New York Times Co. pays dividend for first time since 2008
The New York Times | The New York Times Co. | Bloomberg News
The New York Times Co. will pay shareholders a four-cent-per-share dividend next month, the company announced Thursday. It's the first time since the end of 2008 that the company has made such a payment to its shareholders, Christine Haughney reports.
The dividend "will allow us to return capital to our shareholders while maintaining the financial flexibility necessary to continue to invest in the company’s transformation and various growth initiatives," Times Co. Chairman Arthur Sulzberger Jr. said in a statement.
Members of the Ochs/Sulzberger family, who control ownership of the Times via one class of stock, have pushed for dividends to resume, Edmund Lee reports: "If the dividend remains at 4 cents a share, the family’s 13 percent stake in the company would give it $774,163 each quarter, or $3.1 million annually from the dividends."