NYT Suspends Dividend; Even 6 Cents Per Share Was Too Much

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Now The New York Times Company (NYSE: NYT) will see how much support it really has from its non-employee family shareholders: the board of directors voted today to suspend the quarterly dividend for Class A and Class B shares. (The family trustees say full support; see the statement below.) It’s all about keeping as much cash as possible in an increasingly tough ad market — and an even tougher credit market. The decision follows last quarter’s dividend cut to $0.06 from $0.23 in Q308.

The explanation from NYTCo Chairman Arthur Sulzberger, Jr.: “Today

2 Comments

David Lewenz

Why on earth, the board of directors has not implemented a online subscription system as wsj.com has done, is beyond my comprehension. With four to five million viewers a day, $50 dollar a year subscription can go a long way to pay down the bond holders.

jenkins

This company is completely desperate right now. The morale must be incredibly low.

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