Nexstar Increases Quarterly Dividend By 25%

Nexstar Broadcasting Group announced today that its board of directors approved a 25% increase in the quarterly cash dividend to $0.15 per share of its Class A common stock beginning with the dividend declared for the first quarter of 2014.

The dividend is payable on Friday, Feb. 28, to shareholders of record on Friday, Feb. 14.

Perry A. Sook, Chairman, Nexstar president-CEO, commented: “Nexstar generated record operating results throughout 2013 and since declaring its first quarterly dividend a year ago, we have completed or entered into agreements that will significantly expand our television station and digital media platform through accretive transactions.

“As a result, we expect to deliver record financial results again in 2014. The dividend increase highlights our commitment to deliver value to our shareholders while leaving the company with sufficient liquidity to meaningfully reduce leverage, consider additional accretive station acquisitions and undertake other initiatives to enhance long-term shareholder value.”

While Nexstar said 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.