IRVING, Texas - Nexstar Media Group, Inc. (NASDAQ: NASDAQ:NXST), a diversified media company, announced a quarterly cash dividend of $1.69 per share. The dividend is to be paid on November 29, 2024, to shareholders who are on record as of November 15, 2024.
The company, which is known for its wide-reaching television broadcasting group and digital platforms, stated that while it plans to continue paying regular quarterly dividends, future dividends will be subject to quarterly review and approval by the Board of Directors.
Nexstar Media Group owns the largest local television broadcasting group in the United States, including 200 owned or partner stations in 116 markets, reaching an audience of approximately 220 million people. In addition to its television presence, Nexstar operates The CW network, NewsNation, and holds a 31.3% ownership stake in TV Food Network. The company also manages a significant digital presence with assets like The Hill and NewsNationNow.com, ranking as a top digital news and information property in the U.S.
This dividend declaration reflects Nexstar's ongoing commitment to providing value to its shareholders and its confidence in the company's financial stability and sustained earnings. The announcement is based on a press release statement issued by Nexstar Media Group, Inc.
In other recent news, Nexstar Media Group has been making strategic moves to strengthen its presence and financial performance. The company announced plans to acquire WBNX-TV, a television station in Cleveland, which is expected to boost operating results once the station transitions to a CW affiliation. This acquisition is part of Nexstar's ongoing efforts to enhance its portfolio and reach within key markets.
On the executive front, Nexstar's President, Dennis Miller, will transition to an advisory role, following a successful tenure that saw the network adopting a strategic focus on live sports and entertainment. As part of an organizational restructuring, Nexstar also announced the departure of Michael Strober, its Executive Vice President and Chief Revenue Officer.
In the financial realm, Nexstar's total net revenue and quarterly distribution revenue hit record highs for three consecutive quarters, supported by strategic partnerships with major sports leagues and the successful launch of NewsNation. Analyst firms Benchmark and Guggenheim revised their price targets for Nexstar, reflecting minor issues affecting the company's fundamentals and a decrease in non-political advertising revenue.
Nexstar's Board of Directors welcomed Ellen Johnson and approved a $1.5 billion share repurchase authorization. These are among the recent developments that continue to shape Nexstar's business landscape.
InvestingPro Insights
Nexstar Media Group's recent dividend announcement aligns with its strong track record of shareholder returns. According to InvestingPro Tips, the company has raised its dividend for 11 consecutive years and maintained dividend payments for 12 consecutive years. This consistent dividend growth is further evidenced by the impressive 25.19% dividend growth over the last twelve months.
The company's commitment to shareholder value extends beyond dividends. An InvestingPro Tip reveals that management has been aggressively buying back shares, contributing to a high shareholder yield. This strategy, combined with the dividend policy, underscores Nexstar's focus on returning capital to investors.
Financially, Nexstar appears to be on solid footing. The company's P/E ratio of 12.94 suggests it may be undervalued compared to industry peers. Additionally, with a revenue of $4.989 billion over the last twelve months and an EBITDA of $1.408 billion, Nexstar demonstrates strong financial performance that supports its dividend policy.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and metrics that could provide deeper insights into Nexstar's financial health and future prospects. The platform currently lists 10 additional tips for Nexstar Media Group, which could be valuable for those considering an investment in the company.
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