The Globe and Mail reports in its Friday edition that BCE cut its dividend by more than half in a bid to shore up its finances after a tumultuous period for Canada's biggest telco. The Globe's Irene Galea and Andrew Willis write that BCE's move to cut its annual dividend to $1.75 from $3.99 marks the end of its extended history of steady payout growth. The cut had been expected for months. BCE has been distributing to shareholders more in dividends than it has been earning in free cash flow, while also balancing the weight of more than $30-billion in long-term debt. Chief executive officer Mirko Bibic has presided over a share-price decline of 50 per cent since taking on the top job in 2020. Over that time, the company has added $10-billion in long-term debt. According to Veritas analyst Liam Gallagher, "BCE management really got themselves into this problem." He said the company was right to build its fibre optic network aggressively, but it did not maintain financial flexibility in its balance sheets while doing so, and continued to raise its dividend even after the market started to price in a cut. Then it proposed to acquire U.S. company Ziply Fiber for $5-billion. "It was just too big of a hole," Mr. Gallagher said.