Wednesday, February 25, 2009

US newspaper chain Gannett cuts dividend 90 pct

Newspaper chain Gannett Co Inc (GCI.N) said on Wednesday it would cut its quarterly dividend by 90 percent, to 4 cents per share, in response to the global recession and tightening credit markets.

The largest U.S. newspaper chain and publisher of USA Today said it will use the more than $325 million in free cash flow savings to pay down debt and position itself to "seize opportunities for growth," Chairman and Chief Executive Craig Dubow said in a statement.

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