For the second time ever, Salem Communications announced that its board of directors declared a special cash dividend on the company's stock. Salem will pay 42 cents per share on its Class A and Class B common stock. The special dividend will be paid on August 23rd to shareholders of record on August 20th. In all, Salem will pay out about 10 million bucks to its shareholders.
"Last year we paid a special dividend of 15 million, our first ever as a public company. This year, despite challenges facing the broadcast sector, Salem Communications continues to generate FCF and bring incremental value to our shareholders. After considering available options, our board of directors determined that this new special dividend of approximately 10 million was the best way to allow our shareholders to benefit from this growth," said CEO Ed Atsinger.