Gannett Board Doubles Dividend
McLEAN, VA – Gannett Co., Inc. (NYSE: GCI) announced today that its board of directors approved a
100 percent increase in its regular quarterly dividend to 8 cents per share from 4 cents per share. The increased quarterly dividend is payable on October 3, 2011 to shareholders of record on September 9, 2011. This dividend represents the 172nd consecutive quarterly dividend paid by the company since it went public in 1967.
In addition, the board authorized the resumption of share repurchases under the $1 billion share repurchase program originally approved on July 25, 2006. Current authority remaining under the program is approximately $809 million. The company expects to repurchase up to $100 million of shares over the next 12 months. The board will continually reassess these actions depending on economic and market conditions. 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.
“We are committed to creating value for our shareholders and believe our stock is an outstanding investment at current price levels,” said Craig A. Dubow, chairman and chief executive officer of Gannett. “The actions taken today reflect our confidence in the company’s long term growth prospects, our ability to consistently generate substantial free cash flow and our strong financial position. At the same time, and equally as important, we will have the financial flexibility to continue to grow our businesses and invest in new opportunities.”
Gannett Co., Inc. is an international media and marketing solutions company that informs and engages more than 100 million people every month through its powerful network of broadcast, digital, mobile and publishing properties. Our portfolio of trusted brands offers marketers unmatched local-to-national reach and customizable, innovative marketing solutions across any platform. Gannett is committed to connecting people – and the companies who want to reach them – with their interests and communities. For more information, visit www.gannett.com.
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