Tribune Publishing board of directors approve quarterly cash dividend program
Tribune Publishing announced Thursday that its board of directors has approved the plan to pay out quarterly dividends to shareholders, according to reports.
Initially, the dividend payout will start at 25 cents per share and will be payable on Dec.10.
David Dreier, chairman of Tribune Publishing, said of the move: “The board’s decision to institute a regular cash dividend reflects the company’s financial strength, flexibility and confidence in its strategic plan. 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.”
The move comes after the company, for the moment, has it seems put the talks of a merger on the back burner. Three years ago, media giant Gannett was believed to be in serious talks about a merger, but complications related to sale price and other matters doomed those talks.
Meanwhile, Tribune Publishing continues to dispense with assets and overhead that may have been a drag on the company’s revenue stream.
Last year, the Chicago Tribune editorial staff voted to unionize, following the lead of the editorial staff at the Los Angeles Times, which Tribune Publishing sold last year. That sale helped clean up the Tribune Publishing books and pave the way for the quarterly dividends the company will begin distributing.