Business
Nexstar Media Group Increases Quarterly Cash Dividend by 24.4 Percent
Declares Quarterly Cash Dividend of $0.56 Per Share Increase Marks Seventh Annual Consecutive Rise in Cash Dividend IRVING, Texas--(BUSINESS WIRE)-- Nexstar
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":"\nDeclares Quarterly Cash Dividend of $0.56 Per Share\n\n\nIncrease Marks Seventh Annual Consecutive Rise in Cash Dividend\n\n IRVING, Texas--(BUSINESS WIRE)--\nNexstar Media Group, Inc. (Nasdaq: NXST) announced today that its Board of Directors approved a 24.4 percent increase in the quarterly cash dividend to $0.56 per share of its Class A common stock beginning with the dividend declared for the first quarter of 2020. The dividend is payable on Friday, February 28, 2020, to shareholders of record on Friday, February 14, 2020.\n\n\nPerry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Media Group, commented, “Since Nexstar first declared a quarterly cash dividend in 2013, our dividend has grown by over 24% on a compound annual basis reflecting the Board’s commitment to creating new value for shareholders and the significant and ongoing growth of the Company’s free cash flow, which is expected to exceed $1.0 billion on a pro-forma average annual basis in the 2019/2020 cycle. We look forward to reporting our Q4 financial results in late February, which will mark the first full quarter of operations including the Tribune Media assets.”\n\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\n\nAbout Nexstar Media Group, Inc.\n\n\nNexstar Media Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 197 television stations and related digital multicast signals reaching 115 markets or approximately 39% of all U.S. television households (reflecting the FCC’s UHF discount). Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. Nexstar’s community portal websites offer additional hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content while creating new revenue opportunities. Nexstar also owns WGN America, a growing national general entertainment cable network and a 31.3% ownership stake in TV Food Network, a top-tier cable asset. For m...