Gannett Board Authorizes Additional $1 Billion Share Repurchase Program, Approves 7 Percent Dividend Increase
McLEAN, VA – Gannett Co., Inc.’s (NYSE: GCI) 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 percent, 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,” 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.”
The new quarterly dividend is payable on October 2, 2006 to shareholders of record on September 15, 2006. It is the 153rd consecutive dividend paid since 1967.
Gannett Co., Inc. is a leading international news and information company that publishes 90 daily newspapers in the USA, including USA TODAY, the nation’s largest-selling daily newspaper. The company also owns nearly 1,000 non-daily publications in the USA and USA WEEKEND, a weekly newspaper magazine. Gannett subsidiary Newsquest is the United Kingdom’s second largest regional newspaper company. Newsquest publishes more than 300 titles, including 17 daily newspapers, and a network of prize-winning Web sites. Gannett also operates 22 television stations in the United States and is an Internet leader with sites sponsored by its TV stations and newspapers including USATODAY.com, one of the most popular news sites on the Web.
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