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Nexstar Broadcasting Increases Quarterly Cash Dividend by 25 Percent
|By Business Wire
|January 17, 2014 07:04 AM EST
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.
Pro-forma for the completion of all announced transactions Nexstar will
own, operate, program or provides sales and other services to 108
television stations and related digital multicast signals reaching 56
markets or approximately 16.0% of all U.S. television households.
This news release includes forward-looking statements. We have based
these forward-looking statements on our current expectations and
projections about future events. Forward-looking statements include
information preceded by, followed by, or that includes the words
"guidance," "believes," "expects," "anticipates," "could," or similar
expressions. For these statements, the Company claims the protection of
the safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.
The forward-looking statements contained in this news release,
concerning, among other things, changes in net revenue, cash flow and
operating expenses, involve risks and uncertainties, and are subject to
change based on various important factors, including the impact of
changes in national and regional economies, our ability to service and
refinance our outstanding debt, successful integration of acquired
television stations (including achievement of synergies and cost
reductions), pricing fluctuations in local and national advertising,
future regulatory actions and conditions in the television stations'
operating areas, competition from others in the broadcast television
markets served by the Company, volatility in programming costs, the
effects of governmental regulation of broadcasting, industry
consolidation, technological developments and major world news events.
Unless required by law, we undertake no obligation to update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this news release
might not occur. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. For more details on factors that could affect these
expectations, please see our filings with the Securities and Exchange
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