Clear Channel Returns More Cash to Shareholders

With the announcements above, Clear Channel also said it will pay a special dividend of $3 per share pending completion of the IPO of Clear Channel Outdoor and the spin-off of Clear Channel Entertainment.
It also announced a 50% increase in its quarterly dividend, from $0.125 per share (50 cents per share annually) to $0.1875 per share (75 cents per share annually).
“The company believes that it will continue to generate substantial free cash flow. Accordingly, the Board of Directors of the Company believes that it is appropriate to return a larger portion of this cash flow directly to investors,” it stated. “While the increase in the Company’s regular dividend is substantial, the absolute amount will still fall well within the financial capabilities of the Company.”