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. It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. Jennifer Nettles & Kristian Bush of Sugarland 6. It was basically like running two newspapers off of a single printing press, Sook says. 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. And I think when those things begin to line up, I think you'll see development accelerate. 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. Will joined CRP as a reporting intern in September 2018. That deal, if approved. But the consumer is still spending and local spending for us is hanging in there just fine in the first quarter. Politico pioneered the fast-paced coverage of Capitol Hill and campaigns that now thrives on Twitter and cable news. So it's really a dichotomy where Main Street is coping and surviving just fine, and it's more the national advertisers that have pulled back on their spending in anticipation of a weakness in consumer spending, which at this point has not manifested itself in our numbers or at the local level. 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. Our promotional campaign will kick off in earnest in the month of April. Analysis / Bias So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. Open Secrets following the money in politics, OpenSecrets Following the money in politics. The FCC Chairman Lazarus served under, Julius Genachowski, was nominated to the position by Obama in March 2009. Thank you for signing up to Broadcasting & Cable. 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. Copyright 2023 Market Realist. Yourcentralvalley.com, a Nexstar site affiliated with NBC covering Fresno, California, ran a story about Kevin McCarthys claims that California Democrats had fallen out of touch with voters. Political ideologies are concepts that have become more visible with the rise of social media. The company reported net income of $226.5 million, a rise of 13.4%, in the period ended June 30. Dr. Sandy Sook 3. 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. Do we know enough yet to know if it's a buyer's market? (The film was produced in part by StarWing Sports Management, which represents Sinner. He was living in an Upper West Side three-bedroom condominium that his family owned. 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. Mr. Sook was here to talk about our ongoing efforts to support our local communities. Pelosi even gave the station an exclusive interview. Well, I think it was all part of the thinking. 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. 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. Okay. 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. I mean do you think you start revenues from that in 2024, Sinclair was saying that. Excluding the CW, fourth quarter adjusted net income increased of 32.5% to $662 million, and free cash flow increased from 38.7% to $458.1 million. 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%. 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. The company is now the nations biggest player in local television. And I think the only differentiating factor in that is how long the blackouts continue. Visit our corporate site (opens in new tab). It would be more in the form of a test of the technology and people testing certain use cases. 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In the last two years, shareholders have, by the slimmest of margins, rejected multimillion-dollar compensation packages for the CEO. The present study examined how self-rated health was influenced by sociodemographic characteristics, physical health indicators, and sociocultural resources among four racial/ethnic groups of older. We have a strong balance sheet with low leverage and excellent short-term visibility with multiple long-term material growth initiatives. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. 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? Before being recruited to run Seaway, he worked in the television industry as a General Sales Manager, acting General Manager and National Sales Manager. As always, you should use these metrics in connection with our reconciling schedules and financial statements that have been prepared in accordance with GAAP and are filed with the SEC. In the first quarter and the first half of the year, I think it will be more pronounced. 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. We have developed these audiences over decades by consistently providing top-rated local news, sports and entertainment content. Talk of a Dish Network and AT&T Merger Have Started Again Who Owns Dish? Our next question comes from Steven Cahall with Wells Fargo. If you continue to use this site we will assume that you are happy with it. Please go ahead. In March, NewsNation VP of News Jennifer Lyons resigned amid concerns the channel might take a right-wing turn because of low ratings. I wonder if you could talk about that a little bit, too. I think you'll see us more active on the debate stage. Given the lack of regulation in the digital world, it's important that we remain united as an industry. We're not in the business of disenfranchising customers, viewers and advertisers. We have 1,800 salespeople that call on small and midsize businesses in 63 percent of the country, he says. 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. Thank you. So, Sook began by figuring out how to benefit financially by operating or managing stations. Our next question comes from Nick Zangler with Stephens. After flirting with bankruptcy in 2009, Sinclair was saved in part thanks to Citizens United and the ensuing influx of political ad spending. Lewis infamously used the platform to vent his frustrations with modern gender politics. Third, we are already making progress with the CW, not only to bring the network to profitability but to create value for the entire Nexstar enterprise as a result of the acquisition. Dennis Miller and Brad Schwartz and their teams are hard at work putting that together. Up next: Reinventing local news. This continues to be in line with the historical trends with local advertisers maintain more consistent levels of ad spending throughout economic cycles. 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. LIV Golf's 2-day average linear viewership was 24% higher than the average. We have assumed no material M&A or other onetime or usual transaction these figures. In January 2021, the WGN America network rebranded as NewsNation and there were several programming changes. Hubbard Broadcasting owns the radio station that ran the Jason Lewis Show before Lewis became a congressman. I'm wondering how auto is performing when you look back relative to those pre-COVID levels, are we bearing full normalization here? We ended up with one guy standing. Aerosmith co-founder Joe Perry isn't at all cagey about his political beliefs or his stance on issues. As such, our net first lien coverage rate -- sorry, our net first lien covenant ratio for Nexstar, excluding the CW at December 31, 2022, was 1.77x, which is well below our first lien only covenant of 4.25x. Nexstar hired ABC News exec Michael Corn as president of news in May. Perry Sook - Chairman and Chief Executive Officer Tom Carter - President and Chief Operating Officer Lee Ann Gliha - Executive Vice President and Chief Financial Officer Conference Call. 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. We doubled the size of the company and then doubled it again in the space of about two years. The last double-down made Nexstar worth $13.8 billion. In March 2021, The New York Times reported that NewsNation hadn't lived up to expectations and was seeing low viewership. (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. Enjoy unlimited access to all of our incredible journalism, in print and digital. So I'll provide a little color on the CW financial results and then jump to expenses followed by some discussion on our guidance. So if it were all at risk, that's the number that you're talking about. Next steps for us, obviously, Elizabeth Vargas joins the network in April. And I think that you're going to see the FCC engage with the NAV and develop probably some sort of a task force in a public private kind of arrangement to explore the further development of ATSC 3.0. 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. Great. 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. So it's not an inconsequential number. 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