national opportunity for distribution over the air and through the broadcast model. National will be down a low double-digit amount. 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. My last quick question, core advertising for the first quarter. Thank you. Sook graduated from Ohio University and currently serves as chairman of The Ohio University Foundation Board of Trustees. Since NewsNation brands itself as being one that reports the facts in an unbiased manner, many viewers were hopeful when the network launched in 2020. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. Ladies and gentlemen, since there are no further questions, I would like to turn the call back to Perry Sook for the closing remarks. So free cash flow is deployed in the form of reinvestment, debt repayment, dividends and share repurchases. And that and money are the 2 issues here. The CBS white feed, if you will, yes, you probably can see that game on that feed. The lawyerly name belies the bare-knuckled drama involving Cox and 21 television stations in Texas, Arkansas, Louisiana, Kansas, and Missouri. Lewis infamously used the platform to vent his frustrations with modern gender politics. 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. 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. As the PAC distributed its funds, stations owned by Nexstar were covering politics and political races across the country. Future US, Inc. Full 7th Floor, 130 West 42nd Street, 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. With that, it's now my pleasure to turn the conference over to your host, Nexstar Chairman and CEO, Perry Sook. I think our company as well as others in the industry have made the value judgment to do that. Nexstar Media Group subsidiary Nexstar Media Inc. has acquired political news outlet The Hill in a $130 million deal, the company announced Friday. Contribution Totals: Download all contribution records for this person from 1999 to present To a Spreadsheet or Other File Type: 2020 Transaction Count/Amount: 4/$20,000: 2018 Transaction Count/Amount: 7/$26,900: 2016 Transaction Count/Amount: And, prior to that, in January of 2017, we closed on the acquisition of Media General, a $4.6 billion transaction. In the 2000s, Sinclair had a similar a must-run segment called The Point, hosted by a Sinclair lobbyist and ex-Navy intelligence officer. Fourth quarter distribution of approximately $616 million was flat to the prior year. 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. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. That's what's driving the buildout. Local television broadcasting generated $2.4 billion in gross political ad dollars, a record amount for midterm election, capturing more than 50% of the total spend in 2022, representing a 38% growth over 2018. February 08, 2023 / Scott Jones. We have 5,400 journalists around the country who produce local newsmore than any other organization. A member of TVB's board of directors since 2000, Sook assumes the chairman's position previously held by Michael J . There are a lot of conversations going on. 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. 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. But, aside from their reporting, these organizations dabble directly in politics and elections more than one might expect. Dallas, Texas 75201. El Paso is ORourkes hometown. 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. In most cases,it is difficult to say whether these companies political activities cross-pollinate with their journalism and business dealings, but future controversies akin to the Sinclair must-run scandal could continue to increase the visibility of the companies behind these local stations and erode Americans faith in yet another source of news. 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. Copyright 2023 Market Realist. 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. And they say, the locals. Certainly, sports is 1 avenue that has never been pursued there before. 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. Why? Perry Sook currently serves as Nexstar's chairman and CEO. So we're very bullish on it. Their attempt was scuttled by regulators, but Sinclair already owns a huge swath of local television stations, 191 by their count. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. 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. They have given generously to Maryland politicians over the years, including Rep. Andy Harris, Sen. Barbara Mikulski and Nancy Jacobs, a Republican state Senator who lost a race for Marylands second congressional district in 2012. That deal, if approved. So, yeah, its a point of frustration for me, because the performance has been there.. Analysis / Bias Its important that we never lose sight of that, he says. Mikulski also gave the Fox station an interview on receiving the medal. I want my commission salespeople to be the highest-paid people in town., Sook did double-duty as both anchorman and weatherman. 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. According to Open Secrets, Nexstar Media group gave more money to Republicans in the 2018 election cycle (45% to Democrats, 55% to Republicans). Gregory Raifman, president of Nexstar Digital, gave $2,500 that year. I guess if they felt they wanted to vote with their feet, they wouldnt own the shares. And so we are very pleased with our ability to continue to earn more for the CW. 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? sook (sk) n 1. dialect Southwest English a baby 2. derogatory a coward 3. In addition, because of the breadth of our portfolio, during the '22 midterm election cycle, Nexstar produced and distributed nearly 50 political debates, including those high-profile Pennsylvania and Georgia state races and the Texas gubernatorial race which we also distributed nationally via News Nation. 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. Open Secrets following the money in politics, OpenSecrets Following the money in politics. I think you'll see us more active on the debate stage. Listen Bloomberg. We also have begun to execute on our cost savings plan by reducing redundant functions at the network, and we've hired new top-tier executives with backgrounds at Fox, NBCUniversal, HBO, Pop TV and Google to lead our programming and distribution strategies. I know that our affiliates in CW affiliates in the top 10 markets generated about 3x the amount of money that the network generated for this first outing. Are you guys saying that at this point? The studio consisted of a large metal building at the base of the transmitter. meanwhile received $9,100. I didnt have his journalistic chops or the talent, so I decided to go to the business side. 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. 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;. 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. We're about to begin our annual shareholder outreach initiative where we discuss our initiatives and hear feedback from our top shareholders. The target launch date is July 2020just ahead of the political conventions and the elections. A July segment in Centex Proud, a Fox-affiliated, Nexstar owned, Waco-area station, covered a Cruz event saying (Cruz) is excited to see the current economy and business boom with the lowest unemployment rate for Hispanics and African-Americans in a decade. Over the last 10 years, Nexstar has managed a jaw-dropping return of nearly 3,000 percent. The current simulcast requirement does constrain our capacity as to what we can do. But I don't expect that anyone would sign on to a big contract until they had the chance to administer their tests. That number has been corrected to $9,100. Fourth quarter CapEx was $57.1 million or $56 million, excluding CapEx related to the CW. How do you see that kind of opportunity between both local stations and the CW? 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. Nexstar's consistently strong free cash flow generation remains one of our most powerful differentiators not only from our peers but from larger diversified media companies as well. LIV Golf was viewed by over 1.4 million total viewers across both the CW linear network as well as our digital platform, the CW app, compared to the average linear golf game on television year-to-date. He's been putting the finishing touches on an acquisition that'll bring Nexstar Broadcasting's holdings. The forward curve currently shows interest rates peaking in July and falling thereafter. He collects firearms, and in response to questions that are not at all explicitly about. On Dec. 3, it was announced that Tribune Media would be acquired by Nexstar Media Group for over $4 billion. 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. We anticipate being active in the debate business as we were in 2020. 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. A Memphis station owned by Nexstar also ran a version of this story. And are we talking about the affiliates effectively drawing the line in the sand here, which could see and could create spillover and impact these relationships with other vMVPDs as well? 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. "We're now up to 16%, but that means 84% of the country has no earthly idea. 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. The same banner rotates between the endorsement of Obama, a banner advertising Decision 2008 coverage and links to other stories. Jon has been business editor of Broadcasting+Cable since 2010. 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. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. We shared back-office functions and engineering, business, and traffic. Nexstar CEO Perry Sook (Image credit: Nexstar) "When we launched NewsNation, 10% of the country knew what NewsNation was," Sook told analysts and investors. 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.
Dachshund Rescue Brooksville, Fl,
Ikaria Population 2021,
What Is The Best Carrier Oil For Reed Diffusers,
Articles P
