Saga Communications today announced that its Board of Directors declared a quarterly cash dividend that’s quite sizable, continuing a healthy give-back trend for the newly pure-play media company.
The declaration came a day after Salem Media Group announced a quarterly cash distribution that’s much smaller in value.
Saga’s board approved a quarterly cash dividend of $0.30 per share. The dividend will be paid on Oct. 13 to shareholders of record on Sept. 25.
The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $1.8 million. The quarterly cash dividend will be funded by cash on the company’s balance sheet.
Saga intends to pay regular quarterly cash dividends in the future as declared by the Board of Directors. Saga owns or operates 75 FM and 33 AM radio stations.
Meanwhile, Salem’s Board of Directors on Tuesday declared a cash distribution for Q3 2017 in the amount of $0.0650 per share.
The cash distribution will be paid on Sept. 29, to all Class A and Class B common stockholders of record as of Sept. 22.
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