Publishing house New York Times cancels dividend for the first time
The publicly traded U.S. publishing group centered around The New York Times has suspended its dividend for the first time in four decades due to its financial problems. The move gives the company more flexibility in light of the uncertain outlook, publisher Arthur Sulzberger announced Thursday evening.
The publicly listed US publishing group around the New York Times has
has canceled its dividend for the first time in four decades in view of its financial problems. The traditional group is feeling the effects of the newspaper crisis ever more keenly and has seen its profits slashed in half due to falling advertising revenues.
According to SDA, the New York Times Company had already massively reduced its dividend in November. By discontinuing the payout, it will save another 34.5 million dollars per year. The move gives the Group more leeway in view of the uncertain outlook, as publisher Arthur Sulzberger announced on Thursday evening. The group currently wants to divest itself of investments in US baseball, for example. The recently built headquarters in the heart of New York is to be sold and leased back.
The group also includes the Boston Globe and International Herald Tribune.
has canceled its dividend for the first time in four decades in view of its financial problems. The traditional group is feeling the effects of the newspaper crisis ever more keenly and has seen its profits slashed in half due to falling advertising revenues.
According to SDA, the New York Times Company had already massively reduced its dividend in November. By discontinuing the payout, it will save another 34.5 million dollars per year. The move gives the Group more leeway in view of the uncertain outlook, as publisher Arthur Sulzberger announced on Thursday evening. The group currently wants to divest itself of investments in US baseball, for example. The recently built headquarters in the heart of New York is to be sold and leased back.
The group also includes the Boston Globe and International Herald Tribune.
