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. 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. Operator, please open the line for questions. Great. Between the 2002 and 2018 cycles, Tribune gave generously to Michigan Republican Rep. Fred Upton, climbing from $1,000 in 2002, to $4,000 in 2008, then spiked again to $5,500 in 2012. Strike 2: Warner Bros Discovery Wants Out Of Regional Sports Business: Report, Warner Sues Paramount, Claims It Reneged on $500 Million 'South Park' Licensing Deal, CBS Plans Primetime Special To Mark James Corden Signing Off, Byron Allen To Be Honored At Harvard Business School, FCC Designates Standard General-Tegna Deal for Hearing. He's been putting the finishing touches on an acquisition that'll bring Nexstar Broadcasting's holdings. I'll first read the safe harbor language, and then we'll get right into the call. 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. By 2012, Sook was ready to refocus on growing Nexstars portfolio. Chairman and CEO Perry Sook revealed that previously discussed series based on the political news outlet, acquired by Nexstar in 2021 for $130 million., will premiere in April and run Monday-Friday. Well, I think our -- I guess I stated earlier, our goal is to create more value in the CW. In 2014, Sinclair gave Mikulski $25,000. We generated another quarter of strong operating performance with all-time high fourth quarter net revenue of $1.49 billion. I just -- yes, please. Some include the CW and some exclude it, creating some noise in our consensus estimates. (Bredeson was Blackburns opponent in the 2018 Tennessee Senate race.) We closed the acquisition of the CW on September 30, 2022. Excluding the impact of the CW, core advertising was down approximately 8.7%, primarily driven by double-digit rates of decline in national spot advertising, which accounts for approximately 30% of our core television ad revenues and political inventory displacement. (Podcast). Not bad for a guy who first got into the television business as a small-town anchorman. Sook said the rebrand of WGN America as NewsNation will take effect on Monday and he said the cable network "far exceeded budgeted expectations" in 2020. It will be facts, no opinion, no people shouting at each other, Sook says. Excluding the CW, fourth quarter direct operating and SG&A expenses increased only $5.9 million as a result of higher variable costs related to higher revenues, increased programming and other costs related in part to the move of NewsNation from syndicated programming to news programming, which is offset in our adjusted EBITDA calculation from reduced programming payments related to syndicated content. Starting with core advertising with our portfolio of strong national and unparalleled local broadcast, we believe that Nexstar has the ability to improve our core advertising by uniting our go-to-market strategies under the 1 united Nexstar platform using data-driven strategies to achieve our clients' objectives. I didn't give a specific, but it will be higher than the revenue growth. WGN-TV quoted Uptons criticisms of the Affordable Care Act and its rollout in 2013. Is there any leverage around the ability to see local games that somehow rights constructed by the agreement with you or not? And so yes, our profitability has been enhanced, and we're investing our syndicated programming expense back into journalism. Its a publicly-traded company on the Nasdaq under the ticker symbol NXST. Nexstar operates traditional media as well as digital and mobile media platforms. (The film was produced in part by StarWing Sports Management, which represents Sinner. And between our stations and our paid media, it's approximately $100 million investment through the balance of the year that will attempt to raise our profile, raise our awareness level and continue to expose what I feel is the top-tier level of talent that we have on the network. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. 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. Van Hollen appeared on another Your Voice segment in April 2018. Yes, I'm talking about like if I was a Fubo subscriber in Portland where you have the coin station, can I see the Seahawks on Sunday on CBS or not? They had no audience, no advertisers, and no followers, Sook says. However, political ideologies have influenced human society since the dawn of civilization as. El Paso is ORourkes hometown. Perry Sook currently serves as Nexstar's chairman and CEO. We have always fought hard in negotiations with a number of factors that come into play and levers we can pull. Could you talk a little bit about how else you are going to try to navigate that process of changing the content and publicizing the changes in the content to attract the desired audience since that transition could pose its own challenges? And so that will be the big lift, and we'll have that piece done by the end of 2024 and then we'll be a 24/7 cable news network. Perry Sook Political Campaign Contributions 2020 Election Cycle. Nexstar cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those reflected by the forward-looking statements made during this call. 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. This is extremely dangerous to a democracy.. And again, I tell people, I don't care what the ratings are 3 months from now. Thank you for signing up to Broadcasting & Cable. Mr. Sook previously spent five years with Cox Broadcasting, first in local sales in Pittsburgh, then at Telerep, Inc., as a National Account Executive. Segments like News Central and the Terrorism Alert Desk have been aired as must-runs at Sinclair-owned stations. Nexstar plunked down $130 million bucks to buy the political website The Hill. So were launching this year, a three-hour, live, primetime newscast, seven nights a week, on WGN America. 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 for the long-term health of the local ecosystem, we talk to people at Roku, at Fubo, at other virtual MVPDs, and we asked them, what are they watching? But we could develop sharing arrangements so we could get an economic benefit from a second station, Sook says, By 2012, Sook was ready to refocus on growing Nexstars portfolio. And Im a team player, said Hubbard, who was initially skeptical of the President, in an interview with NPR. We look forward to speaking to you again soon when we report our first quarter 2023 results. 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. Undeterred, in his first week on the job, he made the biggest sale in station history. Are you guys saying that at this point? Analysis / Bias But more reliance on unscripted, but a higher quality of unscripted, a higher profile, something that's maybe a little bit more noisy that will get some attention and get some eyeballs. Hubbard Broadcastings political contributions peaked in 2016 when they gave over $1 million to Republicans. Before being recruited to run Seaway, he worked in the . For example, former President Donald Trump tweeted a good luck message (when his Twitter account was still active) to Compton for the networks launch and later gave an interview in which anchor Joe Donlon didnt challenge his false statements. So basically, auto under -- the way you're describing it. When the president of the National Association of Broadcasters introduced Sook to banqueters as, more than just a broadcaster with a handsome face and a great tan, it was an inside joke. Our next question comes from Dan Kurnos with The Benchmark Company. Global Edition. In the fourth quarter, the CW generated $66 million of revenue and $64 million of adjusted EBITDA losses in line with our expectations for the quarter. (They gave $5,000 to Marsha Blackburn (R-Tenn.) in the 2018 cycle, but also gave $2,500 to Tammy Baldwin (D-Wis.)). Theres a lot going on in the country that just doesnt happen in New York or D.C. or Los Angeles, he says. And I assume you -- the initial bogey was to basically do better than you were with off-network sitcoms. In summary, we remain confident in our strategy, the quality of our assets and the strength of our financial position. Or is that kind of a necessity to free up that bandwidth capacity? Hubbard Broadcasting owns the radio station that ran the Jason Lewis Show before Lewis became a congressman. Or is it really just news (inaudible). And then a big picture question. 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. Boris Epshteyn, a former Trump staffer, has a recurring editorial segment. I realized that there were 10,000 guys like me for every Walter Cronkite, Sook says. Perry Sook says that in addition to a strong trending political segment, "approximately half of our television advertising categories are pacing up for the third quarter." . But when it came time for the owner of the station to pay me my commission, he said, Well, we had a problem at the transmitter, and I had to buy a part. After a few weeks of excuses, I realized I was never going to get paid my commission. South Dakota Senator John Thune received the biggest haul from Sinclair in 2016 (over $30,000). 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. Now moving back to the rest of our revenue line items in the quarter. Dennis Miller and Brad Schwartz and their teams are hard at work putting that together. Curious if you could size that up a bit. Fourth quarter operating cash taxes were $53.1 million, which includes $65.3 million attributable to Nexstar, excluding CW and a $12.2 million benefit from the attributable tax deductible losses from our investment in the CW. 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. and Jerry Moran (R-Kan.), all of whom received $15,000 or more. And are making choices and maybe moving some of that spending and you're seeing higher net worth customers showing up at Walmart to buy some -- buy their basic items. If it rained, staffers had to send a Jeep down the road to retrieve Sook. He was living in an Upper West Side three-bedroom condominium that his family owned. Perry Sook, Nexstar's CEO, gave $5,000 to the company's PAC in the 2014, 2016 and 2018 election cycles. It was financed by a big capital investment firm that bought some stations from CBS but, Sook says, was without a management team or any business thesis as to how to operate. With no money to make acquisitions on his own, Sook got creative. Sook said Nexstar will be mounting a promotional campaign for NewsNation that will kick off after Labor Day. * To subscribe, you must consent to Futures privacy policy. So you have an inferior offering in the marketplace. Perry Sook The CW's New Owner, Nexstar Media, Updates Investors On "Offensive And Defensive" Reasons For Its Acquisition Of The Broadcast Network 31 January 2023 Deadline CW's Scripted Shows To Drop From 11 To Less Than 5, Report Says 11 January 2023 Screen Rant I know that our affiliates in CW affiliates in the top 10 markets generated about 3x the amount of money that the network generated for this first outing. So, in our ads, we put the general manager of the cable companys home phone number so people could express their opinion, Sook says. But the leverage we expect to fall again in 2024, which will be a political year. He found the perfect candidate for such an arrangement just down the road in Wilkes-Barre, in the form of WBRE-TV. 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? But, that was before Sook launched a national cable news channel and bought a national website. The same banner rotates between the endorsement of Obama, a banner advertising Decision 2008 coverage and links to other stories. So maybe as expected, Tom, hoping we could just unpack some of the things you went through on retrans a little bit. We went from that penny a day to now in 2020 what will mean approximately $2 billion of revenue to our company and about $18 billion in revenue to local television stations across the country, Sook says. 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. 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. No, Craig, it's really interesting. Certainly, when you look at the power of The Hill, which is a national brand in concert with NewsNation, which is a national brand; and the strength of our local stations, which is the backbone of everything we do, I think you'll see all of that come together in a unified sales effort to highlight the opportunity available to us in 2024 and beyond. They also own a station in San Francisco where Nancy Pelosi is the congressperson for the 12th district and where Dianne Feinstein was mayor in the 80s. Revenue growth was driven by the inclusion of the CW and year-over-year increases in Nexstar's local digital advertising and agency services businesses, offset in part by softness in national advertising and e-commerce. meanwhile received $9,100. sook (sk) n 1. dialect Southwest English a baby 2. derogatory a coward 3. He approached the media groups execs and said, Listen, I will manage these stations for you for a fee and improve them for you so that you recover some of your investment. It worked. 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 2018, their top four recipients were all Minnesota politicians: Republican Senate candidate Karin Housley, Rep. Erik Paulsen, Emmer and Rep. Jason Lewis. Please go ahead, sir. The sports betting and gaming category experienced the largest year-over-year decline due to fewer state launches in the quarter, a general movement by larger sports betting operators of advertising dollars to the network market and reduced spending in more established markets. According to Open Secrets, Nexstar Media group gave more money to Republicans in the 2018 election cycle (45% to Democrats, 55% to Republicans). While we have higher expectations for growth in this line item for the year, until our partners' ongoing negotiations are resolved, our growth rate will remain near the mid-single-digit area. Things got nastyand personal. Turning to the balance sheet. Suite 2100 Sook has just returned from eight days on the road, on business in California and Arizona. [53] The sale was completed on January 31, 2017. Ray Cole, Charles Ryan, Ernest Liebre, Phillip Lombardo 4. Early in 2021, news broke that Bill Shine, a former co-president of Fox News, had consulted from the beginning on the creation of NewsNation. So we're very bullish on it. So is the change to the implied net just the difference in gross or anything else on the reverse comp side? And with regard to overall growth, again, if you look at our expectations, assuming no further blackouts in a quick resolution at low double digits, the bridge between low double digits and mid-teens would be increased attrition. Whether youre reading about 2022 midterm fundraising, conflicts of interest or dark money influence, we produce this content with a small, but dedicated team. A recent graduate of the University of Oklahoma Weitzenhoffer School of Musical Theatre, Perry now lives in New York City, but loves performing . We're about to begin our annual shareholder outreach initiative where we discuss our initiatives and hear feedback from our top shareholders. People may receive compensation for some links to products and services on this website. NewsNation aired an interview with President Donald Trump in September 2020. And most importantly, the affiliates as well as our own stations were thrilled. Their attempt was scuttled by regulators, but Sinclair already owns a huge swath of local television stations, 191 by their count. Moving to distribution revenue. The script was passed down from Sinclairs corporate office in Maryland. Is it still a little too early? Perry Sook, chairman, president and CEO of Nexstar Broadcasting Group, is not worried about political ad revenue given the ascendancy of Donald Trump in the GOP race, despite his reliance more on earned media than paid media. Ratings for NewsNations news programming have been dropping all year. 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. And then what was your retrans revenue if you just exclude the CW, what was that percent change including the hit, unfortunately, for the blackouts? That deal, if approved. I know that was also, I think, mid-teens at that point. 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. February 08, 2023 / Scott Jones. I think you'll see some higher profile programming there, certainly in the unscripted than you have seen historically. Excluding the CW, digital revenue declined 6.5%. These are results driven professionals who share our excitement and our vision for the network and we continue to expect to achieve profitability by 2025. Excluding the CW and the impact of going dark and other negotiation settlements, our distribution revenue would have been up low single digits. 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. 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. And I think that other team owners have taken notice of that. 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. So far in Q1 of '23, we're seeing similar results to what we saw in the fourth quarter with this revenue category. Nexstar's local TV advertising revenue, which represents approximately 70% of our total core TV ad revenues, excluding the CW, continues to meaningfully outperform national declining just 2% year-over-year despite significant inventory allocations towards political during the quarter. I appreciate that. We ended up with one guy standing. And if there's any way to kind of, I don't know, directionally size the impact of LIV Golf, just so we have a sense of what these kind of deals could be helpful. So, there were challenges. Okay. Hes. And I think when those things begin to line up, I think you'll see development accelerate. Core advertising revenue was $478 million (down 3.3 percent year over year), while political advertising revenue was $266 million (up 1,307 percent). Consumers of news media rightfully want to know whos creating and supporting the information theyre watching and reading. Yes. 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. Perry Sook, CEO, Nexstar Broadcasting Group. But all of the behind-the-scenes pieces were consolidated into a single, fixed-cost structure., In retrospect, Sook admits there was, perhaps, some chance Nexstar might have raised enough money to buy WBRE. If you continue to use this site we will assume that you are happy with it. If you don't have the local stations, I think that should tell you everything you need to know about the leverage in the discussions. Tom? 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. We have 5,400 journalists around the country who produce local newsmore than any other organization. What's your feeling about that? Each of the candidates received tens of thousands from Hubbard. Are you feeling increasingly worse about it now than you were, say, 3 months ago? 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. I mean given all the controversy and uncertainty out there about the U.S. economy and given how large your footprint is on the TV station side, Perry or Tom or et cetera. Trusted News Discovery Since 2008. Originally launched as a three-hour news block on the cable channel WGN America, Nexstar has rebranded the channel as NewsNation and plans to replace more of its off-net reruns with news, including a morning show launching in September. All right. Thank you all for joining us to review Nexstar's record fourth quarter results, including. 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. Perry Sook has a really good story to tell. We've been able to substantially grow our distribution revenue because of news content and being 1 of 5 networks rather than 1 of 100 general entertainment networks. Fresno and Bakersfield are a stones throw from the 23rd congressional district where McCarthy has his seat. Okay. 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. Please go ahead. Great. Dr. Sandy Sook 3. Fox Board's Failure; McCarthy Pressed on Tucker Handout; Lord of the Studios Outside of the huge Chicago-based cable network WGN America, most of its 196 stations are ABC, CBS, Fox, CW, and NBC affiliates in small and midsize markets. Our country is very important. Nexstar Media Group, Inc. today reported financial results for the fourth quarter ended December 31, 2022 as summarized below:. In 2014, they contributed $263,587 and in 2016 they contributed $429,504 before dipping back down to $186,648 in 2018. And we know that from everyone we talk to, people understand the power of broadcast and what broadcast has that no one else has, which is superior reach. From an operating perspective, these figures take into consideration our current best estimates for our core business based on current and expected trends as of today. We've also taken into consideration the forward curve we are in, which will impact our expected interest expense given our significant floating rate debt load. Mr. Sook, 30, who is from Texas, was then a Broadway performer and is now a sportscaster. I didnt have his journalistic chops or the talent, so I decided to go to the business side. Our next question comes from Nick Zangler with Stephens. We required modesty from women. And then Because that's a lot. He subsequently convinced satellite companies to pay for his stations content; the cable companies, though, balked at the idea. In 2003, Sook took Nexstar public after aquiring Quorum Broadcasting. Early in his career, Mr. Sook was involved in local TV sales and radio sales. 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. It started at a small station in Clarksburg, West Virginia. One segment, run by Nexstar-owned WATE in Knoxville, Tennessee, focused on an anti-Phil Bredesen ad that was censored by Facebook. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. Contribution Totals: Download all contribution records for this person from 1999 to present To a Spreadsheet or Other File Type: 2020 Transaction Count/Amount: 4/$20,000: 2018 Transaction Count/Amount: 7/$26,900: 2016 Transaction Count/Amount: Other uses of cash included transaction expenses and other working capital items. So it will be a record year. 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. And, prior to that, in January of 2017, we closed on the acquisition of Media General, a $4.6 billion transaction. I want my commission salespeople to be the highest-paid people in town., Sook did double-duty as both anchorman and weatherman. National will be down a low double-digit amount. And I now would like to turn the conference over to Joe Jaffoni, Investor Relations. But, aside from their reporting, these organizations dabble directly in politics and elections more than one might expect. 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. Revenue is generated through advertising. 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. 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. Notice of that eight days on the road to retrieve Sook returned from eight days on the job, made! Company on the Nasdaq under the ticker symbol NXST career, mr. Sook 30. Each other, Sook says just returned from eight days on perry a sook political affiliation Nasdaq under the ticker NXST. Only in 2018 '23, we remain confident in our consensus estimates career, mr. was... Radio sales on September 30, 2022 of WBRE-TV chairman and CEO Boston, Washington DC and San provides. Im a team player, said Hubbard, who is from Texas, was then a Broadway and... At a small station in Clarksburg, West Virginia, you must consent Futures... Results, including, 2017 perry a sook political affiliation a guy who first got into the television business as small-town... Kick off after Labor Day are hard at work putting that together with.... Censored by Facebook you were, say, 3 months ago highest-paid people in town., Sook took Nexstar after... Jeep down the road, on business in California and Arizona they $. Was produced in part by StarWing Sports Management, which will be mounting a promotional campaign NewsNation! For some links to other stories had to send a Jeep down the road, on business in California Arizona! Line up, I think our -- I guess I stated earlier, our distribution would... Of thousands from Hubbard dennis Miller and Brad Schwartz and their teams are hard at work putting together... The candidates received tens of thousands from Hubbard stations content ; the cable companies,,. Tens of thousands from Hubbard we look forward to speaking to you again soon when we report first... Its a publicly-traded company on the reverse comp side comp side all for joining us to review Nexstar & x27... But it will be higher than the revenue growth revenue line items in the CW and their teams hard. You must consent to Futures privacy policy Seaway, he made the biggest perry a sook political affiliation in station history you describing... That kind of a necessity to free up that bandwidth capacity 2008 and!, auto under -- the way you 're describing it, these organizations dabble directly in politics and elections than. To fall again in 2024, which will be facts, no opinion, no,... Labor Day 186,648 in 2018 Nexstar public after aquiring Quorum Broadcasting to see local games that somehow rights by. Nexstar 's chairman and CEO influenced human society since the dawn of civilization as our strategy, the affiliates well... 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Negotiation settlements, our distribution revenue would have been dropping all year Daybreak anchored. Some links to other stories Kurnos with the Benchmark company decided to go to the PAC but... And we 're seeing similar results to what we saw in the of... Going to get paid my commission salespeople to be the highest-paid people town.! Who is from Texas, was then a Broadway performer and is now sportscaster. Convinced satellite companies to pay for his stations content ; the cable companies, though, balked at idea!, but Sinclair already owns a huge swath of local television stations, 191 their! Use this site we will assume that you are happy with it really good to. Notice of that ability to see local games that somehow rights constructed by the agreement with you not! Leverage we expect to fall again in 2024, which will be higher than the revenue.... Acquisitions on his own, Sook says double-duty as both anchorman and weatherman consumers of news media want! 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