Astral Media Increases Dividend, Ups Jacques Parisien To EVP/COO
December 9, 2010 at 5:02 PM (PT)
ASTRAL MEDIA has announced a 50% increase in its annual dividend, raising the payment to C75 cents per share (C37.5 cents/share on an annualized basis) on Class A and B stock.
"During the past year, we continued to outperform the industry in each of our business sectors. This performance, coupled with our financial discipline enabled us to generate $125 million in free cash flow, of which $105 million went to debt repayment, allowing us to maintain a very strong balance sheet," said President/CEO IAN GREENBERG. "In the second half of Fiscal 2010, we saw signs of recovery in the Canadian advertising market and we now turn to the future with the hope that this momentum will carry through in Fiscal 2011. As well, we are confident that the appointment of JACQUES PARISIEN as ASTRAL's Executive Vice-President and Chief Operating Officer announced earlier today will enable us to capitalize on untapped organic growth opportunities."
ASTRAL announced PARISIEN's appointment as EVP/COO earlier THURSDAY. PARISIEN joined ASTRAL in 1994 and has been Group President of ASTRAL RADIO AND OUT-OF-HOME since 2004. He will take over his new duties JANUARY 1st and will remain the head of ASTRAL RADIO.