Gannett Co. is slashing the dividend on its stock for the first time in its history, reports AP. The largest U.S. newspaper publisher, which owns 80 newspapers, including USA Today
, and TV
stations, said the quarterly payment will fall to 4 cents per share, a 90% drop from 40 cents--a level maintained since October 2007. The cut will result in a $325 million annual savings for the
company. Before the reduction, the dividend yield--which is the annual dividend divided by the price of the stock--stood at about 40%. The yield now computes to 4.3%, based on Wednesday's closing
stock price of $3.75.