Now The New York Times Company (NYSE: NYT) will see how much support it really has from its non-employee family shareholders: the board of directors voted today to suspend the quarterly dividend for Class A and Class B shares. (The family trustees say full support; see the statement below.) It’s all about keeping as much cash as possible in an increasingly tough ad market — and an even tougher credit market. The decision follows last quarter’s dividend cut to $0.06 from $0.23 in Q308.
The explanation from NYTCo Chairman Arthur Sulzberger, Jr.: “Today