NZME Limited announced that given the expected investment profile, the Board intends to increase the dividend payout ratio to 50-80% of free cash flow subject to being within its target leverage ratio range of 0.5 to 1 times EBITDA (pre IFRS 16 and excluding exceptional items) and having regard to NZME's capital requirements, operating performance and financial position. This is an increase from the previously advised dividend payout ratio of 30%-50% on the same basis. By way of example, on $30 million of free cash flow, this new dividend payout ratio would result in dividends of between 8 cents and 13 cents per share.