The New York Times Co. is slashing its quarterly dividend by 74% to preserve cash as the advertising slump worsens.
The cuts could foment unhappiness among members of the Sulzberger family, who are the controlling shareholders of the storied newspaper publisher.
The company declared a quarterly dividend of 6 cents per share for Class A and B common shares, down from 23 cents per share in the third quarter. The dividend is payable on Dec. 15 for shareholders on record as of Dec. 1.
"This was a difficult but necessary decision that will provide us with greater financial flexibility in these uncertain economic times," Chairman Arthur Sulzberger Jr. said in a statement.