As everyone knows, there is no money in the newspaper business which is why massive, ongoing layoffs are inevitable.
Except, not. From the Chicago Tribune:
Tribune Publishing to pay $56 million special cash dividend to shareholders-- 30 --
Its coffers still full from last year’s sale of the Los Angeles Times, Chicago-based Tribune Publishing announced Thursday it will pay a special cash dividend of $56 million to shareholders.
It will be the first dividend paid to shareholders since Tribune Publishing spun off in August 2014 as a stand-alone company and significantly shrinks a cash pile that made it both a potential buyer of other media properties and an acquisition target.
The company, which owns the Chicago Tribune and other major newspapers, had $98.2 million in unrestricted cash at the end of the first quarter, according to financial reports. Between the upcoming dividend payment and other recent expenses, the projected cash balance would be about $25 million.
“Over the past year, we have taken advantage of opportunities to sell assets at favorable prices,” David Dreier, chairman of Tribune Publishing, said in a news release Thursday. “The payment of a special cash dividend underscores the company’s financial strength and commitment to returning capital to shareholders.”...
Behold, a Tip Jar!
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