Gannett Board Increases Dividend 29 Percent
McLean, VA–Gannett Co., Inc.’s (NYSE: GCI) board of directors today approved a 29% increase in its regular quarterly dividend to 40 cents per share from 31 cents per share. This dividend action represents the 39th increase since Gannett became a public company in 1967.
“Increasing our dividend, together with our ongoing share repurchase program, demonstrates the board’s commitment to returning value to our shareholders and maximizing total shareholder return,” said Craig A. Dubow, chairman, president and chief executive officer. “Our strong cash flow and financial position enable us to return more to shareholders while maintaining financial flexibility for investments and acquisitions consistent with our strategic initiatives.”
“Since 2000, Gannett has returned approximately $6.2 billion to shareholders through share repurchases and increased dividends, reflecting our strong commitment to our shareholders.”
The new annualized rate of $1.60 per share represents an average annual dividend growth rate of 11% since the company went public. This is also the 157th consecutive dividend paid since 1967. The new quarterly dividend is payable October 1, 2007 to shareholders of record on September 14, 2007.
Gannett Co., Inc. is a leading international news and information company that publishes 85 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 nearly 300 titles, including 18 daily newspapers, and a network of prize-winning Web sites. Gannett also operates 23 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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