The Ochs-Sulzberger family's dilemma over The New York Times Co. grew starker this week, as the company finally cut the dividend that provides big chunks of their income and the stock price plummeted further. Shares in the Times Co. fell 6.64% today to close at $5.34. That's a 66.8% decline in one year.
Slashing the quarterly dividend to 6 cents from 23 cents will help the company save cash, reduce debt and improve its liquidity. It's a move that observers called for long ago, only to see the company increase the dividend last year to 23 cents from 17.5 cents.
"When they increased it last year, I thought it was a mistake, but I thought strategically the reason they did it was they were trying to separate themselves out of the pack," said Ken Doctor, a newspaper veteran turned media analyst for Outsell, the research and advisory firm. "They were saying we're a premium newspaper company. But events overwhelmed them."...
I'd rather be in liberated territory, actually.
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The MSM didn't die. I committed suicide. And owners, corporate officers and boards of directors through their greed, negligence and arrogance, held the gun.
You are tagged. Please forgive me. It's not all that bad.
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