The TV station group declares a quarterly cash dividend of $0.19 per share.
Nexstar Raises Quarterly Dividend By 26.7%
Nexstar Broadcasting Group announced today that its board of directors approved a 26.7% 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, Feb. 27, to shareholders of record on Friday, Feb. 13.
Perry A. Sook, Nexstar chairman, president and CEO, 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 Co., 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.”
Nexstar said that while it “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.”