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Times Co. Suspends Its Dividend to Raise Cash

What You Should Have Read, Feb. 20, 2009

Published on .

Times Co. Suspends Its Dividend to Raise Cash

The New York Times reports on itself about the company's decision to suspend dividend payments to shareholders for the first time in four decades as a publicly traded company, another in a series of concessions because of sharply lower newspaper revenue. The decision by the board pre-empts a dividend payment that, on the usual schedule, would have been paid later this month. "Today's decision provides the company with additional financial flexibility given the current economic environment and the uncertain business outlook," the company chairman, Arthur Sulzberger Jr., said in a statement. The decision has raised questions about whether the move will unsettle extended Sulzberger family members who are the primary beneficiaries of the dividend payments, and if the move will ultimately endanger the family's long legacy of owning the newspaper.

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