ENGLEWOOD, CO (STL.News) Qurate Retail, Inc. (“Qurate Retail”) (Nasdaq: QRTEA, QRTEB, QRTEP) today announced that its Board of Directors declared a special cash dividend in the amount of $1.50 per common share, for an aggregate dividend of approximately $626 million, payable in cash on December 7, 2020 to stockholders of record of Qurate Retail’s Series A and Series B common stock at the close of business on November 30, 2020. Additionally, Qurate Retail’s Board of Directors announced the commencement of its buyback program for Qurate Retail’s Series A common stock. The outstanding repurchase authorization for Qurate Retail is approximately $497 million. The specific timing and amount of actual future share repurchases will vary based on market conditions, securities law limitations and other factors. The repurchases will be made using Qurate Retail’s cash and cash equivalents, and the buyback program may be suspended or discontinued at any time without prior notice.
“We are pleased to announce further actions that deliver free cash flow to our shareholders: a one-time cash dividend and the commencement of repurchases of our shares. We have continued confidence in the strength of the business and believe this is an efficient return of capital while maintaining our stated leverage target,” said Greg Maffei, Qurate Retail Chairman.
Qurate Retail also announced today that its Board of Directors declared a quarterly cash dividend of $2.01643836 per share of 8.0% Series A Cumulative Redeemable Preferred Stock (the “Preferred Stock”), payable in cash on December 15, 2020, to stockholders of record of the Preferred Stock at the close of business on November 30, 2020.