Wednesday, February 25, 2009

There Goes Gannett's Dividend

Not wanting to be left as the only stock in the world distributing its lack of retained earnings to shareholders, and following in the footsteps of such heavyweights as JP Morgan and competitor New York Times, Gannett, which was last seen trying to raise the price of its USA Today paper to parity with Amazon's Kindle, has had enough pampering those ungrateful shareholders who only short it anyway, and cancelled its dividend. Whether this extends the life of its business is questionable - CDS was last trading at an even 1000 bps, roughly where US Sovereign CDS will be trading in about a month. Sphere: Related Content
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