http://online.wsj.com/article/SB122478493122263159.html?mod=yahoo_hs&ru=yahoo
* OCTOBER 23, 2008, 3:46 P.M. ET
N.Y. Times to Review Dividend as Ad Slump Continues
By RUSSELL ADAMS
New York Times Co. said it will consider cutting its dividend as the publisher seeks to free up cash amid accelerating declines in newspaper advertising.
The company revealed its intentions as it reported a 51% decline in net income for the third quarter and said it could write down the value of the Boston Globe and its other New England media properties by as much as $150 million.
Net income was $6.5 million for the quarter, down from $13.4 million in the same period last year. Total revenue declined 8.9% to $687 million.
Also Thursday, Moody’s Investors Service put the company’s debt on review for a downgrade into junk territory in light of a dim outlook for newspaper advertising in 2009 and concerns about future liquidity.
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