The board of directors of The E.W. Scripps Company, which has put all of its radio stations up for sale, has declared a cash dividend for Q1 2018.
Scripps shareholders of record as of March 1 will receive 5 cents per share, payable on March 26. The dividend will be paid out of the company’s surplus.
This will mark the first time the company has paid a quarterly dividend since 2008.
“The decision by our board to initiate a quarterly dividend is a sign of confidence in the state of our business and faith in our strategy for the future,” said Scripps President/CEO Adam Symson. “We’re focused on strengthening our local media operations, anchored by our television stations, while we support the long-term value creation we see in the high-growth businesses we have in Katz, Midroll and Newsy.”
While the company intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the board at its discretion.
The declaration and payment of future dividends will be dependent upon, among other things, the company’s financial position, results of operations, cash flow and other factors.