Nexstar Institutes Quarterly Cash Dividend
Nexstar Broadcasting Group announced today that it has authorized the initiation of a regular quarterly cash dividend of $0.12 per share of its Class A and Class B common stock. The first dividend is payable on Friday, March 1, to shareholders of record on Friday, Feb. 15.
Perry A. Sook, Nexstar chairman, president and CEO, commented: “The initiation of a quarterly cash dividend reflects both the growing free cash flow generated by our diversified media platform as well as our commitment to deliver value to our shareholders. Importantly, the annual capital allocated to dividend payments at this time relative to the total free cash flow that Nexstar now generates, provides us with ample liquidity to reduce leverage, consider additional accretive station acquisitions and undertake other initiatives to enhance long-term shareholder value.”
While the company 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.