The founder, chairman, president, and CEO of Nexstar is Perry A. Sook. Noncash comp is expected to be approximately $50 million for the first quarter and in the $67 million area for the full year, but will vary based on stock price and actual grants. 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. (They gave $5,000 to Marsha Blackburn (R-Tenn.) in the 2018 cycle, but also gave $2,500 to Tammy Baldwin (D-Wis.)). Perhaps the most explicitly pro-Trump company in local television is Minnesota-based Hubbard Broadcasting. 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. 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? And I think when those things begin to line up, I think you'll see development accelerate. Learn about Article Alert. And so we are very bullish on political 2024. Given the lack of regulation in the digital world, it's important that we remain united as an industry. Global Edition. As you'll be able to read in our report, throughout 2022, we executed on several ESG initiatives, including eliminating our Class B and Class C shares, which cleared the way for our inclusion in the S&P 400 Index. Nexstar's outstanding debt as of December 31, 2021, was $6.95 billion, down from $7.41 billion at year-end last year. As the PAC distributed its funds, stations owned by Nexstar were covering politics and political races across the country. 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. The reach of our local platform, which is where the political game is played overlaps very well with the open Senate races, the states that are expected to be in play for the presidential contest. And most importantly, the affiliates as well as our own stations were thrilled. Feel free to distribute or cite this material, but please credit OpenSecrets. I think if this dispute goes to the end of football season, I guess we'll all find out, but I think they do have the right to include that in their feed at this point in time. Obviously, we spent a lot of time in front of local business owners and local advertisers. May From an operating perspective, these figures take into consideration our current best estimates for our core business based on current and expected trends as of today. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. We look forward to speaking to you again soon when we report our first quarter 2023 results. NY 10036. Good luck on Tuesday! the host said as he concluded the interview. I mean can you generate revenues that are meaningful without that? It's a single-digit amount. And then just a second question here. I'm very proud of the folks we have on the air and the job that they do, and we look to add to that as we continue to fill out these other hours and other dayparts. Some of my most fun days, my best days, are when I go visit one of our local TV stations. Are you guys saying that at this point? '23 and '24 will benefit from new distribution agreements and as we've discussed, 2024 as the presidential election and big political year. I guess if they felt they wanted to vote with their feet, they wouldnt own the shares. And I now would like to turn the conference over to Joe Jaffoni, Investor Relations. We are currently projecting cash CapEx of $35 million in the first quarter and $137 million for the full year. It will be facts, no opinion, no people shouting at each other, Sook says. NewsNation InSites. 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. Well, I think we gave that. Perry A. Sook has over 41 years of professional experience in the television and radio broadcasting industries, covering all facets of the business, including ownership and M&A, management, sales, on-air talent, and news. There was a problem. He collects firearms, and in response to questions that are not at all explicitly about. 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. Positively impacting this revenue category in the quarter was the inclusion of the CW-affiliate fees as well as growth in the virtual MVPD revenue and MVPD rate resets and annual rate escalators. 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. Mikulski also gave the Fox station an interview on receiving the medal. We had two separate studios for local news, two different on-air staffs, and two separate sales forces. After nearly a year-long clash, the cable company agreed to pay for carrying the signals. They also gave $5,700 to Rep. Greg Gianforte, who became well known nationally after physically assaulting a reporter. Prior to Nexstar, Mr. Sook was one of the principals of Superior Communication Group, Inc., which was sold in 1995 to Sinclair Broadcast Group. It seems like you're pretty much through with the reshaping process there. For all the factors are enumerated by Perry and Tom, we are excited about the prospects for 2023 and remain confident in our ability to enhance shareholder value and deliver on our new pro forma annual -- average annual attributable free cash flow guidance for 2023, 2024 cycle of approximately $1.25 billion, including $90 million of attributable losses and associated tax benefit in connection with our ownership interest in CW.Comparing this to our original 2022, 2024 guidance of $1.4 billion, for the 2023, 2024 average, we have about $110 million more interest expense given the movement in interest rates and a $90 million attributable loss for the investment in the CW. Tom? So, yeah, its a point of frustration for me, because the performance has been there.. Last quarter, you announced the Clippers deal. These interim distributions are primarily for tax payments and are due to lower operating income this year versus last year. All statements and comments made by management during today's conference call, other than statements of historical fact may be deemed forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Excluding the impact of the CW, core advertising was down approximately 8.7%, primarily driven by double-digit rates of decline in national spot advertising, which accounts for approximately 30% of our core television ad revenues and political inventory displacement. The article includes a quote from a political scientist who says, though the statement is distasteful, they dont think it shows shes a virulent racist. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. And what kind of incremental opportunities or channels do you see heading into next year? He wants to tell stories that are happening outside the beltways. Sook also serves on the Board of Directors of Broadcast Music, Inc. Perry Sook has a really good story to tell. "We're now up to 16%, but that means 84% of the country has no earthly idea. 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. Fox Board's Failure; McCarthy Pressed on Tucker Handout; Lord of the Studios Please refresh the page and try again. We have developed these audiences over decades by consistently providing top-rated local news, sports and entertainment content. We required modesty from women. 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? But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. And I think that the prior guidance was mid-teens. Thomas Carter, the CFO, did the same. By the 2016 cycle, Tribune was throwing $4,963 behind Hillary Clintons presidential bid. It was financed by a big capital investment firm that bought some stations from CBS but, Sook says, was without a management team or any business thesis as to how to operate. With no money to make acquisitions on his own, Sook got creative. Under Nexstar Media Group is its subsidiary Nexstar Inc., which operates Broadcasting, Digital, and Networks divisions. And so that means we have to go dark for a little while to make the point. Fresno and Bakersfield are a stones throw from the 23rd congressional district where McCarthy has his seat. So -- but I think if the public and private sector can sit down and talk about this holistically and kick around ideas, and I think that's coming. 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. The rebrand hinges on a down-the-middle. He's been putting the finishing touches on an acquisition that'll bring Nexstar Broadcasting's holdings. Core advertising revenue was $478 million (down 3.3 percent year over year), while political advertising revenue was $266 million (up 1,307 percent). Hubbard Broadcastings political contributions peaked in 2016 when they gave over $1 million to Republicans. Today's call is being recorded. 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. The lawyerly name belies the bare-knuckled drama involving Cox and 21 television stations in Texas, Arkansas, Louisiana, Kansas, and Missouri. Political ideologies are concepts that have become more visible with the rise of social media. Okay. 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. (Operator Instructions) And our first question comes from Craig Huber with Huber Research Partners. But I think to a certain extent, people want to see how the RSN plays out and what that means to them and then, therefore, how that influences their behavior going forward. 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. But that doesnt seem to be whats happening, Sook says. Were now up to 16%, but that means 84% of the country has no earthly idea. Lewis infamously used the platform to vent his frustrations with modern gender politics. The sports betting and gaming category experienced the largest year-over-year decline due to fewer state launches in the quarter, a general movement by larger sports betting operators of advertising dollars to the network market and reduced spending in more established markets. 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. 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. Copyright 2023 Market Realist. 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. Contrary to the networks narrative, the virtual MVPDs want local news and local content because it's sought out by the viewers. I knew the quickest road to management, and management to ownership, was through sales.. Our next question comes from Nick Zangler with Stephens. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. 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. Well, again, I've said for the full year, we expect high single to low double-digit growth. The smarter way to stay on top of broadcasting and cable industry. 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. Seasonally attributable metric is a good proxy for the cash flow available to be reinvested to be used to repay debt or return to shareholders. 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%. Future US, Inc. Full 7th Floor, 130 West 42nd Street, So, Sook began by figuring out how to benefit financially by operating or managing stations. Okay. 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