Common Stock

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Common Stock

Note 12:  Common Stock

On September 1, 2020, Nexstar’s Board of Directors approved an additional $300 million in Nexstar’s share repurchase authorization to repurchase its Class A common stock. The expansion brings the total capacity under Nexstar’s share repurchase program to approximately $384.2 million when combined with the remaining available amount under its prior authorization and before reduction for any repurchases in the third quarter of 2020. During the three and nine months ended September 30, 2020, Nexstar repurchased a total of 1,300,000 shares and 2,250,000 shares, respectively, of its Class A common stock for $125.0 million and $197.6 million respectively, funded by cash on hand. As of September 30, 2020, the remaining available amount under the share repurchase authorization was $259.2 million.

Share repurchases may be made from time to time in open market transactions, block trades or in 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.