Beasley Broadcast Group‘s Board of Directors has approved an 11.1% increase in its quarterly cash dividend, to $0.05 per share, of its Class A and Class B common stock beginning with the dividend declared for the first quarter of 2018.
The dividend is payable on Friday, April 6, to shareholders of record on Friday, March 30.
“The increase in Beasley’s cash dividend reflects the Board’s commitment to creating value for shareholders and our success over the past year integrating the Greater Media properties into our platform,” said Beasley CEO Caroline Beasley. “Our expanded operating scale and ongoing leverage reduction — combined with the recurring benefit from the enactment of the Tax Cuts and Jobs Act — is resulting in higher free cash flow, enabling us to increase our return of capital to shareholders and continue with our leverage reduction initiatives, while leaving us with the financial flexibility to pursue additional platform building initiatives including select accretive transactions.”
While Beasley intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by its Board of Directors at its discretion.