Common Stock |
6 Months Ended |
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Jun. 30, 2022 | |
Equity [Abstract] | |
Common Stock | Note 10: Common Stock On January 27, 2021, Nexstar’s Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $1.0 billion of its common stock, of which $638.2 million remained available as of December 31, 2021. During the six months ended June 30, 2022, Nexstar repurchased a total of 2.4 million shares of its common stock for $406.1 million, funded by cash on hand. As of June 30, 2022, the remaining available amount under the share repurchase authorization was $232.2 million. Share repurchases may be made from time to time in open market transactions, block trades or private transactions. There is no minimum number of shares that Nexstar is required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. On January 27, 2022, Nexstar’s board of directors approved a 29% increase in its quarterly cash dividend to $0.90 per share of outstanding common stock. During the three and six months ended June 30, 2022, total dividend payments were $36.3 million and $73.4 million, respectively. On June 13, 2022, Nexstar’s shareholders approved certain amendments to Nexstar’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) to eliminate Nexstar’s Class B common stock, par value $0.01 per share (the “Class B Common Stock”), and Class C common stock, par value $0.01 per share (the “Class C Common Stock”), which classes of common stock had no shares issued and outstanding prior to the date of shareholder approval of their elimination. The common stock (f/k/a Class A common stock) has been the only class of shares outstanding since 2013. On June 27, 2022, Nexstar filed a Certificate of Amendment No. 2 (the “Amendment”) to the Certificate of Incorporation with the Secretary of State of the State of Delaware to reflect the elimination of Nexstar’s Class B Common Stock and Class C Common Stock and make related changes. The Amendment became effective upon its filing with the Secretary of State of the State of Delaware on June 27, 2022. |