Scripps Networks Boosts Stock Dividend by 15%
Scripps Networks Interactive raised its stock dividend by 15% and said it plans to spend $1 billion to repurchase its own share.
Last quarter the company announced a restructuring and reduced its workforce by 5% to be more efficient in its mission of creating lifestyle content. Like Scripps, other programming companies have been cutting costs, and they’ve been returning capital to shareholders through stock buybacks and increased dividend payments.
The new dividend is 23 cents per share, up from 20 cents. It is payable March 10 to shareholders of record on March 2.
Before the new $1 billion stock buyback program was authorized, Scripps had $448 million remaining on its previous repurchase plan.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.