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Gannett slashes dividend 90 pct, saving $325M
Gannett is slashing its dividend for the first time in its history. It comes as the largest U.S. newspaper publisher succumbs to the recession's financial squeeze. The cut announced Wednesday will lower the payment to 4 cents per share, a 90 percent drop from 40 cents per share. The dividend had been steadily increasing since Gannett made its first quarterly payment in 1967. Posted by: Fred 2009-02-26 |
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