Subsequent Event

12 Months Ended

Dec. 26, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Quarterly Dividend and New Share Repurchase Program

In February 2022, our Board of Directors approved a quarterly dividend of $0.09 per share on our Class A and Class B common stock, an increase of $0.02 per share from the previous quarter. The dividend is payable on April 21, 2022, to all stockholders of record as of the close of business on April 6, 2022.

The Board of Directors also approved a $150 million Class A stock repurchase program in February 2022. Class A shares may be purchased from time to time as market conditions warrant, through open market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares primarily to offset the impact of dilution from our equity compensation program, but subject to market conditions and other factors, we may also make opportunistic repurchases to reduce share count. There is no expiration date with respect to this authorization. The new authorization replaces the previous authorization under which approximately $16.2 million remained at the time it was replaced.

Acquisition of The Athletic Media Company

On February 1, 2022, we completed the acquisition of The Athletic Media Company, a global digital subscription-based sports media business that provides national and local coverage of more than 200 clubs and teams in the U.S. and around the world, for an all-cash purchase price of $550 million, subject to customary closing adjustments. The purchase price was funded from cash on hand.