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Scripps Networks Interactive adds $1B to share buyback

Scripps Networks Interactive headquarters

Scripps Networks Interactive headquarters

Scripps Network Interactive has added another $1 billion to its share repurchase plan and boosted its quarterly dividend.
The Knoxville-based lifestyle media company’s board approved the extra billion for the buyback plan Thursday, a day before the company’s releases its quarterly financial report.
The billion dollars is on top of the $647 million remaining in the previous share repurchase authorization as of Dec. 31, 2013, the company said.
The board also approved a dividend payment of 20 cents, an increase from 15 cents. The  dividend will be paid March 10 to shareholders of record on Feb. 28.
The company’s lifestyle media portfolio includes  television and Internet brands HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and Great American Country.
Shares of Scripps Networks shed 39 cents in Thursday trading to close at $77.44.
Scripps is expected to release its financial report before the market opens Friday.

Scripps Networks Interactive maintains dividend


Scripps Networks Interactive announced Thursday it would pay a quarterly dividend of 15 cents per share on Sept. 10, to shareholders of record on Aug. 30.That’s unchanged from the dividend paid the previous quarter.
Scripps Networks will report its second-quarter operating results before the market opens on Aug. 8. A conference call with analysts will follow at 10 a.m.

Scripps shares were down slightly in morning trading on Friday at $72.14, but are up more than 20 percent since the first of the year.

The Knoxville-based lifestyle media company’s portfolio includes cable channels HGTV, Food Network, Cooking Channel, Travel Channel, DIY Network, Great American Country and related Internet brands.

Photo: Scripps Networks Interactive headquarters in West Knoxville.

Scripps Networks spending another $1B on stock buyback

scripps2_asb_13138.jpgWhat would you do with a spare billion dollars?

Lifestyle media company Scripps Networks Interactive Inc. has the cash and will spend on a stock buyback plan.

The Knoxville-based company announced Tuesday its board has authorized an additional $1 billion to buy shares of the company’s stock.

It is the second straight year the company has earmarked $1 billion to repurchase shares. The previous buyback plan was completed at the end of June.

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