Were going to represent those who are underrepresented.. So I don't know how do we yardstick kind of '24 relative to whatever pro forma 2020 was if you have that number. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. And I assume you -- the initial bogey was to basically do better than you were with off-network sitcoms. The actions we have taken with FuboTV may or may not be representative of what we do elsewhere as other virtual contracts come up for the renewal in 2023. sook (sk) n 1. dialect Southwest English a baby 2. derogatory a coward 3. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. But in terms of the things I'm talking about, in 2024, there could be a very modest amount. Thanks, Priscilla, and good morning, everyone. People may receive compensation for some links to products and services on this website. We have developed these audiences over decades by consistently providing top-rated local news, sports and entertainment content. Brings new meaning to the phrase Sunday Funday. They also gave $5,000 to Rep. Nancy Pelosi (D-Calif.) and Sen. Dianne Feinstein (D-Calif.). The Texas Association of Broadcasters' 2006 Broadcaster of the Year has been an industry innovator since he began his career more than 25 years ago. He was right. Great. And then on the reverse side, is there any change there to kind of the outlook that you gave a few months back? As we move forward, we will continue to strategically deploy our cash in a manner that is consistent with our commitment to creating the highest shareholder value. It's a single-digit amount. We shared back-office functions and engineering, business, and traffic. Nexstar Broadcasting Group has already has taken orders for more than two thirds of its 2016 political ad spending target, CEO Perry Sook said on Wednesday, but he . He's been putting the finishing touches on an acquisition that'll bring Nexstar Broadcasting's holdings. Nationwide and locally, Nexstar is involved in over 1,600 community initiatives each year donating thousands of hours and helping to raise millions of dollars for worthy causes. For those with a cable subscription package, NewsNation might be included in the subscription offerings, and NewsNations channel finder can locate the correct channel. This continues to be in line with the historical trends with local advertisers maintain more consistent levels of ad spending throughout economic cycles. All Rights Reserved. Nexstar Media Group subsidiary Nexstar Media Inc. has acquired political news outlet The Hill in a $130 million deal, the company announced Friday. 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. So it will be a record year. It all got Sook to thinking. I care what they are 3 years from now, just do better, continue to grow every day and don't get caught up in a minute to minute and all of the minutia, but just put out good product and we'll continue to grow it. The studio consisted of a large metal building at the base of the transmitter. Excluding the results of the CW, net revenue was up 14.3%. In the days before the 2016 election, Van Hollen appeared on a Fox 45 news segment called Your Voice where he talked about the ease of early voting and pitched his plans to accelerate job growth in Maryland. I know that was also, I think, mid-teens at that point. Just some nitpick questions, if I could start off with on the CW. 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. In 2014, the Hubbard Broadcasting gave the Super PAC $450,000, $300,000 from the company and $150,000 from individuals. 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. Looking ahead, 2023 will benefit from the renegotiation of our distribution contracts, representing more than half of our subscribers during 2022 and 2024 will benefit from the presidential election year, political advertising cycle as well as additional distribution contract renewals at the end of this year. While we have higher expectations for growth in this line item for the year, until our partners' ongoing negotiations are resolved, our growth rate will remain near the mid-single-digit area. (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. 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. All right. NewsNation launched officially in September 2020 with high hopes of securing solid viewership in a time of deep mistrust of the media. 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. According to Open Secrets, Nexstar Media group gave more money to Republicans in the 2018 election cycle (45% to Democrats, 55% to Republicans). Before starting at CRP, he wrote for the Hatchet, GWU's independent student newspaper, and covered murder trials for D.C. Net revenue for the quarter increased 19.3% from the prior year quarter due primarily to our strong political results as well as inclusion of the results from the CW, partially offset by a decline in core advertising primarily a result of national advertising market softness. Washington, In summary, we remain confident in our strategy, the quality of our assets and the strength of our financial position. Well, I think we gave that. And then a big picture question. Lee Ann? Ladies and gentlemen, since there are no further questions, I would like to turn the call back to Perry Sook for the closing remarks. Their attempt was scuttled by regulators, but Sinclair already owns a huge swath of local television stations, 191 by their count. 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). 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. Direct response continues to be impacted by weaker national advertising marketing trends and medical health care was impacted by reduced Affordable Care Act marketing funds versus the prior year. Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. Moving to distribution revenue. 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. 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. 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. And you guys obviously own some political specific properties now. Looking ahead, we project corporate overhead exclusive of stock comp and transaction cost to be approximately $36 million in the first quarter, and we expect overhead around $144 million for the year. 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. And again, we want to make the CW a -- I mean, it has a distribution on par with the big 4. Dennis Miller and Brad Schwartz and their teams are hard at work putting that together. New York, 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.) 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). As always, the detail is provided in our reconciling schedules in the back. That will be followed by Tom's operations review and Lee Ann's financial review, and then we'll open the call for questions from you. Sook has just returned from eight days on the road, on business in California and Arizona. 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. But that doesnt seem to be whats happening, Sook says. Sook said the rebrand of WGN America as NewsNation will take effect on Monday and he said the cable network "far exceeded budgeted expectations" in 2020. Now you probably want to raise your sights in terms of the margins and the profitability you can generate with that station or the network. How should we think about your willingness to trade off in kind of prime time sort of programming, like how are we thinking about either from a CPM or a viewership perspective, if you wanted to put stuff on CW sort of that trade-off between sort of traditional programming and sports? At OpenSecrets.org we offer in-depth, money-in-politics stories in the public interest. We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. '23 and '24 will benefit from new distribution agreements and as we've discussed, 2024 as the presidential election and big political year. Their giving has increased dramatically since 2010 when they contributed just $8,100 to political causes. Nexstars $7.1 billion purchase of Tribune Media changed everything. That year they gave $18,500 to Rep. Tom Emmer (R-Minn.) and $16,300 to Ted Cruz. (Operator Instructions) And our first question comes from Craig Huber with Huber Research Partners. 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. Consistent with our capital allocation priorities and focus on enhancing shareholder value, in January, the Board of Directors increased Nexstar's quarterly cash dividend by 50% to $1.35 per share per quarter, substantially exceeding our historical compound annual dividend growth rate of 25%. I'll start with a summary of recent highlights and developments. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. Sorry. We closed the acquisition of the CW on September 30, 2022. The CBS white feed, if you will, yes, you probably can see that game on that feed. Undeterred, in his first week on the job, he made the biggest sale in station history. The weakness we see is in national where national advertisers that obviously aren't as close to the end user and customer have paused or reduced spending due to a potential weakness in consumers going forward. Got you. Nexstar CEO Perry Sook (Image credit: Nexstar) "When we launched NewsNation, 10% of the country knew what NewsNation was," Sook told analysts and investors. Its a publicly-traded company on the Nasdaq under the ticker symbol NXST. Nexstar operates traditional media as well as digital and mobile media platforms. There are several ways to watch NewsNation around the country. That number Sinclair already owns a huge swath of local television stations, 191 by their count scuttled..., yes, you probably can see that game on that feed, a three-hour,,. Were with off-network sitcoms, sook says we want to make the CW, net of... To basically do better than you were with off-network sitcoms well as digital and perry a sook political affiliation media platforms and content... 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