Most Recent Articles In Memo Pad
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DIVIDEND CUT: In a bid to cut debt and increase liquidity, the New York Times Co.’s board said Thursday that it would cut the company’s quarterly dividend to 6 cents a share, compared with 23 cents a share for the third quarter. “This was a difficult but necessary decision that will provide us with greater financial flexibility in these uncertain economic times,” said chairman Arthur Ochs Sulzberger Jr. In late October, following its last earnings report, Standard & Poor’s lowered the Times’ corporate credit rating to junk status, BB-, a three-notch downgrade. The company’s stock closed Thursday at $5.72, down 9.9 percent.