Nexstar Broadcasting says its board approved the increase in their quarterly cash dividend to $0.15 per share of its Class A common stock beginning with the dividend declared for the Q1 2014. The dividend is payable on Friday, February 28, 2014, to shareholders of record on Friday, February 14, 2014.
Said Perry Sook, Nexstar CEO: “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 at its discretion.