Nexstar Media Group said its board of directors decided to increase the quarterly cash dividend on the company’s common stock by 29%.
The new payout is 90 cents per share, starting February 28 to shareholders of record on February 11.
“Nexstar’s ninth consecutive annual dividend increase represents a compound annual growth rate of 25% since the dividend was initiated in 2013,” said Perry Sook, Nexstar founder and CEO.
“Our capital allocation priorities remain focused on creating near- and long-term shareholder value by deploying our free cash flow through a mix of debt repayments, share repurchases, dividend payments and strategic investments and acquisitions. We look forward to reporting our fourth quarter financial results next month,” Sook said.
Nexstar is scheduled to report its fourth-quarter earnings on February 22. ■
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.