Nexstar Media Board Moves To Eliminate Class B, C Share Classes

Nexstar Media Group said its board of directors voted to recommend that shareholders approve an amendment to its corporate charter to eliminate the company’s Class B and C common stock classes.

As of Nov. 2, 2021, Nexstar had approximately 41 million shares of Class A common stock outstanding and no shares of Class B Common Stock or Class C Common Stock outstanding. Nexstar’s Class A common stock has been the only class of shares outstanding since 2013.

The proposed charter amendment is subject to shareholder approval at the company’s 2022 annual meeting of stockholders which will be held in June. The company said it expects to file a preliminary proxy statement for the 2022 Stockholder meeting in April 2022.

Perry Sook, Nexstar Media Group’s founder, chairman and chief executive officer, said: “The proposed plan to eliminate the Class B and C shares represents another corporate governance action taken by the board intended to benefit all shareholders and follows our recently announced 29% increase in the quarterly cash dividend to $0.90 per share of Nexstar’s Class A common stock. We are proud of our long-term management of our capital structure and the steps we have taken to continue strengthening our corporate governance practices as we built Nexstar into the nation’s leading diversified local media company.”