Brainy Ideas, Stock Market
New York Times slashes dividend and eyes other cost-cuts
The New York Times is taking the drastic move of cutting its dividend by nearly 3/4ths and will “reevaluate its assets” in order to cope with the industry-wide downturn. A rumor has been circulating for a few months that the Times might cut some of its newsroom staff and this announcement might be a precursor to that.
There has also been speculation that the company might sell off its interests in web property About.com, but this would most likely be a bad move since About is reportedly very profitable. I’m too lazy to check right now so take that for what it’s worth.
[Reuters] New York Times cuts dividend, ‘reevaluates’ assets
I’m really hoping that the NYT will be able to pull themselves together. It’s one of the few newspapers around that still turn out a really intelligent paper day after day, and God knows we can rely on the blogosphere to pick up those pieces!
Amen to that!
[...] a poorly-timed memo just days after the company slashed its dividend, The New York Times will be offering employees company stock on-the-cheap. The marked-down stock is [...]
[...] move was a long time coming for the old gray lady, which has had to cut stock dividends, freeze wages, and mortgage its headquarters in order to deal with plummeting [...]