Scripps Networks Interactive Announces Additional $1B for Share Repurchase Program; and Increases Quarterly Dividend 33 percent
Scripps Networks Interactive, Inc.'s (NYSE: SNI) board of directors has authorized an additional $1 billion for its share repurchase program. The prior share repurchase authorization had $647 million remaining as of Dec. 31, 2013. The timing of purchases under both authorizations will be based on market conditions and other factors.
The company's board of directors also has increased its quarterly dividend rate and declared a quarterly dividend of 20 cents ($0.20) per share up from $0.15 cents. This dividend will be payable on March 10, 2014, to shareholders of record at the close of business on Feb. 28, 2014.
About Scripps Networks Interactive
Scripps Networks Interactive (NYSE: SNI) is one of the leading developers of engaging lifestyle content in the home, food and travel categories for television, the Internet and emerging platforms. The company's lifestyle media portfolio comprises popular television and Internet brands HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and Great American Country, which collectively reach more than 170 million consumers each month. Companion websites complement on-air programming with video and social media that inform and inspire. The company's global networks reach millions of consumers across Asia, Europe, the Middle East and Africa. Scripps Networks Interactive is headquartered in Knoxville, Tenn. For more information, please visit http://www.scrippsnetworksinteractive.com.
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