Nexstar Broadcasting Increases Quarterly Cash Dividend by 26.7 Percent
January 30 2015 - 7:04AM
Business Wire
Declares Quarterly Cash Dividend of $0.19
Per Share
Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) announced today
that its Board of Directors approved a 26.7 percent increase in the
quarterly cash dividend to $0.19 per share of its Class A common
stock beginning with the dividend declared for the first quarter of
2015. The dividend is payable on Friday, February 27, 2015, to
shareholders of record on Friday, February 13, 2015.
Perry A. Sook, Chairman, President and Chief Executive Officer
of Nexstar Broadcasting Group, Inc., commented, “The increased
dividend underscores Nexstar’s commitment to return capital to
shareholders and create shareholder value. Since declaring our
first dividend in 2013, the Board has authorized annual dividend
increases in 2014 and 2015 and we expect to continue this approach
going forward. Importantly, we believe the total capital allocation
for the dividend relative to our projected free cash flow continues
to afford the Company the liquidity and financial flexibility to
further expand our marketing solutions platform through additional
accretive station and digital media acquisitions, reduce leverage
and undertake other initiatives that enhance long-term shareholder
value.
“Nexstar generated record operating results throughout 2014 and
with the recent completion of the acquisitions of stations from
CCA, Hoak Media and Grant Company, and the application of our
operating approach which combines innovation and discipline, we
remain confident that 2015 and 2016 will extend our success in
generating record free cash flow.”
While 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.
About Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting 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 105 television stations and 34
related digital multicast signals reaching 56 markets or
approximately 15.6% of all U.S. television households. Nexstar’s
portfolio includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV,
The CW, Telemundo, Bounce TV, Me-TV, and LATV. Nexstar’s 56
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.
Pro-forma for the completion of all announced transactions,
including the Pending Acquisitions, Nexstar will own, operate,
program or provide sales and other services to 110 television
stations and related digital multicast signals reaching 58 markets
or approximately 18% of all U.S.
Forward-Looking Statements
This news release includes forward-looking statements. We have
based these forward-looking statements on our current expectations
and projections about future events. Forward-looking statements
include information preceded by, followed by, or that includes the
words "guidance," "believes," "expects," "anticipates," "could," or
similar expressions. For these statements, the Company claims the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of
1995.
The forward-looking statements contained in this news release,
concerning, among other things, changes in net revenue, cash flow
and operating expenses, involve risks and uncertainties, and are
subject to change based on various important factors, including the
impact of changes in national and regional economies, our ability
to service and refinance our outstanding debt, successful
integration of acquired television stations (including achievement
of synergies and cost reductions), pricing fluctuations in local
and national advertising, future regulatory actions and conditions
in the television stations' operating areas, competition from
others in the broadcast television markets served by the Company,
volatility in programming costs, the effects of governmental
regulation of broadcasting, industry consolidation, technological
developments and major world news events. Unless required by law,
we undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this news
release might not occur. You should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this release. For more details on factors that could affect
these expectations, please see our filings with the Securities and
Exchange Commission.
Nexstar Broadcasting Group, Inc.Thomas E. Carter,
972-373-8800Chief Financial OfficerorJCIRJoseph Jaffoni, Jennifer
Neuman212-835-8500nxst@jcir.com
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