Investing
TEGNA announces $300M ASR, hikes dividend by 20% after merger termination with Standard General
© Reuters. TEGNA announces $300M ASR, hikes dividend by 20% after merger termination with Standard General
TEGNA (TGNA) shares rose around 3% after-hours following the company’s announced $300 million accelerated share repurchase (ASR) program and a 20% dividend hike. This follows the termination of the company’s merger agreement with an affiliate of Standard General L.P. The company is entitled to receive a termination fee of $136M from Standard General.
The company will enter into a $300M ASR agreement with JPMorgan Chase Bank, which will be funded through cash on hand ($683M at the end of Q1/23) and is expected to be completed by the end of Q3/23.
The company hiked its quarterly dividend by 19.7% to $0.11375 per share, or $0.455 annualized, for an annual yield of 2.9%. The dividend will be payable on July 3, 2023, to stockholders of record on June 9, 2023, with an ex-dividend date of June 8, 2023.
Earlier this month, the company reported its Q1/23 earnings, highlighted by in-line EPS and revenue miss.
The company will host an investor call to discuss its Q1 results and will provide guidance for the Q2 and full year on May 25, 2023, at 10:00 a.m. (ET).
By Davit Kirakosyan
Read the full article here
-
Passive Income6 days ago
Are You Running Your Business, or Is Your Business Running You?
-
Side Hustles5 days ago
How to Be Unapologetically You and Why It Matters
-
Side Hustles6 days ago
How Your Body Language Can Help Win a Disagreement
-
Investing6 days ago
7 Marketing Strategies to Help Your Startup Grow and Scale
-
Side Hustles6 days ago
OpenAI Raises Record $6.6 Billion, Adds 50 Million New Users
-
Investing4 days ago
Nvidia CEO Jensen Huang: Demand For Blackwell AI Is Insane
-
Side Hustles4 days ago
Mark Zuckerberg Is Now Second Richest Person in the World
-
Side Hustles5 days ago
With AI Magicx, It’s Like Getting an Entire Creative Team in One Money-Saving AI Tool