pimg class="float_right" src="/~~/f?id=490200ec796c7a3d006cb27emaxX=290maxY=155" border="0" alt="Titanic.jpg" title="Titanic.jpg" width="290" height="155" /After the market closed today a href="http://biz.yahoo.com/bw/081120/20081120006262.html?.v=1"the New York Times announced it would cut its dividend/a from 23 cents a share to 6 cents, which will save the company $97.8 million a year. Lord knows a href="http://www.alleyinsider.com/2008/11/cash-crunch-at-new-york-times-nyt-400-million-due-in-may"they need the cash/a. It probably would have been wise to cut the dividend to zero, but this is still a big step in the right direction. The stock now sits at $5.72 a share./p pstrongFull Release:/strong/p pThe New York Times Company's Board of Directors today declared a quarterly dividend of $.06 per share on the Company's Class A and Class B common stock, down from $.23 per share in the third quarter of 2008. The dividend is payable on December 15, 2008, to shareholders of record on December 1, 2008./p p'This was a difficult but necessary decision that will provide us with greater financial flexibility in these uncertain economic times,' said Arthur Sulzberger, Jr., chairman of the Company. 'Most industries are feeling the need to conserve cash and ours is as well, particularly given the secular challenges we face. Throughout our history, we have successfully weathered difficult periods by maintaining our brand promise of providing high-quality journalism. In order to continue to do so, we have taken decisive steps to reduce capital spending, lower operating costs and re-evaluate our assets. We expect that this steep cut in the dividend, coupled with our other actions, will help us decrease debt and improve the liquidity of the Company, a prudent measure in this operating environment.'/p pa href="http://feedads.googleadservices.com/~a/OY7Dun_QRI-HSVRRPzsdg8S_d-A/a"img src="http://feedads.googleadservices.com/~a/OY7Dun_QRI-HSVRRPzsdg8S_d-A/i" border="0" ismap="true"/img/a/pdiv class="feedflare" a href="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?a=FrU9SHoG"img src="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?i=FrU9SHoG" border="0"/img/a a href="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?a=QcooVXu0"img src="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?d=52" border="0"/img/a a href="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?a=Vf6YmPJN"img src="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?d=80" border="0"/img/a a href="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?a=imAajFbE"img src="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?i=imAajFbE" border="0"/img/a a href="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?a=LGPw6ria"img src="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?d=131" border="0"/img/a a href="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?a=4ZBEoCas"img src="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?d=336" border="0"/img/a a href="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?a=eJrsblRR"img src="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?d=41" border="0"/img/a a href="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?a=2KyeCRMG"img src="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?d=50" border="0"/img/a /divimg src="http://feedproxy.google.com/~r/typepad/alleyinsider/silicon_alley_insider/~4/Ou4lfAYtSS4" height="1" width="1"/

pThe worsening media economy has forced the New York Times Co (a href="http://finance.paidcontent.org/paidcontent?Page=QUOTETicker=NYT" class="ticker" title="NYT"NYSE: NYT/a). to reduce the dividend it pays to shareholders, ending a weeks of speculation about wb/bhen it would do so.nbsp; Board of Directors today declared a quarterly dividend of $.06 per share on the Company's Class A and Class B common stock, down from $.23 per share in the third quarter of 2008. While some of the family members who were a href="http://www.paidcontent.org/entry/419-earnings-call-nytco-exploring-dividend-cuts-could-affect-payout-to-fami" title="previously getting"previously getting/a $25 million on the $.23 per share dividend will likely complain, many analysts will feel that the cut didn't go far enough. The company had been under increasing pressure to rein in costs. Alluding to a iNew York /imagazine profile of the Sulzberger family last month, a href="http://www.paidcontent.org/entry/419-nyt-so-far-the-vaccine-against-bancroft-itis-is-working-with-the-sulzbe" title="we noted"we noted/a the dividend—which was raised 31 percent last year—that a cut in the dividend could cause the kind of revolt that spurred the members of the Bancroft family to sell their controlling interest in Dow Jones to News Corp (a href="http://finance.paidcontent.org/paidcontent?Page=QUOTETicker=NWS" class="ticker" title="NWS"NYSE: NWS/a). /p p -- b"Difficult, but necessary"/b: In a a href="http://phx.corporate-ir.net/phoenix.zhtml?c=105317p=irol-pressArticleID=1228939highlight=" title="statement"statement/a, NYTCo chairman Arthur Sulzberger, Jr., called it a "a difficult but necessary decision." He added: "We expect that this steep cut in the dividend, coupled with our other actions, will help us decrease debt and improve the liquidity of the Company, a prudent measure in this operating environment." /p p -- bOctober revs drop/b: As if the company needed more evidence as to why they had to lower the dividend... Last month, revenues from continuing operations fell 9.4 percent as ad revenues took another battering, dropping 16.2 percent. On the plus side, circ dollars were up a slight 3.9 percent. Online was up 5.3 percent, a far cry from October '07's 19 percent rise. a href="http://phx.corporate-ir.net/phoenix.zhtml?c=105317p=irol-pressArticleID=1228942highlight=" title="Release"Release/a iMore after the jump/i /pp-- bInternet Businesses/b: Total web revs grew 4.3 percent, while money from internet ad sales rose 4.6 percent in October. The online businesses include NYTimes.com, About.com, Boston.com and other websites. In total, online accounted for 12.1 percent of total revs in October, a slight uptick from the 10.5 percent last year. /p p -- Year-to-date, the company's total online revs rose 9.6 percent, while web-related ad dollars jumped 13.4 percent. In 2008 so far, the NYTCo's internet businesses comprised 11.9 percent of total revenues for year-to-date October 2008 compared with 10.1 percent for the same period in '07. /p p -- bNews Media Group's/b ad revs slid 17.2 percent due to continued weakness in print advertising. Within that division, The New York Times Media Group's ad dollars fell 15.3 percent, dragged down by increased softness classifeds, particularly real estate and jobs.nbsp; /p pstrongRelated/strong/p ul class="related" lia href="http://www.paidcontent.org/entry/419-nyt-so-far-the-vaccine-against-bancroft-itis-is-working-with-the-sulzbe" title="NYT: So Far, The Vaccine Against Bancroft-itis Is Working With The Sulzberger Fifth Gen"NYT: So Far, The Vaccine Against Bancroft-itis Is Working With The Sulzberger Fifth Gen/a/li /ul piOur streamlined mobile application for the BlackBerry and other smart devices brings you the latest headlines quickly on the go. a href="http://m.paid.mwap.at/"Click here to download/a./i /p pa href="http://feeds.feedburner.com/~a/pcorg?a=0T7pEq"img src="http://feeds.feedburner.com/~a/pcorg?i=0T7pEq" border="0"/img/a/pdiv class="feedflare" a href="http://feeds.feedburner.com/~f/pcorg?a=LaL0N"img src="http://feeds.feedburner.com/~f/pcorg?i=LaL0N" border="0"/img/a a href="http://feeds.feedburner.com/~f/pcorg?a=QIJzN"img src="http://feeds.feedburner.com/~f/pcorg?i=QIJzN" border="0"/img/a a href="http://feeds.feedburner.com/~f/pcorg?a=kkakn"img src="http://feeds.feedburner.com/~f/pcorg?i=kkakn" border="0"/img/a a href="http://feeds.feedburner.com/~f/pcorg?a=sGGzN"img src="http://feeds.feedburner.com/~f/pcorg?i=sGGzN" border="0"/img/a a href="http://feeds.feedburner.com/~f/pcorg?a=Wz5ZN"img src="http://feeds.feedburner.com/~f/pcorg?i=Wz5ZN" border="0"/img/a /divimg src="http://feeds.feedburner.com/~r/pcorg/~4/460092417" height="1" width="1"/

(Reuters) - The U.S. financial system still needs at least $1 trillion to $1.2 trillion of tangible common equity to restore confidence and improve liquidity in the credit markets, Friedman Billings Ramsey analyst Paul Miller said.div class="feedflare" a href="http://feeds.reuters.com/~f/reuters/topNews?a=GA8x0018"img src="http://feedproxy.google.com/~f/reuters/topNews?d=41" border="0"/img/a a href="http://feeds.reuters.com/~f/reuters/topNews?a=08WnQ0Kc"img src="http://feedproxy.google.com/~f/reuters/topNews?i=08WnQ0Kc" border="0"/img/a a href="http://feeds.reuters.com/~f/reuters/topNews?a=o4PfImSK"img src="http://feedproxy.google.com/~f/reuters/topNews?i=o4PfImSK" border="0"/img/a /divimg src="http://feedproxy.google.com/~r/reuters/topNews/~4/Bzh_0HVOqiQ" height="1" width="1"/