Posted on 02/19/2009 2:04:06 PM PST by abb
The New York Times Co. said Thursday its board has decided to suspend the newspaper publisher's quarterly dividend in a move to preserve cash as advertising spending continues to decline amid the recession.
The suspension of the payout comes after New York Times slashed its dividend to 6 cents from 23 cents in November.
"Today's decision provides the company with additional financial flexibility given the current economic environment and the uncertain business outlook," said Arthur Sulzberger, Jr., chairman, in a statement. "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."
Last month, the Times company, which publishes the Times, The Boston Globe, the International Herald Tribune and 16 other daily newspapers, said its fourth-quarter earnings plunged 48 percent and online sales fell for the first time as the recession depressed spending by advertisers. The results still beat analyst estimates.
The Times also has said it is working with investment firm Goldman Sachs to explore a sale of its 17.8 percent stake in New England Sports Ventures, which owns the Boston Red Sox baseball team, Fenway Park, a portion of a cable sports network and other properties.
Like other newspaper companies, the Times has suffered from plunging ad revenue as the recession exacerbates weaknesses from the migration of readers to the Internet. The housing slump, decline in auto sales and mounting layoffs in many industries has done away with much help-wanted, real estate and automotive classified ads as well.
The Times has been trying to raise $225 million from its new, 52-story midtown Manhattan headquarters, either by selling the building and leasing it back or borrowing against it.
The company's shares closed down 20 cents at $3.51.
(Excerpt) Read more at biz.yahoo.com ...
ping
Quick, send the NYT some bailout dollars!
or not.
Sweet. Every day or week brings another grim news for the NYT. It’s so pleasurable to watch their slow but steady death.
http://www.marketwatch.com/news/story/new-york-times-co-suspends/story.aspx?guid={03AD7E95-FD79-477C-B45C-8367C13804F5}&siteid=yhoof
New York Times Co. suspends dividend
http://mediamemo.allthingsd.com/20090219/new-york-times-battens-hatches-drops-dividend/?reflink=ATD_yahoo_ticker
New York Times Battens Hatches, Drops Dividend
http://biz.yahoo.com/bw/090219/20090219006156.html?.v=1
The New York Times Company Board of Directors Suspends Dividend
http://online.wsj.com/article/SB123508027632626661.html
New York Times Suspends Quarterly Dividend
http://www.nytimes.com/2009/02/20/business/media/20times.html?_r=1&ref=business
Times Suspends Dividends to Shareholders
Here’s my four point plan to put them on the road to success and a return to profitability:
More front page spreads on Obama’s pec’s
More slobbering centerspreads about Michelle’s exquisite fashion taste
More front page, above the fold stories about Sarah Palin not turning in her second grade homework on time
A weekly series of in depth looks at the women who dream about carnal relations with Obama
All kidding aside, since the drive-bys made Hussein el presidente, methinks there is a better than even chance it will happen.
The NYT would counsel a cash short government to simply raise taxes.
Why doesn't the NYT follow their own advise and simply raise the price of their paper? Double the price of the NYT newspapers and it's more dividends, raises, benefits, vacations and early prosperous retirement for all.
/S
God, I want to see Frank Rich panhandling with a paper cup. The Times deserves to fall flat on their ass. The way they wiped Obama’s ass was truly obscene.
Raoul's Second Law of Journalism
Ignoring Bias = Bankruptcy
Many institutional investors are forbidden from owning stocks that do NOT pay a dividend..
Where’s the Times own article about itself?
DIE MF’er DIE!
Maybe Carlos Slim Shady can get some dinero from the Mexi-Narcos...they seem to be loaded (in many ways)
post #7
Here's something to arm the cockles of your heart. In May 2007, the Times' ANNUAL dividend was 92 cents per share. It's quite possible that within a few short months, the price per share will be LOWER than what the annual dividend was in May '07..
Way to go Pincherooo...you really earned your bonus..
http://gannettblog.blogspot.com/
Urgent: Gannett shares fall 5%, closing below $4; market value sinks to $881M; yield now at 41.4%
Well, now we know how Stanford was paying those high yields on CDs..he was buying Gannett stock ..
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