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: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV