And what kind of incremental opportunities or channels do you see heading into next year? Now back to our regularly scheduled programming. NewsNation launched officially in September 2020 with high hopes of securing solid viewership in a time of deep mistrust of the media. He is largely credited with forging in 1998 what was the first shared services agreement among American television stations. With all of that said, let me now turn the call over to Tom Carter for the operational review. It was up low single-digit percentage on an adjusted basis. And 2022, we did 50 debates across our company, 3 of which we put on the national cable network to offer to all of America outside of the states in which they were being contested. Last year, it. Nexstar Broadcasting Group has already has taken orders for more than two thirds of its 2016 political ad spending target, CEO Perry Sook said on Wednesday, but he . The lawyerly name belies the bare-knuckled drama involving Cox and 21 television stations in Texas, Arkansas, Louisiana, Kansas, and Missouri. They had no audience, no advertisers, and no followers, Sook says. Sign up below. 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. Mr. Sook previously spent five years with Cox Broadcasting, first in local sales in Pittsburgh, then at Telerep, Inc., as a National Account Executive. Sure. 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. In line with our historical approach, we will not be accepting any deals that discount the value of our content, our stations deliver to these platforms. We announced plans to allow shareholders to vote to declassify our Board of Directors, and we maintain an active and accessible Investor Relations function, resulting in several acknowledgments in institutional investors annual survey. The pressure to perform and remain at the top once you're there? 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.) 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. Or is it really just news (inaudible). 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. Fourth quarter political advertising revenue of $265.9 million . meanwhile received $9,100. 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. The Hill will join Irving-based Nexstar's . No matter how talented an athlete is, seeking advice from those who have gone before you is part of the journey to success. Based in Irving, TX, Nexstar trades on NASDAQ under the symbol "NXST".Following the $7.1 billion accretive acquisition of Tribune Media and the $4.6 billion accretive acquisition of Media General, Nexstar Media Group, Inc. is the largest local broadcast television operator in the United States, with 199 stations reaching 116 markets, or more than 68% of all television households, and annual revenue in excess of $4.5 billion. He collects firearms, and in response to questions that are not at all explicitly about. Yes. I'm sorry, how our direct operating expenses tracking in Well, I mean is there anything out of the ordinary we should know about your direct operating expenses this year, putting aside the CW, anything out of the ordinary. His first sales job took him to a small radio station with a daytime-only signal in Kissimmee, Florida. 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. The format had just changed from big-band to country. And Im a team player, said Hubbard, who was initially skeptical of the President, in an interview with NPR. Sook believes its important to spend time visiting all of the companys 114 markets. It's a single-digit amount. 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. I wondered what the next steps are. But, aside from their reporting, these organizations dabble directly in politics and elections more than one might expect. And just another one, just on political, I know it's obviously early for '24, but I mean you have a really broad platform, and we've seen some creative ways that others have kind of attacked it with either CTV partnerships or what have you. Before reviewing our other revenue segments, I'd like to provide some color on how we think investors should think about our distribution revenue outlook and evolving relationships with the virtual MVPDs. Nexstars $7.1 billion purchase of Tribune Media changed everything. Thats job one.. So it's not an inconsequential number. So if it were all at risk, that's the number that you're talking about. Local television broadcasting generated $2.4 billion in gross political ad dollars, a record amount for midterm election, capturing more than 50% of the total spend in 2022, representing a 38% growth over 2018. Before Superior, Mr. Sook was President/CEO of Seaway Communication, Inc., owner of network affiliated stations in Bangor, ME and Wausau, WI. Our next question comes from Nick Zangler with Stephens. "Over time, we will be taking a different approach to our CW programming strategy and will leverage our experience in spending approximately $2 billion a year on programming, attracting and. Now, are we beyond those days where a woman can behave as a slut, but you cant call her a slut?. We look forward to speaking to you again soon when we report our first quarter 2023 results. I'll go back to what Tom said in his prepared remarks is that total virtual MVPD revenue is approximately 10% of our distribution revenue. 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. Q4 digital revenues increased 10.1% year-over-year to approximately $112 million. As always, with me on the call this morning are Tom Carter, our President and Chief Operating Officer; and Lee Ann Gliha, our CFO. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. And you guys obviously own some political specific properties now. Sook believes in the notion that if a national story breaks in one of Nexstars locales, his gang of reporters will be first on the scene and report it through an impartial lensand America will love it. We think the CW was undervalued for any number of reasons, mostly related to predecessor owners and parent company priorities and agendas. 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. 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. Every donation we receive from users like you goes directly into promoting high-quality data analysis and investigative journalism that you can trust. * To subscribe, you must consent to Futures privacy policy. 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. The proposed terms were below market, and as a result, CBS-affiliated stations, including Nexstar, remain off the air on that platform. 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. We also have begun to execute on our cost savings plan by reducing redundant functions at the network, and we've hired new top-tier executives with backgrounds at Fox, NBCUniversal, HBO, Pop TV and Google to lead our programming and distribution strategies. We ended up with one guy standing. In 2014, they contributed $263,587 and in 2016 they contributed $429,504 before dipping back down to $186,648 in 2018. So, yeah, its a point of frustration for me, because the performance has been there.. Now moving back to the rest of our revenue line items in the quarter. As we move forward, we will continue to strategically deploy our cash in a manner that is consistent with our commitment to creating the highest shareholder value. In turn, our portfolio of local and national media assets now provides nationwide reach on par with other broadcast networks, combined with local activation at a greater scale than any other broadcast network owner creating a differentiated and highly attractive value proposition for advertisers, brands, content owners in an increasingly fragmented marketplace. The San Francisco station, KRON4, has run stories on both Pelosi and Feinstein. We have a strong balance sheet with low leverage and excellent short-term visibility with multiple long-term material growth initiatives. Some of my most fun days, my best days, are when I go visit one of our local TV stations. We also believe it is important to do so since we view the near-term losses of the CW as a proxy for purchase price, and we intend to bring the asset to profitability by 2025. Will joined CRP as a reporting intern in September 2018. Enjoy unlimited access to all of our incredible journalism, in print and digital. 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. Certainly, sports is 1 avenue that has never been pursued there before. As always, Tom and Perry gave you most of the details on the revenue side. What is your thought on where the U.S. economy is at right now? Sook recalls running commercials with us holding up a penny and asking, Dont you think were worth a penny a day on your cable bill?, The Nexstar CEO felt he was on the right side of things and that cable customers would be willing to pay to get their local news content. Thomas Carter, the CFO, did the same. Nexstar Media Group's purchase of Tribune Media Co's 42 TV stations makes Nexstar the nation . And so I think you'll see affiliates continue to press the point that we should negotiate our own agreements and that no one else should be negotiating on behalf of our content. That concludes the financial review for the call. Nexstar was 1 of only 4 stocks that was up in all of media and entertainment in 2022, which we believe is a testament to our ability to create shareholder value through free cash flow generation, return of capital to our shareholders and our ability to continue to grow our revenue streams. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. Perry A. Sook serves as Chairman of the Board, Chief Executive Officer of the Company. The studio consisted of a large metal building at the base of the transmitter. The FCC Chairman Lazarus served under, Julius Genachowski, was nominated to the position by Obama in March 2009. And, prior to that, in January of 2017, we closed on the acquisition of Media General, a $4.6 billion transaction. And most importantly, the affiliates as well as our own stations were thrilled. Sooks salary and bonus averages out to $7.5 million a year for 2017 and 2018. And I assume you -- the initial bogey was to basically do better than you were with off-network sitcoms. Lazarus is a former chief of staff to the chairman of the FCC. Approximately 40% of our subscribers are up for renewal by 2023 year-end, which will benefit 2024, including several virtual MVPDs. Nexstar hired ABC News exec Michael Corn as president of news in May. A former small-town anchorman, Nexstar Media Groups Perry Sook owns more television stations than anyone else in the country. Fourth quarter CapEx was $57.1 million or $56 million, excluding CapEx related to the CW. If that's a local game? Sook graduated from Ohio University and currently serves as chairman of The Ohio University Foundation Board of Trustees. He found the perfect candidate for such an arrangement just down the road in Wilkes-Barre, in the form of WBRE-TV. Is that cord cutting? Van Hollen gave Fox45 (the first ever Sinclair station) an exclusive interview on gun control and government spending during the same election cycle. 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. It's clear from our results that 2022 was a monumental year for Nexstar and a referendum on the power of the broadcast model and its ability to deliver audiences at scale and strong levels of free cash flow. He founded Nexstar in 1996 with one local television station in Scranton, PA and began building the foundation of what is. After nearly a year-long clash, the cable company agreed to pay for carrying the signals. Our next question comes from Barton Crockett with Rosenblatt Securities. UPDATED: Nexstar, the largest TV station group, got a boost from midterm political ad spending as well as a rise in distribution and digital revenue in the second quarter. Dennis Miller and Brad Schwartz and their teams are hard at work putting that together. Tom Hanks Started a Veteran-Focused Coffee Brand Where to Buy It, Drug Prices Are Increasing in 2023, Won't Impact Most Consumers. Nexstar plunked down $130 million bucks to buy the political website The Hill. The -- there are lots of discussions. 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. 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. Before being recruited to run Seaway, he worked in the television industry as a General Sales Manager, acting General Manager and National Sales Manager. Nexstar is "immediately commencing a search" for Busch's successor, according to Perry Sook, Nexstar's CEO. (Operator Instructions) And our first question comes from Craig Huber with Huber Research Partners. Just about any story is fair game, if a dollar sign can make its way into the article. Bloomberg Surveillance: Early Edition with Anna Edwards, Matt Miller & Kailey Leinz live from London, Berlin and New York, bringing insight on global markets and the top business stories of the day. 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. And I think when those things begin to line up, I think you'll see development accelerate. Emily Barratt, Renee Cassis, Meghan Buonocore, James Gwynn, Janice Garjian, Dolores Nolan 5. We expect local advertising will achieve our budgeted numbers, which would show a slight increase in Q1. Sign up for our newsletter to track moneys influence on U.S. elections and public policy. In 2014, the Hubbard Broadcasting gave the Super PAC $450,000, $300,000 from the company and $150,000 from individuals. So thank you, everyone, for joining us today. At OpenSecrets.org we offer in-depth, money-in-politics stories in the public interest. Before I dive into my usual financial discussion, I wanted to take a minute to step back and discuss a few changes in our financial presentation that we've been foreshadowing. So, in our ads, we put the general manager of the cable companys home phone number so people could express their opinion, Sook says. It all got Sook to thinking. They're fielding tons of pitches. Okay. 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. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. 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. Watch Vonn and Sinner as they explore the dedication and work required to become the best. But our quantum of debt, we don't expect to tick up. Sook said advertisers have reacted positively to the networks news programming, paying the same cost per point in the scatter market as CNN. It's great to hear auto continue to come back, obviously, a huge vertical for you guys. In summary, our record 2022 financial results reflected continued performance across our key near-term growth areas, including distribution, political advertising, new local direct advertising and digital with even more to drive growth ahead of us.