In 2009, with the recession underway, Nexstar found itself trying to work with another media group. 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. We look forward to speaking to you again soon when we report our first quarter 2023 results. Originally launched as a three-hour news block on the cable channel WGN America, Nexstar has rebranded the channel as NewsNation and plans to replace more of its off-net reruns with news, including a morning show launching in September. Fresno and Bakersfield are a stones throw from the 23rd congressional district where McCarthy has his seat. Curious if you could size that up a bit. We are currently projecting cash CapEx of $35 million in the first quarter and $137 million for the full year. Washington, But we could develop sharing arrangements so we could get an economic benefit from a second station, Sook says, By 2012, Sook was ready to refocus on growing Nexstars portfolio. Understood. The PAC favors Republicans, but only slightly. And most importantly, the affiliates as well as our own stations were thrilled. (Podcast). The Hill is comprised of five key content platforms which includes: TheHill.com - the #1 digital-first political news brand in Comscore's Political News category; The Hill TV - the Award-winning, #1 provider of premium digital video from within the Beltway, with 1.4B annual views across platforms, including the nation's newest streaming . That concludes the financial review for the call. (They gave $5,000 to Marsha Blackburn (R-Tenn.) in the 2018 cycle, but also gave $2,500 to Tammy Baldwin (D-Wis.)). 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. As a reminder, Nexstar generates distribution revenues from our linear MVPDs like Comcast and Charter, virtual MVPDs like YouTube TV and Hulu and other direct-to-consumer platforms like Paramount Plus and Peacock. Our promotional campaign will kick off in earnest in the month of April. And again, I tell people, I don't care what the ratings are 3 months from now. And then what was your retrans revenue if you just exclude the CW, what was that percent change including the hit, unfortunately, for the blackouts? 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. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. Van Hollen appeared on another Your Voice segment in April 2018. Hear the latest economic, business and market news, as well as global, national, and local news. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of . Global Edition. Weve made three dozen separate acquisitionssome small, some very large, he begins. Nexstar is creating a state-of-the-art studio in Chicago and expanding teams both in front of and behind the camera. Sook, who was born in DuBois, Pennsylvania, and earned a degree from the Scripps College of Communication at Ohio University, certainly looks the part. Both Lewis and Paulsen lost their seats in 2018. 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. Our position on the matter is not new. And people are enthusiastic about engaging in those conversations. No, we heard it directly from FuboTV yesterday that they want that local content back, but understood 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. Have you ever wondered about the number of sacrifices a winning athlete has to make? Fourth quarter distribution of approximately $616 million was flat to the prior year. Overall, in the quarter, we saw an increase in the rate of decline in our subscribers to the mid-single-digit range, which was impacted by higher rate of MVPD declines offset by continued growth at virtual MVPD and DTC subscribers. 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.. Sook said this year when Hillary Clinton and Donald Trump square off in the November presidential election, Nexstar will earn about $100 million in political advertising revenue. 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. Brings new meaning to the phrase Sunday Funday. What is your thought on where the U.S. economy is at right now? Discussions with potential technology and business partners for this service are ongoing, and we continue to believe the revenue opportunity for applications using our spectrum could rival our retransmission revenues by the end of this decade. I'm wondering how auto is performing when you look back relative to those pre-COVID levels, are we bearing full normalization here? And then, Perry, you mentioned that the recent distribution renewals effectively have paid for the CW deal. Before handing the call over to Tom, I want to briefly touch on a few updates on our organic growth prospects. 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. This concludes our conference call for today. Next steps for us, obviously, Elizabeth Vargas joins the network in April. Are you guys saying that at this point? Unfortunately, some members of the media use their platforms to push their own personal bias and agenda to control exactly what people think said the script. 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. In the fourth quarter, yes. And that and money are the 2 issues here. Over the last 10 years, Nexstar has managed a jaw-dropping return of nearly 3,000 percent. 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. '23 and '24 will benefit from new distribution agreements and as we've discussed, 2024 as the presidential election and big political year. You want to know what the distribution revenue was excluding the CW? Nexstar Inc.s Networks Division President Sean Compton said last year, Rebranding WGN America as NewsNation underscores the networks clearly defined mission of delivering fact-based and unbiased news, while making it easier for viewers to find this new informative source for news.. He was right. But we're very bullish on the prospects and think these things are in the queue and on the way. 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 addition to posting another blockbuster year of financial results, Nexstar achieved a number of strategic and operational accomplishments that are positioning our company for future growth while enabling us to continue delivering the financial performance, cash flows and shareholder returns that investors have come to expect from Nexstar. They also gave $5,000 to Rep. Nancy Pelosi (D-Calif.) and Sen. Dianne Feinstein (D-Calif.). Nexstar Media Group's purchase of Tribune Media Co's 42 TV stations makes Nexstar the nation . Sook did his undergraduate work at Ohio University in Athens, OH and was an adjunct professor at Edinboro State University of Pennsylvania.He and his wife Sandra have three children: Laura, Victoria and Perry, Jr. So it will be a record year. This continues to be in line with the historical trends with local advertisers maintain more consistent levels of ad spending throughout economic cycles. Perry Sook Political Campaign Contributions 2020 Election Cycle. Thank you. 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. Thats job one.. So our job now is to continue to increase the profile, relevance and interest in the programming, offer more varied programming and sports is obviously a big piece of that, that can put us more on par with the other network choices that are out there. I want my commission salespeople to be the highest-paid people in town., Sook did double-duty as both anchorman and weatherman. But about the overall though for 1Q. Jamie McCarthy, Getty Images Tyler Perry, who's stayed largely apolitical throughout his career, is breaking the tradition to endorse a candidate in the 2020 presidential election. 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. 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. 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. People may receive compensation for some links to products and services on this website. Ladies and gentlemen, since there are no further questions, I would like to turn the call back to Perry Sook for the closing remarks. Upton represents Michigans sixth congressional district in the Southeast of the state. Fox Board's Failure; McCarthy Pressed on Tucker Handout; Lord of the Studios The company was founded in 1996 when Perry A. Sook purchased WYOU, a station in Scranton, Pa. Sook tells it best. Hes. Ratings for NewsNations news programming have been dropping all year. I mean, we wouldn't rule any of it out. 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. He grew up in Oshkosh, Wisconsin. 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. And so we are very pleased with our ability to continue to earn more for the CW. 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. And given the weighting of those numbers, we see, again, kind of a low single-digit decline year-over-year is what we're forecasting currently. I know that our affiliates in CW affiliates in the top 10 markets generated about 3x the amount of money that the network generated for this first outing. Okay. Our strong free cash flow enables us not only to increase the percentage of capital return to shareholders in the form of dividends but also allows us to continue to opportunistically repurchase shares as well as reduce debt and pursue other strategic opportunities to further enhance shareholder value. Now were obviously getting smaller rates because our ratings are smaller, Sook noted. What were your direct operating expenses, excluding that, the CW, how are you seeing that tracking this new year? Jennifer Nettles & Kristian Bush of Sugarland 6. We are seeing some sustained healthy increases off of that lower base. Both Blackburn and Arpaio have received lavish praise from President Trump. 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. And we need that, too. 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