By Emmanuel Oluebube, Senior Correspondent, UK

Paramount Global (PARAA) has  announced that its Board of Directors has declared a quarterly cash dividend of US$0.05 per share on both its Class A and Class B Common Stock. The dividend will be payable on July 3, 2023, to stockholders of record at the close of business on June 15, 2023.

Cyber Era NG gathers that at the same time, the Board of Directors also declared a quarterly cash dividend of US$1.4375 per share on its 5.75 per cent Series A Mandatory Convertible Preferred Stock. The dividend will be payable on July 3, 2023, to stockholders of record at the close of business on June 15, 2023.

CEO Mike Fries stated, “Our Q1 performance demonstrates that the need for reliable high-quality  connectivity remains strong across our footprint. This commercial momentum supports our commitment  to investing in our market-leading fixed and mobile networks and driving product innovation to ensure  an exceptional customer experience. While Q1 saw an anticipated step up in the impact of energy and  labour costs on our core FMC businesses, we are taking reasonable price adjustments to sustain robust operating margins alongside digital initiatives and continued synergies. As a result, we are in a strong  position to deliver for our shareholders in 2023, supported by our ample liquidity2 and our 10 per cent minimum  buyback commitment.

In Q1 we continued to grow our aggregate  broadband and postpaid mobile base delivering 90,000 net  new subscribers, supported by broadband additions in the U.K., Switzerland and Belgium as well as  continuing positive postpaid mobile trends. On the financial front, we reported stable revenue growth  with a diverse revenue mix at each operating company. Our Adjusted EBITDA trends were affected by  the anticipated phasing that we flagged for investors in February related to the timing of price increases  and cost inflation impacts. We recently announced a price rise at Sunrise in Switzerland and now have  price increases planned in all our markets that will support Adjusted EBITDA through the rest of the year.

The first quarter was active on the strategic front. We announced our intention to buyout the remaining  publicly traded stake in Telenet at a bid price of €22 per share, with unanimous support of Telenet’s  management and its board of directors. This transaction offers an attractive premium for Telenet  shareholders to monetize their investment. Additionally, we are proposing a change in the jurisdiction of  our parent company from England & Wales to Bermuda. This would enable us to have US-style  governance that aligns with our US listing and our largely US shareholder base. The principal reason  for the proposal is to facilitate future shareholder value creation by moving away from complex English  corporate laws and into a jurisdiction that makes it substantially easier to facilitate future share buybacks and self-tender offers, spin-offs and split-offs and other similar transactions. Shareholder  approval is required to effect the change, and we have filed a preliminary proxy statement describing  the proposals in greater detail. This transaction is not tax driven, and if approved, the transaction will  have no impact on the day-to-day operations or any of our commitments in the UK and the rest of  Europe where we remain a substantial employer and service provider.

We are on track for all 2023 full-year guidance metrics at our operating companies and $1.6 billion of  Distributable Cash Flow(i) at Liberty Global. This is supported by shareholder distributions from our joint  ventures in the UK and the Netherlands and Adjusted Free Cash Flow from our consolidated operating companies in Switzerland and Belgium. Even after several investments in the quarter, our balance  sheet remains strong with ~US$4 billion of cash(ii) of which US$2.8 billion is corporate cash(ii). We plan to  replenish the spent cash throughout the year as we generate substantial Distributable Cash Flow from our OpCos and potentially benefit from certain asset sales from our Ventures portfolio. In addition, our  stock continues to offer attractive value at current price levels. We have repurchased US$330 million of  stock year-to-date and will consider accelerating purchases through the balance of the year.”