Entravision Communications Corp. announced Thursday that its board of directors has approved a quarterly cash dividend.
Entravision also declared an initial quarterly cash dividend of $0.025 per share of the its Class A, Class B and Class U common stock, in an aggregate amount of approximately $2.2 million, according to a news release.
The initial quarterly dividend will be payable on Dec. 30 to shareholders of record as of the close of business on Dec. 16, 2013, and the common stock will trade ex-dividend on Dec. 12, 2013.
The board also declared a special one-time cash dividend of $0.10 per share to shareholders of the company's Class A, Class B and Class U common stock, in an aggregate amount of approximately $8.8 million.
That dividend will be payable on the same dates as the initial quarterly dividend.
Related: SBS, Entravision Make Moves in Hispanic Radio Market
"Our strong financial performance and balance sheet offers us the opportunity to return value directly to our shareholders through the first quarterly dividend in Entravision's history," Walter F. Ulloa, chairman and CEO, said in the release. "We are pleased to deliver additional returns through the one-time special dividend as well as further reduce our debt and strengthen our balance sheet."
The company said it expects to pay cash dividends on a quarterly basis, subject to approval by the board.
Prepayment of term loans
Entravision also said it would use cash on hand to prepay $10 million of term loans under its senior secured term loan credit facility entered into on May 31, 2013, which will leave about $364 million outstanding, according to the release.
"Our liquidity position remains solid and we are focused on continuing to execute our growth strategy and generate strong operating results," Mr. Ulloa said.
Entravision is a diversified Spanish-language media company using television, radio and digital operations to reach Hispanic consumers across the U.S. and in the border markets of Mexico.
The company is the largest affiliate group of both the Univision television network and Univision's UniMas network, with television stations in 19 of the nation's top 50 Hispanic markets.
It also operates one of the country's largest groups of primarily Spanish-language radio stations, along with a variety of cross-platform digital content and sales offerings.
Two Entravision radio stations — KLYY in Riverside, Calif., and KLNZ in Phoenix — made HispanicBusiness' list of top 10 Hispanic radio stations for 2013.
Entravision's Class A common stock is traded on the New York Stock Exchange under the symbol EVC.
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