Entercom -15% on slashed dividend [Seeking Alpha]
ENTERCOM COMMUNICATIONS (ETM)
Last entercom communications earnings: 2/25 08:00 am
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US:NYSE Investor Relations:
entercom.com/investors
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Source: Seeking Alpha
Entercom Communications (NYSE: ETM ) has after hours following news it's slashing its dividend . The company declared a $0.02 dividend, cut from a previous quarterly dividend of $0.09/share. That will free up $39M in capital that the board intends to use in repurchasing shares and to accelerate deleveraging. That will allow driving increased shareholder value "given our belief that our stock is now trading significantly below its intrinsic value and because this action will allow us to accelerate progress on our commitment to reduce total net leverage to four times,” says Chairman/CEO David Field. See all stocks on the move » Subscribe for full text news in your inbox
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