Tribune Publishing Announces $1.50 Per Share Special Cash Dividend
30 May 2019 - 11:00PM
Tribune Publishing Company (NASDAQ: TPCO) today announced that its
Board of Directors has declared a special cash dividend of $1.50
per share, or approximately $56 million in the aggregate. The
dividend will be payable on July 2, 2019 to Tribune Publishing
common stock shareholders of record as of the close of business on
June 12, 2019. The special dividend will be funded through existing
cash on hand.
David Dreier, Tribune Publishing Chairman commented, “Over
the past year, we have taken advantage of opportunities to sell
assets at favorable prices. This has allowed us to eliminate
debt and reduce pension liabilities. The payment of a special
cash dividend underscores the Company’s financial strength and
commitment to returning capital to shareholders.”
Timothy P. Knight, Tribune Publishing Chief Executive Officer
and President added, “Today’s announcement also reflects our
confidence in future performance as we continue investing in our
award-winning journalism, building our digital subscribership, and
enhancing our platform for advertisers. We believe these
investments will deliver long-term value for our shareholders.”
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:Terry JimenezTribune
Publishing, EVP/CFO312.222.5787tjimenez@tribpub.com
Media Contact:Tilden KatzTribune Publishing
Corporate
Communications312.606.2614tilden.katz@fticonsulting.com
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