Business
Nexstar Media Group Declares Quarterly Cash Dividend, Announces New $1.5 Billion Share Repurchase Authorization and Plan to Declassify Board of Directors
IRVING, Texas--(BUSINESS WIRE)-- Nexstar Media Group, Inc. (NASDAQ: NXST) announced today that its Board of Directors declared a quarterly cash dividend of
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":" IRVING, Texas--(BUSINESS WIRE)--\nNexstar Media Group, Inc. (NASDAQ: NXST) announced today that its Board of Directors declared a quarterly cash dividend of $0.90 per share of its common stock. The dividend is payable on Thursday, August 25, 2022, to shareholders of record on Thursday, August 11, 2022. In addition, The Board of Directors approved a new share repurchase program authorizing the Company to repurchase up to $1.5 billion of its common stock. The new share repurchase authorization is in addition to Nexstar’s existing share repurchase program announced in January 2021, of which $415.1 million remained as of May 9, 2022.\n\nNexstar’s Board of Directors also voted to recommend that shareholders approve an amendment to its corporate charter to declassify the Board of Directors. The proposed charter amendment is subject to shareholder approval at the Company’s next Annual Meeting of Shareholders, which will be held in 2023.\n\nPerry A. Sook, Chairman and Chief Executive Officer of Nexstar Media Group, Inc. commented, “Growing shareholder returns and strengthening Nexstar’s corporate governance practices are essential to executing on our commitment to enhancing shareholder value, and the $1.5 billion increase in our share repurchase program and proposed plan to declassify the Board are the latest shareholder friendly actions the Board has taken to deliver on that promise. We remain confident in the Company’s financial position and growth opportunities and look forward to reporting our second quarter results on August 4th.”\n\nWhile the Company intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the Board of Directors at its discretion.\n\nThe share repurchase authorization will be executed at the Board’s discretion and any share repurchases are subject to regulatory limitations.\n\nAbout Nexstar Media Group, Inc.\n\nNexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content, including 283,000 hours of original video content each year. Nexstar owns America’s largest local broadcasting group comprised of top network affiliates, with 200 owned or partner stations in 116 U.S. markets reaching 212 million people. Nexstar’...