NEW YORK (AP) — The New York Times Co. is resuming its quarterly dividend, four years after the publisher eliminated the payout during the financial crisis.
The company said Thursday it is paying 4 cents per share on Oct. 24 to shareholders of record as of Oct. 9. New York Times Co. suspended its 6-cent dividend in February 2009. The move saved the company about $35 million a year.
The company has since cut jobs and sold off assets. It is selling The Boston Globe for $70 million. The Times Co. reported a jump in profit in the April-June quarter, lifted by an increase in paid digital subscriptions.
The company's stock has more than tripled since it eliminated the dividend. Times Co. shares rose about 1 percent Thursday to close at $11.54.