Gannett Announces Quarterly Dividend
McLEAN, VA – Gannett Co., Inc.’s (NYSE: GCI) Board of Directors today declared a quarterly dividend of 4 cents per share, payable on April 1, 2009 to shareholders of record as of the close of business March 6, 2009. This is a reduction from the first quarter dividend rate of 40 cents per share.
“Today’s action by the Board is another prudent response to the full-fledged recessions in the U.S. and UK and the continuing difficulties in the credit markets”, said Craig A. Dubow, chairman, president and chief executive officer.
“The reallocation of more than $325 million of free cash flow annually to pay down debt will further strengthen our balance sheet, provide us with even more financial flexibility and position us well to continue to seize opportunities for growth. This dividend represents the 163rd consecutive dividend paid by the company since 1967.”
Gannett Co., Inc. is a leading international news and information company that publishes 85 daily newspapers in the USA, including USA TODAY, the nation’s largest-selling daily newspaper. The company also owns nearly 900 non-daily publications in the USA and USA WEEKEND, a weekly newspaper magazine. Gannett subsidiary Newsquest is the United Kingdom’s second largest regional newspaper company. Newsquest publishes 17 daily paid-for titles, more than 200 weekly newspapers, magazines and trade publications, and a network of award-winning Web sites. Gannett also operates 23 television stations in the United States and is an Internet leader with sites sponsored by its TV stations and newspapers including USATODAY.com, one of the most popular news sites on the Web.
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