Nexstar Media Group Inc., Irving, Texas, paid a total of $96 million to participants in Tribune Media pension plans in December.
About 55% of the 7,231 former employees vested in the plans given a lump-sum offer window in September elected to receive the lump sums, the media company disclosed Monday in a 10-K filing with the SEC.
The company made the offer to employees who had terminated employment before April 1, 2020, were vested in the plans but had yet to receive benefits and were eligible for lump sums of $50,000 or less, the filing said.
The offer also gave the option of immediately starting monthly benefit payments effective Dec. 1, but the 10-K filing did not disclose how many took that specific offer.
Nexstar Media Group acquired Tribune Media Co. in September 2019.
As of Dec. 31, Tribune pension plan assets totaled $1.816 billion, while projected benefit obligations totaled $2.072 billion, for a funding ratio of 87.6%.
Company spokesman Gary Weitman referred questions to the filing.