Gannett leaves dividend unchanged at 4 cents per share in bid to preserve cash

Gannett declares dividend of 4 cents per share

McLEAN, Va. — Gannett Inc. says it will leave its quarterly dividend unchanged at 4 cents per share.

The newspaper publisher slashed the dividend 90 percent in February to save cash. The company hopes to save $325 million a year by paying out less to investors. The dividend had been at 40 cents since October 2007.

Gannett, the nation’s largest newspaper publisher, is struggling with a deep advertising slump because of the recession.

The dividend announced Tuesday at Gannett’s annual shareholder meeting is payable July 1 to shareholders on record as of June 5.

Shares fell 4 cents, or 1 percent, to $3.43 in midday trading Tuesday.