By: E&P Staff
Gannett’s board of directors declared a quarterly dividend of 40 cents per share, payable on Oct. 1 to shareholders of record as of Sept. 12.
Many of Gannett’s peers have indicated they’re pondering their dividend strategies going forward. In a statement, Gannett’s Chairman, President, and CEO Craig Dubow indicated the company will keep paying out dividends but will unlikely raise the payout.
“With a substantial current dividend yield of 9%, and in view of the challenging business and economic environment, we have decided not to increase our dividend at this time,” he said. “Our strong cash flow and solid financial position enable us to maintain our ongoing commitment to return value to our shareholders.”