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New York Times Co Slashes Dividend

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by Jeff Bercovici
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Nov 20 2008 4:17pm EDT

New York Times Co. Slashes Dividend

This ought to please those credit-ratings agencies that have been threatening to reduce The New York Times Co.'s debt to junk -- if not so much the Sulzberger scions. The Times Co. just announced a major reduction in its dividend, from 23 cents a share to a mere 6 cents a share.

"This was a difficult but necessary decision that will provide us with greater financial flexibility in these uncertain economic times," said chairman and publisher Arthur Sulzberger Jr. in the announcement. "Most industries are feeling the need to conserve cash and ours is as well, particularly given the secular challenges we face.....We expect that this steep cut in the dividend, coupled with our other actions, will help us decrease debt and improve the liquidity of the Company, a prudent measure in this operating environment.". □

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