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Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

 


Note 17:  Subsequent Events

 

On October 1, 2020, Nexstar Broadcasting, Inc., a wholly-owned subsidiary of Nexstar, filed a Certificate of Amendment with the Secretary of State of Delaware to change its name to Nexstar Inc. In connection with this change, effective on November 1, 2020, Nexstar merged its two primary operating subsidiaries, Nexstar Inc. and Nexstar Digital, LLC, with Nexstar Inc. surviving the merger as the single operating subsidiary of Nexstar. Accordingly, the broadcasting, networks and digital businesses are now operating under the Nexstar Inc. umbrella.

 

On October 9, 2020, Nexstar contributed $34.8 million in cash to the Tribune qualified pension plans. Nexstar projects no additional cash contribution to its qualified pension plans during the remainder of 2020 (See Note 8).

           

On October 19, 2020, Nexstar acquired 2,927,522 shares in Series A Preferred Stock of VENN, a live 24/7 streaming network for gaming and entertainment based in Los Angeles, CA, for a total cash consideration of $7.0 million.

 

On October 21, 2020, Nexstar’s Board of Directors declared a quarterly cash dividend of $0.56 per share of its Class A common stock. The dividend is payable on November 20, 2020 to stockholders of record on November 6, 2020.

 

On October 30, 2020, Nexstar prepaid $300.0 million of the outstanding principal balance under its term loans, funded by cash on hand.