By: E&P Staff Hollinger International announced during its annual meeting of shareholders in New York that the board approved a $50 million share repurchase program. Also, shareholders elected to officially change the name of the company to Sun-Times Media Group, effective in July.
?We believe that we are building a company primed to generate strong, sustainable earnings,? CEO Gordon Paris said in a statement. ?By leveraging our content and deep roots in local communities across the Chicago market, we see meaningful opportunities to expand our share of readership and advertising both in print and online.
?While the market is likely to remain challenging, it is our belief that the initiatives we have launched with the ad sales force and on the new media front will best position us to drive future revenues.?
Raymond G.H. Seitz was elected non-executive chairman of the board. He has been a director of Hollinger International since July 2003. Previously he was as vice chairman of Lehman Brothers (Europe). From 1991 to 1995 he served as the American Ambassador to the Court of St. James. He is also a director at The Chubb Corp. and PCCW Limited.
The following were also elected to one-year terms on the board: John F. Bard, Stanley M. Beck, Randall C. Benson, Cyrus F. Freidheim, Jr., John M. O?Brien, Graham W. Savage, Raymond S. Troubh, and Gordon Paris.
The board of directors declared a quarterly dividend of $.05 per share payable July 14, 2006 to stockholders of record on June 30, 2006.
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