N.Y. Times Co. Suspends Quarterly Dividend
February 19, 2009 at 3:42 PM (PT)
THE NEW YORK TIMES COMPANY has suspended its quarterly dividend just three months after cutting the dividend from 23 to 6 cents.
"Today's decision provides the company with additional financial flexibility given the current economic environment and the uncertain business outlook," said Chairman ARTHUR SULZBERGER, JR. "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."
The TIMES owns Classical WQXR/NEW YORK.