Skip to comments.Gannett slashes quarterly dividend by 90% (Dinosaur Media DeathWatch™)
Posted on 02/25/2009 2:23:50 PM PST by abb
Gannett Co. (GCI) said late Wednesday its board cut the quarterly dividend to 4 cents from 40 cents because of the recession and stale credit markets. The newspaper operator hopes to use the annual savings of $325 million to pay down debt. The dividend is payable April 1 to shareholders of record as of March 6.
(Excerpt) Read more at marketwatch.com ...
Gannett slashes dividend 90 pct, saving $325M
Gannett Cuts Dividend 90%; So Much For The 44% Yield
Singleton Watching ‘SF Chronicle’ Situation ‘With Interest’
My rant for the day
Hearst, MediaNews: You can invent the future in San Francisco
Anyone dumb enough to own stock in the dinosaur media deserves zero dividends.....
...... then to lose all of the capital.
Gannett Board Slashes its Dividend
“Gannett Board Slashes its wrists over dividend”
thats going to leave a mark. I bet the Gannett union retirement account had bucket loads of their own stock too
$325 million will make a dent in their debt. They should have been doing this long ago.
From 12/31/07 to 12/31/08, their revenues declined $670 million.
The water’s coming in faster than they can bail.
Coupons May Be One More Revenue Source of Worry
Report: Kansas City Star to cut 30 postions in addition to closing 3 of 4 bureaus
I’m tempted of buying stocks in the New York times, just so I can be filled with glee every time I look at my portfolio.
Darkness On the Hudson
I remember once sitting in a park in Salem, Oregon, talking to a real nice guy about his prospects at the Statesman-Journal newspaper. He told me that there was no chance for advancement for him at the Statesman-Journal because Gannett made it clear to management that only minorities and women would be able to advance up through the system, and he had the wrong skin tone and gender. A really nice guy, one of the few conservatives in the journalism business when I was working there.
Anyway, when I see this news about Gannett stock, I experience intense shadenfreude. The death of Gannett will lead to a funeral with a small number of mourners.
I live in Ruston, LA. The Monroe, LA News-Star is circulated here and so is the Shreveport Times. When Gannett folds, I intend to go to Monroe and/or Shreveport some dark night and pee on their parking lot.
The Washington Times | February 25, 2009 | Greg Pierce
Posted on 02/24/2009 8:22:25 PM PST by Delacon
Troubled San Francisco paper in danger of closing
[San Francisco Chronicle is dying]
AP | 2009-02-24
Posted on 02/25/2009 12:41:41 PM PST by rabscuttle385
Thanks a million potlatch. Just simply perfect.
Hey, I’m glad you both like it. Thanks for the good words!
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