Tuesday, February 28, 2023 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. 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. In 2009, with the recession underway, Nexstar found itself trying to work with another media group. You will receive a verification email shortly. 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. But the consumer is still spending and local spending for us is hanging in there just fine in the first quarter. We ended up with one guy standing. August 21, 2021 / Scott Jones. Category bright spots included Ohio where sports betting was legalized beginning of '23, and Missouri driven by spending in Kansas City for sports betting in Kansas, which was legalized in September of '22. They had no audience, no advertisers, and no followers, Sook says. This continues to be in line with the historical trends with local advertisers maintain more consistent levels of ad spending throughout economic cycles. 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. This year, we prepared an ESG report, which will be available on our website, outlining key principles, policies and action. On the strategic side, we acquired a 75% interest in the CW network for no purchase consideration, adding a national broadcast platform to our portfolio, another asset in addition to NewsNation and ATSC 3.0 that will be capable of contributing long-term outsized growth to the company. In the segment, news anchors read from a script decrying biased and false news on social media and other news outlets. Early in 2021, news broke that Bill Shine, a former co-president of Fox News, had consulted from the beginning on the creation of NewsNation. Okay. Why? 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. We got to get rid of all these regulations, give the little guy a chance to get ahead and stop all this government interference in our lives.. 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. On a net basis, we expect reverse comp to increase but at a mid-single-digit rate, slightly improving our distribution or retrans margin. 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. Excluding these impacts, our 2023, 2024 free cash flow would have been $1.45 billion for comparison purposes. Hubbard Broadcasting gave $350,000 to Freedom Partners Action Fund, a Koch-network Super PAC, in the 2016 election cycle. In the 24 ensuing years, the founder and CEO of. To that end, on the cover of our earnings release and in the tables at the back of the release, you will be able to find selected financial metrics for Nexstar on a consolidated basis, for Nexstar, excluding the CW and also for the CW on a stand-alone basis. But when it came time for the owner of the station to pay me my commission, he said, Well, we had a problem at the transmitter, and I had to buy a part. After a few weeks of excuses, I realized I was never going to get paid my commission. And so that will be the big lift, and we'll have that piece done by the end of 2024 and then we'll be a 24/7 cable news network. Sook believes its important to spend time visiting all of the companys 114 markets. We also have multiple organic growth drivers, including NewsNation, the CW and ATSC 3.0 that are being positioned to generate material growth for Nexstar in the future. Dennis Miller and Brad Schwartz and their teams are hard at work putting that together. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. And I think you'll see, again, in 2023, some test cases and use cases that will be developed that again is -- we'll be seeing this forward progress in the development of ancillary revenues from NextGen TV spectrum. 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? That concludes the financial review for the call. Hubbard Broadcasting owns the radio station that ran the Jason Lewis Show before Lewis became a congressman. 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. Before starting at CRP, he wrote for the Hatchet, GWU's independent student newspaper, and covered murder trials for D.C. And then lastly, just on sports content. We look forward to speaking to you again soon when we report our first quarter 2023 results. Talk of a Dish Network and AT&T Merger Have Started Again Who Owns Dish? Revenue growth was driven by the inclusion of the CW and year-over-year increases in Nexstar's local digital advertising and agency services businesses, offset in part by softness in national advertising and e-commerce. Mr. Sook also worked briefly as a television news anchor at the CBS affiliate in Clarksburg, WV.In June 2021, Mr. Sook was elected Television Board chair for the National Association of Broadcasters (NAB). This concludes our conference call for today. Your comments about (inaudible) drawing attention to the CW. ANDERSON, Sandra J. BA '73 Vice Chair 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. Sinclairs name recognition spiked after a Deadspin compilation synchronizing the biased news must-run segment went viral, but Sinclair has been distributing corporate speech through local news stations for years. Undeterred, in his first week on the job, he made the biggest sale in station history. That would be -- that is a perfect conduit for newsmakers, politicians and others to reach a national audience. 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. ), Deb Fischer (R-Neb.) Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of revenue as well as record levels of Adjusted EBITDA and free cash flow. Yes, I'm talking about like if I was a Fubo subscriber in Portland where you have the coin station, can I see the Seahawks on Sunday on CBS or not? I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. 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. No spam, ever. Nexstar is looking to raise the profile of NewsNation, its little-watched cable news channel. So did Timothy Busch, the president of the company's broadcasting subsidy. Before Nexstar sealed the deal to acquire Tribune, Sinclair tried to make the same purchase. Ratings for NewsNations news programming have been dropping all year. In addition, Nexstar's digital properties provide innovative digital marketing solutions and services to local and national media companies, advertisers, agencies, and brands. For cash taxes, we use a 26.5% tax rate when calculating our estimated tax benefit before onetime and other adjustments. And most importantly, the affiliates as well as our own stations were thrilled. 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. How do you see that kind of opportunity between both local stations and the CW? Global Edition. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. Some include the CW and some exclude it, creating some noise in our consensus estimates. I'm wondering how auto is performing when you look back relative to those pre-COVID levels, are we bearing full normalization here? But more reliance on unscripted, but a higher quality of unscripted, a higher profile, something that's maybe a little bit more noisy that will get some attention and get some eyeballs. And again, we want to make the CW a -- I mean, it has a distribution on par with the big 4. Nexstar staffers handed out rabbit-ear antennas so customers could circumvent the cable company and still get the stations on-air broadcasts. Is it still a little too early? (The film was produced in part by StarWing Sports Management, which represents Sinner. 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. What is your thought on where the U.S. economy is at right now? CEE MARKETS-FX strengthens as market sees rates staying high, China says EU TikTok ban will harm business confidence, Consumers keep feeling better about today and worse about tomorrow: Morning Brief, All Adani Stocks End Higher First Time Since Hindenburg Report, Chinese video streaming platform iQIYI to raise $600 million through convertible bonds. In addition, the CW was responsible for $30 million of onetime expenses comprised of restructuring charges and retention bonuses. Perry A. Sook has over 37 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. So I think that sports, I think adding another hour on Sunday night to the prime time schedule, are all things you can expect in the future. We continue to believe the investment case for Nexstar is very simple. Perry Sook is a performer and reporter who simply loves what he does. Tom? Full year net revenue, adjusted EBITDA and attributable free cash flow reached new all-time highs. 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. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. In turn, our portfolio of local and national media assets now provides nationwide reach on par with other broadcast networks, combined with local activation at a greater scale than any other broadcast network owner creating a differentiated and highly attractive value proposition for advertisers, brands, content owners in an increasingly fragmented marketplace. No, Craig, it's really interesting. Third, we are already making progress with the CW, not only to bring the network to profitability but to create value for the entire Nexstar enterprise as a result of the acquisition. As always, Tom and Perry gave you most of the details on the revenue side. Fox Board's Failure; McCarthy Pressed on Tucker Handout; Lord of the Studios The rebrand hinges on a down-the-middle. And between our stations and our paid media, it's approximately $100 million investment through the balance of the year that will attempt to raise our profile, raise our awareness level and continue to expose what I feel is the top-tier level of talent that we have on the network. Nexstar reported revenue of $1.49 billion in the quarter, net income of $178 million, and adjusted Ebitda of $662 million. Nexstar is "immediately commencing a search" for Busch's successor, according to Perry Sook, Nexstar's CEO. And people are enthusiastic about engaging in those conversations. 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. There was a time when Nexstar CEO Perry Sook said that his company was all about being local and that was the most important thing. Lazarus is a former chief of staff to the chairman of the FCC. There are 2 topics I just wanted to ask a little bit about the -- first on this national feed. Okay. We have always fought hard in negotiations with a number of factors that come into play and levers we can pull. 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. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. Not bad for a guy who first got into the television business as a small-town anchorman. His first sales job took him to a small radio station with a daytime-only signal in Kissimmee, Florida. Thank you very much for your participation, and have a good day. (Bredeson was Blackburns opponent in the 2018 Tennessee Senate race.) Are you guys saying that at this point? We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. And 2022, we did 50 debates across our company, 3 of which we put on the national cable network to offer to all of America outside of the states in which they were being contested. The -- there are lots of discussions. 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. In 2018, their top four recipients were all Minnesota politicians: Republican Senate candidate Karin Housley, Rep. Erik Paulsen, Emmer and Rep. Jason Lewis. 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;. The insurance category softness was primarily related to industry-specific issues and the movement of some insurers from the local market to the national market. And I think for the long-term health of the local ecosystem, we talk to people at Roku, at Fubo, at other virtual MVPDs, and we asked them, what are they watching? We are currently projecting cash CapEx of $35 million in the first quarter and $137 million for the full year. Excluding the results of the CW, net revenue was up 14.3%. 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