GCI shares plunge; NYT slashes dividend 74%

Gannett’s stock dived again today, closing at $6.09 a share, down 72 cents, or 11% — the second consecutive day of steep losses. That boosted the stock’s dividend yield further into nosebleed territory: 26%.

Meanwhile, the New York Times Co. announced late today that it’s slashing its dividend — and its yield had only reached 16%. That’s likely going to put more pressure on Gannett’s board of directors to rethink GCI’s dividend payout.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: