New York Times Co. reinstates dividend

AP News
Posted: Sep 19, 2013 6:31 PM

NEW YORK (AP) — The New York Times Co. is resuming its quarterly dividend, four years after the publisher eliminated the payout during the financial crisis.

The company said Thursday it is paying 4 cents per share on Oct. 24 to shareholders of record as of Oct. 9.

New York Times Co. suspended its 6-cent dividend in February 2009. The move saved the company about $35 million a year.

The company has since cut jobs and sold off assets. It is selling The Boston Globe for $70 million.

The Times Co. reported a jump in profit in the April-June quarter, lifted by an increase in paid digital subscriptions.

The company's stock has more than tripled since it eliminated the dividend. Times Co. shares rose about 1 percent Thursday to close at $11.54.