Nexstar Broadcasting Group, Inc. (Nasdaq:NXST) announced today that its Board of Directors approved a 25 percent 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, February 28, 2014, to shareholders of record on Friday, February 14, 2014.
Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc., 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 the Company 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.
About Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, e-MEDIA, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 74 television stations and 13 related digital multicast signals reaching 44 markets or approximately 12.1% of all U.S. television households. Nexstar’s portfolio includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV, The CW, Telemundo, Bounce TV and independent stations. Nexstar’s 43 community portal websites offer additional hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content while creating new revenue opportunities.