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New York Times Co. suspends dividend

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New York—The New York Times Co. announced Thursday that its board voted to suspend the quarterly dividend on the Company’s Class A and Class B common stock. In November, the company reduced the payout level of its fourth-quarter dividend to 6 cents per share from 23 cents per share in the third quarter.

“Today’s decision provides the company with additional financial flexibility given the current economic environment and the uncertain business outlook,” Arthur Sulzberger Jr., New York Times Co. chairman, said in a statement. “We have taken decisive steps to reduce capital spending, lower operating costs and re-evaluate our assets.”

—Sean Callahan

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