Nexstar Media Group Increases Quarterly Cash Dividend by 25 Percent
January 27 2017 - 7:04AM
Business Wire
Declares Quarterly Cash Dividend of $0.30
Per Share
Increase Marks Fourth Annual Consecutive
Rise in Cash Dividend Marking26% Compound Annual Growth
Since Initiation of Cash Dividend in 2013
Nexstar Media Group, Inc. (Nasdaq:NXST) announced today that its
Board of Directors approved a 25 percent increase in the quarterly
cash dividend to $0.30 per share of its Class A common stock
beginning with the dividend declared for the first quarter of 2017.
The dividend is payable on Friday, February 24, 2017, to
shareholders of record on Friday, February 10, 2017.
Perry A. Sook, Chairman, President and Chief Executive Officer
of Nexstar Media Group, Inc., commented, “Nexstar’s fourth
consecutive annual increase in our cash dividend highlights the
Board’s commitment to create value for shareholders through our
proven ability to generate prodigious free cash flow growth through
accretive acquisitions, meticulous integration and disciplined
operating practices which collectively allow for expanded returns
of capital.
“We are highly confident in the strong growth prospects for the
new Nexstar Media Group as we follow the successful strategies
we’ve established in terms of building the top line, maintaining
close control of fixed and variable costs and optimizing the
balance sheet and capital structure. This plan will continue to
support our goals of delivering or exceeding our free cash flow
targets of approximately $565 million for the 2016/2017 cycle,
while allowing us to reduce leverage, pursue additional select
accretive acquisitions, pay dividends and consider other return of
capital initiatives, and take any other actions for the continued
near- and long-term enhancement of shareholder value. Next month
Nexstar will report record operating results for 2016, marking the
fifth consecutive year of record results, and we remain confident
that 2017 and beyond will extend our long-term 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 Media Group, Inc.
Nexstar 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 171 television stations and related digital
multicast signals reaching 100 markets or approximately 39% of all
U.S. television households. 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. For more information please visit
www.nexstar.tv.
Forward-Looking Statements
This communication 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, Nexstar and Media
General claim 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
communication, concerning, among other things, the ultimate outcome
and benefits of a transaction between Nexstar and Media General and
timing thereof, and future financial performance, including 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 timing to consummate the proposed
transaction; the risk that a condition to closing of the proposed
transaction may not be satisfied and the transaction may not close;
the risk that a regulatory approval that may be required for the
proposed transaction is delayed, is not obtained or is obtained
subject to conditions that are not anticipated, the impact of
changes in national and regional economies, the ability to service
and refinance our outstanding debt, successful integration of Media
General (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, volatility in programming costs, the effects of
governmental regulation of broadcasting, industry consolidation,
technological developments and major world news events. Nexstar and
Media General 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
communication 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 the definitive joint proxy
statement/prospectus of Nexstar and Media General and Media
General’s and Nexstar’s other filings with the SEC.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170127005055/en/
Nexstar Media Group, Inc.Thomas E. Carter, 972-373-8800EVP and
Chief Financial OfficerorJCIRJoseph Jaffoni/Jennifer
Neuman212/835-8500nxst@jcir.com
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