In addition to its station in Fresno, Nexstar owns a station in Bakersfield. Perry Sook has a really good story to tell. Mr. Sook currently serves as Chairman of the CBS Affiliates Board and The Ohio University Foundation Board. We returned $1.02 billion or 68% of our attributable free cash flow to shareholders in 2022, paying $142 million in dividends and repurchasing $880 million of stock or 5.1 million shares, 12% of our shares outstanding as of December 31, 2021. Our next question comes from Steven Cahall with Wells Fargo. In the latest of my series of Legends & Leaders interviews with media industry leaders, Nexstar CEO Perry Sook shares context on the decision to convert WGN America to NewsNation, including details on how 198 Nexstar TV stations and 5,500 journalists feed, support and promote the fledgling news network. "We're now up to 16%, but that means 84% of the country has no earthly idea. 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. But -- so there is revenue flowing from ancillary uses of our spectrum today. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. He serves on the Board of Directors of Broadcast Music, Inc. (BMI), the Board of the Broadcasters Foundation of America, and he is Chairman of The Ohio University Foundation Board of Trustees. Or there is still significant room to run on auto getting back to maybe a more normalized rate in that 2019 pre-COVID era? Operator, please open the line for questions. This year, we prepared an ESG report, which will be available on our website, outlining key principles, policies and action. 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.) Political ad revenue of $266 million, up 1,307%. We required modesty from women. 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. Are you guys saying that at this point? In addition, because of the breadth of our portfolio, during the '22 midterm election cycle, Nexstar produced and distributed nearly 50 political debates, including those high-profile Pennsylvania and Georgia state races and the Texas gubernatorial race which we also distributed nationally via News Nation. Hes. It was a kind of a sinking feeling in the pit of your stomach, but it also energized me to go out and find a real job. That meant television sales, which led to the purchase of WYOU in Scranton, taking us back to the beginning of Sooks story. Are you feeling increasingly worse about it now than you were, say, 3 months ago? Sook is also credited for helping Nexstar rise from its founding to earning $4.6 billion in net revenue in 2021 alone. Direct response continues to be impacted by weaker national advertising marketing trends and medical health care was impacted by reduced Affordable Care Act marketing funds versus the prior year. . As a reminder, we typically spend less in CapEx in odd number nonpolitical years than political years. Full year net revenue, adjusted EBITDA and attributable free cash flow reached new all-time highs. And I think individually and collectively, we will recognize that value and are not willing to sell at a discount or to sell on an a la carte basis. As always, the detail is provided in our reconciling schedules in the back. And people are enthusiastic about engaging in those conversations. We see it as a multiple year tailwind for our company, certainly. And then also when we're negotiating with the largest big 4 station group and you negotiate this all as a package, there is leverage inherent in that model. Using the Wayback Machine to return to October 2008, one can see Tribunes official endorsement of Obama for president on the WGN-TV website. Nexstar is looking to raise the profile of NewsNation, its little-watched cable news channel. 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. So did Timothy Busch, the president of the company's broadcasting subsidy. But not all of his travel is to major metros. Please refresh the page and try again. The smarter way to stay on top of broadcasting and cable industry. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Well, I think it was all part of the thinking. LIV Golf's 2-day average linear viewership was 24% higher than the average. (Compare that to Obamas 2012 re-election campaign when they gave him just $1,475.) The grade was part of a segment called Truth Test in which political ads are rated on their factual accuracy. Perry Sook, CEO, Nexstar Broadcasting Group. It started at a small station in Clarksburg, West Virginia. The actions we have taken with FuboTV may or may not be representative of what we do elsewhere as other virtual contracts come up for the renewal in 2023. We ended up with one guy standing. In addition, for purposes of our credit agreement and indentures, we have designated the CW as an unrestricted subsidiary, and it is not included for purposes of calculating our covenants. With that, it's my pleasure to turn the call over to Lee Ann for the remainder of the financial review and update process. At the CW level, on the programming front, while we are locked into most programming for the '22, '23 broadcast season, we've already taken action to improve and diversify our content to better align with audiences through our exclusive multiyear broadcast rights agreement with LIV Golf. Or any difference in rates that you're achieving or anything else we need to think about? On a net basis, we expect reverse comp to increase but at a mid-single-digit rate, slightly improving our distribution or retrans margin. All right. Net revenue for the quarter increased 19.3% from the prior year quarter due primarily to our strong political results as well as inclusion of the results from the CW, partially offset by a decline in core advertising primarily a result of national advertising market softness. How do you see that kind of opportunity between both local stations and the CW? It starts back in 1996 when he bought WYOU, a little pissant TV station in Scranton, Pennsylvania. Perry A. Sook has over 43 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. It's my first question. So it's not an inconsequential number. Before starting at CRP, he wrote for the Hatchet, GWU's independent student newspaper, and covered murder trials for D.C. He's been putting the finishing touches on an acquisition that'll bring Nexstar Broadcasting's holdings. No spam, ever. 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 . Since Americans have a significantly greater level of trust in their local news stations than they do in national news outlets or in web-only publications, this level of political activity from media companies is especially significant. 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. CEO says Nexstar will spend more than $10 million on promo campaign for news network after Labor Day. Nexstar Media Group, Inc. (NXST) SEC Filing 8-K Material Event for the period ending Tuesday, February 28, 2023 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. Double-digit attributable free cash flow growth enabled us to return approximately 68% of our 2022 attributable free cash flow or a record of $1.02 billion to our shareholders in the form of share repurchases as well as dividends. The cable company put Sooks home phone number on ads pushing its side of the argument. The one-hour program features market and geopolitical discussions with a rotating panel of influential voices including thought leaders, CEOs, policy makers and economists. It will premiere on September 1, CEO Perry Sook said during a conference call with analysts. Lee Ann? Composed mostly of reporting from Nexstar stations, NewsNation was billed as offering straight-down-the-middle stories at a time when cable news is politically polarized. And so it's selling very well and I think we'll continue to grow as we get more into the season and more involved. 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. So you have an inferior offering in the marketplace. "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. A Texas native and University of Oklahoma Alum, Perry now lives in New York City. How would you gauge the risk, I guess, that the impasse with CBS over FuboTV carries over to the other vMVPDs like YouTube TV, Hulu TV, Sling TV? Also down the road may be a streaming version of NewsNation. 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. Sook graduated from Ohio University and currently serves as chairman of The Ohio University Foundation Board of Trustees. We think the CW was undervalued for any number of reasons, mostly related to predecessor owners and parent company priorities and agendas. We look forward to speaking to you again soon when we report our first quarter 2023 results. 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Nexstar plunked down $130 million bucks to buy the political website The Hill. Yes. Excluding the results of the CW, net revenue was up 14.3%. 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. Nexstar Media Group subsidiary Nexstar Media Inc. has acquired political news outlet The Hill in a $130 million deal, the company announced Friday. Suite 2100 We expect local advertising will achieve our budgeted numbers, which would show a slight increase in Q1. So, who owns NewsNation? That didnt leave time for much else. It's a gradual process, but I think you'll see just generally less of a reliance on scripted, although we're not going to totally abandon the genre. We continue to believe the investment case for Nexstar is very simple. We are currently projecting cash CapEx of $35 million in the first quarter and $137 million for the full year. During commercial breaks, Id have to get up and adjust my own camera, he says. Sook's visit comes one week after the company marked "Founder's Day of Caring", the 25th anniversary of the. National will be down a low double-digit amount. We had two separate studios for local news, two different on-air staffs, and two separate sales forces. Our capital allocation priorities remain focused on value-enhancing organic initiatives in our business, accretive M&A, modest deleveraging and shareholder returns through a mix of dividends and share repurchases. 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. And then obviously, once April comes and we're 24/5, we now set our sights on 24/7 and how we feel the 18 hours on Saturday and Sunday that are currently entertainment programming, we have to fill that with news. I'll first read the safe harbor language, and then we'll get right into the call. We haven't announced yet that I think will be of interest. Offers may be subject to change without notice. The PAC favors Republicans, but only slightly. So did Timothy Busch, the president of the companys broadcasting subsidy. In addition, Nexstar's local sales initiatives continue to deliver healthy levels of new business with our sales teams generating new local advertising incentive program revenue of $37 million, flat to the prior year despite significant political displacement. Our next question comes from Nick Zangler with Stephens. Great. 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