I didnt have his journalistic chops or the talent, so I decided to go to the business side. 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. 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. Q4 digital revenues increased 10.1% year-over-year to approximately $112 million. Nexstar's local TV advertising revenue, which represents approximately 70% of our total core TV ad revenues, excluding the CW, continues to meaningfully outperform national declining just 2% year-over-year despite significant inventory allocations towards political during the quarter. Our next question comes from Jim Goss with Barrington Research. 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. (Bredeson was Blackburns opponent in the 2018 Tennessee Senate race.) Please go ahead. Great. The Hill will join Irving-based Nexstar's . 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. It was up low single-digit percentage on an adjusted basis. The only time we had video of what was going on in town was if there was a car wreck or a house fire, Sook says. 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. Excluding the impact of the CW, core advertising was down approximately 8.7%, primarily driven by double-digit rates of decline in national spot advertising, which accounts for approximately 30% of our core television ad revenues and political inventory displacement. Thanks, Priscilla, and good morning, everyone. The report also contains disclosures for Nexstar as suggested for companies in the media and entertainment industry by Sustainability Accounting Standard Board, or SASB. (They gave $5,000 to Marsha Blackburn (R-Tenn.) in the 2018 cycle, but also gave $2,500 to Tammy Baldwin (D-Wis.)). Boris Epshteyn, a former Trump staffer, has a recurring editorial segment. That deal, if approved. The pressure to perform and remain at the top once you're there? 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. 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. Sinclair is based out of Maryland and owns twelve Baltimore-area television stations. Dr. Sandy Sook 3. After nearly a year-long clash, the cable company agreed to pay for carrying the signals. I think our company as well as others in the industry have made the value judgment to do that. As such, we are opting to exclude transaction and onetime expenses from these figures. So if it were all at risk, that's the number that you're talking about. And obviously, with things like LIV Golf and other programming expansions, we're hoping to create more value so that we can ultimately extract more value as we go. Blackburn got $5,700 and Arizona Senate candidate Joe Arpaio got $2,000. As a percentage of net revenues, our total expenses declined given our focus on controlling expense growth and significant political revenue growth. 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. We anticipate being active in the debate business as we were in 2020. 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. Thank you, Joe, and good morning, everyone. Fourth quarter CapEx was $57.1 million or $56 million, excluding CapEx related to the CW. Excluding the impact of the CW, our top-performing categories in the quarter were automotive, home repair and manufacturing, entertainment, paid programming and air conditioning and heating. Just some nitpick questions, if I could start off with on the CW. We ended up with one guy standing. 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. We shared back-office functions and engineering, business, and traffic. Moving to distribution revenue. Yes. Tribune has another connection to Obama in Edward Lazarus, Tribunes Executive Vice President and Chief Strategy Officer. Before Nexstar sealed the deal to acquire Tribune, Sinclair tried to make the same purchase. 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. And so not unlike traditional cable, where we are the most watched channels in the bundle, why would that be different in a virtual universe? The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. And I now would like to turn the conference over to Joe Jaffoni, Investor Relations. Open Secrets following the money in politics, OpenSecrets Following the money in politics. 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. DC Thats job one.. We have 1,800 salespeople that call on small and midsize businesses in 63 percent of the country, he says. That's what's driving the buildout. Both Blackburn and Arpaio have received lavish praise from President Trump. Have you ever wondered about the number of sacrifices a winning athlete has to make? 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. A few additional notes on our 2023, 2024 free cash flow guidance before we open up for questions. Mr. Sook is also a member of the Board of Directors of the Television Bureau of Advertising (TVB), where he formerly served as Chairman. But our quantum of debt, we don't expect to tick up. We went from that penny a day to now in 2020 what will mean approximately $2 billion of revenue to our company and about $18 billion in revenue to local television stations across the country, Sook says. Lee Ann? He says Texas is prospering because of this, and now says its time to complete the jobs underway.. 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. Yes, we are not back to 2019 levels yet. Gregory Raifman, president of Nexstar Digital, gave $2,500 that year. The show has hired a staff of 30, including on-air talent. 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. meanwhile received $9,100. Their political giving has since plummeted to $13,034 by 2018, all but $500 of which went to Democrats. 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.. That concludes the financial review for the call. Nexstar captured 13.8% of total political television dollars in line with prior years. Core television advertising decreased 3.3% year-over-year. Also down the road may be a streaming version of NewsNation. I think you'll see us more active on the debate stage. does my dad have a mental illness quiz; disadvantages of multimodal learning style. And what kind of incremental opportunities or channels do you see heading into next year? Nexstar has access to nearly two-thirds of the homes in America. 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. He subsequently convinced satellite companies to pay for his stations content; the cable companies, though, balked at the idea. And then lastly, just on sports content. 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. Both Lewis and Paulsen lost their seats in 2018. 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. Nexstar Media Group, Inc. today reported financial results for the fourth quarter ended December 31, 2022 as summarized below:. In the first quarter and the first half of the year, I think it will be more pronounced. Based in Irving, TX, Nexstar trades on NASDAQ under the symbol "NXST".Following the $7.1 billion accretive acquisition of Tribune Media and the $4.6 billion accretive acquisition of Media General, Nexstar Media Group, Inc. is the largest local broadcast television operator in the United States, with 199 stations reaching 116 markets, or more than 68% of all television households, and annual revenue in excess of $4.5 billion. 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. Today's call is being recorded. There are a lot of conversations going on. The target launch date is July 2020just ahead of the political conventions and the elections. 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. Each of the candidates received tens of thousands from Hubbard. And I assume you -- the initial bogey was to basically do better than you were with off-network sitcoms. How do you see that kind of opportunity between both local stations and the CW? Sook graduated from Ohio University and currently serves as chairman of The Ohio University Foundation Board of Trustees. Broadcasting+Cable is part of Future US Inc, an international media group and leading digital publisher. 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. Yes. I think you'll see some higher profile programming there, certainly in the unscripted than you have seen historically. And I think individually and collectively, we will recognize that value and are not willing to sell at a discount or to sell on an a la carte basis. Certainly, when you look at the power of The Hill, which is a national brand in concert with NewsNation, which is a national brand; and the strength of our local stations, which is the backbone of everything we do, I think you'll see all of that come together in a unified sales effort to highlight the opportunity available to us in 2024 and beyond. Sook also serves on the Board of Directors of Broadcast Music, Inc. kenton county section 8 application; 2 bedroom houses for sale in leigh on sea 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. Our total net leverage for Nexstar, excluding CW at quarter end, was 2.93x, down from 3.7x as of December 31, 2021, and 3.18% in Q3. NewsNation, the subscription television network that was formerly called WGN America, claims to be an unbiased source of news for the country. 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. 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. Given the lack of regulation in the digital world, it's important that we remain united as an industry. Right now, I think you can say that the Fubo dispute is a dispute over money as well as governance issues. What were your direct operating expenses, excluding that, the CW, how are you seeing that tracking this new year? On his own, sook got creative seeing that tracking this new year tribune has another connection to in! 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