Well, I can tell you that the number of inbound inquiries as well as discussions that are going on with team owners, the activity is frenetic around here. 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. 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. As one of the nation's leading providers of local news, entertainment, sports, lifestyle, and network programming, Nexstar produces and distributes over 275,000 hours of local content per year. This past year, we expanded weekday news programming to 17 hours per day, made key journalists and editorial additions and are completing production facility expansions in both New York City and in Washington, D.C. With that, it's my pleasure to turn the call over to Lee Ann for the remainder of the financial review and update process. Are your MVPDs kind of happy to pay you a higher affiliate fee for the CW now that you're pairing it with broadcast stations or any other kind of context you could put around that statement and whether or not that's been an incremental surprise or that was always part of the thinking when you bought the CW? Hes a serious, hands-on leader who earned executive-level platinum points last year in just five months while still managing to maintain a golf handicap of 15. 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? We haven't announced yet that I think will be of interest. Looking ahead, excluding the impact of the CW affiliate fees, given our recent contract resets, we expect distribution revenues to be up high single to low double digits for 2023, depending on the outcome of our partners' ongoing negotiations with multiple -- with a couple of MVPDs on which they are currently dark and inclusive of our projections for subscriber attrition. Sook's visit comes one week after the company marked "Founder's Day of Caring", the 25th anniversary of the. Sook is also credited for helping Nexstar rise from its founding to earning $4.6 billion in net revenue in 2021 alone. 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. 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. Well, I think our -- I guess I stated earlier, our goal is to create more value in the CW. I just want to understand kind of one logistical thing. However, political ideologies have influenced human society since the dawn of civilization as. Nexstar CEO Perry Sook (Image credit: Nexstar) "When we launched NewsNation, 10% of the country knew what NewsNation was," Sook told analysts and investors. So it's not an inconsequential number. Great. Now you probably want to raise your sights in terms of the margins and the profitability you can generate with that station or the network. In 2023, we plan to allocate a portion of our free cash flow to reduce indebtedness, primarily from mandatory amortization payments. Excluding the CW, digital revenue declined 6.5%. Its important that we never lose sight of that, he says. (Animals) informal NZ a calf [perhaps from Old English scan to suck, influenced by Welsh swci swead tame] sook (suk) or souk vb to suck n 1. the act or an instance of sucking 2. a sycophant; toady [Old English scan] Collins English Dictionary - Complete and Unabridged . Also Read: Despite Low Ratings, Nexstar Adding News to Mornings on NewsNation, When we launched NewsNation, 10% of the country knew what NewsNation was, Sook told analysts and investors. 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. Thank you very much for your participation, and have a good day. Blackburn got $5,700 and Arizona Senate candidate Joe Arpaio got $2,000. We've signed some things. To request permission for commercial use, please contactus. Nexstars $7.1 billion purchase of Tribune Media changed everything. 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. I consent the use of my personal data in accordance with Future's. 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. I know that was also, I think, mid-teens at that point. 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. But that doesnt seem to be whats happening, Sook says. You want to know what the distribution revenue was excluding the CW? So I was wondering if you could just help us kind of bridge the gap there. Sign up for our newsletter to track moneys influence on U.S. elections and public policy. Nexstar generated an adjusted 46.5% EBITDA margin and converted approximately 69% of adjusted EBITDA to free cash flow. As the PAC distributed its funds, stations owned by Nexstar were covering politics and political races across the country. Fourth quarter CapEx was $57.1 million or $56 million, excluding CapEx related to the CW. Our next question comes from Dan Kurnos with The Benchmark Company. 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 the segment, news anchors read from a script decrying biased and false news on social media and other news outlets. Other uses of cash included transaction expenses and other working capital items. And we need that, too. 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. Meanwhile, Ad Fontes, a media watchdog organization, rated NewsNation Now in the middle for bias and as Reliable, Analysis/Fact Reporting for reliability. Sook believes its important to spend time visiting all of the companys 114 markets. Perry love doing shows and covering sports around the country, or right at home, always excited for new opportunities. So your leverage is really just your local content, your local news. We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. We appreciate you joining us today to discuss Nexstar's outstanding fourth quarter and full year financial results. 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. And then switching to ATSC. 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. Finally, Nexstar continues to lead the industry in total deployment of ATSC 3.0 or NextGen TV with markets reaching approximately 35% of the U.S. households, and we have a goal of reaching 50% of the U.S. populations with ATSC 3.0 signals via our stations by the end of this year. In a 2015 article on the announcement that then-Senator Mikulski would receive the presidential medal of freedom, the Fox45 site included a transcript of Mikulskis full reaction from the floor of the Senate. 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. Some of my most fun days, my best days, are when I go visit one of our local TV stations. 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. Nexstar Media Group subsidiary Nexstar Media Inc. has acquired political news outlet The Hill in a $130 million deal, the company announced Friday. We think the CW was undervalued for any number of reasons, mostly related to predecessor owners and parent company priorities and agendas. A few additional notes on our 2023, 2024 free cash flow guidance before we open up for questions. Witness, a nonprofit blog that tracks homicides. Perry Sook has a really good story to tell. 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. Our 2022 fourth quarter and full year financial results showcase the underlying strength of our scale and business model and our ability to continue delivering record results and significant capital returns to shareholders. ABC 5, a Hubbard-owned station, reported on 2009 Facebook comments made by Housley in which she likened Michelle Obama to a chimpanzee. He's been putting the finishing touches on an acquisition that'll bring Nexstar Broadcasting's holdings. And I now would like to turn the conference over to Joe Jaffoni, Investor Relations. In addition, the CW was responsible for $30 million of onetime expenses comprised of restructuring charges and retention bonuses. I mean do you think you start revenues from that in 2024, Sinclair was saying that. And at that point, obviously, we're getting higher cost per thousands in news programming than we did in off-network programming. So, yeah, its a point of frustration for me, because the performance has been there.. He told employees during a long session that included about 40 minutes of Q&A that. It will be based in Chicago and run out of Chicago, drawing on the backbone of those 5,400 journalists sprinkled around the country. And it will be absent of bias. RUDY, I. Robert BBA '74 Vice Chair Oakland, MD. Nexstar Media Group owns NewsNation. In 2014, they contributed $263,587 and in 2016 they contributed $429,504 before dipping back down to $186,648 in 2018. We exceeded the $5 billion annual revenue milestone for the first time in the company's history, and we delivered record adjusted EBITDA, attributable free cash flow of $2.2 billion and $1.5 billion, respectively. Their giving has increased dramatically since 2010 when they contributed just $8,100 to political causes. 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