It OKs a 25% increase in quarterly cash dividend to $0.70 per share and authorizes repurchase up to $1 billion of its Class A common stock.
AT&T has decided to forgo its $4 billion accelerated share repurchase plan, citing the coronavirus pandemic as a time to “to maintain flexibility and focus on continued investment in serving our customers, taking care of our employees and enhancing our network, including nationwide 5G.”
Scripps shareholders of record as of March 16 will receive 5 cents per share, payable on March 25. The company also authorized a share repurchase program of up to $100 million of Class A shares running through March 1, 2022.
Chris Ripley, Sinclair president-CEO: “It is unfortunate that Tribune Media Co. terminated our merger agreement. Nonetheless, we strongly believe in the long term outlook of our company and disagree with the market’s current discounted view on our share price.”
The action follows $48.7 million of share repurchases in this year’s second quarter that depleted the balance of a prior $100 million authorization.
The company said it expects to fund the share repurchase by using the approximately $120 million of cash proceeds from the sale of WJAR Providence, R.I.
The company will buy back up to $15 million in shares of common stock next year.