I think you'll see some higher profile programming there, certainly in the unscripted than you have seen historically. Nexstars $7.1 billion purchase of Tribune Media changed everything. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. 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 then on the reverse side, is there any change there to kind of the outlook that you gave a few months back? On a net basis, we expect reverse comp to increase but at a mid-single-digit rate, slightly improving our distribution or retrans margin. Emily Barratt, Renee Cassis, Meghan Buonocore, James Gwynn, Janice Garjian, Dolores Nolan 5. Latest Company & Industry Overviews News and Updates. These interim distributions are primarily for tax payments and are due to lower operating income this year versus last year. El Paso is ORourkes hometown. 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. Core advertising revenue was $478 million (down 3.3 percent year over year), while political advertising revenue was $266 million (up 1,307 percent). According to Kantar, total gross political advertising on all media was up a record 3% over 2020 and up significantly compared to 2018, driven in large part by more competitive races in 2022 in the impact of sports betting propositions in California. The studio consisted of a large metal building at the base of the transmitter. Have you ever wondered about the number of sacrifices a winning athlete has to make? However, political ideologies have influenced human society since the dawn of civilization as. So maybe you could just put a little more context. To request permission for commercial use, please contactus. Our next question comes from Nick Zangler with Stephens. We had two separate studios for local news, two different on-air staffs, and two separate sales forces. It all got Sook to thinking. Perry Sook currently serves as Nexstar's chairman and CEO. Excluding the CW and the impact of going dark and other negotiation settlements, our distribution revenue would have been up low single digits. 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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. We have 1,800 salespeople that call on small and midsize businesses in 63 percent of the country, he says. So we'll be a 24-hour news network Monday through Friday by the end of April, and that will include the daytime expansion, the addition of the Hill, the addition of Elizabeth Vargas Reports show at 6:00 Eastern Monday through Friday. And then, Perry, you mentioned that the recent distribution renewals effectively have paid for the CW deal. Yes. Perry Sook, Nexstar's CEO, gave $5,000 to the company's PAC in the 2014, 2016 and 2018 election cycles. Under Sooks watch, both employee morale and the companys stock have remained high. While still early, our strategy of providing unbiased news for all America is already delivering results as NewsNation was the only cable news network to see double-digit growth in total viewers in 2022. A few additional notes on our 2023, 2024 free cash flow guidance before we open up for questions. Weve made three dozen separate acquisitionssome small, some very large, he begins. And they say, the locals. So did Timothy Busch, the president of the companys broadcasting subsidy. The current simulcast requirement does constrain our capacity as to what we can do. 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. 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. A member of TVB's board of directors since 2000, Sook assumes the chairman's position previously held by Michael J . If it rained, staffers had to send a Jeep down the road to retrieve Sook. The lawyerly name belies the bare-knuckled drama involving Cox and 21 television stations in Texas, Arkansas, Louisiana, Kansas, and Missouri. Listen Bloomberg. Since NewsNations launch, several incidents of conservative and/or pro-Trump bias have occurred. Looking ahead, 2023 will benefit from the renegotiation of our distribution contracts, representing more than half of our subscribers during 2022 and 2024 will benefit from the presidential election year, political advertising cycle as well as additional distribution contract renewals at the end of this year. 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Before being recruited to run Seaway, he worked in the television industry as a General Sales Manager, acting General Manager and National Sales Manager. Thanks, Perry, and good morning, everyone. We are currently projecting cash CapEx of $35 million in the first quarter and $137 million for the full year. Beginning with the LIV Golf season, which kicked off last Friday, the CW will air 14 global events and stream the events live on our CW app. He is past Chairman of the CBS Affiliate Board.Mr. 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. So, in our ads, we put the general manager of the cable companys home phone number so people could express their opinion, Sook says. 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. The cable company put Sooks home phone number on ads pushing its side of the argument. 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 insurance category softness was primarily related to industry-specific issues and the movement of some insurers from the local market to the national market. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. No spam, ever. 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. And we'll continue to look for additional sports opportunities that may or may not be on weekend afternoons, may bleed into prime time upon occasion. And while we're executing well on our business, ESG also remains a priority for Nexstar, and we continue to take actions to evolve our practices and disclosures to improve our already strong profile. Who's Nexstar CEO Perry Sook? No, we heard it directly from FuboTV yesterday that they want that local content back, but understood there. We grew double digits in the fourth quarter. I mean do you think you start revenues from that in 2024, Sinclair was saying that. Nexstar's stock has been one of the best short- and long-term performing stocks in media, one of the highest percentage returns of free cash flow to shareholders in media along with solid long-term growth prospects and a low valuation. (Bredeson was Blackburns opponent in the 2018 Tennessee Senate race.) Sook has just returned from eight days on the road, on business in California and Arizona. 750 North St.Paul St. I think that is absolutely necessary to advancement here. By 2012, Sook was ready to refocus on growing Nexstars portfolio. I can tell you that our first -- we're very pleased with our first weekend of LIV Golf across the first 3 days from Mayakoba, Mexico. It used to be that women were held to a little bit of a higher standard, Lewis said on the show according to CNN. Please go ahead. 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. The linear television business is a fairly mature industry, and we wanted to be one of the leading consolidators, he explains. We're accessing the fan base, both nationally and at local markets is important for advertisers and brands. KTSM, an El Paso, Texas station owned by Nexstar, re-ran an article from the Texas Tribune exploring the effect of Hispanic identity on the Senatorial race that pitted Beto ORourke against Cruz. Understood. At 61, Perry Sook, CEO of TVNewsCheck's Station Group of the Year, Nexstar Media, has the look, the voice and demeanor the gravitas, some would say of a high-priced news anchor in a top market. Are they able to see the local football game from the NFL on CBS? So basically, auto under -- the way you're describing it. Fourth quarter distribution of approximately $616 million was flat to the prior year. 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