Press Release: SiriusXM Declares Quarterly Cash Dividend and Adds A Further $2 Billion To Stock Repurchase Program
SiriusXM Declares Quarterly Cash Dividend and Adds A Further $2 Billion To Stock Repurchase Program
PR Newswire
NEW YORK, Jan. 29, 2019
NEW YORK, Jan. 29, 2019 /PRNewswire/ -- SiriusXM today announced that its Board of Directors declared a regular quarterly cash dividend of $0.0121 per share of common stock, payable in cash on February 28, 2019 to stockholders of record at the close of business on February 11, 2019.
In addition, SiriusXM today announced that its Board of Directors has approved an additional $2 billion of common stock repurchases, taking the Company's total authorization to $14 billion since the inception of the program in early 2013. Shares of common stock may be purchased from time to time on the open market and in privately negotiated transactions, including in accelerated stock repurchase transactions and transactions with Liberty Media and its affiliates. The Company will fund the repurchases through cash on hand, future cash flow from operations and future borrowings.
The announcement of the extension of the repurchase program reflects the Board's desire to continue to return value to stockholders and its confidence in the long-term growth prospects of the Company's business. SiriusXM retains sufficient capital capacity to continue making long-term investments in its programming, research and development initiatives and overall operations, as well as to pursue strategic opportunities that may arise.
Repurchases will be made in compliance with all SEC rules and other legal requirements and may be made in part under a Rule 10b5-1 plan, which permits stock repurchases when the Company might otherwise be precluded from doing so.
