Entercom Communications Corp. Reduces Quarterly Dividend to Reallocate Capital to Share Repurchases and Accelerated Deleverag...
August 09 2019 - 4:55PM
Business Wire
The Board of Directors of Entercom Communications Corp. (NYSE:
ETM) today declared a regular quarterly dividend of $0.02 per share
of common stock payable on September 13, 2019, to shareholders of
record as of August 29, 2019. This represents a reduction of $0.07
from the Company’s previous quarterly dividend of $0.09 per
share.
The Board of Directors authorized the Company to reallocate the
approximately $39 million of capital freed up on an annual basis by
this action to repurchase its shares under its existing 2017 share
repurchase program authorization and to accelerate
deleveraging.
“We believe that redeploying capital from dividends to both
share buybacks and debt reduction will allow us to drive increased
shareholder value given our belief that our stock is now trading
significantly below its intrinsic value and because this action
will allow us to accelerate progress on our commitment to reduce
total net leverage to four times,” said David Field, Chairman,
President and Chief Executive Officer, Entercom.
About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is a leading American
media and entertainment company reaching and engaging over 170
million people monthly through its premier collection of highly
rated, award winning radio stations, digital platforms and live
events. As one of the country’s two largest radio broadcasters,
Entercom offers integrated marketing solutions and delivers the
power of local connection on a national scale with coverage of
close to 90% of persons 12+ in the top 50 markets. Entercom is the
#1 creator of live, original, local audio content and the nation’s
unrivaled leader in news and sports radio. Learn more about
Philadelphia-based Entercom at www.entercom.com, Facebook and
Twitter (@Entercom).For further information, or to receive future
Entercom Communications news announcements via e-mail, please
contact JCIR at 212/835-8500 or etm@jcir.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190809005409/en/
Media Contact: Esther-Mireya Tejeda Entercom 212-649-9686
Esther-Mireya.Tejeda@Entercom.com @EntercomPR
Investor Contact: Joseph Jaffoni, Jennifer Neuman or
Norberto Aja JCIR 212-835-8500 etm@jcir.com
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