The McClatchy Co. (NYSE: MNI) was the only newspaper company announcing any potentially market-moving news Wednesday. Just before the 4 p.m. EST closing, McClatchy announced it would pay a fourth-quarter dividend. The payout of 9 cents a share is the same as its Q3 dividend, which was half the amount paid in prior quarters. There had been speculation that McClatchy, which has said it intends to get its debt down to $2 billion by the end of the year, might eliminate the dividend. MNI closed at $2.15, up 12 cents, or 5.9%.
Thursday, December 4, 2008
McClatchy declares 9 cent dividend, Wall Street likes the move
Fitz and Jen:
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Wall Street likes the move? LOL Yeah, right up till the 11th.
Press Release...Howard Weaver to retire.
Yeah, until Fitch came out this morning and declared MNI junk:
Fitch rates the debt of two newspaper companies, The McClatchy Co. and Tribune Co. as junk, with serious possibilities of default. It also assigns a negative outlook to both the companies and the newspaper sector, meaning their credit ratings are likely to deteriorate further.
Howard Weaver: best news I heard today. Saves $500,000 a year, indicates that overdue cuts now underway in Sacto. I think Weaver only 55
Weaver I think is 58.
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