. No matter how talented an athlete is, seeking advice from those who have gone before you is part of the journey to success. I didn't give a specific, but it will be higher than the revenue growth. That number has been corrected to $9,100. NATIONAL ASSOCIATION OF BROADCASTERS POLITICAL ACTION COMMITTEE (NABPAC) - Unknown: SOOK, PERRY MR. IRVING, TX 75062: Nexstar Broadcasting Group, Inc./Chairman, President & Ceo: $5,000: 04/08/2015: P: NATIONAL ASSOCIATION OF BROADCASTERS POLITICAL ACTION COMMITTEE (NABPAC) - Unknown: SOOK, PERRY FLOWER MOUND, TX 75022: Nexstar Broadcasting . 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. Perry Sook is a performer that lives by these words. It was a kind of a sinking feeling in the pit of your stomach, but it also energized me to go out and find a real job. That meant television sales, which led to the purchase of WYOU in Scranton, taking us back to the beginning of Sooks story. Consumers of news media rightfully want to know whos creating and supporting the information theyre watching and reading. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. 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. And then a big picture question. 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 collects firearms, and in response to questions that are not at all explicitly about. 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. Some of my most fun days, my best days, are when I go visit one of our local TV stations. Between the 2002 and 2018 cycles, Tribune gave generously to Michigan Republican Rep. Fred Upton, climbing from $1,000 in 2002, to $4,000 in 2008, then spiked again to $5,500 in 2012. It will premiere on September 1, CEO Perry Sook said during a conference call with analysts. 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. 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. 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. 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. We closed the acquisition of the CW on September 30, 2022. What's your feeling about that? But the leverage we expect to fall again in 2024, which will be a political year. Nexstar CEO Perry Sook (Image credit: Nexstar) "When we launched NewsNation, 10% of the country knew what NewsNation was," Sook told analysts and investors. Fresno and Bakersfield are a stones throw from the 23rd congressional district where McCarthy has his seat. Stay up to speed on DFWs fast-moving business community with weekly news reports, interviews, and insights. So we're very bullish on it. 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. 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. Sook is also credited for helping Nexstar rise from its founding to earning $4.6 billion in net revenue in 2021 alone. Increased expenses were offset by a reversal of an accrual due to a settlement in connection with our distribution agreement renewals. Nexstar staffers handed out rabbit-ear antennas so customers could circumvent the cable company and still get the stations on-air broadcasts. We look forward to gathering together in three months' time to update you on all of our initiatives . Tuesday, February 28, 2023 In most cases,it is difficult to say whether these companies political activities cross-pollinate with their journalism and business dealings, but future controversies akin to the Sinclair must-run scandal could continue to increase the visibility of the companies behind these local stations and erode Americans faith in yet another source of news. 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. I'm wondering how auto is performing when you look back relative to those pre-COVID levels, are we bearing full normalization here? 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. Well, I think we gave that. (Operator Instructions) And our first question comes from Craig Huber with Huber Research Partners. Boris Epshteyn, a former Trump staffer, has a recurring editorial segment. I consent the use of my personal data in accordance with Future's. What is your thought on where the U.S. economy is at right now? Sook graduated from Ohio University and currently serves as chairman of The Ohio University Foundation Board of Trustees. In a 2015 article on the announcement that then-Senator Mikulski would receive the presidential medal of freedom, the Fox45 site included a transcript of Mikulskis full reaction from the floor of the Senate. Our ability to execute on these renewals just reinforces what we already know that broadcast matters. As you know, there are a lot of moving pieces in these discussions with the networks, especially at CBS, where there is a linear agreement, vMVPD agreement and a Paramount Plus agreement, all of which are up later this year. Tribune has another connection to Obama in Edward Lazarus, Tribunes Executive Vice President and Chief Strategy Officer. SOOK, Perry A. BSC '80 Chairperson Southlake, TX. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. We have 5,400 journalists around the country who produce local newsmore than any other organization. Thats exactly what professional tennis player Jannik Sinner had in mind when he met up with Lindsey Vonn, US Olympic Champion and one of the best alpine ski racers of all time. But, aside from their reporting, these organizations dabble directly in politics and elections more than one might expect. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. A member of TVB's board of directors since 2000, Sook assumes the chairman's position previously held by Michael J . Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. Have you ever wondered about the number of sacrifices a winning athlete has to make? Our 2022 fourth quarter and full year financial results showcase the underlying strength of our scale and business model and our ability to continue delivering record results and significant capital returns to shareholders. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. Sook believes its important to spend time visiting all of the companys 114 markets. Perry Sook, Nexstar's CEO, gave $5,000 to the company's PAC in the 2014, 2016 and 2018 election cycles. Perry Sook vs. CBS. Sook tells it best. Q4 2022 total corporate expense was approximately $49.2 million, including noncash compensation expense of $18.2 million compared to $43.6 million, including noncash compensation expense of $12.4 million in 2021. Perry Sook Political Campaign Contributions 2020 Election Cycle. That year they gave $18,500 to Rep. Tom Emmer (R-Minn.) and $16,300 to Ted Cruz. But it is certainly a tailwind in core advertising revenue that auto is up and up double digits, and we see that continuing throughout the year. Our next question comes from Dan Kurnos with The Benchmark Company. 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. meanwhile received $9,100. 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. 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. Emily Barratt, Renee Cassis, Meghan Buonocore, James Gwynn, Janice Garjian, Dolores Nolan 5. I'll start with a summary of recent highlights and developments. Mr. Sook currently serves as Chairman of the CBS Affiliates Board and The Ohio University Foundation Board. 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. Last month, NewsNation hired former Fox News exec Cherie Grzech as managing editor. Undeterred, in his first week on the job, he made the biggest sale in station history. They gave another $17,600 to John Boehner and $7,900 to Paul Ryan. (Compare that to Obamas 2012 re-election campaign when they gave him just $1,475.) We continue to anticipate a low 9-figure investment and to achieve profitability by 2025. Political spending at Tribune peaked around 2000 when they gave $123,280, the majority of that to Republicans. 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. . Q4 digital revenues increased 10.1% year-over-year to approximately $112 million. 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. And you guys obviously own some political specific properties now. 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. What were your direct operating expenses, excluding that, the CW, how are you seeing that tracking this new year? Well, I don't think because other networks might be listening. And then lastly, just on sports content. Even if the rip n read world fit him, the environment at the station did not. 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. 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. And by the end of April, we will have a program schedule that will be News 24/5. And then Because that's a lot. Before handing the call over to Tom, I want to briefly touch on a few updates on our organic growth prospects. Using the Wayback Machine to return to October 2008, one can see Tribunes official endorsement of Obama for president on the WGN-TV website. Listen Bloomberg. But the consumer is still spending and local spending for us is hanging in there just fine in the first quarter. We have always fought hard in negotiations with a number of factors that come into play and levers we can pull. Perry Sook is a performer and reporter who simply loves what he does. We provide reach that no other medium can, especially for sports content. 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. 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? Another WATE story featured anti-Blackburn protestors demonstrating during a moment of silence for the Pittsburgh Synagogue shooting victims at a campaign event. I would expect you'll see us do more deals as time goes on. Each of the candidates received tens of thousands from Hubbard. Noncash compensation expense grew primarily due to the CEO's new contract. For cash taxes, we use a 26.5% tax rate when calculating our estimated tax benefit before onetime and other adjustments. It's high-teens number of -- amount of revenue related to the CW. And the one other one with NewsNation. 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. 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. 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. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In 2003, Sook took Nexstar public after aquiring Quorum Broadcasting. NewsNation launched officially in September 2020 with high hopes of securing solid viewership in a time of deep mistrust of the media. Hubbard Broadcasting owns the radio station that ran the Jason Lewis Show before Lewis became a congressman. Our ability to attract top-tier talent and make good progress on ratings, with January 2023, marking NewsNation's highest-rated month to date, all only reinforces that view. As a percentage of net revenues, our total expenses declined given our focus on controlling expense growth and significant political revenue growth. A Memphis station owned by Nexstar also ran a version of this story. Before being recruited to run Seaway, he worked in the television industry as a General Sales Manager, acting General Manager and National Sales Manager. Visit our corporate site (opens in new tab). 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. In trade jargon, its referred to as a retransmission consent dispute. So is the change to the implied net just the difference in gross or anything else on the reverse comp side? We had two separate studios for local news, two different on-air staffs, and two separate sales forces. 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. The resulting company will own over 200 television stations, giving it incredible access to American homes across the country through their local news programming. If that's a local game? Who's Nexstar CEO Perry Sook? Please refresh the page and try again. So basically, auto under -- the way you're describing it. Perry Sook, president and CEO of Nexstar Broadcasting Group Inc., is pictured at their Irving offices. Sook has just returned from eight days on the road, on business in California and Arizona. In the 24 ensuing years, the founder and CEO of Nexstar Media Group added 195 stations to his corporate quiver to become the nations largest owner of television stations. 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.. If you don't have the local stations, I think that should tell you everything you need to know about the leverage in the discussions. 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. I think you'll see some higher profile programming there, certainly in the unscripted than you have seen historically. Perry Sook, CEO, Nexstar Broadcasting Group. It's my first question. So I don't know how do we yardstick kind of '24 relative to whatever pro forma 2020 was if you have that number. I know that was also, I think, mid-teens at that point. Moreover, it should be noted that the digital political spending is primarily used for fundraising versus messaging as local television is the preferred medium for the choice of branding. 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. Nexstar CEO Perry A. Sook is an alumnus of WOWK. These are results driven professionals who share our excitement and our vision for the network and we continue to expect to achieve profitability by 2025. NewsNation aired an interview with President Donald Trump in September 2020. For the '23, '24 cycle, we expect to generate pro forma average annual attributable free cash flow of approximately $1.25 billion, inclusive of our approximate $90 million attributable to the investment losses associated and tax benefits related to our turnaround of the CW. Is there any leverage around the ability to see local games that somehow rights constructed by the agreement with you or not? Good day, and welcome to Nexstar Media Group Fourth Quarter and Full Year 2022 Conference Call. As one of the nation's leading providers of local news, entertainment, sports, lifestyle, and network programming, Nexstar produces and distributes over 275,000 hours of local content per year. The PAC favors Republicans, but only slightly. 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. Global Edition. That led to a classic fight of the local station David versus a Fortune 500 cable Goliath. So, in our ads, we put the general manager of the cable companys home phone number so people could express their opinion, Sook says. And so yes, our profitability has been enhanced, and we're investing our syndicated programming expense back into journalism. The proposed terms were below market, and as a result, CBS-affiliated stations, including Nexstar, remain off the air on that platform. CapEx was higher in the fourth quarter than prior quarters in 2022 as CapEx that was delayed in the first 3 quarters of the year due to supply chain disruptions was finally fulfilled in the fourth quarter. Pack and political advertising accounted for 50% of our political revenue. For those with a cable subscription package, NewsNation might be included in the subscription offerings, and NewsNations channel finder can locate the correct channel. (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. Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. Hubbards CEO, Stanley Hubbard, is on the advisory board for a pro-Trump Super PAC. Both Blackburn and Arpaio have received lavish praise from President Trump. Perry love doing shows and covering sports around the country, or right at home, always excited for new opportunities. Okay. Currently, the individual network affiliate Boards lead the discussions with the networks on behalf of their respective affiliates, which include station groups like Nexstar to opt in or out of virtual MVPD agreements. Its important that we never lose sight of that, he says. I think that is absolutely necessary to advancement here. He is past Chairman of the CBS Affiliate Board.Mr. It will be based in Chicago and run out of Chicago, drawing on the backbone of those 5,400 journalists sprinkled around the country. And it will be absent of bias. 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. , auto under -- the way you 're describing it after aquiring Quorum Broadcasting premiere on September 1, perry. 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