In a recent SEC filing, Nexstar Media Group (NASDAQ:NXST), Inc. disclosed the outcomes of its Annual Meeting of Stockholders held on Monday. The Irving, Texas-based television broadcasting company, trading on NASDAQ under the ticker NXST, announced the election of its board directors and the ratification of its independent auditor for the upcoming year.
According to the 8-K filing, a quorum was achieved with over 30 million shares represented at the meeting, out of the roughly 33 million shares issued and outstanding. The shareholders voted on several key proposals detailed in the proxy statement filed on April 29, 2024.
Proposal 1 involved the election of nine director nominees to serve until the 2025 annual meeting. Perry A. Sook, Dennis J. FitzSimons, Lisbeth McNabb, and Tony Wells were among those who received a majority of votes in favor. However, not all nominees were met with overwhelming support, as evidenced by Bernadette S. Aulestia and Jay M. Grossman receiving a notable number of votes against their election.
Proposal 2, which concerned the ratification of PricewaterhouseCoopers LLP as the company's independent auditor for the year ending December 31, 2024, passed with significant support, garnering over 29 million votes in favor.
The third proposal, an advisory vote on the compensation of the company's named executive officers for the year ended December 31, 2023, did not pass as smoothly. The proposal faced opposition, with approximately 16.8 million votes against and only 11.2 million in support, alongside some abstentions and broker non-votes.
The filing also included a cover page interactive data file as an exhibit, in line with SEC requirements. This document is part of the company's ongoing compliance with financial reporting regulations.
The information in this article is based on Nexstar Media Group's SEC filing and is intended to provide shareholders and the market with factual updates on corporate governance matters.
In other recent news, Nexstar Broadcasting Group has been in the spotlight due to several noteworthy developments. Deutsche Bank recently updated its financial model for Nexstar, resulting in a slight decrease in the company's price target from $210.00 to $207.00, while maintaining a Buy rating. This adjustment reflects changes in Nexstar's first-quarter performance and recent statements from management about the company's operations.
In terms of financial performance, Nexstar's first-quarter results were in line with revenue expectations and surpassed adjusted EBITDA forecasts by 3.3%. The company posted record-setting first-quarter net revenue of $1.28 billion, bolstered by a high distribution revenue of $761 million. The company's adjusted EBITDA stood at $542 million, with a strong 42.2% margin.
On the advertising front, despite a slight decline in Q1, Nexstar anticipates improvements in the second quarter, particularly in national advertising. There has been a significant increase in political advertising, with a $31 million rise compared to the same period last year.
In other company news, Nexstar is optimistic about its growth drivers, including the CW network, which is expected to boost operating profit by over $100 million for the year, and NewsNation, which has risen to become the second-largest cable news network in pay-TV distribution. These are all recent developments that have shaped the current state of Nexstar Broadcasting Group.
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