© Reuters. TEGNA broadcasts $300M ASR, hikes dividend by 20% after merger termination with Customary Basic
TEGNA (TGNA) shares rose round 3% after-hours following the corporate’s introduced $300 million accelerated share repurchase (ASR) program and a 20% dividend hike. This follows the termination of the corporate’s merger settlement with an affiliate of Customary Basic L.P. The corporate is entitled to obtain a termination payment of $136M from Customary Basic.
The corporate will enter right into a $300M ASR settlement with JPMorgan Chase Financial institution, which will probably be funded by way of money readily available ($683M on the finish of Q1/23) and is predicted to be accomplished by the top of Q3/23.
The corporate hiked its quarterly dividend by 19.7% to $0.11375 per share, or $0.455 annualized, for an annual yield of two.9%. The dividend will probably be payable on July 3, 2023, to stockholders of file on June 9, 2023, with an ex-dividend date of June 8, 2023.
Earlier this month, the corporate reported its Q1/23 earnings, highlighted by in-line EPS and income miss.
The corporate will host an investor name to debate its Q1 outcomes and can present steering for the Q2 and full yr on Might 25, 2023, at 10:00 a.m. (ET).
By Davit Kirakosyan
