Sad, sad news from NYC, as the New York Times has announced that they're suspending their dividend in order to save cash (link). In November, they reduced the dividend from 23 cents per share to 6 cents per share, but now their shareholders won't get anything for the foreseeable future.
Arthur Sulzberger, Jr. - aka Pinch - said the following in a voluntary statement:
"Today's decision provides the company with additional financial flexibility given the current economic environment and the uncertain business outlook... We expect the suspension of the dividend, coupled with our other actions, will help us decrease debt and improve the liquidity of the company, a difficult but prudent measure in this operating environment."
NYT closed around $3.50. Reports indicate that the newsstand price for a Sunday NYT is $4.00.
Thu, 02/19/2009 - 15:23 · Importance: 4
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