‘Times’ Cuts Dividend, Battens Down Hatches

More rumblings at the Gray Lady, which announced a 74 percent dividend cut today. As Joe Hagan reported in the magazine recently, such a cut could be a trigger for the company to begin unraveling. More than 50 Sulzberger family members will now have to collectively make do on $6.8 million annually, down from $26 million. How do we know this is important? The trustees released a rare statement calling the cut “very difficult for all shareholders” but “the appropriate and prudent business response” to the current economic climate.