New York Times (NYT) 2007年年度報告「NYSE」.pdf

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1、READ/BROWSE/CLICK/LISTEN/POST/DOWNLOAD/PLAY/DISCUSS/.2007 annual reportTHE NEW YORK TIMES COMPANYTHE NEW YORK TIMES COMPANY/2007 ANNUAL REPORTp.2.TRUSTFEBRUARY/The Times Company and Monster Worldwide enter into a strategic recruitment advertising alliance for the Companys newspaper propertiesMARCH/T

2、he Company increases its dividend 31%/About,Inc.acquires UCompareHealthC launches crossword widget for Google home pagesAPRIL/The New York Times and The Boston Globe each win a Pulitzer Prize/The Company sells WQEW-AM,a New York City radio stationMAY/The Company sells its Broadcast Media Group/About

3、,Inc.acquires ConsumerS,a leading online aggregator and publisher of reviews of consumer products/The Boston Globe introduces Fashion Boston/NYT launches new site dedicated to Small Business/Times Reader,a digital version of the newspaper,wins a“100 Best Products of 2007”award from PC WorldJUNE/The

4、Times Company moves into its new headquarters/Two members of the R&D team win Yahoo!BBC London Hack Day 2007,by creating a portable mobile application that lets users shift content between devices()SEPTEMBER/NYT introduces real estate property listing product for mobile users/The Gainesville Sun lau

5、nches its continuous news operation and redesigned Web site()OCTOBER/The New York Times opens new national print site in Salt Lake City,Utah/NYT introduces new section on Wellness and Health/Santa Rosa Press Democrat celebrates its 150th anniversaryNOVEMBER/Regional Media Group and Worcester Telegra

6、m&Gazette join Yahoo!s online publishing consortium/T:The New York Times Style Magazine launches Web site/T Magazine International debuts in the International Herald Tribune/NYT has 18.9 million unique visitors the highest monthly amount recorded since the Company began tracking this statistic using

7、 Nielsen Online in 2002 DECEMBER/About Groups revenues surpass$100 million/The Boston Globe introduces Lola,a womens lifestyle magazine/Internet businesses account for 10%of the Companys total revenues for 20072007 MILESTONESp.12007 annual reportIn 2007 Andrea Elliot of The New York Times received a

8、 Pulitzer Prize for feature writing and Charlie Savage of The Boston Globe won one for national reporting.To Our Shareholders/Transformation takes time,determination and focus.In a difficult year for the media industry,The New York Times Company made signifi cant strides in our transition from a com

9、pany focused primarily on print to one that is increasingly digital in focus and multiplatform in delivery.We are guided by a multiyear strategy designed to meet the demands of a marketplace that has been reconfi gured technologically,eco-nomically and geographically.There are four key elements to o

10、ur strategy:introducing new products both in print and online,building our research and development capability,rebalancing our portfolio of businesses and aggressively managing costs.In each of these areas we made substantial progress in 2007.Operating profit from continuing operations increased to$

11、227 million from a loss of$521 million in 2006,when we had a non-cash charge of$814 million for the write-down of intangible assets at our New England Media Group.Excluding non-cash charges,an additional week in our 2006 fiscal calendar and divestitures,our operating profi t before depre-ciation and

12、 amortization rose modestly.Last years secular and cyclical challenges continue in 2008.Advertisers demand more targeted audiences as they pursue sophisticated cross-platform,market segmentation strategies and they seek measurable returns on their investments.They strive to understand how to best us

13、e media vehicles that are increasingly interactive.Advertisers demand bold ideas of their agency and publishing partners to combat the clutter in the media landscape.While digital media have enhanced the ability to craft effective messages,they have also heightened competition and contributed to the

14、 clutter.Moreover,at the end of last year and in early 2008,we have also seen the effects of a weakening economy.While we believe that print will continue to be a viable medium for many years to come,overall print advertising and circula-tion have been declining across the industry in recent years.O

15、ur job,therefore,is to grow our digital businesses quickly enough to outpace print declines.We seek to increase the share of our revenues and profi ts coming from our digital operations through organic growth and through acquisitions.At the same time,we are capitalizing on opportunities that we see

16、in the print arena while being very diligent at managing costs and allocating capital spending to projects where the investment is expected to provide a strong return.Symbolic of our transition from print to digital was our move last year from the place The New York Times had called home since 1913

17、into new headquarters.Our old building had been constructed as a printing facility.Our new one includes the technology we need as a 21st century media organization.This magnifi cent and environmentally-sensitive addition to the New York City skyline is allowing us to work in a more integrated fashio

18、n.It has brought people from what used to be separate print and digital operations together in one building.Aside from the very positive cultural change,the building itself has proven to be a valuable asset,worth far more than we invested.We lease out fi ve fl oors,which generate signifi cant income

19、,and TheTimesCenter in our new headquarters provides us with space for events that help strengthen our relationship with our readers and adver-tisers and generates rental revenue.INTRODUCING NEW PRODUCTS IN PRINT AND ONLINE/We have powerful and trusted brands whose relevance and high-quality content

20、 attract educated,affl uent and infl uential audiences highly valued by advertisers.This is true in print and it is true online.Because of the strength of our brands,we were able to extend them across new geographic areas,new platforms and into new products that contributed to our rev-enues and prof

21、i ts in 2007.To infl uential,intelligent and inquisitive news and informa-tion seekers,The New York Times is the innovative and forward-thinking media brand that delivers an unparalleled experience across platforms.It does so by staying true to its core values of providing content of the highest qua

22、lity and integrity.The properties of the New England Media Group which include The Boston Globe,B and the Worcester Telegram&Gazette provide readers with high-quality and comprehensive coverage and enable advertisers to reach the biggest audience in Boston,the fi fth largest market in the country.Si

23、milarly,our 14 smaller regional newspapers and their associated digital offerings,which make up our Regional Media Group,provide their users with quality local news and information.Across our Company,the quality of our journalism at our newspapers was recognized with numerous awards,including a Puli

24、tzer Prize for both The Times and the Globe.Our trusted brands are truly a competitive advantage as we move more aggressively into digital media.We have seen this clearly at both The New York Times and The Boston Globe.Three years ago we redesigned The Timess Sunday supplemental magazines and rebran

25、ded them“T:The New York Times Style Magazine.”These new publications have been hugely successful with both readers and advertisers,particularly with luxury brands.Ad paging grew 12%and revenues rose 9%in 2007.Since the inception of“T,”we expanded its franchise in print,online and globally.Last year

26、we introduced“T”Magazine online and the International Herald Tribune launched its own international“T”Style Magazine in Europe.thenewyorktimesco.p.2Like The Times,The Boston Globe has also introduced new print products in areas where it believes there are opportuni-ties to garner advertising,especia

27、lly in the luxury categories.“Fashion Boston”is a new monthly publication directed toward women who have a strong interest in high fashion.“Design New England,”The Boston Globes magazine targeting high-net worth households,architects and designers,fi rst came out in late 2006 and appeared bi-monthly

28、 in 2007.In November,the Globe introduced another new monthly magazine called“Lola”for Boston women in their 20s,30s and 40s.Across all of our newspapers,we are offering innovative new ad formats.Last fall The Times introduced the spadia,a wrap-around ad that NBC used to debut its fall line-up.These

29、 are examples of what our talented colleagues are doing at the Times Company to drive better performance.You will see more experimentation and innovation in the coming year.OPTIMIZING CIRCULATION/New circulation initiatives are also an integral part of our effort to reinforce our print franchise.Acr

30、oss the industry,newspa-per circulation volume has been decreasing and this is true at the Times Company as well.While part of this decline comes from a secular shift as readers get news and information from other sources,another portion stems from our deliberate strategy to reduce the amount of les

31、s profi table circulation that is,copies that are sold at a signifi cant discount or so-called“sponsored”copies,which are paid for by advertisers.At The Times this strategy has resulted in copy declines,particularly among trial subscribers,but the number of loyal subscribers,those who subscribe to t

32、he paper for at least two years,surpassed 800,000 for the fi rst time in 2007.This metric speaks to our brand loyalty and the continued strength of the print medium.By pursuing this focus on loyal,profi table readers,we have achieved,and will continue to realize,signifi cant cost savings.Circulation

33、 revenues were on a par and grew 2%excluding the additional week in 2006,mainly because of higher prices for The New York Times.The Timess national print expansion continued in 2007 with the addition of a new print site for The Times in Salt Lake City and we are seeing increased copy sales in that m

34、arket.In January 2008,we opened another site in Dallas and a third site in Philadelphia is scheduled to open in March.We expect each of these sites will reduce distribu-tion and other costs as well as increase national circulation.GROWING OUR DIGITAL BUSINESSES/Growing our digital businesses is a ma

35、jor priority and we have been successful in doing so.The Times Company was the 10th largest presence on the Web,with 48.7 million unique visitors in December 2007,up approximately 10%from December 2006.Last year the Company generated a total of$330 million in digital revenues,up 20%,or 22%excluding

36、the additional week in 2006.Digital revenues now account for more than 10%of our total revenues compared with 8%in 2006.Revenue growth for our online properties has been higher than our peers in the newspaper industry.This is mainly because the high-quality content of NYT attracts a diverse base of

37、national advertisers and the About Group generates most of its revenues from fast growing display and cost-per-click advertising.This gives us a more diversifi ed revenue base than many of our newspaper competitors,which rely heavily on upselling classifi ed print advertising to the Web.Our goal for

38、 NYT is to build a fully interactive news and information platform,achieving sustainable leadership positions in our most profi table content areas,which we call verticals.In 2007 this included:Investing in key verticals to grow those parts of the site that have the highest advertiser demand.We conc

39、entrated on developing NYTs verticals in health,business and technology while continuing to enhance the entertainment and travel sections.Adding more features and functions to enrich our users experiences,including comprehensive reference articles,videos,podcasts,slide shows,Web-only columns and int

40、er-active tools.We launched more than 50 blogs and offered more than 2,000 videos on NYT.Utilizing personalization and community tools to attract new users and deepen engagement with existing users.Leveraging our very large audience into these content areas with advanced Web analytics.By testing dif

41、ferent presen-tations of our content and page layout,we can determine the best way to keep readers on our site and optimize both display and cost-per-click advertising placements.We are using many of the same techniques at B,the Web site of The Boston Globe.In November of 2007,we unveiled a redesign

42、ed B,providing easier naviga-tion,new sections on things to do in the Boston area and simple tools for users to fi nd,read and submit content.The About Group had a very successful year.Its revenues were up 28%,or 30%excluding the additional week in 2006,and for the fi rst time,surpassed the$100 mill

43、ion mark.Since we acquired A in 2005,we have invested in organi-cally growing its business as well as acquiring companies that strengthen its position in key verticals,especially health.In addition to A,the Group now includes:ConsumerS,a leading online aggregator and publisher of reviews of thousand

44、s of consumer products from multiple online and offl ine sources;UCompareHealthC,a site that provides consumers with access to quality ratings and related information on hospitals,nursing homes and doctors;and Calorie-C,a site that offers weight loss tools and nutritional information.In early 2008,t

45、he About Group launched a new site in China,one of the worlds fastest growing consumer markets with 210 million Internet users.Over the past three years we have grown our Internet revenues at a compounded annual growth rate of 41%.comYo2007 annual reportp.3In this era,no media company can afford to

46、be an island and we are pursuing relationships with leading Web and broad-cast entities.In January 2008,CNBC and The New York Times entered into a digital content sharing agreement in the areas of business and technology,including fi nance,econom-ics,money management and personal fi nance.The Times

47、Company also continues to be among Googles largest con-tent partners,and plans to expand this relationship over the coming months with the use of Google technology.Last year the Company also entered into a strategic alli-ance with Monster Worldwide,which combines the Times Companys market-leading We

48、b sites with Monsters superior technology and expansive database to create co-branded sites targeting both local and national recruitment markets.All of our newspapers have co-branded their recruitment Web sites with Monster.In November,our Regional Media Group entered into a new agreement with Yaho

49、o!to provide advertising and search services to that Groups Web sites and the Web site of the Worcester Telegram&Gazette,which is part of our New England Media Group.As part of the agreement,these sites joined Yahoo!s Newspaper Consortium,which includes 26 publishing companies and 634 newspapers in

50、total.Yahoo!has the ability to sell the Groups sites advertising inventory to national advertising accounts,and the Groups sites can sell Yahoo!s local advertising inventory to local accounts.Links from Yahoo!back to our content drive traffi c to the Groups Web sites.This deal provides us with a bes

51、t-in-class ad-serving platform and behavioral targeting capabilities.Earlier this year,four media companies,including the Times Company,created a new online sales organization called quadrantONE for premium advertisers seeking high-quality local audiences and national reach.The Web sites associated

52、with the New England and Regional Media Groups are partici-pating in this network.In addition,we are enabling our online advertisers to buy our entire digital audience,across all of our properties,in a coordinated fashion.Our advertisers now have greater reach,better targeting and the convenience of

53、 buying all the quality Web sites of the Times Company with one order,one invoice and one report.BUILDING OUR RESEARCH AND DEVELOPMENT CAPABILITY/Underpinning our digital growth strategy is our Research and Development Group.This Group,the fi rst in our industry,helps us anticipate consumer preferen

54、ces,devises ways of satisfying them,and assists in product development across the Company.A recent example is the roll-out of a new application that allows readers of The Times newspaper and NYT to send and receive real estate listings on their mobile phones.Since R&D operates as a shared service ac

55、ross all our Web sites and is closely aligned with our operating units,this application and others like it that integrate print,mobile and the Web can and will be rapidly deployed at all our newspapers and Web sites.The R&D team is also upgrading our newsroom video infrastructure,which will help boo

56、st output and distribu-tion of our award-winning Web videos.And it was instrumental in the launch of the Times Reader,a new subscrip-tion product that combines the format of the newspaper with the functionality of the Web.Times Reader was named one of PC Worlds“100 Best Products of 2007”based on exe

57、m-plary design,usability,features,performance and innovation.ALLOCATING OUR CAPITAL AND REBALANCING OUR PORTFOLIO OF BUSINESSES/One of the things we spend a great deal of time analyzing is how best to allocate our capital.Effective capital allocation is an important element of long-term value creati

58、on,which will ultimately be refl ected in the price of our shares.A priority for our cash has been investing in high-return capital projects that improve operations,increase revenues and reduce costs.A good example of this is the investment we are making in the consolidation of our two New York metr

59、o area printing plants into one facility.We expect this project to save$30 million a year in lower operating costs.With the completion of both our new headquarters and the plant consolidation project in 2008,capital spending this year is expected to decrease to$150 to$175 million from$375 million in

60、 2007.In 2007 mobile innovation at NYT included real estate listings,stock quotes and movie times.Arthur Sulzberger,Jr.ChairmanJanet L.RobinsonPresident and CEOWe continue to pursue relationships with digital companies such as Google,Facebook,Yahoo!and YouTube to further enhance our products and rea

61、ch.thenewyorktimesco.We recognize that the quality of our journalism is at the heart of our Companys success past,present and future.We also recognize that quality journalism can only survive as part of a profi table,growing business organization.Another important component of capital allocation is

62、making acquisitions and investments that are fi nancially prudent and consistent with our strategy.We have been rebalancing our portfolio of businesses.As mentioned earlier,last year we made two small acquisitions that totaled approximately$35 million ConsumerS and UCompareHealthC.And while we regul

63、arly evaluate the purchase of other companies and investments,particularly in the Internet space,we also continuously analyze our businesses to determine if they are meeting our targets for financial performance,growth and return on investment,and remain relevant to our strategy.As a result of this

64、rigorous process,last year we sold assets for gross proceeds totaling more than$615 million.This included our Broadcast Media Group and a radio station,WQEW-AM.The proceeds from these sales were used to pay down debt and provided fi nancial fl exibility to invest and grow our business.We also return

65、ed more capital to shareholders.In 2007,we increased our dividend by 31%,resulting in us giving back approximately$125 million to our shareholders in the form of dividends.AGGRESSIVELY MANAGING COSTS/Our business environment requires us to aggressively man-age costs.Building for the future demands f

66、i nancial discipline,greater effi ciency and productivity across the Company.This is particularly true as we balance the ongoing investments we must make in our businesses with our drive to reduce costs and increase organizational effectiveness.In 2007,we signifi cantly reduced our costs.This year w

67、e plan to continue to do so,particularly in a softer economy.We are determined to decrease our cash cost base by a total of approximately$230 million in 2008 and 2009,excluding the effects of inflation,staff reduction costs and one-time costs,as compared with our year-end 2007 cash cost base.These s

68、avings will come from the consoli-dation of our New York area printing plants;reductions in the size of the printed page at The New York Times and The Boston Globe;and a shift away from less profi table circulation by reducing promotion,produc-tion,distribution and other related costs.Additional sav

69、ings are expected to come from standardizing,streamlining and consolidating processes and shifting staff to lower cost loca-tions.The areas that present the greatest opportunity are general and administrative,production,technology,distribu-tion and circulation sales.We are going to be as forceful as

70、 we can in streamlining our business.Our cost reduction measures will be carefully managed so that we do not compromise our journalism,the smooth functioning of our operations or our ability to achieve our long-term goals.IN APPRECIATION/2007 was a very demanding year and we want to thank our employ

71、ees,our readers and users,advertisers,share-holders,our communities and our Board for their continued loyalty and support.In particular,we thank our outgoing directors,Brenda Barnes and Jim Kilts,for their wise counsel and guidance.At the same time,we are pleased to add two exceptional new nomi-nees

72、 for election to our Board.Robert Denham is a partner at Munger,Tolles&Olson LLP and former chairman and CEO of Salomon Inc,and Dawn Lepore serves as chairman,president and CEO of ,an online source for thousands of brand-name health,beauty and wellness products.Both will be terrifi c additions to an

73、 already strong board of executives with deep experience in corporate strategy,capital allocation,brand management and digital and other media.LOOKING AT 2008/We recognize that in 2008 we will face both secular change and economic headwinds.But we know that we are ready for the challenges that lie a

74、head and will embrace them.We are doing exactly what The New York Times Company must do to build on our more than a century and a half of journalistic and fi nancial successes,maintain our reputation as a global news leader and reward our shareholders.We look to the past with pride and the future wi

75、th confi dence.Arthur Sulzberger,Jr.ChairmanJanet L.RobinsonPresident and CEOFebruary 26,2008p.4FORM 10-K/FORWARD-LOOKING STATEMENTSExcept for the historical information,the matters discussed inthis Annual Report are forward-looking statements thatinvolve risks and uncertainties that could cause act

76、ual resultsto differ materially from those predicted by such forward-looking statements.These risks and uncertainties includenational and local conditions,as well as competition,thatcould influence the levels(rate and volume)of retail,nationaland classified advertising and circulation generated by t

77、heCompanys various markets,and material increases innewsprint prices.They also include other risks detailed fromtime to time in the Companys publicly filed documents,including its Annual Report on Form 10-K for the fiscal yearended December 30,2007,which is included in this AnnualReport.The Company

78、undertakes no obligation to publiclyupdate any forward-looking statement,whether as a result ofnew information,future events,or otherwise.(This page intentionally left blank.)UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWASHINGTON,DC 20549FORM 10-KAnnual Report pursuant to Section 13 or 15(d)of t

79、he Securities Exchange Act of 1934For the fiscal year ended December 30,2007Commission file number 1-5837THE NEW YORK TIMES COMPANY(Exact name of registrant as specified in its charter)New York 13-1102020(State or other jurisdiction of(I.R.S.Employer incorporation or organization)Identification No.)

80、620 Eighth Avenue,New York,N.Y.10018(Address of principal executive offices)(Zip code)Registrants telephone number,including area code:(212)556-1234Securities registered pursuant to Section 12(b)of the Act:Title of each class Name of each exchange on which registered Class ACommon Stock of$.10 par v

81、alueNew York Stock ExchangeSecurities registered pursuant to Section 12(g)of the Act:Not ApplicableIndicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of theSecurities Act.YesNoIndicate by check mark if the registrant is not required to file reports pursua

82、nt to Section 13 or Section 15(d)ofthe Exchange Act.YesNoIndicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or15(d)of the Securities Exchange Act of 1934 during the preceding 12 months(or for such shorter period thatthe registrant was required to

83、 file such reports),and(2)has been subject to such filing requirements for the past90 days.YesNoIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not containedherein,and will not be contained,to the best of registrants knowledge,in definitive proxy o

84、r informationstatements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,or a smaller supporting company.See the definitions of“large acce

85、lerated filer,”“accelerated filer”and“smaller reporting company”in Rule 12b-2 of the Exchange Act.(Check one):Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyIndicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchang

86、e Act).YesNoThe aggregate worldwide market value of ClassACommon Stock held by non-affiliates,based on the closingprice on July 1,2007,the last business day of the registrants most recently completed second quarter,asreported on the New York Stock Exchange,was approximately$3.4 billion.As of such da

87、te,non-affiliates held84,084 shares of Class B Common Stock.There is no active market for such stock.The number of outstanding shares of each class of the registrants common stock as of February 22,2008,wasas follows:142,951,301 shares of ClassACommon Stock and 825,634 shares of Class B Common Stock

88、.Documents incorporated by referencePortions of the definitive Proxy Statement relating to the registrants 2008 Annual Meeting of Stockholders,tobe held on April 22,2008,are incorporated by reference into Part III of this report.(This page intentionally left blank.)ITEM NO.PART IForward-Looking Stat

89、ements11Business1Introduction1News Media Group2Advertising Revenue2The New York Times Media Group2New England Media Group4Regional Media Group5About Group5Forest Products Investments and Other Joint Ventures6Raw Materials7Competition7Employees8Labor Relations81A Risk Factors91BUnresolved Staff Comme

90、nts132Properties143Legal Proceedings144Submission of Matters to a Vote of Security Holders 15Executive Officers of the Registrant15PART II5Market for the Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities176Selected Financial Data207Managements Discussion

91、 and Analysis of Financial Condition and Results of Operations237A Quantitative and Qualitative Disclosures About Market Risk478Financial Statements and Supplementary Data489Changes in and Disagreements with Accountants on Accounting and Financial Disclosure959A Controls and Procedures959BOther Info

92、rmation95PART III10Directors,Executive Officers and Corporate Governance9611Executive Compensation9612Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters9613Certain Relationships and Related Transactions,and Director Independence9614Principal Accounting Fee

93、s and Services96PART IV15Exhibits and Financial Statement Schedules97INDEX TO THE NEW YORK TIMES COMPANY 2007 ANNUAL REPORT ON FORM 10-K(This page intentionally left blank.)This Annual Report on Form 10-K,including the sec-tions titled“Item 1A Risk Factors”and“Item 7 Managements Discussion and Analy

94、sis of FinancialCondition and Results of Operations,”contains for-ward-looking statements that relate to future eventsor our future financial performance.We may alsomake written and oral forward-looking statements inour Securities and Exchange Commission(“SEC”)fil-ings and otherwise.We have tried,wh

95、ere possible,toidentify such statements by using words such as“believe,”“expect,”“intend,”“estimate,”“antici-pate,”“will,”“project,”“plan”and similarexpressions in connection with any discussion offuture operating or financial performance.Any for-ward-looking statements are and will be based uponour

96、 then-current expectations,estimates and assump-tions regarding future events and are applicable onlyas of the dates of such statements.We undertake noobligation to update or revise any forward-lookingstatements,whether as a result of new information,future events or otherwise.By their nature,forwar

97、d-looking statementsare subject to risks and uncertainties that could causeactual results to differ materially from those antici-pated in any forward-looking statements.You shouldbear this in mind as you consider forward-lookingstatements.Factors that,individually or in the aggre-gate,we think could

98、 cause our actual results to differmaterially from expected and historical resultsinclude those described in“Item 1A Risk Factors”below as well as other risks and factors identifiedfrom time to time in our SEC filings.INTRODUCTIONThe New York Times Company(the“Company”)was incorporated on August 26,

99、1896,under the lawsof the State of New York.The Company is a diversi-fied media company that currently includesnewspapers,Internet businesses,a radio station,investments in paper mills and other investments.Financial information about our segments can befound in“Item 7 Managements Discussion andAnal

100、ysis of Financial Condition and Results ofOperations”and in Note 17 of the Notes to theConsolidated Financial Statements.The Companyand its consolidated subsidiaries are referred to col-lectively in this Annual Report on Form 10-K as“we,”“our”and“us.”Our Annual Report on Form 10-K,QuarterlyReports o

101、n Form 10-Q,Current Reports on Form 8-K,and all amendments to those reports,and the ProxyStatement for our Annual Meeting of Stockholdersare made available,free of charge,on our Web sitehttp:/,as soon as reasonably practica-ble after such reports have been filed with orfurnished to the SEC.We classi

102、fy our businesses based on ouroperating strategies into two segments,the NewsMedia Group and the About Group.The News Media Group consists of the following:The New York Times Media Group,which includesThe New York Times(“The Times”),NYT,the International Herald Tribune(the“IHT”),IHT.com,our New York

103、 City radio station,WQXR-FM and related businesses;the New England Media Group,which includesThe Boston Globe(the“Globe”),B,theWorcester Telegram&Gazette,in Worcester,Massachusetts(the“T&G”),the T&Gs Web site,T and related businesses;andthe Regional Media Group,which includes 14 dailynewspapers in A

104、labama,California,Florida,Louisiana,North Carolina and South Carolina andrelated businesses.The AboutGroup consists of theWeb sites of A,ConsumerS,UCompareHealthC and Calorie-C.Calorie-C,acquired on September 14,2006,offers weight loss tools and nutritional information.UCompareHealthC,acquired on Ma

105、rch 27,2007,provides dynamic Web-based interactive toolsto enable users to measure the quality of certainhealthcare services.ConsumerS,acquiredon May 4,2007,is a leading online aggregator andpublisher of reviews of consumer products.Additionally,we own equity interests in aCanadian newsprint company

106、 and a supercalenderedpaper manufacturing partnership in Maine;approxi-mately 17.5%in New England Sports Ventures,LLC(“NESV”),which owns the Boston Red Sox,FenwayPark and adjacent real estate,approximately 80%ofNew England Sports Network(the regional cablesports network that televises the Red Sox ga

107、mes)and50%of Roush Fenway Racing,a leading NASCARteam;and 49%of Metro Boston LLC(“MetroBoston”),which publishes a free daily newspapercatering to young professionals and students in theGreater Boston area.On May 7,2007,we sold our BroadcastMedia Group,consisting of nine network-affiliatedITEM 1.BUSI

108、NESSFORWARD-LOOKING STATEMENTSPart I THE NEW YORK TIMES COMPANY P.1PART Itelevision stations,their related Web sites and thedigital operating center,to Oak Hill Capital Partners,for approximately$575 million.The BroadcastMedia Group is no longer included as a separatereportable segment of the Compan

109、y and,in accor-dance with Statement of Financial AccountingStandards(“FAS”)No.144,Accounting for theImpairment or Disposal of Long-Lived Assets,theBroadcast Media Groups results of operations arepresented as discontinued operations and certainassets and liabilities are classified as held for sale fo

110、rall periods presented before the Groups sale(seeNote 4 of the Notes to the Consolidated FinancialStatements).For purposes of comparability,certainprior year information has been reclassified to con-form with this presentation.On April 26,2007,we sold a radio station,WQEW-AM,to Radio Disney,LLC for$

111、40 million.Radio Disney had been providing substantially all ofthe stations programming through a time brokerageagreement since December 1998.In October 2006,we sold our 50%ownershipinterest in Discovery Times Channel,a digital cabletelevision channel,to Discovery Communications,Inc.,for$100 million

112、.Revenue from individual customers andrevenues,operating profit and identifiable assets offoreign operations are not significant.Seasonal variations in advertising revenuescause our quarterly results to fluctuate.Second-andfourth-quarter advertising volume is typically higherthan first-and third-qua

113、rter volume because eco-nomic activity tends to be lower during the winterand summer.NEWS MEDIA GROUPThe News Media Group segment consists of The NewYork Times Media Group,the New England MediaGroup and the Regional Media Group.Advertising RevenueThe majority of the News Media Groups revenue isderiv

114、ed from advertising sold in its newspapers andother publications and on its Web sites,as discussedbelow.We divide such advertising into three basic cat-egories:national,retail and classified.Advertisingrevenue also includes preprints,which are advertisingsupplements.Advertising revenue and print vol

115、umeinformation for the News Media Group appears under“Item 7 Managements Discussion and Analysis ofFinancial Condition and Results of Operations.”The New York Times Media GroupThe New York TimesThe Times,a daily(Monday through Saturday)andSunday newspaper,commenced publication in 1851.CirculationThe

116、 Times is circulated in each of the 50 states,theDistrict of Columbia and worldwide.Approximately47%of the weekday(Monday through Friday)circu-lation is sold in the 31 counties that make up thegreater New York City area,which includes NewYork City,Westchester,Long Island,and parts ofupstate New York

117、,Connecticut,New Jersey andPennsylvania;53%is sold elsewhere.On Sundays,approximately 42%of the circulation is sold in thegreater New York City area and 58%elsewhere.According to reports filed with the Audit Bureau ofCirculations(“ABC”),an independent agency thataudits the circulation of most U.S.ne

118、wspapers andmagazines,for the six-month period endedSeptember 30,2007,The Times had the largest dailyand Sunday circulation of all seven-day newspapersin the United States.Below is a percentage breakdown of 2007 advertising revenue by division:ClassifiedRetail Other and Help Real Total Advertising N

119、ationalPreprintWantedEstateAutoOtherClassifiedRevenueTotalThe New York Times Media Group67%13%5%8%2%3%18%2%100%New England Media Group2831111185356100Regional Media Group351101496397100Total News Media Group492371044253100P.22007 ANNUAL REPORT Part IThe Timess average net paid weekday andSunday circ

120、ulation for the years ended December 30,2007,and December 31,2006,are shown below:(Thousands of copies)Weekday(Mon.-Fri.)Sunday20071,066.61,529.720061,103.61,637.7Change(37.0)(108.0)The decreases in weekday and Sunday copies sold in2007 compared with 2006 were due to declines inhome-delivery subscri

121、ptions,single copy sales andsponsored third-party sales due in part to our circula-tion strategy.Approximately 62%of the weekday and71%of the Sunday circulation was sold throughhome-delivery in 2007;the remainder was sold pri-marily on newsstands.According to Mediamark Research&Intelligence,a provid

122、er of magazine audience andmulti-media research data,and Nielsen Online,anInternet traffic measurement service,The Timesreached approximately 19.1 million unduplicatedreaders in the United States in December 2007 via theweekday and Sunday newspaper,and NYT.AdvertisingAccording to data compiled by TN

123、S MediaIntelligence,an independent agency that measuresadvertising sales volume and estimates advertisingrevenue,The Times had a 50%market share in 2007 inadvertising revenue among a national newspaper setthat includes USAToday,The Wall Street Journal andThe New York Times.Based on recent data provi

124、dedby TNS Media Intelligence,The Times believes that itranks first by a substantial margin in advertising rev-enue in the general weekday and Sunday newspaperfield in the New York City metropolitan area.Production and DistributionThe Times is currently printed at its production anddistribution facil

125、ities in Edison,N.J.,and CollegePoint,N.Y.,as well as under contract at 21 remoteprint sites across the United States and one inToronto,Canada.The Times intends to add an addi-tional print site under contract in 2008.We are consolidating our New York metroarea printing into our newer facility in Col

126、lege Point,N.Y.,and closing our older Edison,N.J.,facility.Aspart of the consolidation,we purchased the Edison,N.J.,facility and then sold it,with two adjacent prop-erties we already owned,to a third party.Thepurchase and sale of the Edison,N.J.,facility closed inthe second quarter of 2007,relieving

127、 us of rental termsthat were above market as well as certain restorationobligations under the original lease.The plant consoli-dation is expected to be completed in the first quarterof 2008.Our subsidiary,City&Suburban DeliverySystems,Inc.(“City&Suburban”),operates a whole-sale newspaper distributio

128、n business that distributesThe Times and other newspapers and periodicals inNew York City,Long Island(N.Y.),New Jersey andthe counties of Westchester(N.Y.)and Fairfield(Conn.).In other markets in the United States andCanada,The Times is delivered through variousnewspapers and third-party delivery ag

129、ents.NYTThe Timess Web site,NYT,reaches wideaudiences across the New York metropolitan region,the nation and around the world.According toNielsen Online,average monthly unique visitors inthe United States viewing NYT reached 14.7million in 2007 compared with 12.4 million in 2006.NYT derives its reve

130、nue primarilyfrom the sale of advertising.Advertising is sold toboth national and local customers and includesonline display advertising(banners,half-page units,interactive multi-media),classified advertising(help-wanted,real estate,automobiles)and contextualadvertising(links supplied by Google).In

131、2007,TheTimes discontinued TimesSelect,a product offeringsubscribers exclusive online access to columnists ofThe Times and the IHT and to The Timess archives.On August 28,2006,we acquired BaselineStudioSystems(“Baseline”),a leading online sub-scription database and research service forinformation on

132、 the film and television industries.Baselines financial results are part of NYT.International Herald TribuneThe IHT,a daily(Monday through Saturday)news-paper,commenced publishing in Paris in 1887,isprinted at 35 sites throughout the world and is sold inmore than 180 countries.The IHTs average circu

133、la-tion for the years ended December 30,2007,andDecember 31,2006,were 241,852(estimated)and242,073.These figures follow the guidance ofDiffusion Controle,an agency based in Paris and amember of the International Federation of AuditBureaux of Circulations that audits the circulation ofmost of Frances

134、 newspapers and magazines.Thefinal 2007 figure will not be available until April 2008.In 2007,60%of the circulation was sold in Europe,theMiddle East and Africa,38%was sold in the AsiaPacific region and 2%was sold in the Americas.The IHTs Web site,IHT.com,reaches wideaudiences around the world.Accor

135、ding to IHTsPart I THE NEW YORK TIMES COMPANY P.3internal reports,average unique visitors to IHT.comreached 4.6 million per month in 2007 compared with3.1 million per month in 2006.Other Businesses The New York Times Media Groups other businessesinclude:The New York Times Index,which produces andlic

136、enses The New York Times Index,a printpublication,Digital Archive Distribution,which licenses elec-tronic archive databases to resellers of thatinformation in the business,professional andlibrary markets,andThe New York Times News Services Division.TheNew York Times News Services Division is madeup

137、of Syndication Sales,which transmits articles,graphics and photographs from The Times,theGlobe and other publications to over 1,000 newspa-pers and magazines in the United States and inmore than 80 countries worldwide;BusinessDevelopment,which comprises Photo Archives,Book Development,Rights&Permiss

138、ions,licensingand a small publication unit;and New York TimesRadio,which includes our New York City classicalmusic radio station,WQXR-FM,and New YorkTimes Radio News,which creates Times-brandedcontent for a variety of audio platforms,includingnewscasts,features and podcasts.Our radio stationis opera

139、ted under a license from the FCC and is sub-ject to FCC regulation.Radio license renewals aretypically granted for terms of eight years.Thelicense renewal application for WQXR was grantedfor an eight-year term expiring June 1,2014.On April 26,2007,we completed the sale of aradio station,WQEW-AM,whic

140、h was part of TheNew York Times Media Group,to Radio Disney,LLCfor$40 million.Radio Disney had been providingsubstantially all of WQEWs programming through atime brokerage agreement since December 1998.New England Media GroupThe Globe,B,the T&G,and Tconstitute our New England Media Group.The Globeis

141、 a daily(Monday through Saturday)and Sundaynewspaper,which commenced publication in 1872.The T&G is a daily(Monday through Saturday)news-paper,which began publishing in 1866.Its Sundaycompanion,the Sunday Telegram,began in 1884.CirculationThe Globe is distributed throughout New England,although its

142、circulation is concentrated in the Bostonmetropolitan area.According to ABC,for the six-month period ended September 30,2007,the Globeranked first in New England for both daily andSunday circulation volume.The Globes average net paid weekday andSunday circulation for the years ended December 30,2007

143、,and December 31,2006,are shown below:(Thousands of copies)Weekday(Mon.-Fri.)Sunday2007365.6546.62006387.4585.0Change(21.8)(38.4)The decreases in weekday and Sunday copies sold in2007 compared with 2006 were due in part to adirected effort to improve circulation profitability byreducing steep discou

144、nts on home-delivery copies andbydecreasingthe Globes less profitable other-paid cir-culation(primarily hotel and third-party copiessponsored by advertisers).Third-party copies are lessdesired by advertisers than those bought by individu-als on the newsstand or through subscription.Approximately 74%

145、of the Globes weekdaycirculation and72%of its Sunday circulation was soldthrough home-delivery in 2007;the remainder wassold primarily on newsstands.According to Scarborough Research,the aver-age unduplicated readers of the Globe,via theweekday and Sunday newspaper,and visitors ofB reached approxima

146、tely 2.3 million permonth in the Boston local market in 2007.The T&G,the Sunday Telegram and severalCompany-owned non-daily newspapers some pub-lished under the name of Coulter Press circulatethroughout Worcester County and northeasternConnecticut.The T&Gs average net paid weekdayand Sunday circulat

147、ion,for the years endedDecember 30,2007,and December 31,2006,areshown below:(Thousands of copies)Weekday(Mon.-Fri.)Sunday200784.999.8200689.8105.5Change(4.9)(5.7)AdvertisingBased on information supplied by major daily news-papers published in New England and assembled bythe New England Newspaper Ass

148、ociation,Inc.for theyear ended December 30,2007,the Globe ranked firstand the T&G ranked seventh in advertising inchesamong all daily newspapers in New England.P.42007 ANNUAL REPORT Part IProduction and DistributionAll editions of the Globe are printed and preparedfor delivery at its main Boston pla

149、nt or its Billerica,Mass.satellite plant.Virtually all of the Globeshome-delivered circulation was delivered in 2007 bya third-party service provider.BThe Globes Web site,B,reaches wide audi-ences in the New England region,the nation andaround the world.In the United States,according toNielsen Onlin

150、e,average unique visitors toB reached 4.3 million per month in 2007compared with 4.0 million per month in 2006.B primarily derives its revenuefrom the sale of advertising.Advertising is sold toboth national and local customers and includes Website display advertising,classified advertising andcontex

151、tual advertising.Regional Media GroupThe Regional Media Group includes 14 daily newspa-pers,of which 12 publish on Sunday,one paid weeklynewspaper,related print and digital businesses,freeweekly newspapers,and the North Bay BusinessJournal,a weekly publication targeting business lead-ers in Californ

152、ias Sonoma,Napa and Marin counties.The average weekday and Sunday circulation for the year ended December 30,2007,for each of the dailynewspapers are shown below:CirculationCirculationDaily NewspapersDailySundayDaily NewspapersDailySundayThe Gadsden Times(Ala.)19,38820,572 The Ledger(Lakeland,Fla.)6

153、5,36281,611The Tuscaloosa News(Ala.)32,74434,646 The Courier(Houma,La.)17,88419,207TimesDaily(Florence,Ala.)28,93830,540 Daily Comet(Thibodaux,La.)10,630N/AThe Press Democrat(Santa Rosa,Calif.)81,07181,583 The Dispatch(Lexington,N.C.)10,709N/ASarasota Herald-Tribune(Fla.)103,126117,674 Times-News(He

154、ndersonville,N.C.)17,28917,846Star-Banner(Ocala,Fla.)45,98249,949 Wilmington Star-News(N.C.)48,73356,026The Gainesville Sun(Fla.)46,08549,773 Herald-Journal(Spartanburg,S.C.)43,71751,411The Petaluma Argus-Courier,in Petaluma,Calif.,ouronly paid subscription weekly newspaper,had anaverage weekly circ

155、ulation for the year endedDecember 30,2007,of 7,321 copies.The North BayBusiness Journal,a weekly business-to-business pub-lication,had an average weekly circulation for theyear ended December 30,2007,of 5,232 copies.ABOUT GROUPThe AboutGroup includes the Web sites of A,ConsumerS,UCompareHealthCand

156、Calorie-C.A is one of the Websleading producers of online content,providing userswith information and advice on thousands of topics.One of the top 15 most visited Web sites in 2007,A has 36 million average monthly uniquevisitors in the United States(per Nielsen Online)and53million average monthly un

157、ique visitors worldwide(per As internal metrics).Over 650 topicaladvisors or“Guides”write about more than 57,000topics and have generated nearly 1.9 million pieces oforiginal content.A does not charge a sub-scription fee for access to its Web site.It generatesrevenues through display advertising rel

158、evant to theadjacent content,cost-per-click advertising(sponsoredlinks for which A is paid when a user clickson the ad)and e-commerce(including sales lead gen-eration).On September 14,2006,we acquiredCalorie-C,a site that offers weight loss toolsand nutritional information.On March27,2007,we acquire

159、dUCompareHealthC,a site that providesdynamic Web-based interactive tools to enable usersto measure the quality of certain healthcare services.On May 4,2007,we acquired ConsumerS,aleading online aggregator and publisher of reviews ofconsumer products.Part I THE NEW YORK TIMES COMPANY P.5How A Generat

160、es RevenuesP.62007 ANNUAL REPORT Part IFOREST PRODUCTS INVESTMENTS AND OTHERJOINT VENTURESWe have ownership interests in one newsprint milland one mill producing supercalendered paper,ahigh finish paper used in some magazines andpreprinted inserts,which is a higher-value grade thannewsprint(the“Fore

161、st Products Investments”),aswell as in NESV and Metro Boston.These invest-ments are accounted for under the equity method andreported in“Investments in Joint Ventures”in ourConsolidated Balance Sheets.For additional informa-tion on our investments,see Note 6 of the Notes to theConsolidated Financial

162、 Statements.Forest Products InvestmentsWe have a 49%equity interest in a Canadiannewsprint company,Donohue Malbaie Inc.(“Malbaie”).The other 51%is owned byAbitibiBowater Inc.(“AbitibiBowater”),a globalmanufacturer of paper,market pulp and wood prod-ucts.Malbaie manufactures newsprint on the papermac

163、hine it owns within AbitibiBowaters paper millin Clermont,Quebec.Malbaie is wholly dependentupon AbitibiBowater for its pulp,which is purchasedby Malbaie from AbitibiBowaters paper mill inClermont,Quebec.In 2007,Malbaie produced212,000 metric tons of newsprint,of which approxi-mately 44%was sold to

164、us,with the balance sold toAbitibiBowater for resale.We have a 40%equity interest in a partner-ship operating a supercalendered paper mill inMadison,Maine,Madison Paper Industries(“Madison”).Madison purchases the majority of itswood from local suppliers,mostly under long-termcontracts.In 2007,Madiso

165、n produced 200,000 metrictons,of which approximately 8%was sold to us.Malbaie and Madison are subject to compre-hensive environmental protection laws,regulationsand orders of provincial,federal,state and localauthorities of Canada or the United States(the“Environmental Laws”).The Environmental Lawsi

166、mpose effluent and emission limitations and requireMalbaie and Madison to obtain,and operate in compli-ance with the conditions of,permits and othergovernmental authorizations(“GovernmentalAuthorizations”).Malbaie and Madison follow poli-cies and operate monitoring programs designed toensure complia

167、nce with applicable EnvironmentalLaws and Governmental Authorizations and to mini-mize exposure to environmental liabilities.Variousregulatory authorities periodically review the status ofthe operations of Malbaie and Madison.Based on theforegoing,we believe that Malbaie and Madison are insubstantia

168、l compliance with such EnvironmentalLaws and Governmental Authorizations.Other Joint VenturesWe own an interest of approximately 17.5%in NESV,which owns the Boston Red Sox,Fenway Park andadjacent real estate,approximately 80%of NewEngland Sports Network,a regional cable sports net-work,and 50%of Rou

169、sh Fenway Racing,a leadingNASCAR team.We own a 49%interest in Metro Boston,which publishes a free daily newspaper catering toyoung professionals and students in the GreaterBoston area.RAW MATERIALSThe primary raw materials we use are newsprint andsupercalendered paper.We purchase newsprint froma num

170、ber of North American producers.Asignificantportion of such newsprint is purchased fromAbitibiBowater,which was formed by the October2007 merger ofAbitibi-Consolidated Inc.and BowaterIncorporated and is one of the largest publicly tradedpulp and paper manufacturers in the world.The paper used by The

171、 New York Times MediaGroup,the New England Media Group and theRegional Media Group was purchased from unrelatedsuppliers and related suppliers in which we holdequity interests(see“Forest Products Investments”).As part of our efforts to reduce ournewsprint consumption,we reduced the size of alleditio

172、ns of The Times,with the printed page decreas-ing from 13.5 by 22 inches to 12 by 22 inches.We alsoreduced the size of all editions of the Globe from 12.5by 22 inches to 12 by 22 inches,which was completedat the end of 2007.COMPETITIONOur media properties and investments compete foradvertising and c

173、onsumers with other media intheir respective markets,including paid and freenewspapers,Web sites,broadcast,satellite and cabletelevision,broadcast and satellite radio,magazines,direct marketing and the Yellow Pages.The Times competes for advertising and cir-culation primarily with national newspaper

174、s such asThe Wall Street Journal and USA Today,newspapersof general circulation in New York City and its sub-urbs,other daily and weekly newspapers andtelevision stations and networks in markets in whichThe Times circulates,and some national news andlifestyle magazines.The IHTs and IHT.coms key comp

175、etitorsinclude all international sources of English languagenews,including The Wall Street Journals Europeanand Asian Editions,the Financial Times,Time,Newsweek International and The Economist,satellitenews channels CNN,CNNi,Sky News and BBC,andvarious Web sites.In 2007 and 2006,we used the followin

176、g types and quantities of paper(all amounts in metric tons):Coated,Supercalendered Newsprintand Other Paper2007(3)20062007(3)2006The New York Times Media Group(1,2)226,000257,00030,40032,600New England Media Group(1)85,00097,0003,7004,300Regional Media Group70,00080,000Total381,000434,00034,10036,90

177、0(1)The Times and the Globe use coated,supercalendered or other paper for The New York Times Magazine,T:The New York Times StyleMagazine and the Globes Sunday Magazine.(2)In the third quarter of 2007,The Times decreased the size of its printed page from 13.5 by 22 inches to 12 by 22 inches.(3)2007 u

178、sages included 52 weeks compared with 53 weeks in 2006 because of our fiscal calendar.Part I THE NEW YORK TIMES COMPANY P.7The Globe competes primarily for advertis-ing and circulation with other newspapers andtelevision stations in Boston,its neighboring suburbsand the greater New England region,in

179、cluding,among others,The Boston Herald(daily and Sunday).Our other newspapers compete for advertis-ing and circulation with a variety of newspapers andother media in their markets.NYT and B primarilycompete with other advertising-supported news andinformation Web sites,such as Yahoo!News andCNN.com,

180、and classified advertising portals.WQXR-FM competes for listeners andadvertising in the New York metropolitan area pri-marily with two all-news commercial radio stationsand with WNYC-FM,a non-commercial station,which features both news and classical music.It com-petes for advertising revenues with m

181、anyadult-audience commercial radio stations and othermedia in New York City and surrounding suburbs.A competes with large-scale por-tals,such as AOL,MSN,and Yahoo!.A alsocompetes with smaller targeted Web sites whose con-tent overlaps with that of its individual channels,such as WebMD,CNET,Wikipedia

182、 and iVillage.NESV competes in the Boston(and throughits interest in Roush Fenway Racing,in the national)consumer entertainment market,primarily withother professional sports teams and other forms oflive,film and broadcast entertainment.Baseline competes with other online data-base and research serv

183、ices that provide informationon the film and television industries,such asIMD,TV.com and HollywoodR.EMPLOYEESAs of December 30,2007,we had approximately10,231 full-time equivalent employees.EmployeesThe New York Times Media Group4,408New England Media Group2,656Regional Media Group2,557The About Gro

184、up199Corporate/Shared Services411Total Company10,231Labor RelationsApproximately 2,700 full-time equivalent employeesof The Times and City&Suburban are represented by11 unions with 12 labor agreements.Approximately1,520 full-time equivalent employees of the Globe arerepresented by 10 unions with 12

185、labor agreements.Collective bargaining agreements,covering the fol-lowing categories of employees,with the expirationdates noted below,are either in effect or have expired,and negotiations for new contracts are ongoing.Wecannot predict the timing or the outcome of the vari-ous negotiations described

186、 below.Employee CategoryExpiration DateThe TimesMailersMarch 30,2006(expired)StereotypersMarch 30,2007(expired)New Jersey operating engineersUpon closing of the Edison,N.J.,facility in 2008MachinistsMarch 30,2009ElectriciansMarch 30,2009New York Newspaper GuildMarch 30,2011PaperhandlersMarch 30,2014

187、TypographersMarch 30,2016PressmenMarch 30,2017DriversMarch 30,2020City&SuburbanBuilding maintenance employeesMay 31,2009DriversMarch 30,2020The GlobeGarage mechanicsDecember 31,2004(expired)MachinistsDecember 31,2004(expired)(interestarbitration)PaperhandlersDecember 31,2004(expired)EngraversDecembe

188、r 31,2007(expired)Warehouse employeesDecember 31,2007(expired)DriversDecember 31,2008Technical services groupDecember 31,2009Boston Newspaper Guild(representing non-production employees)December 31,2009TypographersDecember 31,2010PressmenDecember 31,2010Boston Mailers UnionDecember 31,2010Electricia

189、nsDecember 31,2012P.82007 ANNUAL REPORT Part IThe IHT has approximately 328 employees world-wide,including approximately 215 located in France,whose terms and conditions of employment areestablished by a combination of French NationalLabor Law,industry wide collective agreements andcompany-specific

190、agreements.NYT and New York Times Radioalso have unions representing some of their employees.Approximately one-third of the 641 employ-ees of the T&G are represented by four unions.Laboragreements with three production unions expire onAugust 31,2008,October 8,2008 and November 30,2016.The labor agre

191、ements with the ProvidenceNewspaper Guild,representing newsroom and circu-lation employees,expired on August 31,2007.Of the 246 full-time employees at The PressDemocrat,96 are represented by three unions.Thelabor agreement with the Pressmen expires inDecember 2008.The labor agreement with theNewspap

192、er Guild expires in December 2011 and thelabor agreement with the Teamsters,which repre-sents certain employees in the circulationdepartment,expires in June 2011.There is no longer alabor agreement with the Typographical Union as thelast bargaining unit member retired in 2006.You should carefully co

193、nsider the risk factors describedbelow,as well as the other information included in thisAnnual Report on Form 10-K.Our business,financialcondition or results of operations could be materiallyadversely affected by any or all of these risks or byother risks that we currently cannot identify.All of our

194、 businesses face substantial competition foradvertisers.Most of our revenues are from advertising.We face for-midable competition for advertising revenue in ourvarious markets from free and paid newspapers,mag-azines,Web sites,television and radio,other forms ofmedia,direct marketing and the Yellow

195、Pages.Competition from these media and services affects ourability to attract and retain advertisers and consumersand to maintain or increase our advertising rates.This competition has intensified as a resultof digital media technologies.Distribution of news,entertainment and other information over

196、theInternet,as well as through mobile phones and otherdevices,continues to increase in popularity.Thesetechnological developments are increasing the num-ber of media choices available to advertisers andaudiences.As media audiences fragment,we expectadvertisers to allocate larger portions of their ad

197、ver-tising budgets to digital media,such as Web sites andsearch engines,which can offer more measurablereturns than traditional print media through pay-for-performance and keyword-targeted advertising.In recent years,Web sites that feature helpwanted,real estate and/or automobile advertisinghave bec

198、ome competitors of our newspapers andWeb sites for classified advertising,contributing tosignificant declines in print advertising.We mayexperience greater competition from specialized Websites in other areas,such as travel and entertainmentadvertising.Some of these competitors may havemore expertis

199、e in a particular advertising category,and within such category,larger advertiser or userbases,and more brand recognition or technologicalfeatures than we offer.We are aggressively developing online offer-ings,both through internal growth and acquisitions.However,while the amount of advertising on o

200、ur Websites has continued to increase,we will experience adecline in advertising revenues if we are unable toattract advertising to our Web sites in volumes suffi-cient to offset declines in print advertising,for whichrates are generally higher than forInternetadvertising.We have placed emphasis on

201、building our digitalbusinesses.Failure to fulfill this undertaking wouldadversely affect our brands and businesses prospects.Our growth depends to a significant degree upon thedevelopment of our digital businesses.In order forour digital businesses to grow and succeed over thelong-term,we must,among

202、 other things:significantly increase our online traffic and revenue;attract and retain a base of frequent visitors to ourWeb sites;expand the content,products and tools we offer inour Web sites;respond to competitive developments while main-taining a distinct brand identity;attract and retain talent

203、 for critical positions;maintain and form relationships with strategicpartners to attract more consumers;continue to develop and upgrade our technologies;andbring new product features to market in a timelymanner.We cannot assure that we will be successfulin achieving these and other necessary object

204、ives.Ifwe are not successful in achieving these objectives,our business,financial condition and prospects couldbe adversely affected.ITEM 1A.RISK FACTORSPart I THE NEW YORK TIMES COMPANY P.9Our Internet advertising revenues depend in part onour ability to generate traffic.Our ability to attract adve

205、rtisers to our Web sitesdepends partly on our ability to generate traffic to ourWeb sites,especially in categories of informationbeing particularly sought by Internet advertisers,andpartly on the rate at which users click through onadvertisements.Advertising revenues from our Websites may be negativ

206、ely affected by fluctuations ordecreases in our traffic levels.The Web sites of the About Group,including A,ConsumerS,UCompareHealthC and Calorie-C,rely on search engines for a substantial amount oftheir traffic.For example,we estimate that approxi-mately 70%of As traffic is generatedthrough search

207、engines,while an estimated 25%of itsusers enter through its home and channel pages and5%come from links from other Web sites and blogs.Our other Web sites also rely on search engines fortraffic,although to a lesser degree than the Web sitesof the About Group.Search engines(includingGoogle,the primar

208、y search engine directing traffic tothe Web sites of the About Group and many of ourother sites)may,at any time,decide to change thealgorithms responsible for directing search queries toWeb pages.Such changes could lead to a significantdecrease in traffic and,in turn,Internet advertisingrevenues.New

209、 technologies could block our advertisements,which could adversely affect our operating results.New technologies have been developed,and arelikely to continue to be developed,that can block thedisplay of our advertisements.Most of our Internetadvertising revenues are derived from fees paid to usby a

210、dvertisers in connection with the display ofadvertisements.As a result,advertisement-blockingtechnology could in the future adversely affect ouroperating results.Decreases,or slow growth,in circulation adverselyaffect our circulation and advertising revenues.Advertising and circulation revenues are

211、affected bycirculation and readership levels.Our newspaperproperties,and the newspaper industry as a whole,are experiencing difficulty maintaining and increas-ing print circulation and related revenues.This is dueto,among other factors,increased competition fromnew media formats and sources other th

212、an traditionalnewspapers(often free to users),and shifting prefer-ences among some consumers to receive all or aportion of their news other than from a newspaper.These factors could affect our ability to institute circu-lation price increases for our print products.A prolonged decline in circulation

213、 copieswould have a material effect on the rate and volumeof advertising revenues(as rates reflect circulationand readership,among other factors).To maintainour circulation base,we may incur additional costs,and we may not be able to recover these costs throughcirculation and advertising revenues.We

214、 have soughtto reduce our other-paid circulation and to focus pro-motional spending on individually paid circulation,which is generally more valued by advertisers.Ifthose promotional efforts are unsuccessful,we maysee further declines.Difficult economic conditions in the United States,the regions in

215、 which we operate or specific economicsectors could adversely affect the profitability of ourbusinesses.National and local economic conditions,particularlyin the New York City and Boston metropolitanregions,as well as in Florida and California,affect thelevels of our retail,national and classified a

216、dvertisingrevenue.Negative economic conditions in these andother markets could adversely affect our level ofadvertising revenues and an unanticipated downturnor a failure of market conditions to improve,such asin Florida and California as a result of the recentdownturn in the housing markets,could a

217、dverselyaffect our performance.Our advertising revenues are affected byeconomic and competitive changes in significantadvertising categories.These revenues may beadversely affected if key advertisers change theiradvertising practices,as a result of shifts in spendingpatterns or priorities,structural

218、 changes,such as con-solidations,or the cessation of operations.Helpwanted,real estate and automotive classified listings,which are important categories at all of our newspa-per properties,have declined as less expensive or freeonline alternatives have proliferated and as a result ofeconomic changes

219、,such as the recent local andnationwide downturn in the housing markets.The success of our business depends substantially onour reputation as a provider of quality journalismand content.We believe that our products have excellent reputa-tions for quality journalism and content.Thesereputations are b

220、ased in part on consumer percep-tions and could be damaged by incidents that erodeconsumer trust.To the extent consumers perceive theP.102007 ANNUAL REPORT Part Iquality of our content to be less reliable,our ability toattract readers and advertisers may be hindered.The proliferation of consumer dig

221、ital media,mostly available at no cost,challenges the traditionalmedia model,in which quality journalism has prima-rily been supported by print advertising revenues.Ifconsumers fail to differentiate our content from othercontent providers,on the Internet or otherwise,wemay experience a decline in re

222、venues.Seasonal variations cause our quarterly advertisingrevenues to fluctuate.Advertising spending,which principally drives ourrevenue,is generally higher in the second and fourthquarters and lower in the first and third fiscal quar-ters as consumer activity slows during those periods.If a short-t

223、erm negative impact on our business wereto occur during a time of high seasonal demand,therecould be a disproportionate effect on the operatingresults of that business for the year.Our potential inability to execute cost-control meas-ures successfully could result in total operating coststhat are gr

224、eater than expected.We have taken steps to lower our costs by reducingstaff and employee benefits and implementing gen-eral cost-control measures,and we expect to continuecost-control efforts.If we do not achieve expectedsavings as a result or if our operating costs increase asa result of our growth

225、 strategy,our total operatingcosts may be greater than anticipated.Although webelieve that appropriate steps have been and arebeing taken to implement cost-control efforts,if notmanaged properly,such efforts may affect the qualityof our products and our ability to generate future rev-enue.In additio

226、n,reductions in staff and employeebenefits could adversely affect our ability to attractand retain key employees.The price of newsprint has historically been volatile,and a significant increase would have an adverseeffect on our operating results.The cost of raw materials,of which newsprint is thema

227、jor component,represented 9%of our total costs in2007.The price of newsprint has historically beenvolatile and may increase as a result of various fac-tors,including:consolidation in the North American newsprintindustry,which has reduced the number of suppliers;declining newsprint supply as a result

228、 of papermill closures and conversions to other grades ofpaper;anda strengthening Canadian dollar,which hasadversely affected Canadian suppliers,whose costsare incurred in Canadian dollars but whosenewsprint sales are priced in U.S.dollars.Our operating results would be adverselyaffected if newsprin

229、t prices increased significantly inthe future.Asignificant number of our employees are unionized,and our results could be adversely affected if labornegotiations or contracts were to further restrict ourability to maximize the efficiency of our operations.Approximately 47%of our full-time work force

230、 isunionized.As a result,we are required to negotiatethe wages,salaries,benefits,staffing levels and otherterms with many of our employees collectively.Although we have in place long-term contracts for asubstantial portion of our unionized work force,ourresults could be adversely affected if future

231、labornegotiations or contracts were to further restrict ourability to maximize the efficiency of our operations.Ifwe were to experience labor unrest,strikes or otherbusiness interruptions in connection with labor nego-tiations or otherwise or if we are unable to negotiatelabor contracts on reasonabl

232、e terms,our ability toproduce and deliver our most significant productscould be impaired.In addition,our ability to makeshort-term adjustments to control compensation andbenefits costs is limited by the terms of our collectivebargaining agreements.There can be no assurance of the success of our effo

233、rtsto develop new products and services for evolvingmarkets due to a number of factors,some of whichare beyond our control.There are substantial uncertainties associated withour efforts to develop new products and services forevolving markets,and substantial investments maybe required.These efforts

234、are to a large extentdependent on our ability to acquire,develop,adoptand exploit new and existing technologies to distin-guish our products and services from those of ourcompetitors.The success of these ventures will bedetermined by our efforts,and in some cases by thoseof our partners,fellow inves

235、tors and licensees.Initialtimetables for the introduction and development ofnew products or services may not be achieved,andprice and profitability targets may not prove feasible.External factors,such as the development of competi-tive alternatives,rapid technological change,regulatory changes and s

236、hifting market preferences,may cause new markets to move in unanticipateddirections.Some of our existing competitors andPart I THE NEW YORK TIMES COMPANY P.11possible additional entrants may also have greateroperational,financial,strategic,technological,per-sonnel or other resources than we do.If ou

237、rcompetitors are more successful than we are in devel-oping compelling products or attracting andretaining users or advertisers,then our revenuescould decline.We may not be able to protect intellectual propertyrights upon which our business relies,and if we loseintellectual property protection,our a

238、ssets may losevalue.We own valuable brands and content,which weattempt to protect through a combination of copy-right,trade secret,patent and trademark law andcontractual restrictions,such as confidentiality agree-ments.We believe our proprietary trademarks andother intellectual property rights are

239、important to ourcontinued success and our competitive position.Despite our efforts to protect our propri-etary rights,unauthorized parties may attempt tocopy or otherwise obtain and use our services,tech-nology and other intellectual property,and we cannotbe certain that the steps we have taken will

240、 preventany misappropriation or confusion among con-sumers and merchants,or unauthorized use of theserights.In addition,laws may vary from country tocountry and it may be more difficult to protect andenforce our intellectual property rights in some for-eign jurisdictions or in a cost-effective manne

241、r.If weare unable to procure,protect and enforce our intel-lectual property rights,then we may not realize thefull value of these assets,and our business may suffer.We may buy or sell different properties as a result ofour evaluation of our portfolio of businesses.Suchacquisitions or divestitures wo

242、uld affect our costs,revenues,profitability and financial position.From time to time,we evaluate the various componentsof our portfolio of businesses and may,as a result,buyor sell different properties.These acquisitions ordivestitures affect our costs,revenues,profitability andfinancial position.We

243、 may also consider the acquisitionof specific properties or businesses that fall outside ourtraditional lines of business if we deem such propertiessufficiently attractive.Each year,we evaluate the various compo-nents of our portfolio in connection with annualimpairment testing,and we may record a n

244、on-cashcharge if the financial statement carrying value of anasset is in excess of its estimated fair value.Fair valuecould be adversely affected by changing market con-ditions within our industry.Acquisitions involve risks,including diffi-culties in integrating acquired operations,diversionsof mana

245、gement resources,debt incurred in financingthese acquisitions(including the related possiblereduction in our credit ratings and increase in ourcost of borrowing),differing levels of managementand internal control effectiveness at the acquired enti-ties and other unanticipated problems and liabilitie

246、s.Competition for certain types of acquisitions,particu-larly Internet properties,is significant.Even ifsuccessfully negotiated,closed and integrated,cer-tain acquisitions or investments may prove not toadvance our business strategy and may fall short ofexpected return on investment targets.Divestit

247、ures also have inherent risks,includ-ing possible delays in closing transactions(includingpotential difficulties in obtaining regulatoryapprovals),the risk of lower-than-expected sales pro-ceeds for the divested businesses,and potentialpost-closing claims for indemnification.From time to time,we mak

248、e non-controllingminority investments in private entities.We mayhave limited voting rights and an inability to influ-ence the direction of such entities.Therefore,thesuccess of these ventures may be dependent upon theefforts of our partners,fellow investors and licensees.These investments are genera

249、lly illiquid,and theabsence of a market inhibits our ability to dispose ofthem.If the value of the companies in which weinvest declines,we may be required to take a chargeto earnings.Changes in our credit ratings and macroeconomicconditions may affect our borrowing costs.Our short-and long-term debt

250、 is rated investmentgrade by the major rating agencies.These investment-grade credit ratings afford us lower borrowing rates inthe commercial paper markets,revolving credit agree-ments and in connection with senior debt offerings.Tomaintain our investment-grade ratings,the credit rat-ing agencies re

251、quire us to meet certain financialperformance ratios.Increased debt levels and/ordecreased earnings could result in downgrades in ourcredit ratings,which,in turn,could impede access tothe debt markets,reduce the total amount of commer-cial paper we could issue,raise our commercial paperborrowing cos

252、ts and/or raise our long-term debt bor-rowing rates,including under our revolving creditagreements,which bear interest at specified marginsbased on our credit ratings.Our ability to use debt tofund major new acquisitions or capital intensive inter-nal initiatives will also be limited to the extent w

253、e seekto maintain investment-grade credit ratings for ourP.122007 ANNUAL REPORT Part IPart I THE NEW YORK TIMES COMPANY P.13debt.In addition,changes in the financial and equitymarkets,including market disruptions and significantinterest rate fluctuations,may make it more difficultfor us to obtain fi

254、nancing for our operations or invest-ments or it may increase the cost of obtainingfinancing.Sustained increases in costs of providing pension andemployee health and welfare benefits may reduce ourprofitability.Employee benefits,including pension expense,account for approximately 9%of our total oper

255、atingcosts.As a result,our profitability is substantiallyaffected by costs of pension benefits and otheremployee benefits.We have funded,qualified non-contributory defined benefit retirement plans thatcover substantially all employees,and non-contribu-tory unfunded supplemental executive retirementp

256、lans that supplement the coverage available to cer-tain executives.Two significant elements indetermining pension income or pension expense arethe expected return on plan assets and the discountrate used in projecting benefit obligations.Largedeclines in the stock or bond markets would lowerour rate

257、s of return and could increase our pensionexpense and cause additional cash contributions tothe pension plans.In addition,a lower discount ratedriven by lower interest rates would increase ourpension expense by increasing the calculated value ofour liabilities.Our Class B stock is principally held b

258、y descendantsof Adolph S.Ochs,through a family trust,and thiscontrol could create conflicts of interest or inhibitpotential changes of control.We have two classes of stock:Class ACommon Stockand Class B Common Stock.Holders of Class ACommon Stock are entitled to elect 30%of the Boardof Directors and

259、 to vote,with Class B common stock-holders,on the reservation of shares for equity grants,certain material acquisitions and the ratification ofthe selection of our auditors.Holders of Class BCommon Stock are entitled to elect the remainder ofthe Board and to vote on all other matters.OurClass B Comm

260、on Stock is principally held by descen-dants of Adolph S.Ochs,who purchased The Timesin 1896.A family trust holds 88%of the Class BCommon Stock.As a result,the trust has the ability toelect 70%of the Board of Directors and to direct theoutcome of any matter that does not require a vote ofthe Class A

261、 Common Stock.Under the terms of thetrust agreement,trustees are directed to retain theClass B Common Stock held in trust and to vote suchstock against any merger,sale of assets or other trans-action pursuant to which control of The Times passesfrom the trustees,unless they determine that the pri-ma

262、ry objective of the trust can be achieved better bythe implementation of such transaction.Because thisconcentrated control could discourage others frominitiating any potential merger,takeover or otherchange of control transaction that may otherwise bebeneficial to our businesses,the market price of

263、ourClassACommon Stock could be adversely affected.Regulatory developments may result in increased costs.All of our operations are subject to government regu-lation in the jurisdictions in which they operate.Dueto the wide geographic scope of its operations,theIHT is subject to regulation by politica

264、l entitiesthroughout the world.In addition,our Web sites areavailable worldwide and are subject to laws regulat-ing the Internet both within and outside the UnitedStates.We may incur increased costs necessary tocomply with existing and newly adopted laws andregulations or penalties for any failure t

265、o comply.None.ITEM 1B.UNRESOLVED STAFF COMMENTSThe general character,location,terms of occupancy and approximate size of our principal plants and othermaterially important properties as of December 30,2007,are listed below.Approximate Area in Approximate Area in General Character of PropertySquare F

266、eet(Owned)Square Feet(Leased)News Media GroupPrinting plants,business and editorial offices,garages and warehouse space located in:New York,N.Y.825,000(1)148,822College Point,N.Y.515,000(2)Edison,N.J.1,300,000(3)Boston,Mass.703,21724,474Billerica,Mass.290,000Other locations1,457,482716,353About Grou

267、p52,260Total3,275,6992,756,909(1)The 825,000 square feet owned consists of space we own in our new headquarters.(2)We are leasing a 31-acre site in College Point,N.Y.,where our printing and distribution plant is located,and have the option to purchasethe property at any time prior to the end of the

268、lease in 2019.(3)We are in the process of consolidating the printing operations of a facility we lease in Edison,N.J.,into our newer facility in College Point,N.Y.After evaluating the options with respect to the original lease,we decided it was financially prudent to purchase the Edison,N.J.,facil-i

269、ty and sell it,with two adjacent properties we already owned,to a third party.The purchase and sale of the Edison,N.J.,facility closed inthe second quarter of 2007,relieving us of rental terms that were above market as well as certain restoration obligations under the origi-nal lease.We expect to co

270、mplete the plant consolidation in the first quarter of 2008.ITEM 2.PROPERTIESOur new headquarters,which is located in the TimesSquare area,contains approximately 1.54 million grosssquare feet of space,of which 825,000 gross square feetis owned by us.We have leased five floors,totalingapproximately 1

271、55,000 square feet.For additionalinformation on the new headquarters,see Note 18 ofthe Notes to the Consolidated Financial Statements.There are various legal actions that have arisen in theordinary course of business and are now pendingagainst us.Such actions are usually for amountsgreatly in excess

272、 of the payments,if any,that may berequired to be made.It is the opinion of managementafter reviewing such actions with our legal counselthat the ultimate liability that might result from suchactions will not have a material adverse effect on ourconsolidated financial statements.ITEM 3.LEGAL PROCEED

273、INGSP.142007 ANNUAL REPORT Part IPart I THE NEW YORK TIMES COMPANY P.15Not applicable.EXECUTIVE OFFICERS OF THE REGISTRANTEmployed By NameAgeRegistrant Since Recent Position(s)Held as of February 26,2008Corporate OfficersSenior Vice President(since December 2007)and GeneralCounsel(since 2006);Vice P

274、resident(2002 toDecember 2007);Deputy General Counsel(2001 to 2005);Vice President and General Counsel,New York Times Digital(1999 to 2003)198356Kenneth A.RichieriVice President(since 2003);Corporate Controller(since2007);Treasurer(2001 to 2007)198944R.Anthony BentenSenior Vice President,Human Resou

275、rces(since 2006);VicePresident,Human Resources,Starwood Hotels&Resorts,and Executive Vice President,Starwood Hotels&ResortsWorldwide,Inc.(2000 to 2006)200652David K.NortonSenior Vice President,Digital Operations(since 2005);ChiefExecutive Officer,New York Times Digital(1999 to 2005)199552Martin A.Ni

276、senholtzSenior Vice President and Chief Financial Officer(since2007);Chief Financial and Administrative Officer,MarthaStewart Living Omnimedia,Inc.(2001 to 2006)200748James M.FolloVice Chairman(since 1997);Publisher of the IHT(2003 toJanuary 2008);Senior Vice President(1997 to 2004)198458Michael Gol

277、denPresident and Chief Executive Officer(since 2005);ExecutiveVice President and Chief Operating Officer(2004);SeniorVice President,Newspaper Operations(2001 to 2004);President and General Manager of The Times(1996 to 2004)198357Janet L.RobinsonChairman(since 1997)and Publisher of The Times(since 19

278、92)197856Arthur Sulzberger,Jr.ITEM 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSEmployed By NameAgeRegistrant Since Recent Position(s)Held as of February 26,2008Operating Unit Executives(1)Mr.Heekin-Canedy left the Company in 1989 and returned in 1992.President and Chief Operating Officer,Re

279、gional Media Group(since 2006);President and General Manager,The Globe(2005to 2006);President and Chief Executive Officer,Fort WayneNewspapers and Publisher,News Sentinel(2002 to 2005)200551Mary JacobusPresident and General Manager of The Times(since 2004);Senior Vice President,Circulation of The Ti

280、mes(1999 to2004)1987(1)56Scott H.Heekin-CanedyPublisher of The Globe(since 2006);President and ChiefOperating Officer,Regional Media Group(2003 to 2006)198255P.Steven AinsleyP.162007 ANNUAL REPORT Part I(a)MARKET INFORMATIONThe ClassACommon Stock is listed on the New York Stock Exchange.The Class B

281、Common Stock is unlistedand is not actively traded.The number of security holders of record as of February 22,2008,was as follows:Class A CommonStock:7,994;Class B Common Stock:30.Both classes of our common stock participate equally in our quarterly dividends.In 2007,dividendswere paid in the amount

282、 of$.175 in March and in the amount of$.23 per share in June,September andDecember.In 2006,dividends were paid in the amount of$.165 per share in March and in the amount of$.175per share in June,September and December.We currently expect to continue to pay comparable cash divi-dends in the future,al

283、though changes in our dividend program will depend on our earnings,capitalrequirements,financial condition,restrictions in any existing indebtedness and other factors considered rele-vant by our Board of Directors.The following table sets forth,for the periods indicated,the closing high and low sale

284、s prices for theClass ACommon Stock as reported on the New York Stock Exchange.Quarters20072006HighLowHighLowFirst Quarter$26.40$22.90$28.90$25.30Second Quarter26.5523.4025.7022.88Third Quarter24.8319.2224.5421.58Fourth Quarter20.6516.4524.8722.29EQUITY COMPENSATION PLAN INFORMATIONNumber of securit

285、ies Number of securities remaining to be issued upon Weighted averageavailable for future issuance exercise of outstanding exercise price of under equity compensation options,warrants outstanding options,plans(excluding securities Plan categoryand rights warrants and rights reflected in column(a)(a)

286、(b)(c)Equity compensation plans approved by security holdersStock options29,599,000(1)$406,644,000(2)Employee Stock Purchase Plan7,924,000(3)Stock awards688,000(4)508,000(5)Total30,287,00015,076,000Equity compensation plans not approved by security holdersNoneNoneNone(1)Includes shares of Class A st

287、ock to be issued upon exercise of stock options granted under our 1991 Executive Stock Incentive Plan(the“NYT Stock Plan”),our Non-Employee Directors Stock Option Plan and our 2004 Non-Employee Directors Stock Incentive Plan(the“2004 Directors Plan”).(2)Includes shares of Class A stock available for

288、 future stock options to be granted under the NYT Stock Plan and the 2004 Directors Plan.The 2004 Directors Plan provides for the issuance of up to 500,000 shares of Class A stock in the form of stock options or restrictedstock awards.The amount reported for stock options includes the aggregate numb

289、er of securities remaining(approximately 328,000 asof December 30,2007)for future issuances under that plan.(3)Includes shares of Class A stock available for future issuance under our Employee Stock Purchase Plan.(4)Includes shares of Class A stock to be issued upon conversion of restricted stock un

290、its and retirement units under the NYT Stock Plan.(5)Includes shares of Class A stock available for stock awards under the NYT Stock Plan.ITEM 5.MARKET FOR THE REGISTRANTS COMMON EQUITY,RELATED STOCKHOLDERMATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESPart II THE NEW YORK TIMES COMPANY P.17PART II

291、Stock Performance Comparison Between S&P 500,The New York TimesCompanys Class A Common Stock and Peer Group Common Stock$20002040601008018016014012/31/0212/31/0712/31/0312/31/0412/31/0512/31/06129106921431166115088173855718343 62120100Peer GroupNYTS&P 500118PERFORMANCE PRESENTATIONThe following grap

292、h shows the annual cumulativetotal stockholder return for the five years endingDecember 30,2007,on an assumed investment of$100 on December 29,2002,in the Company,theStandard&Poors S&P 500 Stock Index and an indexof peer group communications companies.The peergroup returns are weighted by market cap

293、italizationat the beginning of each year.The peer group is com-prised of the Company and the following othercommunications companies:Gannett Co.,Inc.,MediaGeneral,Inc.,The McClatchy Company and TheWashington Post Company.The five-year cumulativetotal stockholder return graph excludes Dow Jones&Compa

294、ny,Inc.and Tribune Company,which werepreviously included,as they were each acquired in2007.Stockholder return is measured by dividing(a)the sum of(i)the cumulative amount of dividendsdeclared for the measurement period,assumingmonthly reinvestment of dividends,and(ii)the dif-ference between the issu

295、ers share price at the endand the beginning of the measurement period by(b)the share price at the beginning of the measure-ment period.As a result,stockholder return includesboth dividends and stock appreciation.P.182007 ANNUAL REPORT Part IIUNREGISTERED SALES OF EQUITY SECURITIESDuring the fourth q

296、uarter of 2007,we issued 6,938shares of ClassACommon Stock to holders of Class BCommon Stock upon the conversion of such Class Bshares into Class A shares.The conversion,whichwas in accordance with our Certificate ofIncorporation,did not involve a public offering andwas exempt from registration purs

297、uant to Section3(a)(9)of the Securities Act of 1933,as amended.(c)ISSUER PURCHASES OF EQUITY SECURITIES(1)Maximum Number(or ApproximateTotal Number ofDollar Value)Shares of Class Aof Shares ofAverageCommon StockClass A CommonTotal Number ofPrice PaidPurchasedStock that MayShares of Class APer Share

298、ofas Part of PubliclyYet Be PurchasedCommon StockClass AAnnounced PlansUnder the PlansPurchasedCommon Stockor Programsor ProgramsPeriod(a)(b)(c)(d)October 1,2007-November 4,2007110$20.54$91,762,000November 5,2007-December 2,200720,044$18.8220,000$91,386,000December 3,2007-December 30,2007125,883$16.

299、67$91,386,000Total for the fourth quarter of 2007146,037(2)$16.9720,000$91,386,000(1)Except as otherwise noted,all purchases were made pursuant to our publicly announced share repurchase program.On April 13,2004,ourBoard of Directors(the“Board”)authorized repurchases in an amount up to$400 million.A

300、s of February 22,2008,we had authorizationfrom the Board to repurchase an amount of up to approximately$91 million of our Class A Common Stock.The Board has authorized us topurchase shares from time to time as market conditions permit.There is no expiration date with respect to this authorization.(2

301、)Includes 126,037 shares withheld from employees to satisfy tax withholding obligations upon the vesting of restricted shares awardedunder the NYT Stock Plan.The shares were repurchased by us pursuant to the terms of the plan and not pursuant to our publiclyannounced share repurchase program.Part II

302、 THE NEW YORK TIMES COMPANY P.19The Selected Financial Data should be read in conjunction with“Managements Discussion and Analysis ofFinancial Condition and Results of Operations”and the Consolidated Financial Statements and the relatedNotes.The Broadcast Media Groups results of operations have been

303、 presented as discontinued operations,and certain assets and liabilities are classified as held for sale for all periods presented before the Groups salein 2007(see Note 4 of the Notes to the Consolidated Financial Statements).The page following the table showscertain items included in Selected Fina

304、ncial Data.All per share amounts on that page are on a diluted basis.Allfiscal years presented in the table below comprise 52 weeks,except 2006,which comprises 53 weeks.As of and for the Years EndedDecember 30,December 31,December 25,December 26,December 28,(In thousands)20072006200520042003Statemen

305、t of Operations DataRevenues$3,195,077$3,289,903$3,231,128$3,159,412$3,091,546Total operating costs2,928,0702,996,0812,911,5782,696,7992,595,215Net loss on sale of assets68,156Gain on sale of WQEW-AM39,578Impairment of intangible assets11,000814,433Gain on sale of assets122,946Operating profit/(loss

306、)227,429(520,611)442,496462,613496,331Interest expense,net39,84250,65149,16841,76044,757Income/(loss)from continuingoperations before income taxesand minority interest184,969(551,922)407,546429,305456,628Income/(loss)from continuingoperations108,939(568,171)243,313264,985277,731Discontinued operatio

307、ns,net of income taxes Broadcast Media Group99,76524,72815,68722,64616,916Cumulative effect of a change in accounting principle,net of income taxes(5,527)Net income/(loss)$208,704$(543,443)$253,473$287,631$294,647Balance Sheet DataProperty,plant and equipment net$1,468,013$1,375,365$1,401,368$1,308,

308、903$1,215,265Total assets3,473,0923,855,9284,564,0783,994,5553,854,659Total debt,including commercial paper,borrowings under revolving credit agreements,capital lease obligations and construction loan1,034,9791,445,9281,396,3801,058,847955,302Stockholders equity978,200819,8421,450,8261,354,3611,353,

309、585P.202007 ANNUAL REPORT Selected Financial DataITEM 6.SELECTED FINANCIAL DATAAs of and for the Years Ended(In thousands,except ratios andDecember 30,December 31,December 25,December 26,December 28,per share and employee data)20072006200520042003Per Share of Common StockBasic earnings/(loss)per sha

310、reIncome/(loss)from continuingoperations$0.76$(3.93)$1.67$1.80$1.85Discontinued operations,net of income taxes Broadcast Media Group0.690.170.110.150.11Cumulative effect of a change in accounting principle,net of income taxes(0.04)Net income/(loss)$1.45$(3.76)$1.74$1.95$1.96Diluted earnings/(loss)pe

311、r shareIncome/(loss)from continuing operations$0.76$(3.93)$1.67$1.78$1.82Discontinued operations,net of income taxes Broadcast Media Group0.690.170.110.150.11Cumulative effect of a change in accounting principle,net of income taxes(0.04)Net income/(loss)$1.45$(3.76)$1.74$1.93$1.93Dividends per share

312、$.865$.690$.650$.610$.570Stockholders equity per share$6.79$5.67$9.95$9.07$8.86Average basic shares outstanding143,889144,579145,440147,567150,285Average diluted shares outstanding144,158144,579145,877149,357152,840Key RatiosOperating profit/(loss)to revenues7%16%14%15%16%Return on average common st

313、ockholders equity23%48%18%21%23%Return on average total assets6%13%6%7%8%Total debt to total capitalization51%64%49%44%41%Current assets to current liabilities(1).68.91.95.841.23Ratio of earnings to fixed charges3.75(2)6.228.118.65Full-Time Equivalent Employees10,23111,58511,96512,30012,400(1)The cu

314、rrent assets to current liabilities ratio is higher in years prior to 2007 because of the inclusion of the Broadcast Media Groupsassets as assets held for sale in current assets.(2)Earnings were inadequate to cover fixed charges by$573 million for the year ended December 31,2006,as a result of a non

315、-cashimpairment charge of$814.4 million($735.9 million after tax).Selected Financial Data THE NEW YORK TIMES COMPANY P.21P.222007 ANNUAL REPORT Selected Financial DataThe items below are included in the SelectedFinancial Data.2007The items below increased net income by$18.8 millionor$.13 per share:a

316、$190.0 million pre-tax gain($94.0 million aftertax,or$.65 per share)from the sale of the BroadcastMedia Group.a$68.2 million net pre-tax loss($41.3 million aftertax,or$.29 per share)from the sale of assets,mainly our Edison,N.J.,facility.a$42.6 million pre-tax charge($24.4 million aftertax,or$.17 pe

317、r share)for accelerated depreciationof certain assets at the Edison,N.J.,facility,whichwe are in the process of closing.a$39.6 million pre-tax gain($21.2 million after tax,or$.15 per share)from the sale of WQEW-AM.a$35.4 million pre-tax charge($20.2 million aftertax,or$.14 per share)for staff reduct

318、ions.an$11.0 million pre-tax,non-cash charge($6.4 mil-lion after tax,or$.04 per share)for the impairmentof an intangible asset at the T&G,whose results areincluded in the New England Media Group.a$7.1 million pre-tax,non-cash charge($4.1 millionafter tax,or$.03 per share)for the impairment of our49%

319、ownership interestin Metro Boston.2006The items below had an unfavorable effect on ourresults of$763.0 million or$5.28 per share:an$814.4 million pre-tax,non-cash charge($735.9 million after tax,or$5.09 per share)for theimpairment of goodwill and other intangible assetsat the New England Media Group

320、.a$34.3 million pre-tax charge($19.6 million aftertax,or$.14 per share)for staff reductions.a$20.8 million pre-tax charge($11.5 million aftertax,or$.08 per share)for accelerated depreciationof certain assets at the Edison,N.J.,facility.a$14.3 million increase in pre-tax income($8.3 mil-lion after ta

321、x,or$.06 per share)related to theadditional week in our 2006 fiscal calendar.a$7.8 million pre-tax loss($4.3 million after tax,or$.03 per share)from the sale of our 50%ownershipinterest in Discovery Times Channel.2005The items below increased net income by$5.6 millionor$.04 per share:a$122.9 million

322、 pre-tax gain resulting from thesales of our previous headquarters($63.3 millionafter tax,or$.43 per share)as well as property inFlorida($5.0 million after tax,or$.03 per share).a$57.8 million pre-tax charge($35.3 million aftertax,or$.23 per share)for staff reductions.a$32.2 million pre-tax charge($

323、21.9 million aftertax,or$.15 per share)related to stock-based com-pensation expense.The expense in 2005 wassignificantly higher than in prior years due to ouradoption of Financial Accounting Standards Board(“FASB”)Statement of Financial AccountingStandards No.123(revised 2004),Share-BasedPayment(“FA

324、S 123-R”),in 2005.a$9.9 million pre-tax charge($5.5 million after tax,or$.04 per share)for costs associated with the cumula-tive effect of a change in accounting principle relatedto the adoption of FASB Interpretation No.47,Accounting for Conditional Asset RetirementObligations an interpretation of

325、FASB StatementNo.143.Aportion of the charge has been reclassifiedto conform to the presentation of the BroadcastMedia Group as a discontinued operation.2004There were no items of the type discussed here in 2004.2003The item below increased net income by$8.5 million,or$.06 per share:a$14.1 million pr

326、e-tax gain related to a reimburse-ment of remediation expenses at one of ourprinting plants.The following discussion and analysis provides information that management believes is relevant to anassessment and understanding of our consolidated financial condition as of December 30,2007 and results ofo

327、perations for the three years ended December 30,2007.This item should be read in conjunction with our con-solidated financial statements and the related notes included in this Annual Report.EXECUTIVE OVERVIEWWe are a leading media and news organization serving our audiences through print,online,mobi

328、le and radiotechnology.Our segments and divisions are:News Media GroupThe New York Times Media Group,including:The New York Times,NYT,International Herald Tribune and IHT.com,WQXR-FM,New England Media Group,including:The Boston Globe,AUCompareHealthCCalorie-CConsumerSB,Worcester Telegram&Gazette and

329、 T and Regional Media Group,including:14 daily newspapers andrelated businessesBaseline andrelated businessesrelated businessesAbout GroupOur revenues were$3.2 billion in 2007.The percent-age of revenues contributed by division is below.News Media GroupThe News Media Group generates revenues princi-

330、pally from print,online and radio advertising andthrough circulation.Other revenues,which make upthe remainder of its revenues,primarily consist ofrevenues from wholesale delivery operations,newsservices/syndication,commercial printing,advertis-ing service revenue,digital archives,TimesSelect(forper

331、iods before October 2007),Baseline and rentalincome.The News Media Groups main operatingcosts are employee-related costs and raw materials,primarily newsprint.64%The New York TimesMedia Group19%New England Media Group14%Regional Media Group3%About GroupExecutive Overview THE NEW YORK TIMES COMPANY P

332、.23ITEM 7.MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONSNews Media Group revenues in 2007 by cat-egory and percentage share are below.About GroupThe About Group principally generates revenuesfrom display advertising that is relevant to its adja-cent content,cost-

333、per-click advertising(sponsoredlinks for which the About Group is paid when a userclicks on the ad),and e-commerce(including saleslead generation).Almost all of its revenues(95%in2007)are derived from the sale of advertisements(display and cost-per-click advertising).Displayadvertising accounted for 51%of the About Groupstotal advertising revenues.The About Groups mainoperating costs are employee-