Sook is also credited for helping Nexstar rise from its founding to earning $4.6 billion in net revenue in 2021 alone. SOOK, Perry A. BSC '80 Chairperson Southlake, TX. 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. Perry Sook Political Campaign Contributions 2020 Election Cycle. But not all of his travel is to major metros. Perry, please go ahead. Well, no, I think I mentioned it in my comments that the growth in network affiliation is much more modest than our growth in retrans revenue. Nexstar Media Group owns NewsNation. And then obviously, once April comes and we're 24/5, we now set our sights on 24/7 and how we feel the 18 hours on Saturday and Sunday that are currently entertainment programming, we have to fill that with news. Nexstar has access to nearly two-thirds of the homes in America. So we continue to grow, the numbers are off of a low base, but we're the only cable news network that is growing, and we continue to grow. So, Sook began by figuring out how to benefit financially by operating or managing stations. Dennis Miller and Brad Schwartz and their teams are hard at work putting that together. So did Timothy Busch, the president of the company's broadcasting subsidy. 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. Want first access to OpenSecrets' investigations and data features? He found the perfect candidate for such an arrangement just down the road in Wilkes-Barre, in the form of WBRE-TV. Thomas Carter, the CFO, did the same. By June, that time period was down to 28,000 viewers and 5,000 in the demo. We're looking forward to a solid 2024 election cycle. Things got nastyand personal. We had two separate studios for local news, two different on-air staffs, and two separate sales forces. Nexstar Media Group subsidiary Nexstar Media Inc. has acquired political news outlet The Hill in a $130 million deal, the company announced Friday. Noncash compensation expense grew primarily due to the CEO's new contract. Great. So you have an inferior offering in the marketplace. Nexstar cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those reflected by the forward-looking statements made during this call. As such, Nexstar shares represent a solid investment opportunity for existing and potential shareholders as we are the largest broadcast company with top-tier operational performance in the sector but we trade at a very modest '23, '24 free cash flow yield. Global Edition. Tom Hanks Started a Veteran-Focused Coffee Brand Where to Buy It, Drug Prices Are Increasing in 2023, Won't Impact Most Consumers. You will receive a verification email shortly. 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. In addition to its station in Fresno, Nexstar owns a station in Bakersfield. 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. I didn't give a specific, but it will be higher than the revenue growth. 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. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. The San Francisco station, KRON4, has run stories on both Pelosi and Feinstein. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. As one of the nation's leading providers of local news, entertainment, sports, lifestyle, and network programming, Nexstar produces and distributes over 275,000 hours of local content per year. 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.) We look forward to speaking to you again soon when we report our first quarter 2023 results. 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. We hope to get everybody on the same page as much as we can after this call. 2022 Foundation Trustees. Another $2,000 went to Sen. Orrin Hatch (R-Utah) and $1000 went to Sen. Kamala Harris (D-Calif.). Jon has been business editor of Broadcasting+Cable since 2010. It used to be that women were held to a little bit of a higher standard, Lewis said on the show according to CNN. That led to a classic fight of the local station David versus a Fortune 500 cable Goliath. 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. It will premiere on September 1, CEO Perry Sook said during a conference call with analysts. Ray Cole, Charles Ryan, Ernest Liebre, Phillip Lombardo 4. 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 . It's high-teens number of -- amount of revenue related to the CW. No matter how talented an athlete is, seeking advice from those who have gone before you is part of the journey to success. We have assumed no material M&A or other onetime or usual transaction these figures. Our next question comes from Steven Cahall with Wells Fargo. Its important to stay active and connected to the folks who do the work in the business, representing Nexstar in their local communities every day. Weve made three dozen separate acquisitionssome small, some very large, he begins. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. 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. That's helpful. Later that summer, Fox45 covered Van Hollens visit to a Texas border patrol processing center. Currently, the individual network affiliate Boards lead the discussions with the networks on behalf of their respective affiliates, which include station groups like Nexstar to opt in or out of virtual MVPD agreements. Under Nexstar Media Group is its subsidiary Nexstar Inc., which operates Broadcasting, Digital, and Networks divisions. The -- there are lots of discussions. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. Great. (Podcast). It's a gradual process, but I think you'll see just generally less of a reliance on scripted, although we're not going to totally abandon the genre. We've seen a number of RSN groups now kind of get into a period of change. Theres a lot going on in the country that just doesnt happen in New York or D.C. or Los Angeles, he says. So I'll provide a little color on the CW financial results and then jump to expenses followed by some discussion on our guidance. Overall, our full year top and bottom line performance was led by strong year-over-year growth in political advertising, distribution revenue as well as digital revenue. Jennifer Nettles & Kristian Bush of Sugarland 6. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. Tribune has another connection to Obama in Edward Lazarus, Tribunes Executive Vice President and Chief Strategy Officer. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. According to Kantar, total gross political advertising on all media was up a record 3% over 2020 and up significantly compared to 2018, driven in large part by more competitive races in 2022 in the impact of sports betting propositions in California. How do you see that kind of opportunity between both local stations and the CW? The company was founded in 1996 when Perry A. Sook purchased WYOU, a station in Scranton, Pa. Analysis / Bias In line with our historical approach, we will not be accepting any deals that discount the value of our content, our stations deliver to these platforms. Its important that we never lose sight of that, he says. If that's a local game? 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. 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. We are seeing some sustained healthy increases off of that lower base. But, that was before Sook launched a national cable news channel and bought a national website. That's job one." To that end, we have recently appointed experienced sales and advertising executive, Michael Strober to the newly created position of EVP and Chief Revenue Officer responsible for leading the execution of a new advertising sales and go-to-market strategy for the company, which is designed to accelerate the monetization of our platform with a focus on the national advertising opportunity which is roughly double the size of the local advertising market that Nexstar has predominantly served historically. Great. 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. Were going to represent those who are underrepresented.. We have 1,800 salespeople that call on small and midsize businesses in 63 percent of the country, he says. The smarter way to stay on top of broadcasting and cable industry. Curious if you could size that up a bit. And so we are very pleased with our ability to continue to earn more for the CW. 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? He is largely credited with forging in 1998 what was the first shared services agreement among American television stations. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. He studies journalism at George Washington Universitys School of Media and Public Affairs. We ended up with one guy standing. Segments like News Central and the Terrorism Alert Desk have been aired as must-runs at Sinclair-owned stations. 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. But in terms of the things I'm talking about, in 2024, there could be a very modest amount. We have always fought hard in negotiations with a number of factors that come into play and levers we can pull. Sook said Nexstar will be mounting a promotional campaign for NewsNation that will kick off after Labor Day. We expect local advertising will achieve our budgeted numbers, which would show a slight increase in Q1. Mr. Sook, 30, who is from Texas, was then a Broadway performer and is now a sportscaster. I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. And what kind of incremental opportunities or channels do you see heading into next year? Revenue rose to $1.25 billion, up 10%, from [] Since Americans have a significantly greater level of trust in their local news stations than they do in national news outlets or in web-only publications, this level of political activity from media companies is especially significant. NewsNation, the subscription television network that was formerly called WGN America, claims to be an unbiased source of news for the country. It started at a small station in Clarksburg, West Virginia. I didnt have his journalistic chops or the talent, so I decided to go to the business side. 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. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 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. For the '23, '24 cycle, we expect to generate pro forma average annual attributable free cash flow of approximately $1.25 billion, inclusive of our approximate $90 million attributable to the investment losses associated and tax benefits related to our turnaround of the CW. Nexstar is looking to raise the profile of NewsNation, its little-watched cable news channel. Mr. Sook was here to talk about our ongoing efforts to support our local communities. Each of the candidates received tens of thousands from Hubbard. They're fielding tons of pitches. After its merger with Tribune, Nexstar will be the largest owner of local broadcast stations in the U.S. Nexstar and the Illinois-based media company already have political activism in common. 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. According to Open Secrets, Nexstar Media group gave more money to Republicans in the 2018 election cycle (45% to Democrats, 55% to Republicans). TV continues to be the gold standard for political advertisers with local TV and local cable TV together representing 70% of gross political ad spending. . Brings new meaning to the phrase Sunday Funday. NEW YORK - TVB, a not-for-profit trade association of America's local broadcast television industry, announced today that Perry A. Sook, founder, chairman president and CEO of Nexstar Broadcasting Group, was elected to serve as TVB chairman for a two-year term (2017-18). But I don't expect that anyone would sign on to a big contract until they had the chance to administer their tests. 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. Their giving has increased dramatically since 2010 when they contributed just $8,100 to political causes. Fourth quarter political advertising revenue of $265.9 million . I guess if they felt they wanted to vote with their feet, they wouldnt own the shares. He says Texas is prospering because of this, and now says its time to complete the jobs underway.. Please go ahead. But, aside from their reporting, these organizations dabble directly in politics and elections more than one might expect. People may receive compensation for some links to products and services on this website. Our next question comes from Jim Goss with Barrington Research. 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. Before starting at CRP, he wrote for the Hatchet, GWU's independent student newspaper, and covered murder trials for D.C. DC 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. As such, our net first lien coverage rate -- sorry, our net first lien covenant ratio for Nexstar, excluding the CW at December 31, 2022, was 1.77x, which is well below our first lien only covenant of 4.25x. 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