In the latest of my series of Legends & Leaders interviews with media industry leaders, Nexstar CEO Perry Sook shares context on the decision to convert WGN America to NewsNation, including details on how 198 Nexstar TV stations and 5,500 journalists feed, support and promote the fledgling news network. Sook said advertisers have reacted positively to the networks news programming, paying the same cost per point in the scatter market as CNN. * To subscribe, you must consent to Futures privacy policy. We recorded $14.8 million in distributions from equity investments related to our 31% ownership in the TV Food network in the fourth quarter, which represents a 13.5% decrease over prior year quarter. 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. That deal, if approved. And the one other one with NewsNation. Nexstar captured 13.8% of total political television dollars in line with prior years. and Jerry Moran (R-Kan.), all of whom received $15,000 or more. We have a strong balance sheet with low leverage and excellent short-term visibility with multiple long-term material growth initiatives. Sook graduated from Ohio University and currently serves as chairman of The Ohio University. It's a single-digit amount. And if there's any way to kind of, I don't know, directionally size the impact of LIV Golf, just so we have a sense of what these kind of deals could be helpful. Extended our network affiliation agreements with ABC. Suite 2100 You will receive a verification email shortly. 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. The pressure to perform and remain at the top once you're there? So I think if that happens, I think you'll -- it will be a positive day for the industry and a positive day for the growth and development of NextGen TV. Now back to our regularly scheduled programming. Sinclair was even accused of trying to influence the 2004 election by airing a documentary (Stolen Honor: Wounds That Never Heal) that accused John Kerry of fabricating parts of his military service. They reside in Flower Mound, TX. He is past Chairman of the CBS Affiliate Board.Mr. They also gave $5,700 to Rep. Greg Gianforte, who became well known nationally after physically assaulting a reporter. Hubbard Broadcastings political contributions peaked in 2016 when they gave over $1 million to Republicans. So if I understood it correctly, is this that you expect retrans ex the CW to be up about mid-single digit? Okay. This is extremely dangerous to a democracy.. Now moving back to the rest of our revenue line items in the quarter. Together, fourth quarter direct operating and SG&A expenses increased $72.5 million, primarily due to the inclusion of the CW, including the onetime restructuring expenses of approximately $30 million I just mentioned. Their attempt was scuttled by regulators, but Sinclair already owns a huge swath of local television stations, 191 by their count. Speaking on Nexstars second-quarter earnings call Wednesday, CEO Perry Sook said a year after its launch, few people know about NewsNation. On the other hand, ABC 5 gave a D- to an ad run by Paulsen that attempted to tie his opponent to a sexual assault. Starting with core advertising with our portfolio of strong national and unparalleled local broadcast, we believe that Nexstar has the ability to improve our core advertising by uniting our go-to-market strategies under the 1 united Nexstar platform using data-driven strategies to achieve our clients' objectives. Well, I think it was all part of the thinking. Another $2,000 went to Sen. Orrin Hatch (R-Utah) and $1000 went to Sen. Kamala Harris (D-Calif.). 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. Obviously, the simulcast requirement needs to sunset at some point and there needs to be a sunset of 1.0 and an endorsement of 3.0 as the new transmission standard. 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. Of that sum, $200,000 came from the company itself, $150,000 from individuals within the company. The station had just one camera guy, and he was responsible for filming all commercials. Great. And we know that from everyone we talk to, people understand the power of broadcast and what broadcast has that no one else has, which is superior reach. 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. And in our recent distribution and renewal negotiations, our ownership of the CW positively impact the outcomes of those discussions by an amount that already effectively paid for the investment that we'll make in the network. Latest Company & Industry Overviews News and Updates. Mr. Sook was a principal of Superior Communications Group. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. And so we are very pleased with our ability to continue to earn more for the CW. 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.. (Bredeson was Blackburns opponent in the 2018 Tennessee Senate race.) Trusted News Discovery Since 2008. Our promotional campaign will kick off in earnest in the month of April. 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. He is largely credited with forging in 1998 what was the first shared services agreement among American television stations. sook (sk) n 1. dialect Southwest English a baby 2. derogatory a coward 3. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. 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. So far in Q1 of '23, we're seeing similar results to what we saw in the fourth quarter with this revenue category. Our next question comes from Jim Goss with Barrington Research. Our capital allocation priorities remain focused on value-enhancing organic initiatives in our business, accretive M&A, modest deleveraging and shareholder returns through a mix of dividends and share repurchases. 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. If you continue to use this site we will assume that you are happy with it. I mean do you think you start revenues from that in 2024, Sinclair was saying that. In the fourth quarter, yes. In 2023, we plan to allocate a portion of our free cash flow to reduce indebtedness, primarily from mandatory amortization payments. So, yeah, its a point of frustration for me, because the performance has been there.. Noncash compensation expense grew primarily due to the CEO's new contract. RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. In the fourth quarter, the CW generated $66 million of revenue and $64 million of adjusted EBITDA losses in line with our expectations for the quarter. So I don't know how do we yardstick kind of '24 relative to whatever pro forma 2020 was if you have that number. It's great to hear auto continue to come back, obviously, a huge vertical for you guys. It will be done from the heartland for the heartland, which is where WGN is primarily distributed. Sook is so serious about delivering straight news, hes hiring journalism professors and rhetoricians to review scripts. Finally, Nexstar continues to lead the industry in total deployment of ATSC 3.0 or NextGen TV with markets reaching approximately 35% of the U.S. households, and we have a goal of reaching 50% of the U.S. populations with ATSC 3.0 signals via our stations by the end of this year. Jon has been business editor of Broadcasting+Cable since 2010. Sorry. 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. And so we are very bullish on political 2024. Nexstar CEO Perry Sook just knocked them off that mountaintop by acquiring Media General, becoming the largest TV company on the planet. KTSM, an El Paso, Texas station owned by Nexstar, re-ran an article from the Texas Tribune exploring the effect of Hispanic identity on the Senatorial race that pitted Beto ORourke against Cruz. I'm wondering how auto is performing when you look back relative to those pre-COVID levels, are we bearing full normalization here? Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago. Six people at the time reportedly said that NewsNation was becoming increasingly right-wing and conservative in its presentation. Segments like News Central and the Terrorism Alert Desk have been aired as must-runs at Sinclair-owned stations. In January, the network averaged 65,000 viewers from 8 p.m. to 11 p.m. according to Nielsen and just 15,000 viewers in the 25-54 demographic used to sell ads in news programming. And most importantly, the affiliates as well as our own stations were thrilled. And with regard to overall growth, again, if you look at our expectations, assuming no further blackouts in a quick resolution at low double digits, the bridge between low double digits and mid-teens would be increased attrition. 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. Perry Sook, CEO, Nexstar Broadcasting Group. His first sales job took him to a small radio station with a daytime-only signal in Kissimmee, Florida. a serious, hands-on leader who earned executive-level platinum points last year in just five months while still managing to maintain a golf handicap of 15. And important for us, the linear broadcast ratings increased 21% from Saturday to Sunday, so all of which is to say those numbers exceeded our expectations. Increased expenses were offset by a reversal of an accrual due to a settlement in connection with our distribution agreement renewals. Learn about Article Alert. Our ability to generate record results and excellent shareholder returns underscores the benefits of our unique scale, the strength of our operating model and our ability to consistently generate substantial free cash flow. I know that was also, I think, mid-teens at that point. Nexstar's consistently strong free cash flow generation remains one of our most powerful differentiators not only from our peers but from larger diversified media companies as well. It will run on Nexstar stations and the company has committed to spend double-digit millions on advertising on other TV, digital and social media outlets. Before handing the call over to Tom, I want to briefly touch on a few updates on our organic growth prospects. I would expect you'll see us do more deals as time goes on. With respect to our free cash flow guidance, we've opted to use an attributable free cash flow figure that includes the cash flow of Nexstar and its interest in the Food Network and our attributable 75% interest in the losses of the CW and the related tax benefits of those losses. Outside of the huge Chicago-based cable network WGN America, most of its 196 stations are ABC, CBS, Fox, CW, and NBC, We have 5,400 journalists around the country who produce local newsmore than any other organization. Democratic SenatorChris Van Hollen (Md.) Great. 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. In each of those cycles since 2010, they gave at least two-thirds of the money to Republicans. 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. A Memphis station owned by Nexstar also ran a version of this story. 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. NewsNation aired an interview with President Donald Trump in September 2020. The one-hour program features market and geopolitical discussions with a rotating panel of influential voices including thought leaders, CEOs, policy makers and economists. Using the Wayback Machine to return to October 2008, one can see Tribunes official endorsement of Obama for president on the WGN-TV website. National will be down a low double-digit amount. Executive Vice President Elizabeth Ryder gave $2,500 in 2014 and 2016, then beefed up her contribution to $5,000 in 2018. Revenue is generated through advertising. In 2014, the Hubbard Broadcasting gave the Super PAC $450,000, $300,000 from the company and $150,000 from individuals. El Paso is ORourkes hometown. 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. As a reminder, we typically spend less in CapEx in odd number nonpolitical years than political years. Are those negotiations coming up at all? So we're very bullish on it. We're extremely pleased to see auto, our largest advertising category in terms of dollars spent, maintain its growth trajectory for the second consecutive quarter, increasing 23.5% over Q4 of '21. Hes a serious, hands-on leader who earned executive-level platinum points last year in just five months while still managing to maintain a golf handicap of 15. It seems like you're pretty much through with the reshaping process 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. Excluding these impacts, our 2023, 2024 free cash flow would have been $1.45 billion for comparison purposes. Sook recalls running commercials with us holding up a penny and asking, Dont you think were worth a penny a day on your cable bill?, The Nexstar CEO felt he was on the right side of things and that cable customers would be willing to pay to get their local news content. And then just a second question here. Nexstar Media Group's purchase of Tribune Media Co's 42 TV stations makes Nexstar the nation . Perry Snook: 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. Are you feeling increasingly worse about it now than you were, say, 3 months ago? We anticipate being active in the debate business as we were in 2020. 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. He was right. 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. Perry Sook has a really good story to tell. I just -- yes, please. Were going to represent those who are underrepresented.. Global Edition. 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 then also when we're negotiating with the largest big 4 station group and you negotiate this all as a package, there is leverage inherent in that model. The proposed terms were below market, and as a result, CBS-affiliated stations, including Nexstar, remain off the air on that platform. Yes. We've seen a number of RSN groups now kind of get into a period of change. And we need that, too. Beginning with the LIV Golf season, which kicked off last Friday, the CW will air 14 global events and stream the events live on our CW app. It was basically like running two newspapers off of a single printing press, Sook says. They gave another $17,600 to John Boehner and $7,900 to Paul Ryan. But our quantum of debt, we don't expect to tick up. You want to know what the distribution revenue was excluding the CW? NY 10036. Were now up to 16%, but that means 84% of the country has no earthly idea. We expect local advertising will achieve our budgeted numbers, which would show a slight increase in Q1. Q4 digital revenues increased 10.1% year-over-year to approximately $112 million. So I'll provide a little color on the CW financial results and then jump to expenses followed by some discussion on our guidance. NewsNation, the subscription television network that was formerly called WGN America, claims to be an unbiased source of news for the country. The grade was part of a segment called Truth Test in which political ads are rated on their factual accuracy. Dr. Sandy Sook 3. Last month, NewsNation hired former Fox News exec Cherie Grzech as managing editor. The smarter way to stay on top of broadcasting and cable industry. And by the end of April, we will have a program schedule that will be News 24/5. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. In 2008, Tribune gave $11,450 to then-Senator Barack Obama. It was up low single-digit percentage on an adjusted basis. 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. Before starting at CRP, he wrote for the Hatchet, GWU's independent student newspaper, and covered murder trials for D.C. To request permission for commercial use, please contactus. 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? Obviously, we spent a lot of time in front of local business owners and local advertisers. I think, again, if we had a sunset for 1.0, even if it was several years, hence, that would cause the set manufacturers to begin to build to that standard, lessen the backward compatibility problem with those that don't have sets -- compatible sets that need dongles or receivers and all of that has to be dealt with and the consumer issues have to come first and foremost. So we believe the first half will be more like mid-single digits, and then it will grow again to the full year expectations in the back half of the year. 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. Howard Strudler, Perry Sook, Rich Raaf, Alex Lunney, Steve Capozzoli 2. 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. Or there is still significant room to run on auto getting back to maybe a more normalized rate in that 2019 pre-COVID era? We also believe it is important to do so since we view the near-term losses of the CW as a proxy for purchase price, and we intend to bring the asset to profitability by 2025. But in terms of the things I'm talking about, in 2024, there could be a very modest amount. ), Deb Fischer (R-Neb.) In the last two years, shareholders have, by the slimmest of margins, rejected multimillion-dollar compensation packages for the CEO. This past year, we expanded weekday news programming to 17 hours per day, made key journalists and editorial additions and are completing production facility expansions in both New York City and in Washington, D.C. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. 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. The FCC Chairman Lazarus served under, Julius Genachowski, was nominated to the position by Obama in March 2009. The host would criticize other media outlets for their coverage of then-President Bush, once going so far as to say that terrorist leaders would dearly love to see President Bush replaced with Senator (John) Kerry.. Brings new meaning to the phrase Sunday Funday. So if it were all at risk, that's the number that you're talking about. So I was wondering if you could just help us kind of bridge the gap there. We've been able to substantially grow our distribution revenue because of news content and being 1 of 5 networks rather than 1 of 100 general entertainment networks. Moving back to Nexstar expenses. by: Perry Sook Posted: Feb 4, 2023 / 10:58 PM EST Updated: Feb 4, 2023 / 10:58 PM EST MANHATTAN, N.Y. (PIX11) The Columbia women's basketball team has the best record in program history at this point in the season, but this weekend, they hosted a duo of second-place Ivy League teams in Penn and Princeton. Its important that we never lose sight of that, he says. These interim distributions are primarily for tax payments and are due to lower operating income this year versus last year. Good luck on Tuesday! the host said as he concluded the interview. 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: I know you said core was -- for local was holding up pretty well, maybe down about 2% somewhat. . Okay. Nexstar CEO Perry Sook (Image credit: Nexstar) "When we launched NewsNation, 10% of the country knew what NewsNation was," Sook told analysts and investors. Sooks salary and bonus averages out to $7.5 million a year for 2017 and 2018. Records show that a new political committee raised more than $2.2 million and spent more than $1.5 million in the past two weeks all of it, according to organizers, on behalf of Monique . 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