Increase Puts Current Times Company Dividend Yield of 4% Far Above S&P 500 and Media Industry
NEW YORK--(BUSINESS WIRE)--March 22, 2007--The New York Times
Company's Board of Directors announced today that it is increasing its
regular quarterly dividend 31 percent to $.23 per share from $.175 per
share.
The dividend is payable on June 13, 2007, to Class A and Class B
shareholders of record on June 1, 2007.
"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 Arthur Sulzberger, Jr., chairman of the Company. "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. Recognizing
that the media marketplace is in the midst of an extraordinary
transformation, we will continue to exercise strong financial
discipline as we execute on our business strategy and allocate
capital. We value our shareholders' support and continue to be focused
on improved performance."
Over the past decade, the Company has raised its dividend at least
once a year. This is the 154th consecutive quarterly dividend paid on
the Company's common stock since it went public in 1969.
The New York Times Company (NYSE: NYT), a leading media company
with 2006 revenues of $3.3 billion, includes The New York Times, the
International Herald Tribune, The Boston Globe, 15 other daily
newspapers, nine network-affiliated television stations, two New York
City radio stations and 35 Web sites, including NYTimes.com,
Boston.com and About.com. The Company's core purpose is to enhance
society by creating, collecting and distributing high-quality news,
information and entertainment.
This press release can be downloaded from www.nytco.com
CONTACT: The New York Times Company
Catherine J. Mathis, 212-556-1981
mathis@nytimes.com
OR
Paula Schwartz, 212-556-5224
schwap@nytimes.com
SOURCE: The New York Times Company
