Sony Fesses Up, Slashes Its Dividend, Too
Dividend cuts are like gigantic write-downs that swept through the corporate world last fall and early this winter: The first few seem like a big deal. But by the end of the run, no one raises an eyebrow.
So Sony’s (SNE) announcement that it will cut its dividend by a mere 15 percent is a real yawner. After all, Sir Howard Stringer’s company has already announced brutal results and a corporate shake-up in recent months. And the dividend cuts aren’t nearly as dramatic, as the ones, say, the New York Times (NYT) or CBS (CBS) have recently unveiled.
Just give it a few more months. At that point, the surprise will be companies that continue to offer any dividend at all.