Nexstar Sets Quarterly Cash Dividend, Share Repurchase, Plan To Declassify Board
Nexstar Media Group announced today that its board of directors declared a quarterly cash dividend of $0.90 per share of its common stock. The dividend is payable on Thursday, Aug. 25, to shareholders of record on Thursday, Aug. 11.
In addition, the board approved a new share repurchase program authorizing the company to repurchase up to $1.5 billion of its common stock. The new share repurchase authorization is in addition to Nexstar’s existing share repurchase program announced in January 2021, of which $415.1 million remained as of May 9, 2022.
Nexstar’s board also voted to recommend that shareholders approve an amendment to its corporate charter to declassify the board of directors. The proposed charter amendment is subject to shareholder approval at the company’s next annual meeting of shareholders, which will be held in 2023.
Perry A. Sook, chairman and chief executive officer, said: “Growing shareholder returns and strengthening Nexstar’s corporate governance practices are essential to executing on our commitment to enhancing shareholder value, and the $1.5 billion increase in our share repurchase program and proposed plan to declassify the board are the latest shareholder friendly actions the board has taken to deliver on that promise. We remain confident in the company’s financial position and growth opportunities and look forward to reporting our second quarter results on Aug. 4.”