New York Times Co. cuts dividend by 74 percent

The New York Times Co. is slashing its quarterly dividend by 74 percent amid a worsening advertising slump, a move that will save the company money but also curtail the income of the Sulzberger family, the controlling shareholders of the storied newspaper publisher.

The company on Thursday cut its quarterly dividend to 6 cents per share, from 23 cents per share, which will result in annual savings of $98 million. The cut applies to both publicly held Class A shares as well as nonpublic Class B shares, which hold powerful voting rights and are largely controlled by the Sulzberger family.

The Sulzberger family, through a trust and various family members, …