board of directors voted to suspend dividends for its Class A and Class B common shares, extending the action they took in the fourth quarter of 2008, when they cut the dividend from $0.23 per share to $0.06.
The board follows several other US publishers who have recently cut dividends, including McClatchy, EW Scripps and CBS.
The Ochs-Sulzberger family own about a fifth of the publicly traded Class A shares and nearly 90% of Class B shares, which dictate control over the company.
Struggling under $1.1bn in debt amid bleak economic times, the suspension is the latest move by the company to ensure its survival.
. It has also been looking to sell its stake in the baseball team, while also seeking to raise cash through a leaseback deal for a portion of its New York headquarters.
Arthur Sulzberger, Jr, chairman of the The New York Times Company, said: "We expect the suspension of the dividend, coupled with our other actions, will help us decrease debt and improve the liquidity of the company, a difficult but prudent measure in this operating environment."
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