UPDATE 1-New York Times initiates dividend
Sept 19 (Reuters) - The New York Times Co board of directors initiated a quarterly dividend, ending a four-year dry spell for its investors and the family that controls the company.
The company announced on Thursday that it would pay 4 cents per share on Oct. 24 to Class A and Class B stockholders as of the close of business on Oct. 9.
"We are pleased to announce the initiation of this quarterly dividend, which will allow us to return capital to our shareholders while maintaining the financial flexibility necessary to continue to invest in the company's transformation and various growth initiatives," Arthur Sulzberger Jr, chairman of the New York Times Co, said in statement.
The Ochs-Sulzberger family controls the company through Class B shares.
The New York Times suspended the dividend in February 2009 during the financial crisis.