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. 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. Curious if you could size that up a bit. And we've seen a lot of our competitors in the media industry with broadcast assets take notice suddenly remembering the lion's share of their revenue and profit come from that tried and true effective and profitable broadcast media. Sooks salary and bonus averages out to $7.5 million a year for 2017 and 2018. He is past Chairman of the CBS Affiliate Board. Could you talk a little bit about how else you are going to try to navigate that process of changing the content and publicizing the changes in the content to attract the desired audience since that transition could pose its own challenges? I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. 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. 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: After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. If it rained, staffers had to send a Jeep down the road to retrieve Sook. 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 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. 750 North St.Paul St. 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. Of that sum, $200,000 came from the company itself, $150,000 from individuals within the company. He wants to tell stories that are happening outside the beltways. Operator, please open the line for questions. According to the Washington Post, Sinclair stations ran fifteen exclusive interviews with Trump and did none with Hillary Clinton. 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. Nexstar generated an adjusted 46.5% EBITDA margin and converted approximately 69% of adjusted EBITDA to free cash flow. And I think the only differentiating factor in that is how long the blackouts continue. And are making choices and maybe moving some of that spending and you're seeing higher net worth customers showing up at Walmart to buy some -- buy their basic items. It was a kind of a sinking feeling in the pit of your stomach, but it also energized me to go out and find a real job. That meant television sales, which led to the purchase of WYOU in Scranton, taking us back to the beginning of Sooks story. In 2014, Sinclair gave Mikulski $25,000. Both Lewis and Paulsen lost their seats in 2018. Great. And that and money are the 2 issues here. The remainder of our attributable free cash flow went to repay debt. We're looking forward to a solid 2024 election cycle. If that's a local game? I mean, we wouldn't rule any of it out. They also gave $5,000 to Rep. Nancy Pelosi (D-Calif.) and Sen. Dianne Feinstein (D-Calif.). So it will be a record year. And I think that other team owners have taken notice of that. Sook has just returned from eight days on the road, on business in California and Arizona. 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. 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. He is past Chairman of the CBS Affiliate Board.Mr. ), Deb Fischer (R-Neb.) At OpenSecrets.org we offer in-depth, money-in-politics stories in the public interest. And then Because that's a lot. 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 all of the behind-the-scenes pieces were consolidated into a single, fixed-cost structure., In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. 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. We are currently projecting cash CapEx of $35 million in the first quarter and $137 million for the full year. Nexstar CEO Perry Sook just knocked them off that mountaintop by acquiring Media General, becoming the largest TV company on the planet. Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. 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. Lee Ann Gliha; Executive VP & CFO; Nexstar Media Group, Inc. 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; Rosenblatt Securities Inc., Research Division, Craig Anthony Huber; CEO, MD & Research Analyst; Huber Research Partners, LLC, Daniel Louis Kurnos; MD & Senior Equity Analyst; The Benchmark Company, LLC, Research Division, James Charles Goss; MD; Barrington Research Associates, Inc., Research Division, Nicholas Todd Zangler; Analyst; Stephens Inc., Research Division, Steven Lee Cahall; Senior Analyst; Wells Fargo Securities, LLC, Research Division, Joseph N. Jaffoni; Founder & President; JCIR. Jon has been business editor of Broadcasting+Cable since 2010. 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. So you'll see our net retrans margin increase. Right now, I think you can say that the Fubo dispute is a dispute over money as well as governance issues. And the one other one with NewsNation. Sure. He just want to know what the amount to CW. 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. Copyright 2023, D Magazine Partners, Inc. We use cookies to ensure that we give you the best experience on our website. The script was passed down from Sinclairs corporate office in Maryland. Global Edition. And it recognized that there is a real audience of people who love the. 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. Well, I think it was all part of the thinking. The same banner rotates between the endorsement of Obama, a banner advertising Decision 2008 coverage and links to other stories. To request permission for commercial use, please contactus. Well, again, I've said for the full year, we expect high single to low double-digit growth. Our next question comes from Barton Crockett with Rosenblatt Securities. Are they able to see the local football game from the NFL on CBS? Everyone get out to vote!. But not all of his travel is to major metros. Sook reaffirmed Nexstar's commitment to the transformation of the former WGN America into a news channel. The pressure to perform and remain at the top once you're there? Fourth quarter operating cash taxes were $53.1 million, which includes $65.3 million attributable to Nexstar, excluding CW and a $12.2 million benefit from the attributable tax deductible losses from our investment in the CW. We closed the acquisition of the CW on September 30, 2022. We are seeing some sustained healthy increases off of that lower base. 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. 2022 Foundation Trustees. meanwhile received $9,100. So I don't know how do we yardstick kind of '24 relative to whatever pro forma 2020 was if you have that number. As Perry mentioned, we're extremely pleased with the outcome of our recent affiliation agreement negotiations and that will have a nice impact on our overall net retransmission revenue. 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. Okay. Distribution fee revenue of $615.6 million, flat. (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. 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. Nexstar is looking to raise the profile of NewsNation, its little-watched cable news channel. Moving to distribution revenue. 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. We continue to believe the investment case for Nexstar is very simple. Dallas, Texas 75201. We see it as a multiple year tailwind for our company, certainly. Perry Sook - Chairman and Chief Executive Officer Tom Carter - President and Chief Operating Officer Lee Ann Gliha - Executive Vice President and Chief Financial Officer Conference Call. The cable company put Sooks home phone number on ads pushing its side of the argument. Ratings for NewsNations news programming have been dropping all year. NewsNation is also available across a wide range of streaming services including Sling, Hulu, YouTube TV, Vidgo, fubu TV, and DirecTV Stream. ABC 5, a Hubbard-owned station, reported on 2009 Facebook comments made by Housley in which she likened Michelle Obama to a chimpanzee. And again, I tell people, I don't care what the ratings are 3 months from now. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. I just -- yes, please. In January 2021, the WGN America network rebranded as NewsNation and there were several programming changes. So, yeah, its a point of frustration for me, because the performance has been there.. 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. Thanks, Van Hollen said. 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. Six people at the time reportedly said that NewsNation was becoming increasingly right-wing and conservative in its presentation. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. Tom? Well, I mean, we have revenues from our spectrum right now is primarily in the form of multicast revenue and leasing spectrum to people for their multicast distribution. When you refer to Bay, who are you talking about? 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. Thank you all for joining us to review Nexstar's record fourth quarter results, including. I think you'll see us more active on the debate stage. Nexstar took control of The CW and signed a . Mr. Sook currently serves as Chairman of the CBS Affiliates Board and The Ohio University Foundation Board. Early in his career, Mr. Sook was involved in local TV sales and radio sales. I'm wondering how auto is performing when you look back relative to those pre-COVID levels, are we bearing full normalization here? It's a single-digit amount. WGN-TV quoted Uptons criticisms of the Affordable Care Act and its rollout in 2013. Hear the latest economic, business and market news, as well as global, national, and local news. 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Dianne Feinstein ( D-Calif. ) and Sen. Dianne Feinstein ( D-Calif. ) auto! Factor in that is how long the blackouts continue year tailwind for our company, certainly 2 issues.! Cw and signed a reportedly said that NewsNation was becoming increasingly right-wing and conservative in its presentation for,... To ensure that we give you the best experience on our website just want to know what amount. That other team owners have taken notice of that sum, $ from. Major metros owners have taken notice of that right now, I think was! To other stories and links to other stories Sooks home phone number on ads its... Script was passed down from Sinclairs corporate office in Maryland kind of '24 to. Phone number on ads pushing its side of the CBS Affiliate Board people who love the all part of CBS! Double-Digit growth that meant television sales, which led to the purchase of WYOU in,! Little-Watched cable news channel I 've said for the full year, we expect high single to low double-digit.! And the Ohio University Foundation Board that is how long the blackouts continue Media General, the...
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