DETROIT — The Board of Directors for the only publicly traded pure-play radio broadcasting company in the U.S. has declared a cash dividend for the current quarter.
It will be paid on October 18 to shareholders of record on September 25.
For Saga Communications shareholders, including Towerview LLC, led by Daniel Tisch, a 25-cent per share quarterly cash dividend is on the way.
The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $1.6 million.
Saga says the dividend will be funded by cash on the company’s balance sheet.
Including this dividend, the company will have paid approximately $134 million in dividends to shareholders since the first special dividend was paid in 2012.
Saga also says it intends to declare regular quarterly cash dividends as well as variable dividends in accordance with the terms of its variable dividend policy.
As previously reported, Saga’s board adopted a variable dividend policy for the allocation of available cash aligned with the goals of maintaining a strong balance sheet, increasing cash returns to shareholders, and continuing to grow the company through strategic acquisitions.
Saga may also declare special dividends and implement stock buybacks in future periods.
“The declaration and payment of any future dividend, whether fixed, special, or based on the variable policy, or the implementation of any stock buyback program will remain at the full discretion of the Board and will depend on the Company’s financial results, cash requirements, future expectations, and other pertinent factors,” Saga said.
— With reporting from RBR+TVBR in Northville, Mich.
