Nexstar was 1 of only 4 stocks that was up in all of media and entertainment in 2022, which we believe is a testament to our ability to create shareholder value through free cash flow generation, return of capital to our shareholders and our ability to continue to grow our revenue streams. Perry A. Sook serves as Chairman of the Board, Chief Executive Officer of the Company. There are 2 topics I just wanted to ask a little bit about the -- first on this national feed. Or is it really just news (inaudible). In summary, we remain confident in our strategy, the quality of our assets and the strength of our financial position. And what kind of incremental opportunities or channels do you see heading into next year? Political Advertising Revenue 265.9 18.9 . For those with a cable subscription package, NewsNation might be included in the subscription offerings, and NewsNations channel finder can locate the correct channel. And one of your peers has also recently launched a service that's going to pick up regional or local sports rights. Emily Barratt, Renee Cassis, Meghan Buonocore, James Gwynn, Janice Garjian, Dolores Nolan 5. Composed mostly of reporting from Nexstar stations, NewsNation was billed as offering straight-down-the-middle stories at a time when cable news is politically polarized. 2022 Foundation Trustees. The category is primarily responsible for the core advertising revenue decline more gaming, sports betting, insurance, direct response, medical health care and radio TV cable newspapers. Revenue rose to $1.25 billion, up 10%, from [] And I think that the prior guidance was mid-teens. Or am I giving some national game like the (inaudible). Our next question comes from Barton Crockett with Rosenblatt Securities. 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. Nexstar's stock has been one of the best short- and long-term performing stocks in media, one of the highest percentage returns of free cash flow to shareholders in media along with solid long-term growth prospects and a low valuation. He was inducted to The Library of American Broadcasting Foundation's 2016 Giants of Broadcasting and Electronic Arts and received The Media Institute's 2016 American Horizon Award, recognizing his leadership, promoting the vitality and independence of American media.Mr. Is there any leverage around the ability to see local games that somehow rights constructed by the agreement with you or not? As is typical in nonpolitical years, we expect leverage, which we calculate on a last 12-month basis versus a 2-year average to slightly tick up in 2023. NewsNation is also available across a wide range of streaming services including Sling, Hulu, YouTube TV, Vidgo, fubu TV, and DirecTV Stream. Finally, Nexstar continues to lead the industry in total deployment of ATSC 3.0 or NextGen TV with markets reaching approximately 35% of the U.S. households, and we have a goal of reaching 50% of the U.S. populations with ATSC 3.0 signals via our stations by the end of this year. 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. 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. Nexstar's outstanding debt as of December 31, 2021, was $6.95 billion, down from $7.41 billion at year-end last year. Witness, a nonprofit blog that tracks homicides. I mean can you generate revenues that are meaningful without that? Moving back to Nexstar expenses. Ladies and gentlemen, since there are no further questions, I would like to turn the call back to Perry Sook for the closing remarks. As always, you should use these metrics in connection with our reconciling schedules and financial statements that have been prepared in accordance with GAAP and are filed with the SEC. By the 2016 cycle, Tribune was throwing $4,963 behind Hillary Clintons presidential bid. IRVING, Texas After a 36-year career in broadcasting, including the last 20 with Nexstar, Timothy C. Busch, Nexstar's president of Broadcasting, will retire as of June 1. And so that means we have to go dark for a little while to make the point. Perry Sook vs. CBS. 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. Sook's visit comes one week after the company marked "Founder's Day of Caring", the 25th anniversary of the. It's my first question. Suite 2100 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. Perry A. Sook, President and Chief Executive Officer of Nexstar Broadcasting Group, has worked in all facets of the business - from radio sales and on . Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. 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? I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. In 2008, Tribune gave $11,450 to then-Senator Barack Obama. And then on the reverse side, is there any change there to kind of the outlook that you gave a few months back? And people are enthusiastic about engaging in those conversations. Excluding these impacts, our 2023, 2024 free cash flow would have been $1.45 billion for comparison purposes. This is extremely dangerous to a democracy.. In the 2000s, Sinclair had a similar a must-run segment called The Point, hosted by a Sinclair lobbyist and ex-Navy intelligence officer. It would be more in the form of a test of the technology and people testing certain use cases. 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. 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. 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. 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. The report also contains disclosures for Nexstar as suggested for companies in the media and entertainment industry by Sustainability Accounting Standard Board, or SASB. Except for the Revolving Door section, content on this site is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License by OpenSecrets.org. Regular cars couldnt climb the muddy, steep hill. Latest Company & Industry Overviews News and Updates. With all of that said, let me now turn the call over to Tom Carter for the operational review. To request permission for commercial use, please contactus. The host would criticize other media outlets for their coverage of then-President Bush, once going so far as to say that terrorist leaders would dearly love to see President Bush replaced with Senator (John) Kerry.. Nexstar generated an adjusted 46.5% EBITDA margin and converted approximately 69% of adjusted EBITDA to free cash flow. The station had just one camera guy, and he was responsible for filming all commercials. So is the change to the implied net just the difference in gross or anything else on the reverse comp side? I think our company as well as others in the industry have made the value judgment to do that. The CW generates revenue primarily from national television and digital advertising, distribution fees from affiliates and virtual MVPDs as well as some short-term continuing revenue from licensing content to an SVOD player. Thats exactly what professional tennis player Jannik Sinner had in mind when he met up with Lindsey Vonn, US Olympic Champion and one of the best alpine ski racers of all time. For the full year, we generated $1.5 billion of attributable free cash flow and generated approximately $188 million of net proceeds related to asset sales in 2022. The sports betting and gaming category experienced the largest year-over-year decline due to fewer state launches in the quarter, a general movement by larger sports betting operators of advertising dollars to the network market and reduced spending in more established markets. 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. Before I dive into my usual financial discussion, I wanted to take a minute to step back and discuss a few changes in our financial presentation that we've been foreshadowing. Have you ever wondered about the number of sacrifices a winning athlete has to make? Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. Visit our corporate site (opens in new tab). May 20005. Perry Sook currently serves as Nexstar's chairman and CEO. He subsequently convinced satellite companies to pay for his stations content; the cable companies, though, balked at the idea. 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. In the segment, news anchors read from a script decrying biased and false news on social media and other news outlets. 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. (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. Both Blackburn and Arpaio have received lavish praise from President Trump. 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. Excluding the CW and the impact of going dark and other negotiation settlements, our distribution revenue would have been up low single digits. 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. Every donation we receive from users like you goes directly into promoting high-quality data analysis and investigative journalism that you can trust. And then Because that's a lot. sook (sk) n 1. dialect Southwest English a baby 2. derogatory a coward 3. 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. 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. This concludes our conference call for today. So maybe as expected, Tom, hoping we could just unpack some of the things you went through on retrans a little bit. 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. But I don't expect that anyone would sign on to a big contract until they had the chance to administer their tests. 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. SOOK, Perry A. BSC '80 Chairperson Southlake, TX. Perry, maybe just to follow up on that a little bit. It was interesting Sinclair was talking a little bit about their feeling about the importance of getting the FCC to move so that you can shut down the legacy stations, the ATSC 1.0 to get really enough kind of capacity to generate meaningful revenues off of this. But not all of his travel is to major metros. But the leverage we expect to fall again in 2024, which will be a political year. Excluding the CW, fourth quarter direct operating and SG&A expenses increased only $5.9 million as a result of higher variable costs related to higher revenues, increased programming and other costs related in part to the move of NewsNation from syndicated programming to news programming, which is offset in our adjusted EBITDA calculation from reduced programming payments related to syndicated content. Noncash comp is expected to be approximately $50 million for the first quarter and in the $67 million area for the full year, but will vary based on stock price and actual grants. 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