New York Times Co. reinstates dividend

NEW YORK (AP) — The New York Times Co. is resuming its quarterly dividend, four years after the publisher eliminated the payout during the financial crisis.

The company, which publishes The New York Times, said Thursday it is paying 4 cents per share on Oct. 24 to shareholders of record as of Oct. 9.

New York Times Co. suspended its 6-cent dividend in February 2009. The move saved the company about $35 million a year.

The company has since cut jobs and sold off assets. It is selling The Boston Globe for $70 million.

The Times Co. reported a jump in profit in the April-June quarter, lifted by an increase in paid digital subscriptions.

The company's stock has more than tripled since it eliminated the dividend. Times Co. shares rose about 1% Thursday to close at $11.54.