Qurate Retail Declares Special Cash Dividend of $1.50 per Common Share and Announces Commencement of Share Buyback Program
November 20 2020 - 8:00AM
Business Wire
Qurate Retail Declares Quarterly Cash
Dividend on 8.0% Series A Cumulative Redeemable Preferred
Stock
Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA, QRTEB,
QRTEP) today announced that its Board of Directors declared a
special cash dividend in the amount of $1.50 per common share, for
an aggregate dividend of approximately $626 million, payable in
cash on December 7, 2020 to stockholders of record of Qurate
Retail’s Series A and Series B common stock at the close of
business on November 30, 2020. Additionally, Qurate Retail’s Board
of Directors announced the commencement of its buyback program for
Qurate Retail’s Series A common stock. The outstanding repurchase
authorization for Qurate Retail is approximately $497 million. The
specific timing and amount of actual future share repurchases will
vary based on market conditions, securities law limitations and
other factors. The repurchases will be made using Qurate Retail’s
cash and cash equivalents, and the buyback program may be suspended
or discontinued at any time without prior notice.
“We are pleased to announce further actions that deliver free
cash flow to our shareholders: a one-time cash dividend and the
commencement of repurchases of our shares. We have continued
confidence in the strength of the business and believe this is an
efficient return of capital while maintaining our stated leverage
target,” said Greg Maffei, Qurate Retail Chairman.
Qurate Retail also announced today that its Board of Directors
declared a quarterly cash dividend of $2.01643836 per share of 8.0%
Series A Cumulative Redeemable Preferred Stock (the “Preferred
Stock”), payable in cash on December 15, 2020, to stockholders of
record of the Preferred Stock at the close of business on November
30, 2020.
Forward-Looking Statements
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including without limitation, statements about the
commencement of our stock repurchase program. These forward-looking
statements involve many risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements, including, without limitation, regulatory
matters affecting our businesses, continued access to capital on
terms acceptable to Qurate Retail, changes in law and government
regulations, the availability of investment opportunities, general
market conditions (including as a result of COVID-19) and market
conditions conducive to stock repurchases. These forward-looking
statements speak only as of the date of this press release, and
Qurate Retail expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statement contained herein to reflect any change in Qurate Retail's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
Please refer to the publicly filed documents of Qurate Retail,
including the most recent Forms 10-K and 10-Q, for additional
information about Qurate Retail and about the risks and
uncertainties related to Qurate Retail's business which may affect
the statements made in this press release.
About Qurate Retail, Inc.
Qurate Retail, Inc. operates and owns interests in a broad range
of digital commerce businesses. Qurate Retail, Inc.’s businesses
and assets consist of QVC (and its subsidiaries, including HSN),
Zulily and the Cornerstone Brands (collectively, the Qurate Retail
Group) as well as various green energy and other investments.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201120005211/en/
Qurate Retail, Inc. Courtnee Chun, 720-875-5420
Qurate Retail (NASDAQ:QRTEB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Qurate Retail (NASDAQ:QRTEB)
Historical Stock Chart
From Apr 2023 to Apr 2024