Nexstar Media Names New CFO, Offers $2M Stock Grant

TL;DR

Nexstar Media just hired a new CFO, Thomas Carter, starting Aug 5th. He's getting $750k base + bonus + $2M in stock.

AI Summary

Nexstar Media Group, Inc. announced on July 25, 2024, the appointment of Thomas E. Carter as Executive Vice President and Chief Financial Officer, effective August 5, 2024. Carter will receive an annual base salary of $750,000 and is eligible for an annual cash incentive award with a target of 100% of his base salary. He will also receive a one-time grant of restricted stock units valued at $2,000,000.

Why It Matters

The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.

Risk Assessment

Risk Level: medium — Changes in key executive positions, especially the CFO, can introduce uncertainty regarding future financial strategies and performance.

Key Numbers

• $750,000 — CFO Base Salary (Annual compensation for Thomas E. Carter.)
• $2,000,000 — CFO Stock Grant (One-time restricted stock unit award to Thomas E. Carter.)

Key Players & Entities

• Nexstar Media Group, Inc. (company) — The company filing the report.
• Thomas E. Carter (person) — Newly appointed Executive Vice President and Chief Financial Officer.
• $750,000 (dollar_amount) — Annual base salary for the new CFO.
• 100% (dollar_amount) — Target percentage of base salary for the annual cash incentive award.
• $2,000,000 (dollar_amount) — Value of the one-time restricted stock unit grant for the new CFO.
• August 5, 2024 (date) — Effective date for the new CFO's appointment.
• July 25, 2024 (date) — Date of the earliest event reported.

FAQ

Key Financial Figures

• $1.69 — s declared a quarterly cash dividend of $1.69 per share on its outstanding common sto
• $1.5 billion — orizing the Company to repurchase up to $1.5 billion of its common stock. The new share repu
• $496 million — rogram announced in July 2022, of which $496 million remained as of May 8, 2024. This Curr

Filing Documents

• nxst-20240725.htm (8-K) — 55KB
• nxst-ex99_1.htm (EX-99.1) — 18KB
• nxst-ex99_2.htm (EX-99.2) — 10KB
• img136686298_0.jpg (GRAPHIC) — 13KB
• img137609819_0.jpg (GRAPHIC) — 13KB
• 0000950170-24-088407.txt ( ) — 240KB
• nxst-20240725.xsd (EX-101.SCH) — 26KB
• nxst-20240725_htm.xml (XML) — 5KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On July 30, 2024, the Company issued a press release announcing the appointment of Ms. Johnson to the Board, as described in Item 5.02 above. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and incorporated by reference herein. The information included under this Item 7.01 and in Exhibit 99.1 is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be incorporated by reference in any filing under the U.S. Securities Act of 1933, as amended, or the Exchange Act.

01 Other Events

Item 8.01 Other Events. On July 26, 2024, Nexstar issued a press release, a copy of which is attached hereto as Exhibit No. 99.2 and incorporated by reference herein, announcing that the Board has declared a quarterly cash dividend of $1.69 per share on its outstanding common stock. The dividend is payable on August 23, 2024 to stockholders of record on August 9, 2024. In addition, the Board also approved a new share repurchase program authorizing the Company to repurchase up to $1.5 billion of its common stock. The new share repurchase authorization is in addition to Nexstar's existing share repurchase program announced in July 2022, of which $496 million remained as of May 8, 2024. This Current Report on Form 8-K, including Exhibit 99.2 attached hereto, includes forward-looking statements. The Company has based these forward-looking statements on its current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words "guidance," "believes," "expects," "anticipates," "could," or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this Current Report on Form 8-K might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see the Company's Annual Report for the year ended December 31, 2023 and the Company's subsequent public filings with the Securities and Exchange Commission. This Current Report is for informational purposes only and d

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release of Nexstar Media Group, Inc. dated July 30, 2024. 99.2 Press Release of Nexstar Media Group, Inc. dated July 26, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. NEXSTAR MEDIA GROUP, INC. Date: July 31, 2024 By: /s/ Lee Ann Gliha Name: Lee Ann Gliha Title: Chief Financial Officer (Principal Financial Officer)

View Full Filing

View this 8-K filing on SEC EDGAR