New York Times Boosts Dividend

New York Times(NYT Quote) threw a bone to shareholders Thursday and announced a 31% increase in its quarterly dividend.

The publisher said it will pay a dividend of 23 cents a share to both its Class A and Class B shareholders.

"This dividend increase, which is another important step in creating value for our shareholders, puts our dividend yield and payout ratio significantly above that of the S&P 500 and others in our industry," said Chairman Arthur Sulzberger Jr. "The strong cash flow of the company and our current financial position, with the upcoming sale of our broadcast unit and radio station, give us the ability to return more capital to shareholders." ...