New Media Announces Authorization of Share Repurchase Program
May 17 2017 - 4:15PM
Business Wire
New Media Investment Group Inc. (“New Media” or the “Company”,
NYSE: NEWM) announced today that the Company's Board of Directors
authorized the repurchase of up to $100 million of the Company's
common stock over the next 12 months.
Under the program, the Company may purchase its shares from time
to time in the open market or in privately negotiated transactions.
The amount and timing of the purchases will depend on a number of
factors including the price and availability of the Company's
shares, trading volume, capital availability, Company performance
and general economic and market conditions. The Company may also
from time to time establish a trading plan under Rule 10b5-1 of the
Securities Exchange Act of 1934, or effect one or more tender
offers, to facilitate purchases of its shares under this
authorization. The stock repurchase program may be suspended or
discontinued at any time.
“We believe our current stock price is at a significant discount
to the intrinsic value of our company. We continue to firmly
believe in our cash flows that support the dividend, our growth
prospects, including our acquisition pipeline, and our long term
strategy,” New Media Chief Executive Officer Michael E. Reed said.
“This stock repurchase program announced today demonstrates our
confidence in the strength of our business and commitment to
delivering value to our shareholders.”
About New Media Investment Group
Inc.
New Media supports small to mid-size communities by providing
locally-focused print and digital content to its consumers and
premier marketing and technology solutions for our small and medium
businesses partners. The Company is one of the largest publishers
of locally based print and online media in the United States as
measured by our 130 daily publications. As of March 26, 2017, the
Company operates in over 555 markets across 36 states. New Media’s
portfolio of products, as of March 26, 2017, include over 650
community publications and over 555 websites, serve more than
225,000 business advertising accounts, and reaches over 23 million
people on a weekly basis.
For more information regarding New Media and to be added to our
email distribution list, please visit www.newmediainv.com.
Forward-Looking Statements
Certain items in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding the amount, timing and manner of the Company’s repurchase
of its shares pursuant to the stock repurchase program described
above and our ability to sustain and grow cash flows and dividends
and execute on our operational strategy. These statements are based
on management’s current expectations and beliefs and are subject to
a number of risks and uncertainties. These and other risks and
uncertainties could cause actual results to differ materially from
those described in the forward-looking statements, many of which
are beyond our control. The Company can give no assurance that its
expectations will be attained. Accordingly, you should not place
undue reliance on any forward-looking statements contained in this
press release. For a discussion of some of the risks and important
factors that could cause actual results to differ from such
forward-looking statements, see the risks and other factors
detailed from time to time in the Company’s Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and other filings with the
Securities and Exchange Commission. Furthermore, new risks and
uncertainties emerge from time to time, and it is not possible for
the Company to predict or assess the impact of every factor that
may cause its actual results to differ from those contained in any
forward-looking statements. Such forward-looking statements speak
only as of the date of this press release. The Company expressly
disclaims any obligation to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company’s expectations with regard
thereto or change in events, conditions or circumstances on which
any statement is based.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170517006070/en/
New Media Investment Group Inc.Ashley Higgins,
212-479-3160Investor Relationsir@newmediainv.com
New Media Investment (NYSE:NEWM)
Historical Stock Chart
From Aug 2024 to Sep 2024
New Media Investment (NYSE:NEWM)
Historical Stock Chart
From Sep 2023 to Sep 2024