Tribune Publishing Announces Quarterly Cash Dividend Program
November 14 2019 - 9:15AM
Tribune Publishing Company (NASDAQ: TPCO) today announced that its
Board of Directors has approved the initiation of a cash dividend
program under which Tribune Publishing intends to
declare regular quarterly cash dividends to its shareholders.
In conjunction therewith, Tribune Publishing’s Board of Directors
has declared an initial quarterly cash dividend of $0.25 per share
of common stock. The initial dividend will be payable
on December 10, 2019, to Tribune Publishing
shareholders of record as of the close of business on November
25, 2019.
“The Board’s decision to institute a regular cash dividend
reflects the Company’s financial strength, flexibility and
confidence in its strategic plan,” said David Dreier, Tribune
Publishing Chairman. “We intend to enhance long-term shareholder
value through strong operational performance and cash flow
generation, as well as prudent capital allocation, which includes
returning cash to investors.”
While Tribune Publishing intends to pay regular quarterly cash
dividends for the foreseeable future, all future dividends are
subject to the Board of Directors’ determination that such
dividends are in compliance with applicable law and that the
dividend program continues to be in the best interests of Tribune
Publishing and its shareholders. The dividend program may be
canceled, suspended, terminated or modified at any time by Tribune
Publishing’s Board of Directors, in its discretion.
Forward-looking StatementsThis press release
contains "forward-looking statements" within the meaning of the
federal securities laws. Forward-looking statements are subject to
known and unknown risks and uncertainties, many of which may be
beyond our control. Important factors that could cause actual
results, developments and business decisions to differ materially
from these forward-looking statements are uncertainties discussed
below and in the "Risk Factors" section of the Company's filings
with the U.S. Securities and Exchange Commission (the "SEC").
"Forward-looking statements" include all statements that do not
relate solely to historical or current facts, and can be identified
by the use of words such as "may," "might," "will," "could,"
"should," "estimate," "project," "plan," "anticipate," "expect,"
"intend," "outlook," "seek," "designed," "assume," "implied,"
"believe" and other similar expressions. You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of their dates. These forward-looking statements are
based on estimates and assumptions by our management that, although
we believe to be reasonable, are inherently uncertain and subject
to a number of risks and uncertainties.
About Tribune Publishing Company Tribune
Publishing (NASDAQ: TPCO) is a media company rooted in
award-winning journalism. Headquartered in Chicago, Tribune
Publishing operates local media businesses in eight markets with
titles including the Chicago Tribune, New York Daily News, The
Baltimore Sun, Orlando Sentinel, South Florida's Sun-Sentinel,
Virginia’s Daily Press and The Virginian-Pilot, The Morning Call of
Lehigh Valley, Pennsylvania, and the Hartford Courant.
In addition to award-winning local media businesses, Tribune
Publishing operates national and international brands such as
Tribune Content Agency and The Daily Meal, and is the majority
owner of the product review website BestReviews.
Our brands are committed to informing, inspiring and engaging
local communities. We create and distribute content across our
media portfolio, offering integrated marketing, media, and business
services to consumers and advertisers, including digital solutions
and advertising opportunities.
Investor Relations Contact:Michael
FerreterTribune Publishing, Head of Investor
Relations312.222.3225mferreter@tribpub.com
Media Contact:Tilden KatzTribune Publishing,
Corporate
Communications312.606.2614tilden.katz@fticonsulting.com
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