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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2019
Subsequent Events Abstract  
Schedule Of Subsequent Events Text Block

16. SUBSEQUENT EVENTS

 

Events occurring after June 30, 2019, and through the date that these consolidated financial statements were issued, were evaluated to ensure that any subsequent events that met the criteria for recognition have been included and are as follows:

 

On July 19, 2019, the Company acquired Pineapple Street Media, a company that creates and produces podcasts, for $18 million, less certain working capital and other credits. The initial accounting for this acquisition is incomplete due to the proximity of the acquisition date to the time of this filing. The Company is unable to provide the amounts recognized as of the acquisition date. This information will be included in future filings.

 

On August 9, 2019, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.02 per share of common stock to be paid on September 13, 2019 to the shareholders of record as of August 29, 2019. This dividend represents a reduction of $0.07 from the Company’s previous quarterly dividend of $0.09 per share. The Board of Directors directed the Company to reallocate the approximately $39.0 million of capital freed up on an annual basis by this action to repurchase its shares under the 2017 Share Repurchase Program and to accelerate deleveraging.