We've returned $1.02 billion or 68% of our attributable free cash flow to shareholders in 2022 and recently increased our 2023 dividend by 50% to $5.40 per share per year, representing a 2.8% yield. But yes, that is what people want us for is the local content. Is it still a little too early? Sook believes its important to spend time visiting all of the companys 114 markets. 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. I know that was also, I think, mid-teens at that point. The report also contains disclosures for Nexstar as suggested for companies in the media and entertainment industry by Sustainability Accounting Standard Board, or SASB. We think the CW was undervalued for any number of reasons, mostly related to predecessor owners and parent company priorities and agendas. 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? Well, I mean, we have revenues from our spectrum right now is primarily in the form of multicast revenue and leasing spectrum to people for their multicast distribution. That concludes the financial review for the call. Perry Sook The CW's New Owner, Nexstar Media, Updates Investors On "Offensive And Defensive" Reasons For Its Acquisition Of The Broadcast Network 31 January 2023 Deadline CW's Scripted Shows To Drop From 11 To Less Than 5, Report Says 11 January 2023 Screen Rant Although less overtly political than their cousins on cable, local news stations have come under increased scrutiny after the viral controversy aroused in early 2018 by a must-run segment on stations owned by Sinclair Media. Thank you. And so I think it's an iterative process. Approximately 40% of our subscribers are up for renewal by 2023 year-end, which will benefit 2024, including several virtual MVPDs. We hope to get everybody on the same page as much as we can after this call. For cash taxes, we use a 26.5% tax rate when calculating our estimated tax benefit before onetime and other adjustments. Increased expenses were offset by a reversal of an accrual due to a settlement in connection with our distribution agreement renewals. If you continue to use this site we will assume that you are happy with it. 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. With all of that said, let me now turn the call over to Tom Carter for the operational review. Watch for more news articles, provided throughout the day courtesy of TradingCharts For additional details on these risks and uncertainties, please see Nexstar's annual report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission and Nexstar subsequent public filings with the SEC. With FCC approval, the company will own 171 stations to. In 2014, the Hubbard Broadcasting gave the Super PAC $450,000, $300,000 from the company and $150,000 from individuals. In March, NewsNation VP of News Jennifer Lyons resigned amid concerns the channel might take a right-wing turn because of low ratings. 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? 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. Feel free to distribute or cite this material, but please credit OpenSecrets. CapEx for the full year, excluding CW, was $155 million, slightly higher than our expectation of $150 million due primarily to anticipated reimbursement and rebates that have not yet been booked. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. Political ad revenue of $266 million, up 1,307%. So if I understood it correctly, is this that you expect retrans ex the CW to be up about mid-single digit? 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.) The target launch date is July 2020just ahead of the political conventions and the elections. Enjoy unlimited access to all of our incredible journalism, in print and digital. Our next question comes from Barton Crockett with Rosenblatt Securities. We had two separate studios for local news, two different on-air staffs, and two separate sales forces. This is an important fact as there is no regulatory limit on pricing for these advertisers and these dollars can quickly shift from race to race as political season progresses and benefits a scale player like Nexstar since we have stations in a substantial majority of the competitive markets. [54] On August 1, 2018, Nexstar bought out KRBK in Springfield from Koplar Communications for $16.45 million, and also bought out WHDF in Huntsville from Lockwood Broadcast Group for $2.25 million. 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. Although it is a small part of our overall financial results, we've announced by analysts and investors to break out the impact of the CW. At OpenSecrets.org we offer in-depth, money-in-politics stories in the public interest. It was interesting Sinclair was talking a little bit about their feeling about the importance of getting the FCC to move so that you can shut down the legacy stations, the ATSC 1.0 to get really enough kind of capacity to generate meaningful revenues off of this. Fourth quarter political advertising revenue of $265.9 million . Is that cord cutting? NewsNation is also available across a wide range of streaming services including Sling, Hulu, YouTube TV, Vidgo, fubu TV, and DirecTV Stream. . Washington, For example, former President Donald Trump tweeted a good luck message (when his Twitter account was still active) to Compton for the networks launch and later gave an interview in which anchor Joe Donlon didnt challenge his false statements. Some of my most fun days, my best days, are when I go visit one of our local TV stations. Right now, I think you can say that the Fubo dispute is a dispute over money as well as governance issues. 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. We're about to begin our annual shareholder outreach initiative where we discuss our initiatives and hear feedback from our top shareholders. Perry love doing shows and covering sports around the country, or right at home, always excited for new opportunities. Perry A. Sook, President and Chief Executive Officer of Nexstar Broadcasting Group, has worked in all facets of the business - from radio sales and on . 2022 Foundation Trustees. The category is primarily responsible for the core advertising revenue decline more gaming, sports betting, insurance, direct response, medical health care and radio TV cable newspapers. Mr. Sook was here to talk about our ongoing efforts to support our local communities. El Paso is ORourkes hometown. And I've recently been at the FCC meeting with the commissioners as well as the Chairwoman. In the fourth quarter, yes. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. I knew the quickest road to management, and management to ownership, was through sales.. The only time we had video of what was going on in town was if there was a car wreck or a house fire, Sook says. And I think when those things begin to line up, I think you'll see development accelerate. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. We appreciate you joining us today to discuss Nexstar's outstanding fourth quarter and full year financial results. The smarter way to stay on top of broadcasting and cable industry. 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. In 2023, we plan to allocate a portion of our free cash flow to reduce indebtedness, primarily from mandatory amortization payments. 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. Moving back to Nexstar expenses. Thank you very much for your participation, and have a good day. Well, I think we gave that. Mr. Sook, 30, who is from Texas, was then a Broadway performer and is now a sportscaster. I would expect you'll see us do more deals as time goes on. And so yes, our profitability has been enhanced, and we're investing our syndicated programming expense back into journalism. Despite the trends, we continue to expect to see spending in this category, albeit at a more modest clip. The remainder of our attributable free cash flow went to repay debt. Mr. Sook was previously a member of the Board of Directors of the Television Bureau of Advertising (TVB), where he also served as Chairman. That's job one." So maybe you could just put a little more context. That led to a classic fight of the local station David versus a Fortune 500 cable Goliath. Nexstar generated an adjusted 46.5% EBITDA margin and converted approximately 69% of adjusted EBITDA to free cash flow. We expect local advertising will achieve our budgeted numbers, which would show a slight increase in Q1. LIV Golf's 2-day average linear viewership was 24% higher than the average. Perry Sook currently serves as Nexstar's chairman and CEO. 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. Is there any leverage around the ability to see local games that somehow rights constructed by the agreement with you or not? Last month, NewsNation hired former Fox News exec Cherie Grzech as managing editor. Most recently we closed on the acquisition of Tribune Media, a $7.1 billion transaction that doubled the size of the company. 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