Sirius Unveils Share Repurchase, Special Dividend
NEW YORK (TheStreet) -- Sirius XM (SIRI) announced a $2 billion share repurchase and a special cash dividend. The company's stock was up more than 2% in pre-market trading.
The 5-cent dividend is payable on Dec. 28 as Sirius becomes the latest tech company to make a dividend move before the end of the year. Last week, for example, database giant Oracle (ORCL) accelerated its upcoming dividend payments ahead of a proposed hike on dividend tax rates from President Obama and the White House.
The total amount of the special Sirius cash dividend is expected to be $325 million.
Liberty Media Corporation (LMCA), which owns 49.8% of Sirius, has indicated that it will take part in the company's share repurchases on a pro-rata basis. This means that its relative interest in the company will not be affected by the program, according to a Sirius press release.
Sirius shares rose 2.5% to $2.84 in pre-market trading. The New York-based firm was also the most active pre-market Nasdaq stock on share volume of 10,221,304. -- Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: tips@thestreet.com.Select the service that is right for you!
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