TEGNA Inc., a leading broadcasting company, has recently made an announcement regarding its plans to return excess capital to shareholders. The company revealed a $300 million accelerated share repurchase (ASR) program and a 20 percent increase in its quarterly dividend. These strategic moves follow the termination of TEGNA's merger agreement with an affiliate of Standard General L.P.

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Accelerated Share Repurchase Program

TEGNA aims to execute a $300 million ASR agreement with JPMorgan Chase Bank, which is projected to conclude by the end of the third quarter of 2023. The ASR will be funded through the company's cash on hand, which amounted to $683 million at the close of the first quarter of 2023.

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Dividend Increase

TEGNA's Board of Directors has approved a 20 percent increase in the company's regular quarterly dividend. The dividend will rise from 9.5 to 11.375 cents per share, reflecting the board's confidence in TEGNA's financial strength and growth prospects. Shareholders can anticipate the increased dividend to be effective in future regular quarterly dividend payments, subject to the Board's declaration.

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Members of LevelFields received the alert of this event on May 22, 5:10 PM ET

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