Looking to conserve cash, Comscore has asked the preferred stockholders who helped refinance the company to put off dividend payments.
The preferred stock was issued in 2021 to Charter Communications, Quarate Retail and Cerberus and enabled the media measurement company to wipe out its $204 million in debt. (Quarate later sold its stock to Liberty and Cerberus.)
The dividends on the preferred stock come to about $15.5 million annually.
During the second quarter of 2024, Comscore had a net loss of $1.05 million, Including $4.2 million in dividend payments, Comscore’s net loss available to common shareholders rose to $5.3 million.
In a filing with the Securities and Exchange Commision each holder of Comscore’s Series B Convertible Preferred stock waived its right to receive annual dividends payable on June 30.
They waived the right at Comscore’s request, the filing said.
The deferred dividend will continue to accrue at a rate of 9.5% per year.
The dividend is now due July 31, 2024.
“The company is working with its Series B holders to resolve the outstanding dividend balance prior to the July 31 deadline,” Comscore said in a statement.
