It also approves a 7% dividend increase.
Gannett Co.’s board of directors today authorized the repurchase of an additional $1 billion of its common stock. Prior to today’s action, a substantial portion of the $1 billion authorized for repurchase under the program announced April 14, 2005 had been used.
The shares will be repurchased at management’s discretion, either in the open market or in privately negotiated block transactions. The decision to buy back stock will depend on price, availability and other corporate developments. Purchases will occur from time to time and no maximum purchase price has been set.
Also today, the board declared a regular quarterly dividend of 31 cents per share. The dividend represents an increase of 2 cents per share, or 7%, and is the 38th increase since Gannett became a public company in 1967.
“We believe Gannett’s stock is a terrific value and a very attractive investment,ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€šÃ‚Â said Craig A. Dubow, chairman, president and CEO of Gannett. “Together with this dividend increase, these actions by our board reflect our sound financial status and our ongoing desire to return value to shareholders.ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€šÃ‚Â
The new quarterly dividend is payable on Oct. 2, 2006, to shareholders of record on Sept. 15, 2006. It is the 153rd consecutive dividend paid since 1967.
Gannett operates 22 television stations in the United States. It publishes 90 daily newspapers in the and nearly 1,000 non-daily publications.