(CelebrityAccess MediaWire) — Clear Channel Communications Inc. has raised its quarterly cash dividend to $0.125 per share on its common stock from the previous quarterly dividend of $0.10 per share–a 25 per cent increase. The dividend is payable on October 15 to shareholders of record at the close of business on September 30.
Additionally the board of directors authorized an additional share repurchase program permitting Clear Channel to repurchase an incremental $1 billion of its common shares over the next 12 months. Clear Channel had previously authorized a repurchase program of $1 billion on March 30, 2004, which is substantially complete. To date, the Clear Channel has repurchased $934 million of common stock.
Clear Channel will base its decisions on amounts of repurchases and their timing on such factors as the stock price, general economic and market conditions and the company's debt levels. The repurchase program may be suspended or discontinued at any time. Shares of stock repurchased under the plan will be held as treasury shares. –Jane Cohen and Bob Grossweiner