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New York Times Co Suspends Dividend Altogether

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by Jeff Bercovici
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Feb 19 2009 4:20pm EDT

New York Times Co. Suspends Dividend Altogether

Three months ago, The New York Times Co.'s board of directors decided the paper could no longer afford to pay shareholders a generous 23 cent-per-share dividend. After further consideration, they've decided it can't afford any dividend at all.

The Times. Co. just announced it is suspending its 6 cent dividend. "Today's decision provides the Company with additional financial flexibility given the current economic environment and the uncertain business outlook," said chairman and publisher Arthur Sulzberger Jr.

Times Co. stock opened at $3.73 today and closed at $3.51. □

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