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New York Times suspends dividend
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NEW YORK (AP) - The board of The New York Times Co. has decided to suspend the newspaper publisher's quarterly dividend in a move to preserve cash as advertising spending continues to decline amid the recession.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The suspension of the payout comes after New York Times slashed its dividend to 6 cents from 23 cents in November.
"Today's decision provides the company with additional financial flexibility given the current economic environment and the uncertain business outlook," said Arthur Sulzberger, Jr., chairman, in a statement. "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."
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
