Nexstar board authorizes $100M expansion of share repurchase program
Nexstar Media Group said that its Board of Directors has approved an expansion of the company's share repurchase authorization to repurchase up to an additional $100M of its Class A common stock. During the second quarter of 2017, the Company repurchased approximately 839,000 shares of its Class A common stock at an average purchase price of approximately $58.10 per share for a total cost of $48.7M, which depleted the balance of its prior $100M share repurchase authorization. Chairman, President and CEO Perry Sook comments, "With the operating momentum across our business Nexstar remains on track to meet our target for average annual free cash flow in the 2017/2018 cycle of approximately $565M. As such, we have the financial flexibility to take a range of actions to enhance shareholder value including our return of capital initiatives through the quarterly cash dividend and share repurchases, leverage reduction and pursuing opportunistic, accretive tuck-in acquisitions."