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Paramount Slashes Dividend To Conserve Cash, Preps Simon & Schuster Sale, Cites “Disciplined Approach” To Headcount As Stock Plunges 25%
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deadline.com
deadline.comIn a dividend shocker this morning, Paramout Global said it’s slashing quarterly payouts to 5 cents, so 20 cents, annually — a major drop from about 24 cents a quarter or nearly a buck a year.
It said the move would save it $500 million annually and that it’s important to conserve cash and pay down debt given strong macroeconmic headwinds.
Investors were taken aback. The shares had dipped on the weak quarterly numbers earlier today and took anoter dive – they’re currently down 23%.
Why the cut now? analysts asked on a conference call after the earnings. Yes, broadcast and cable advertising fell 11% last quarter, contributing to flat revenue and red ink.
Read more on deadline.com
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