Nexstar Ups Quarterly Dividend By 24.4%
Nexstar Media Group announced this morning that its board of directors approved a 24.4% 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, Feb. 28 to shareholders of record on Friday, Feb. 14.
Perry A. Sook, Nexstar chairman, president and chief executive officer, said: “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.”