Fisher Communications Inc. (NASDAQ: FSCI) initiated a regular quarterly dividend and declared a special $10 cash dividend as the local-media company looks to boost its value to shareholders.
The company said it plans to launch a quarterly dividend of 15 cents, beginning in the fourth quarter. The payout will cost roughly $5.33 million a year.
Fisher intends to fund the special dividend, which will total about $89 million, with existing cash and investments.
Fisher reported earlier this month its second-quarter profit increased 18% as revenue rose 4.8%.
Based on the current stock price, the special dividend will be a 27% dividend yield. Fisher has a fair value estimate of $45.