By: E&P Staff
Gannett’s board of directors authorized the repurchase of an additional $1 billion in stock today.
“We believe Gannett’s stock is a terrific value and a very attractive investment,” Craig Dubow, chairman, president, and CEO of Gannett, said in a statement.
The shares will be repurchased either in the open market or in privately negotiated block transactions at management’s discretion, depending on price, availability, and other developments. Gannett made a similar announcement to buy back $1 billion in stock on April 14, 2005. Gannett said it has used a “substantial portion” of that allotment.
Additionally, the company declared a quarterly dividend of $.31 per share payable on Oct. 2, 2006 to shareholders of record on Sept. 15, 2006.