Gannett Adds Two Directors, Keeps Full Dividend

By: Mark Fitzgerald Gannett Co. Inc. added two directors to its board Thursday, and again declared a 40-cent-per-share quarterly dividend, maintaining the higher level it set in the summer of 2007.

Some newspaper companies, notably The New York Times Co. and The McClatchy Co., have come under pressure to cut dividends and use free cash flow to pay down debt. Gannett raised its dividend 29% to 40 cents a share from 31 in July 2007, noting at the time it was the 39th time it had increased the dividend payout since going public in 1967.

The dividend declared Thursday is payable on Jan. 2, 2009, to shareholders of record as of the close of business on Dec. 12, 2008.

Also Thursday, Gannett added two new directors effective immediately.

Howard Elias is president of EMC Global Services and Resource Management Software Group, and executive vice president of EMC Corporation. He also has worked at Hewlett-Packard Company, Compaq, Digital, AST Research, and Tandy Corporation, Gannett said.

Scott McCune is vice president of Integrated Marketing for The Coca-Cola Company, responsible for the development of worldwide media, licensing, sports and entertainment marketing strategies.