The New York Times Company (NYSE:NYT) announced today that its Board of Directors approved a dividend of $.04 per share on the Company’s Class A and Class B common stock to be paid on October 24, 2013, to all shareholders of record as of the close of business on October 9, 2013.
Arthur Sulzberger, Jr., chairman of The New York Times Company, said: “We are pleased to announce the initiation of this quarterly dividend, which 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.”
Mark Thompson, president and CEO of The New York Times Company, added: “The Board concluded that the strength of our balance sheet justified the restoration of a dividend. Given the expectation of continued volatility in advertising revenue and the fact that our growth strategy is at an early stage of development, we will maintain a prudent view of both the balance sheet and free cash flow.”
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. These risks and uncertainties include national and local conditions, as well as competition, that could influence the levels (rate and volume) of circulation and advertising generated by the company’s various markets and the development of the company’s digital businesses. They also include other risks detailed from time to time in the company’s publicly filed documents, including the company’s Annual Report on Form 10-K for the year ended December 30, 2012. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.The New York Times Company, a leading global, multimedia news and information company with 2012 revenues of $2.0 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, NYTimes.com, BostonGlobe.com, Boston.com and related properties. The company’s core purpose is to enhance society by creating, collecting and distributing high-quality news and information. This press release can be downloaded from www.nytco.com