Entercom Communications Corp. Reduces Quarterly Dividend to Reallocate Capital to Share Repurchases and Accelerated Deleveraging
PHILADELPHIA, PA – August 9, 2019 – The Board of Directors of Entercom Communications Corp. (NYSE: ETM) today declared a regular quarterly dividend of $0.02 per share of common stock payable on September 13, 2019, to shareholders of record as of August 29, 2019. This represents a reduction of $0.07 from the Company’s previous quarterly dividend of $0.09 per share.
The Board of Directors authorized the Company to reallocate the approximately $39 million of capital freed up on an annual basis by this action to repurchase its shares under its existing 2017 share repurchase program authorization and to accelerate deleveraging.
“We believe that redeploying capital from dividends to both share buybacks and debt reduction will allow us to drive increased shareholder value given our belief that our stock is now trading significantly below its intrinsic value and because this action will allow us to accelerate progress on our commitment to reduce total net leverage to four times,” said David Field, Chairman, President and Chief Executive Officer, Entercom.
Joseph Jaffoni, Jennifer Neuman or Norberto Aja
About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is a leading American media and entertainment company reaching and engaging over 170 million people monthly through its premier collection of highly rated, award winning radio stations, digital platforms and live events. As one of the country’s two largest radio broadcasters, Entercom offers integrated marketing solutions and delivers the power of local connection on a national scale with coverage of close to 90% of persons 12+ in the top 50 markets. Entercom is the #1 creator of live, original, local audio content and the nation’s unrivaled leader in news and sports radio. Learn more about Philadelphia-based Entercom at www.audacyinc.wpengine.com, Facebook and Twitter (@Entercom).For further information, or to receive future Entercom Communications news announcements via e-mail, please contact JCIR at 212/835-8500 or [email protected].