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CHICAGO (AFX) - Sun-Times Media Group Inc. is suspending its quarterly dividend of five cents per share, the publishing company announced Wednesday.
The company's board of cited a "significant shortfall" in cash flow resulting from a weak advertising market as a key factor in its decision, according to a news release from the Chicago-based newspaper publisher.
Outgoing Chief Executive Gordon Paris said last month that the company is considering a complete overhaul of its flagship newspaper -- the Chicago Sun-Times -- amid a continuing steep decline in advertising and circulation revenue.
Paris attributed the company's 14 percent decline in overall advertising revenues to weakness at the Sun-Times, the largest remaining asset in the former Hollinger International Inc. media empire. He said newspaper print advertising was down about 15 percent.
The company's stock rose one penny to close at $4.81 on the New York Stock Exchange, near its all-time low of $4.71, which was set on Nov. 30. Copyright 2006 Associated Press. All rights reserved. This material may not be
Copyright 2006 AFX News Limited. All Rights Reserved.
