New York Times (NYT) 2006年年度報告「NYSE」.pdf

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1、*We are increasing our operational efficiency and reducing bothfixed and variable costs;andOver the past year,we have been adapting and transforming The New York Times Company to improve its financial performanceand position it for success well into the future.Our strategy is centeredupon five criti

2、cal areas that address the changes in our markets:*We are enhancing the positions of our strong brands throughthe introduction of innovative new products and servicesacross media platforms;And we are proud to say that we are successfully executing on allof these fronts.*We are aggressively pursuing

3、leadership positions in keycontent verticals,both in print and online;*We are continuing to rebalance our portfolio of propertiesand to exercise financial discipline as we allocate capital for thebenefit of our shareholders.*We are building a vibrant,long-term innovation capabilitythat helps us anti

4、cipate consumer preferences and create waysof satisfying them;The New YorkTimes CompanyStrategyTHE NEW YORK TIMES COMPANYP.1COST SAVINGSAs a result of steps we havetaken over the past two years,we have reducedcosts and realizedproductivity gains of$120 million.Thiswork continues.1.Consolidating ourp

5、rinting plants 2.Continuing ourprocess engi-neering initiatives3.Reconfiguringour workforce4.Decreasing ournewsprintconsumption improvingopera-tionalefficiencyandreducingcosts hasbeen apriorityfor us.We are proud of what we haveaccomplished,but we also recog-nize much more needs to be done toimprove

6、 our financial performance.As we are well aware,our chal-lenges are considerable as reflectedin last years results.For 2006,wereported a net loss of$543 millionor$3.76 per share(on a dilutedbasis)as a result of a non-cashcharge of$814 million($736 millionor$5.09 per share)for the write-down of asset

7、s at our New EnglandMedia Group(NEMG).In 2005,diluted earnings per share(EPS)were$1.74,which included a gainon the sale of real estate of$0.46 pershare.Excluding the effects of theNEMG charge and the real estategains,our EPS were$1.33 for 2006compared with$1.28 for 2005.As a result of the significan

8、tdecline in current and projectedoperating results and cash flows of the NEMG due to,among other factors,advertiser consoli-dation and increased competitionwith online media,the accountingrules required the Company towrite down intangible assets of theGroup.Despite this charge,wecontinue to view the

9、se propertiesas important assets,and weremain acutely focused onimproving their performance and value.Our optimism is rooted in thefact that our Company is enhancingits competitive position by makingmore changes than at any time inits 156-year history.Over the pastyear,we have introduced manynew pro

10、ducts,re-engineered ouroperations and managementprocesses,and both acquired andsold businesses and investmentsbased on their strategic fit.Our journalistic colleaguescontinue to demonstrate theirunwavering commitment toreporting,editing and photo-graphy of the highest quality.Overthe past year these

11、 efforts were rec-ognized with numerous awards,including three Pulitzer Prizes,aPolk and an Alfred I.duPont-Columbia University Award.ADHERING TO OUR STRATEGYMedia leadership in the firstdecade of our new century hasrequired that we embrace a disci-plined and expansive planningprocess,and we are doi

12、ng exactlythat with a five-part strategy:Enhancing the positions of ourstrong brands through the intro-duction of innovative newproducts and services acrossmedia platforms;Aggressively pursuing leader-ship positions in key contentverticals,both in print and online;Building a vibrant long-terminnovat

13、ion capability that helpsus anticipate consumer prefer-ences and create ways ofsatisfying them;Increasing our operational effi-ciency and reducing both fixedand variable costs;and Continuing to rebalance ourportfolio of properties and to exercise financial discipline aswe allocate capital for the be

14、ne-fit of our shareholders.ENHANCING OUR STRONGBRANDSThe Companys powerful andtrusted print brands remain astrategic cornerstone.Traditionalprint newspaper audiences,on adaily basis,are still significantlylarger than their Web counter-parts,and print commands highlevels of reader engagement.Conseque

15、ntly,we have pro-duced a range of exciting newmagazines,including:PLAY,The New York Times Sports Magazine;KEY,The Timess new luxuryreal estate publication;and Design New England,theGlobes magazine devoted tohome and garden.Other new product introductionsinclude new zoned and specialsections across t

16、he Company;newad placements,including sectionfronts at nearly all of our newspa-pers;and new weekly newspapersat our Regional Media Group.The New York Times Company,likemany other companies in our industry,is in the midst of an extra-ordinary transformation unlike any we have seen in our lifetimes.W

17、ell-respected,long-standing organizations successfully endure byclosely adhering to what has always made them great while making the changes necessary to compete in a rapidly evolving world.Ourcolleagues understand what it takes to succeed in this era,and are workinghard to create exceptional journa

18、lism while mastering new technologies.arthursulzberger,jr.Chairmanjanet l.robinsonPresident and CEOTO OUR FELLOW SHAREHOLDERS:The New YorkTimes receivedthree PulitzerPrizes in 2006:James Risen andEric Lichtblau for national reportingfor their coverageof the U.S.governmentssecret eavesdrop-ping progr

19、am.Joseph Kahn andJim Yardley for inter-national reporting fortheir examination ofChinas legal system.Nicholas Kristof forcommentary bring-ing the genocide inDarfur to theworlds attention.In addition,Timesjournalist LydiaPolgreen won aGeorge Polk Awardfor her coverageof Darfur.468Just as we have a l

20、eadership posi-tion in print so too do we online.The New York Times Company hadthe ninth largest presence on theWeb,with 44.2 million unique visi-tors in the United States alone inDecember 2006.We expect thisaudience to grow as we extend ourdigital offerings.We are aggres-sively developing new onlin

21、eproducts and building out ouronline verticals.Our approach is toattract more users,deepen theirengagement through relevant con-tent and increasingly monetize thetraffic from those users:We redesigned NYT,the No.1 newspaper Web site.Westreamlined navigation,addedmore video and introduced newfeatures

22、 such as“Most Blogged,”“Most Searched”and My Times,which enables users to capturetheir favorite feeds from aroundthe Web in one place.We acquired BaselineStudioSystems,the primarybusiness-to-business supplier of proprietary entertainmentinformation to the film and tele-vision industries.It also has

23、agrowing syndication/licensingbusiness that provides non-professional entertainmentinformation to leading con-sumer-oriented Web sites.Baseline is expected to provideNYTs popular enter-tainment vertical with enhancedcontent offerings and improvedadvertising opportunities.B launched a localsearch pro

24、duct,which includescontent that is focused on areasof Greater Boston.This productis repositioning the site from a news and sports destination toa comprehensive resource for allthings Boston.Similar searchapplications are planned forNYT and our RegionalMedia Group Web sites this year.We recently ente

25、red into astrategic alliance with MonsterWorldwide,a leading onlinerecruitment company,to sellhelp-wanted ads,both on its sitesand our newspaper Web sites.Two years ago,digital revenuesmade up just 4%of our Companysrevenues.In 2006,over 8%,or$274million,came from our digital oper-ations,which includ

26、e A,NYT,B,and the sites associated with ourregional newspapers.For 2006,online advertising revenues grew41%.In 2007,we expect our totaldigital revenues to grow 30%toapproximately$350 million mainlybecause of organic growth.DEVELOPING OUR CONTENTVERTICALSOur second strategic focus is theaggressive de

27、velopment of keycontent verticals:We expanded our real estate ver-tical with the introduction of“Home Finance Center”and“Great Homes”on NYTand the debut of KEYMagazine.On NYTs entertain-ment vertical we launchedCarpetbagger,one of our firstblogs with complementary video.We continued to build Awith t

28、he acquisition of Calorie-C,a site that offersweight loss tools and nutritionalinformation.A hasconsistently been the thirdlargest commercial health chan-nel and the third largest foodchannel on the Web.Operational integration is a criticalingredient in our efforts to intro-duce new products,to deve

29、lop ourkey verticals and to generateincreased revenues.In 2006,webrought together our print and digi-tal advertising teams and combinedour print and digital newsrooms atall our newspaper properties.BUILDING OUR RESEARCH&DEVELOPMENT CAPABILITYThe third area of strategic focus is to build a vibrant lo

30、ng-termR&D capability that helps us anticipate consumer preferences and devise ways of satisfyingthem.Its scope includes:New products and platforms,including mobile and video;New tools and services,such as analytics that can be used to better serve advertisersincreasing preference to targetspecific

31、audiences;and Strategic partnerships and investments.Our R&D group,in its first fullyear of operation,worked closelywith our business groups to createnew mobile products at many ofour properties and to launch the local search product atB.It was instrumentalin the launch of the Times Reader,a new pro

32、duct that takes advan-tage of Microsofts Vista operatingsystem to combine the format ofthe newspaper with the function-ality of the Web.IMPROVING OPERATIONALEFFICIENCY&REDUCING COSTSOur fourth strategic focus isoperational efficiency and costreductions.We are continuing tomake significant progress i

33、nreducing costs:over the past twoyears,we have lowered costs andrealized productivity gains ofapproximately$120 million.We have been working to reduceour fixed cost base across theCompany,and have announcedplans to close our Edison,N.J.,print-ing plant and consolidate printingof The Timess metro edi

34、tion intoour newer College Point,N.Y.,facility.The consolidation shouldbe completed during the secondquarter of 2008 and will result inannual savings of$30 million.Our process engineering ini-tiatives have been a long-termpriority.As we continue to rethinkour operations,part of thisprocess calls for

35、 eliminating,consolidating or outsourcingcertain tasks and increasinginvestment in technologies thatINTERNETREVENUES(%of total revenues)200420052006B MobileP.22006 ANNUAL REPORTTHE NEW YORK TIMES COMPANYP.3We are actively building ourvideo journalism capability at all of our Web sites in order to ca

36、pture higher-rate videoadvertising.Video traffic on NYThas grown significantly since its redesign last spring.Thestrength of its traffic can beattributed in part to the varietyand volume of its original videos,which are filmed,edited andproduced by Times journalists.In 2006,A launched its original v

37、ideo library in keycategories such as health,food,parenting,and home and garden.It also began partnering withHealthology to offer over 1,000physician-generated videos.This year A plans tosignificantly expand its library to include thousands of newhigh-quality video segments.In 2005,we greatly augmen

38、ted our digital portfolio withthe acquisition of A,a leading online providerof consumer information.In its first full year as part of the Times Company,A turned in an out-standing performance.Its operating margin expanded to 38%in 2006,upfrom 27%for the period in 2005 in which we owned it.This growt

39、h is attributable to higher advertising rates aswell as increased volume due in part to more contentand features.As content is created by a network ofGuidesexperts who are passionate about their topicareas and have deep knowledge and strong credentialsin their fields.Last year we added 88 new Guides

40、,bring-ing the total at year end to 587.This year we expect thatnumber to increase to nearly 700.In addition to significantly expanding the number ofGuides and building our presence in key verticals suchas health,food and parenting,we are looking overseasfor growth,since 30%of As traffic comesfrom o

41、utside the United States.At all of our Web sites,A is sharing its expert-ise in optimizing content to be more visible to searchengines,leading to significant increases in traffic.We are expanding our sizableaudience through continuedapplication of search engineoptimization and new productssuch as lo

42、cal search onB.NYT andB now offer many new features including video,podcasts and blogs.Last year,HeraldT(Sarasota,Fla.)launched IbisEyeHurricane Tracker,an award-winning site that tracks AtlanticOcean tropical storms and hurri-canes.Some of our regionalpapers have recently launchedcitizen journalism

43、 initiativeswhere readers can submit storiesand photos of community newsand events to their Web sites.And we are continuing to seekacquisitions such as Baselineand Calorie-C,stra-tegic alliances and investmentsthat give us valuable exposure toemerging areas of the Internet.digital initiativesVIDEOAN

44、ew ProductsWe are introducing innovative new products and services across media platforms to increase our value to our audienceand advertisers.PLAY,The New York Times Sports Magazine,which publishedfour issues last year,has drawn great response from newadvertisers who value the publication as an eff

45、ective way toreach affluent readers who are also sports fans.The Times alsolaunched a real estate magazine named KEY,which attractednew advertisers in residential and commercial real estate,one ofits largest advertising categories.The Boston Globe expanded its niche publications with thelaunch last

46、fall of Design New England,a high-end home publi-cation targeted to both owners and buyers.In 2007,the Globeplans to publish several more issues of Design New England andlaunch other magazines including a fashion publication.ENHANCINGVERTICALS ONNYTIMES.COM Our vertical initiativesare focused onimpr

47、oving coverageand adding more content,tools,video andother multimedia.This January we re-launched theTravel vertical,whichnow features over1,000 redesignedglobal destinationguides,each containing reviewsand suggestionsfrom New YorkTimes journalists andreaders,as well as guidebook infor-mation fromFr

48、ommers.Pageviews are up in key areas of thevertical and userresponse has beentremendous.Last year on theReal Estate verticalwe launched“GreatHomes,”a brandednational online luxury environmenttargeting theaspirational browser and the luxury buyer,and“Home FinanceCenter,”which posi-tions NYTas a trust

49、ed andobjective onlineadvisor to streamlineand simplify themortgage process.P.42006 ANNUAL REPORTallow us to operate more effi-ciently and effectively.We are further decreasing ournewsprint consumption,and laterthis year The Times will reduce thewidth of the paper,providing uswith more than$10 milli

50、on inannualized savings.This spring,we are moving toour new corporate headquarters,and our capital spending for it will come to an end shortly there-after.The midtown Manhattanreal estate market has improvedsignificantly since we began thisproject,and our new buildingsvalue is now considerably moret

51、han our cost.With the staff reduc-tions that have taken place andwith some departments workingin lower cost office space,we areplanning to lease five floors,totaling approximately 155,000square feet,which is one-fifth ofour space.REBALANCING OUR PORTFOLIO&EFFECTIVELYALLOCATING CAPITALOur fifth area

52、of strategic focus isrebalancing our portfolio and exer-cising financial discipline as weallocate our capital for the benefitof our shareholders.We continu-ously evaluate our businesses todetermine if they are meeting theirtargets for financial performance,growth and return on investment,and remain

53、relevant to our strategy.Over the past year,we sold our50%investment in the DiscoveryTimes Channel for$100 million;we announced an agreement tosell the Broadcast Media Group for$575 million;and in the firstquarter of this year,we expect tofinalize the sale of our radio stationWQEW-AM for$40 million.

54、With the completion of our newheadquarters and the restruc-turing of our portfolio,we willcreate additional value for ourshareholders by being very disci-plined with the use of our freecash.Our priorities include:Investing in high-return capitalprojects that will improve oper-ations,increase revenue

55、s andreduce costs,such as our plantconsolidation and web-widthreduction projects;Making acquisitions and invest-ments that are both financiallyand strategically sound asdemonstrated by our acquisi-tions of A and Baseline;Reducing our debt to allow forfinancing flexibility in the future;Providing our

56、 shareholders witha competitive dividend;and Repurchasing our stock.These first two items are criticallyimportant as they enable us to growrevenues and reduce costs,andthereby improve the Companyslong-term results.We are also bal-ancing our goals of maintainingappropriate debt levels and payinga com

57、petitive dividend with that ofrepurchasing our shares.SUPPORTING OUR DUAL CLASS STRUCTUREOur dual class structure has beenin place since we went public andwas designed specifically toprotect the journalistic indepen-dence and integrity of The Times.We are proud of this ownershipmodel,and are gladesp

58、eciallyin light of what is happening withsome of our esteemed mediacolleaguesthat we have a dualclass structure.It provides ournewspapers and Web sites withthe freedom to pursue the greatjournalism that our readers in thiscountry and around the worldwant and expect.BEING A 21ST CENTURY LEADER The di

59、gital age is changing ourmarket in innumerable ways andthe need for quality news,infor-mation and analysis is moreimportant than ever,underscoringour central value proposition.The foundation of all our effortsis our staff,readers,viewers,lis-teners,advertisers,shareholders,communities and our board

60、ofdirectors,and we want to thankthem for their loyalty and support.We also want to thank CathySulzberger,who has decided notto stand for reelection,for her ded-ication,committee service andmany contributions to our Com-pany,and welcome Dan Cohen tothe board.As a fourth-generationfamily member,he bri

61、ngs a deepunderstanding of our Companyshistoric mission and its long-termbusiness objectives.As we contemplate the manychallenges of this very fluidbusiness environment,we are con-fident that we have the financialwherewithal,the technologicalcompetence and the professionalcommitment to provide our a

62、udi-ences throughout the world withan even more compelling brand ofmultiplatform journalism in theyears to come.arthur sulzberger,jr.Chairman janet l.robinsonPresident and CEOFORM10-KFACTORS THAT COULD AFFECT OPERATING RESULTSExcept for the historical information,the matters discussed in this Annual

63、 Report are forward-lookingstatements that involve risks and uncertainties that could cause actual results to differ materially fromthose predicted by such forward-looking statements.These risks and uncertainties include national andlocal conditions,as well as competition,that could influence the le

64、vels(rate and volume)of retail,national and classified advertising and circulation generated by the Companys various markets,andmaterial increases in newsprint prices.They also include other risks detailed from time to time in theCompanys publicly filed documents,including its Annual Report on Form

65、10-K for the fiscal yearended December 31,2006,which is included in this Annual Report.The Company undertakes noobligation to publicly update any forward-looking statement,whether as a result of new information,future events,or otherwise.UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWASHINGTON,DC

66、20549FORM 10-KAnnual Report pursuant to Section 13 or 15(d)of the Securities Exchange Act of 1934For the fiscal year ended December 31,2006 Commission file number 1-5837THE NEW YORK TIMES COMPANY(Exact name of registrant as specified in its charter)New York13-1102020(State or other jurisdiction of(I

67、.R.S.Employer incorporation or organization)Identification No.)229 West 43rd Street,New York,N.Y.10036(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 className of e

68、ach exchange on which registeredClass ACommon Stock of$.10 par valueNew 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.Yes.No.Indicate by c

69、heck mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)ofthe Exchange Act.Yes.No.Indicate 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

70、months and(2)has been subject to suchfiling requirements for the past 90 days.Yes.No.Indicate 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 or informati

71、onstatements 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,or a non-accelerated filer.Large accelerated filerAccelerated filerNon-accelerated filerIndicate by

72、check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes.No.The aggregate worldwide market value of ClassACommon Stock held by non-affiliates,based on the closingprice on June 23,2006,the last business day of the registrants most recently completed secon

73、d quarter,asreported on the New York Stock Exchange,was approximately$3.2 billion.As of such date,non-affiliates held84,494 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 23,2007,wa

74、sas follows:143,092,644 shares of ClassACommon Stock and 832,572 shares of Class B Common Stock.Document incorporated by referencePartProxy Statement for the 2007 Annual Meeting of StockholdersIIIITEM NO.Explanatory NotePART IForward-Looking Statements11Business1Introduction1News Media Group2Adverti

75、sing Revenue2The New York Times Media Group2New England Media Group4Regional Media Group5A5Broadcast Media Group6Forest Products Investments and Other Joint Ventures7Raw Materials7Competition8Employees9Labor Relations91A Risk Factors101BUnresolved Staff Comments132Properties143Legal Proceedings144Su

76、bmission of Matters to a Vote of Security Holders15Executive Officers of the Registrant15PART II5Market for the Registrants Common Equity,Related StockholderMatters and Issuer Purchases of Equity Securities176Selected Financial Data207Managements Discussion and Analysis of Financial Condition and Re

77、sults of Operations257A Quantitative and Qualitative Disclosures About Market Risk488Financial Statements and Supplementary Data499Changes in and Disagreements with Accountants on Accounting and Financial Disclosure1119A Controls and Procedures1119BOther Information112PART III10Directors,Executive O

78、fficers and Corporate Governance11311Executive Compensation11312Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters11313Certain Relationships and Related Transactions,and Director Independence11314Principal Accounting Fees and Services113PART IV15Exhibits a

79、nd Financial Statement Schedules114INDEX TO THE NEW YORK TIMES COMPANY 2006 ANNUAL REPORT ON FORM 10-KEXPLANATORY NOTEIn this Annual Report on Form 10-K,we are restatingthe Consolidated Balance Sheet as of December 25,2005 and the Consolidated Statements of Operations,Consolidated Statements of Cash

80、 Flows,andConsolidated Statements of Changes in StockholdersEquity for the 2005 and 2004 fiscal years and relateddisclosures.This Annual Report on Form 10-K alsoreflects the restatement of:“Selected Financial Data”for our 2002 through2005 fiscal years in Item 6,“Managements Discussion and Analysis o

81、fFinancial Condition and Results of Operations”forour 2005 and 2004 fiscal years in Item 7,and“Quarterly Information(Unaudited)”for the firstthree quarters of fiscal 2006 and all of fiscal 2005.See“Item 7 Managements Discussion andAnalysis of Financial Condition and Results ofOperations”and Note 2(R

82、estatement of FinancialStatements)of the Notes to the ConsolidatedFinancial Statements for more detailed informationregarding the restatement and the changes to previ-ously issued financial statements.The previously issued financial statementsare being restated because we have determined thatthey co

83、ntain errors in accounting for pension andpostretirement liabilities.The reporting errors aroseprincipally from the treatment of pension and bene-fits plans established pursuant to collectivebargaining agreements between The New York TimesCompany and its subsidiaries,on the one hand,andThe New York

84、Times Newspaper Guild,on the other,as multi-employer plans.The plans participantsinclude employees of The New York Times and aCompany subsidiary,as well as employees of theplans administrator.We have concluded that,underaccounting principles generally accepted in theUnited States of America,the plan

85、s should have beenaccounted for as single-employer plans.The maineffect of the change is that we must account for thepresent value of projected future benefits to be pro-vided under the plans.Previously,we had recordedthe expense of our annual contributions to the plans.The restatement also reflects

86、 the effect ofother unrecorded adjustments previously deter-mined to be immaterial,mainly related to accountsreceivable allowances and accrued expenses.The impact of the restatement is not mate-rial from an income and cash flows statementperspective.For 2005,the impact was a$.04 reduc-tion in dilute

87、d earnings per share.However,theimpact is material from a balance sheet perspective.The cumulative effect of the restatement resulted ina reduction in stockholders equity of approximately$65 million as of December 25,2005.Previously filed annual reports onForm 10-K and quarterly reports on Form 10-Q

88、affected by the restatement have not been amendedand,as such,should not be relied upon.OnJanuary 31,2007,we filed a Current Report onForm 8-K announcing that the Audit Committee ofour Board had concluded that our previously issuedfinancial statements should no longer be relied upon.2006 ANNUAL REPOR

89、T Explanatory NoteThis Annual Report on Form 10-K,including thesections titled“Item 1A Risk Factors”and“Item 7 Managements Discussion and Analysis of FinancialCondition and Results of Operations,”containsforward-looking statements that relate to futureevents or our future financial performance.We ma

90、yalso make written and oral forward-looking state-ments in our Securities and Exchange Commission(“SEC”)filings and otherwise.We have tried,wherepossible,to identify such statements by using wordssuch as“believe,”“expect,”“intend,”“estimate,”“anticipate,”“will,”“project,”“plan”and similarexpressions

91、 in connection with any discussion offuture operating or financial performance.Anyforward-looking statements are and will be basedupon our then-current expectations,estimates andassumptions regarding future events and are applica-ble only as of the dates of such statements.Weundertake no obligation

92、to update or revise anyforward-looking statements,whether as a result ofnew information,future events or otherwise.By their nature,forward-looking statementsare subject to risks and uncertainties that could causeactual results to differ materially from those antici-pated in any forward-looking state

93、ments.You shouldbear this in mind as you consider forward-lookingstatements.Factors that,individually or in the aggre-gate,we think could 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

94、factors identifiedfrom time to time in our SEC filings.INTRODUCTIONThe New York Times Company(the“Company”)was incorporated on August 26,1896,under the lawsof the State of New York.The Company is a diversi-fied media company that currently includesnewspapers,Internet businesses,television and radios

95、tations,investments in paper mills and other invest-ments.Financial information about our segments canbe found in“Item 7 Managements Discussion andAnalysis of Financial Condition and Results ofOperations”and in Note 18 of the Notes to theConsolidated Financial Statements.The Companyand its consolida

96、ted 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 on 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 ava

97、ilable,free of charge,on our Web sitehttp:/,as soon as reasonably practica-ble after such reports have been filed with orfurnished to the SEC.In 2006,we classified our businesses basedon our operating strategies into two segments,theNews Media Group and A.The News Media Group consists of the followi

98、ng:The New York Times Media Group,which includesThe New York Times(“The Times”),NYT,the International Herald Tribune(the“IHT”),IHT.com,a newspaper distributor in the New YorkCity metropolitan area,news,photo and graphicsservices,news and features syndication and ourtwo New York City radio stations,W

99、QXR-FM andWQEW-AM(expected to be sold in the first quarterof 2007);the New England Media Group,which includesThe Boston Globe(the“Globe”),B,theWorcester Telegram&Gazette,in Worcester,Mass.(the“T&G”),and the T&Gs Website,T;andthe Regional Media Group,which includes 14 dailynewspapers in Alabama,Calif

100、ornia,Florida,Louisiana,North Carolina and South Carolina andrelated print and digital businesses.A,which we acquired on March 18,2005,is one of the Webs most comprehensive con-sumer solutions sources,and provides users withinformation and advice on thousands of topics.On January3,2007,weentered int

101、oan agree-ment to sell our Broadcast Media Group,consisting ofnine network-affiliated television stations,theirrelated Web sites and the digital operating center,toOak Hill Capital Partners,for$575 million.The trans-action is subject to regulatory approvals and isexpected to close in the first half

102、of 2007.TheBroadcast Media Group previously represented a sep-arate reportable segment of the Company.Inaccordance with Statement of Financial AccountingStandards(“FAS”)No.144,Accounting for theImpairment or Disposal of Long-Lived Assets,theBroadcast Media Groups results of operations arepresented a

103、s discontinued operations and certainassets and liabilities are classified as held for sale forall periods presented(see Note 5 of the Notes to theConsolidated Financial Statements).For purposes ofcomparability,certain prior year information has beenreclassified to conform with the 2006 presentation

104、.ITEM 1.BUSINESSFORWARD-LOOKING STATEMENTSPart I THE NEW YORK TIMES COMPANY P.1PART IAdditionally,we own equity interests in aCanadian newsprint company and a supercalenderedpaper manufacturing partnership in Maine;NewEngland Sports Ventures,LLC(“NESV”),whichowns the Boston Red Sox,Fenway Park and a

105、djacentreal estate,approximately 80%of New EnglandSports Network(the regional cable sports networkthat televises the Red Sox games)and 50%of RoushFenway Racing,a leading NASCAR team;and MetroBoston LLC(“Metro Boston”),which publishes a freedaily newspaper catering to young professionals andstudents

106、in the Boston metropolitan area.In October 2006,we sold our 50%ownershipinterest in Discovery Times Channel,a digital cablechannel,for$100 million.Revenue from individual customers andrevenues,operating profit and identifiable assets offoreign operations are not significant.Seasonal variations in ad

107、vertising revenuescause our quarterly results to fluctuate.Second-quar-ter and fourth-quarter advertising volume is typicallyhigher than first-and third-quarter volume becauseeconomic activity tends to be lower during the winterand summer.NEWS MEDIA GROUPThe News Media Group segment consists of The

108、NewYork Times Media Group,the New England MediaGroup and the Regional Media Group.Advertising RevenueThe majority of the News Media Groups revenue isderived from advertising sold in its newspapers andother publications and on its Web sites,as discussedbelow.We divide such advertising into three basi

109、c cat-egories:national,retail and classified.Advertisingrevenue also includes preprints,which are advertisingsupplements.Advertising revenue and print volumeinformation for the News Media Group appears under“Item 7 Managements Discussion and Analysis ofFinancial Condition and Results of Operations.”

110、P.22006 ANNUAL REPORT Part IBelow is a percentage breakdown of 2006 advertising revenue by division:ClassifiedRetailOtherandHelpRealTotalAdvertisingNationalPreprintWantedEstateAutoOtherClassifiedRevenueTotalThe New York Times Media Group64(1)1451032202100New England Media Group2631111395385100Region

111、al Media Group3481315105436100Total News Media Group452481253283100(1)Includes all advertising revenue of the IHT.The New York Times Media GroupThe New York TimesThe Times,a standard-size daily(Monday throughSaturday)and Sunday newspaper,commenced pub-lication in 1851.CirculationThe Times is circula

112、ted in each of the 50 states,theDistrict of Columbia and worldwide.Approximately48%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,Connecticut,New

113、Jersey andPennsylvania;52%is sold elsewhere.On Sundays,approximately 44%of the circulation is sold in thegreater New York City area and 56%elsewhere.According to reports filed with the Audit Bureau ofCirculations(“ABC”),an independent agency thataudits the circulation of most U.S.newspapers andmagaz

114、ines,for the six-month period endedSeptember 30,2006,The Times had the largest dailyand Sunday circulation of all seven-day newspapersin the United States.The Timess average net paid weekday andSunday circulation for the years ended December 31,2006,and December 25,2005,are shown below:(Thousands of

115、 copies)Weekday(Mon.-Fri.)Sunday20061,103.61,637.720051,135.81,684.7Change(32.2)(47.0)The decreases in weekday and Sunday copies sold in2006 compared with 2005 were due to declines in sin-gle copy sales.Approximately 62%of the weekday and69%of the Sunday circulation was sold throughhome delivery in

116、2006;the remainder was sold pri-marily on newsstands.According to Nielsen/NetRatings,anInternet traffic measurement service,The Timesreaches 17.3 million unduplicated readers in theUnited States every month via the weekday andSunday newspaper,and NYT.AdvertisingAccording to data compiled by TNS Medi

117、aIntelligence,an independent agency that measuresadvertising sales volume and estimates advertisingrevenue,The Times had a 49.6%market share in 2006in advertising revenue among a national newspaperset that includes USA Today,The Wall Street Journaland The New York Times.Based on recent data pro-vide

118、d by TNS Media Intelligence and The Timessinternal analysis,The Times believes that it ranks firstby a substantial margin in advertising revenue in thegeneral weekday and Sunday newspaper field in theNew York City metropolitan area.Production and DistributionThe Times is printed at its production an

119、d distributionfacilities in Edison,N.J.,and College Point,N.Y.,aswell as under contract at 19 remote print sites acrossthe United States and one in Toronto,Canada.On July 18,2006,we announced plans toconsolidate our New York metro area printing intoour newer facility in College Point,N.Y.,and closeo

120、ur older Edison,N.J.,facility.The plant consolida-tion is expected to be completed in the secondquarter of 2008.Our subsidiary,City&Suburban DeliverySystems,Inc.(“City&Suburban”),operates a whole-sale newspaper distribution business that distributesThe Times and other newspapers and periodicals inNe

121、w 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 agents.NYTThe Timess Web site,NYT,reaches wideaudiences across the New York metr

122、opolitan region,the nation and around the world.According toNielsen/NetRatings,average monthly unique usersin the United States visiting NYT reached12.4 million in 2006 compared with 11.0 million in2005.According to NYT internal metrics,in 2006,NYT had 14.8 million averagemonthly unique users worldw

123、ide.NYT derives its revenue primarilyfrom the sale of advertising.Advertising is sold toboth national and local customers and includes onlinedisplay advertising(banners,half-page units,richmedia),classified advertising(help-wanted,realestate,automobiles)and contextual advertising(linkssupplied by Go

124、ogle).In 2005,The Times introducedTimesSelect,a product offering subscribers exclusiveonline access to columnists of The Times and the IHTand to The Timess extensive archives,previews ofvarious sections,and tools for tracking and storingnews and information.TimesSelect is priced annuallyat$49.95 or

125、monthly at$7.95,but is available to home-delivery subscribers at no additional fee.TimesSelectcurrently has approximately 627,000 subscribers,withabout 66%receiving TimesSelect as a benefit of theirhome-delivery subscriptions and about 34%receivingit from online-only subscriptions.On August 28,2006,

126、we acquired BaselineStudioSystems(“Baseline”),a leading online data-base and research service for information on the filmand television industries.Baseline is part ofNYT.International Herald TribuneThe IHT,a daily(Monday through Saturday)newspa-per,commenced publishing in Paris in 1887,is printedat

127、34 sites throughout the world and is sold in morethan 185 countries.The IHTs average circulation forthe years ended December 31,2006,and December 25,2005,were 242,000(estimated)and 242,184.These fig-ures follow the guidance of Diffusion Controle,anagency based in Paris and a member of theInternation

128、al Federation of Audit Bureaux ofCirculations that audits the circulation of most ofFrances newspapers and magazines.The final2006figure will not be available until April2007.In 2006,60%of the circulation was sold in Europe,the MiddleEast and Africa,38%was sold in the Asia Pacificregion and 2%was so

129、ld in the Americas.RadioOur two radio stations,WQXR-FM and WQEW-AM,serve the New York City metropolitan area.In addi-tion,the recently launched New York Times RadioNews,a new department of WQXR producing news-casts heard on the station,is working withNYT and The Timess News ServicesDivision to expan

130、d the distribution of Times-brandednews and information on a variety of audioPart I THE NEW YORK TIMES COMPANY P.3platforms,through The Timess own resources and incollaboration with strategic partners.WQXR,The Timess classical music station,receives revenues through advertising sales,often inconjunc

131、tion with The Timess selling effort.WQEWreceives revenues under a time brokerage agreementwith Radio Disney New York,LLC(ABC,Inc.s suc-cessor in interest),that provides substantially all ofWQEWs programming.On January 25,2007,RadioDisney New York,LLC entered into an agreement toacquire WQEW for$40 m

132、illion.The sale is currentlyexpected to close in the first quarter of 2007 and issubject to Federal Communications Commission(“FCC”)approval.The radio stations are operated underlicenses from the FCC and are subject to FCC regula-tion.Radio license renewals are typically granted forterms of eight ye

133、ars.The license renewal applicationsfor the radio stations were timely filed on January 31,2006,four months before the scheduled expirationdate of the licenses.The WQEW application wasgranted for an eight-year term expiring June 1,2014.We anticipate that the WQXR application,which iscurrently pendin

134、g,will be renewed for a term expir-ing June 1,2014.Other BusinessesThe New York Times Media Groups other businessesinclude The New York Times Index,which producesand licenses The New York Times Index,a print publi-cation,Digital Archive Distribution,which licenseselectronic archive databases to rese

135、llers of that infor-mation in the business,professional and librarymarkets,and The New York Times News ServicesDivision.The New York Times News Services Divisionis made up of Syndication Sales,which transmits arti-cles,graphics and photographs from The Times,theGlobe and other publications toover 1,

136、000newspapersand magazines in the United States and in more than80 countries worldwide,and markets other supple-mental news services and feature material,graphicsand photographs from The Times and other leadingnews sources to newspapers and magazines aroundthe world;and Business Development,which co

137、m-prises Photo Archives,Book Development,Rights&Permissions,licensing and a small publication unit.New England Media GroupThe Globe,B,the T&G,and Tconstitute our New England Media Group.The Globeis a daily(Monday through Saturday)and Sundaynewspaper,which commenced publication in 1872.TheT&G is a da

138、ily(Monday through Saturday)newspaper,which began publishing in 1866.Its Sunday compan-ion,the Sunday Telegram,began in 1884.CirculationThe Globe is distributed throughout New England,although its circulation is concentrated in the Bostonmetropolitan area.According to ABC,for the six-month period en

139、ded September 30,2006,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 31,2006,and December 25,2005,are shown below:(Thousands of copies)Weekday(Mon.-Fri.)Sunday2006389.2588.2200541

140、3.3646.4Change(24.1)(58.2)The decreases in weekday and Sunday copies sold in2006 compared with 2005 were due in part to adirected effort to reduce the Globes other paid circu-lation(primarily third-party bulk sponsored copiesbut also hotel copies),as well as continuing adverseeffects of telemarketin

141、g legislation.Approximately 76%of the Globes weekdaycirculation and 71%of its Sunday circulation was soldthrough home delivery in 2006;the remainder wassold primarily on newsstands.According to a 2005/2006 Gallup Poll,in theUnited States,the Globe reaches 3.3 million undupli-cated readers every mont

142、h via the weekday andSunday newspaper,and B.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 circulation,for the years

143、 endedDecember 31,2006,and December 25,2005,areshown below:(Thousands of copies)Weekday(Mon.-Fri.)Sunday2006 91.3105.62005 99.2115.1AdvertisingBased on information supplied by major daily news-papers published in New England and assembled bythe New England Newspaper Association,Inc.for theyear ended

144、 December 31,2006,the Globe ranked firstP.42006 ANNUAL REPORT Part IThe average weekday and Sunday circulation for the year ended December 31,2006,for each of the dailynewspapers are shown below:CirculationCirculationDaily NewspapersDailySundayDaily NewspapersDailySundayThe Gadsden Times(Ala.)20,700

145、21,600 The Ledger(Lakeland,Fla.)69,80085,200The Tuscaloosa News(Ala.)33,60035,100 The Courier(Houma,La.)18,60020,000TimesDaily(Florence,Ala.)29,90031,800 Daily Comet(Thibodaux,La.)10,700N/AThe Press Democrat(Santa Rosa,Calif.)83,60084,300 The Dispatch(Lexington,N.C.)11,000N/ASarasota Herald-Tribune(

146、Fla.)108,000123,900 Times-News(Hendersonville,N.C.)18,50018,700Star-Banner(Ocala,Fla.)49,10051,900 Wilmington Star-News(N.C.)51,50057,700The Gainesville Sun(Fla.)47,60052,300 Herald-Journal(Spartanburg,S.C.)46,20053,600and the T&G ranked sixth in advertising inchesamong all daily newspapers in New E

147、ngland.Production and DistributionAll editions of the Globe are printed and prepared fordelivery at its main Boston plant or its Billerica,Mass.satellite plant.Virtually all of the Globes home-delivered circulation was delivered in 2006 by athird-party service provider.BThe Globes Web site,B,reaches

148、 wide audi-ences in the New England region,the nation andaround the world.In the United States,according toNielsen/NetRatings,average unique users visitingB reached 4.0 million per month in 2006compared with 3.5 million per month in 2005.B primarily derives its revenuefrom the sale of advertising.Ad

149、vertising is sold toboth national and local customers and includes Website display advertising,classified advertising andcontextual 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

150、businesses,freeweekly newspapers,and the North Bay BusinessJournal,a weekly publication targeting business lead-ers in Californias Sonoma,Napa and Marin counties.Part I THE NEW YORK TIMES COMPANY P.5The Petaluma Argus-Courier,in Petaluma,Calif.,ouronly paid subscription weekly newspaper,had anaverag

151、e weekly circulation for the year endedDecember 31,2006,of 7,400.The North Bay BusinessJournal,a weekly business-to-business publication,had an average weekly circulation for the year endedDecember 31,2006,of 4,972.ABOUT.COMA is one of the Webs most comprehensiveconsumer solutions sources,providing

152、users withinformation and advice on thousands of topics.One ofthe top 15 most visited Web sites in 2006,Ahas 32.2 million average monthly unique visitors inthe United States(per Nielsen/NetRatings)and47.5 million average monthly unique visitors world-wide(per About internal metrics).Over 500 topical

153、advisors or“Guides”write about more than 57,000topics and have generated over 1.5 million pieces oforiginal content.A does not charge a sub-scription fee for access to its Web site.It generatesrevenues through display advertising relevant to theadjacent content,cost-per-click advertising(spon-sored

154、links for which A is paid when a userclicks on the ad)and e-commerce(including saleslead generation).On September 14,2006,we acquiredCalorie-C(“Calorie-Count”),a site thatoffers weight loss tools and nutritional information.Calorie-Count is part of A.P.62006 ANNUAL REPORT Part IHow A Generates Reven

155、uesBROADCAST MEDIA GROUPOn January 3,2007,we entered into an agreement to sell our Broadcast Media Group,consisting of nine net-work-affiliated television stations,their related Web sites and the digital operating center,to Oak Hill CapitalPartners for$575 million.The transaction is subject to regul

156、atory approvals and is expected to close in the firsthalf of 2007.Our television stations are operated under licenses from the FCC and are subject to FCC regula-tions.In 2006,the television stations within the Broadcast Media Group were as shown below:Markets NielsenNetworkStationLicense Expiration

157、DateRanking(1)AffiliationBandWTKR-TV(Norfolk,Va.)October 1,201242CBSVHFWREG-TV(Memphis,Tenn.)August 1,201344CBSVHFKFOR-TV(Oklahoma City,Okla.)June 1,201445NBCVHFKAUT-TV(Oklahoma City,Okla.)June 1,2006(3)45My Network TVUHFWNEP-TV(Scranton,Penn.)August 1,200753ABCUHF(2)WHO-TV(Des Moines,Iowa)February

158、1,201473NBCVHFWHNT-TV(Huntsville,Ala.)April 1,2005(3)84CBSUHF(2)WQAD-TV(Moline,Ill.)December 1,201396ABCVHFKFSM-TV(Ft.Smith,Ark.)June 1,2013102CBSVHF(1)According to Nielsen Media Researchs 2006/2007 Designated Market Area Market Rankings from fall 2006.Nielsen Media Researchis a research company tha

159、t measures audiences for television stations.(2)All other stations in this market are also in the UHF band.(3)Application for renewal of license pending.The television stations generally have three principalsources of revenue:local advertising(sold to adver-tisers in the immediate geographic areas o

160、f thestations),national spot advertising(sold to nationalclients by individual stations rather than networks),and compensation paid by the networks for carryingcommercial network programs.Network compensa-tion has declined at all stations over the past severalyears and will eventually be eliminated.

161、FOREST 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“Forest Products Investments”),aswell as in

162、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 7 of the Notes to theConsolidated Financial Statements.Forest Products Investments

163、We have a 49%equity interest in a Canadiannewsprint company,Donohue Malbaie Inc.(“Malbaie”).The other 51%is owned by Abitibi-Consolidated(“Abitibi”),a global manufacturer ofpaper.Malbaie purchases pulp from Abitibi and man-ufactures newsprint from this raw material on thepaper machine it owns within

164、 the Abitibi paper millat Clermont,Quebec.Malbaie is wholly dependentupon Abitibi for its pulp.In 2006,Malbaie produced215,000 metric tons of newsprint,of which approxi-mately 47%was sold to us,with the balance sold toAbitibi for resale.We have a 40%equity interest in a partner-ship operating a supe

165、rcalendered paper mill inMadison,Maine,Madison Paper Industries(“Madison”).Madison purchases the majority of itswood from local suppliers,mostly under long-termcontracts.In 2006,Madison produced 193,000 metrictons,of which approximately 9%was sold to us.Malbaie and Madison are subject to compre-hens

166、ive environmental protection laws,regulationsand orders of provincial,federal,state and localauthorities of Canada or the United States(the“Environmental Laws”).The Environmental Lawsimpose effluent and emission limitations and requireMalbaie and Madison to obtain,and operate in compli-ance with the

167、 conditions of,permits and othergovernmental authorizations(“GovernmentalAuthorizations”).Malbaie and Madison follow poli-cies and operate monitoring programs designed toensure compliance with applicable EnvironmentalLaws and Governmental Authorizations and to mini-mize exposure to environmental lia

168、bilities.Variousregulatory authorities periodically review the status ofthe operations of Malbaie and Madison.Based on theforegoing,we believe that Malbaie and Madison are insubstantial compliance with such EnvironmentalLaws and Governmental Authorizations.Other Joint VenturesWe own an interest of a

169、pproximately 17%in NESV,which owns the Boston Red Sox,Fenway Park and adja-cent real estate,approximately 80%of New EnglandSports Network,a regional cable sports network,and50%of Roush Fenway Racing,a leading NASCAR team.We own a 49%interest in Metro Boston,which publishes a free daily newspaper cat

170、ering toyoung professionals and students in the GreaterBoston area.In October 2006,we sold our 50%ownershipinterest in Discovery Times Channel,a digital cablechannel,for$100 million.RAW MATERIALSThe primary raw materials we use are newsprint andsupercalendered paper.We purchase newsprint froma numbe

171、r of North American producers.Asignificantportion of such newsprint is purchased from Abitibi,North Americas largest producer of newsprint.Part I THE NEW YORK TIMES COMPANY P.7In 2006 and 2005,we used the following types and quantities of paper(all amounts in metric tons):Coated,SupercalenderedNewsp

172、rintand Other Paper2006200520062005The New York Times Media Group(1,2)257,000288,00032,60030,100New England Media Group(1,2)97,000112,0004,3004,900Regional Media Group(1)80,00084,000Total434,000484,00036,90035,000(1)During 2005 we converted substantially all of our newspapers from 48.8 gram newsprin

173、t to 45 gram newsprint.(2)The Times and the Globe use coated,supercalendered or other paper for The New York Times Magazine and the GlobesSunday Magazine.The paper used by The New York Times MediaGroup,the New England Media Group and theRegional Media Group was purchased from unrelatedsuppliers and

174、related suppliers in which we holdequity interests(see“Forest Products Investments”).As part of our efforts to reduce ournewsprint consumption,we plan to reduce the size ofall editions of The Times,with the printed pagedecreasing from 13.5 by 22 inches to 12 by 22 inches.The reduction is expected to

175、 be completed in the thirdquarter of 2007.COMPETITIONOur media properties and investments compete foradvertising and consumers with other media in theirrespective markets,including paid and free newspa-pers,Web sites,broadcast,satellite and cabletelevision,broadcast and satellite radio,magazines,dir

176、ect marketing and the Yellow Pages.The Times competes for advertising and cir-culation with newspapers of general circulation in NewYork City and its suburbs,national publications such asThe Wall Street Journal and USAToday,other daily andweekly newspapers and television stations in marketsin which

177、it circulates,and some national magazines.The IHTs key competitors include all inter-national sources of English language news,includingThe Wall Street Journals European and AsianEditions,the Financial Times,Time,NewsweekInternational and The Economist,satellite newschannels CNN,CNNi,Sky News and BB

178、C,and vari-ous Web sites.The Globe competes primarily for advertis-ing and circulation with other newspapers andtelevision stations in Boston,its neighboring suburbsand the greater New England region,including,among others,The Boston Herald(daily and Sunday).Our other newspapers compete for advertis

179、-ing and circulation with a variety of newspapers andother media in their markets.NYT and B primarilycompete with other advertising-supported newsand information Web sites,such as Yahoo!News andCNN.com,and classified advertising portals.WQXR-FM competes for listeners andadvertising in the New York m

180、etropolitan 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 manyadult-audience commercial radio stations and othermedia in New York City and surrounding suburb

181、s.A competes with large-scaleportals,such as AOL,MSN,and Yahoo!.Aalso competes with smaller targeted Web sites whosecontent overlaps with that of its individual channels,such as WebMD,CNET,Wikipedia and iVillage.NESV competes in the Boston(and throughits interest in Roush Fenway Racing,in the nation

182、al)consumer entertainment market primarily with otherprofessional sports teams and other forms of live,film and broadcast entertainment.P.82006 ANNUAL REPORT Part IEmployee CategoryExpiration DateThe TimesMailersMarch 30,2006(expired)StereotypersMarch 30,2007PlumbersMarch 30,2008New Jersey operating

183、 engineersMay 31,2008New York operating engineersMay 31,2008MachinistsMarch 30,2009ElectriciansMarch 30,2009CarpentersMarch 30,2009New York Newspaper GuildMarch 30,2011PaperhandlersMarch 30,2014TypographersMarch 30,2016PressmenMarch 30,2017DriversMarch 30,2020City&SuburbanBuilding maintenance employ

184、eesMay 31,2009DriversMarch 30,2020The GlobePaperhandlers,machinists and garage mechanicsDecember 31,2004(expired)Boston Mailers UnionDecember 31,2005(expired)Technical services group and electriciansDecember 31,2005(expired)EngraversDecember 31,2005(expired)Warehouse employeesDecember 31,2007Drivers

185、December 31,2008Boston Newspaper Guild(representing non-production employees)December 31,2008TypographersDecember 31,2010PressmenDecember 31,2010Part I THE NEW YORK TIMES COMPANY P.9The IHT has approximately 323 employees world-wide,including approximately 207 located in France,whose terms and condi

186、tions of employment areestablished by a combination of French NationalLabor Law,industry-wide collective agreements andcompany-specific agreements.NYT and WQXR-FM also haveunions representing some of their employees.Approximately one-third of the 630 employ-ees of the T&G are represented by four uni

187、ons.Laboragreements with three production unions expired orexpire on August 31,2006,October 8,2007 andNovember 30,2016.The labor agreements with theProvidence Newspaper Guild,representing news-room and circulation employees,expire onAugust 31,2007.Of the 362 full-time employees at The PressDemocrat,

188、130 are represented by three unions.Thelabor agreement with the Pressmen expires inDecember 2008.The labor agreement with theNewspaper Guild expires in December 2011 and thelabor agreement with the Teamsters,which repre-sents certain employees in the circulationdepartment,expires in April 2007.There

189、 is no longerEMPLOYEESAs of December 31,2006,we had approximately11,585 full-time equivalent employees.EmployeesThe New York Times Media Group4,610New England Media Group2,700Regional Media Group2,910Broadcast Media Group(1)875A125Corporate/Shared Services365Total Company11,585(1)On January 3,2007,w

190、e entered into an agreement to sell ourBroadcast Media Group.Labor RelationsApproximately 2,700 full-time equivalent employeesof The Times and City&Suburban are represented by14 unions with 15 labor agreements.Approximately1,900 full-time equivalent employees of the Globe arerepresented by 10 unions

191、 with 12 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

192、described below.a labor agreement with the Typographical Union asthe last bargaining unit member retired in 2006.You should carefully consider the risk factorsdescribed below,as well as the other informationincluded in this Annual Report on Form 10-K.Ourbusiness,financial condition or results of ope

193、rationscould be materially adversely affected by any or all ofthese risks or by other risks that we currently cannotidentify.All of our businesses face substantial competitionfor advertisers.Most of our revenues are from advertising.We face for-midable competition for advertising revenue in ourvario

194、us markets from free and paid newspapers,mag-azines,Web sites,television and radio,other forms ofmedia,direct marketing and the Yellow Pages.Competition from these media and services affects ourability to attract and retain advertisers and consumersand to maintain or increase our advertising rates.T

195、his competition has intensified as a resultof digital media technologies.Distribution of news,entertainment and other information over theInternet,as well as through cellular phones and otherdevices,continues to increase in popularity.Thesetechnological developments are increasing the num-ber of med

196、ia choices available to advertisers andaudiences.As media audiences fragment,we expectadvertisers to allocate a portion of their advertisingbudgets to nontraditional media,such as Web sitesand search engines,which can offer more measurablereturns than traditional print media through pay-for-performa

197、nce and keyword-targeted advertising.In recent years,Web sites that feature helpwanted,real estate and/or automobile advertisinghave become competitors of our newspapers and Websites for classified advertising,contributing to signifi-cant declines in print advertising.We may experiencegreater compet

198、ition from specialized Web sites in otherareas,such as travel and entertainment advertising.We are aggressively developing online offer-ings,both through internal growth and acquisitions.However,while the amount of advertising on our ownWeb sites has continued to increase,we will experience adecline

199、 in advertising revenues if we are unable to attractadvertising to our Web sites in volumes sufficient to off-set declines in print advertising,for which rates aregenerally higher than for internet advertising.Our Internet advertising revenues depend in part onour ability to generate traffic.Our abi

200、lity to attract advertisers to our Web sitesdepends partly on our ability to generate traffic to ourWeb sites and the rate at which users click through onadvertisements.Advertising revenues from our Websites may be negatively affected by fluctuations ordecreases in our traffic levels.A,our online co

201、nsumer informa-tion provider,relies on search engines for asubstantial amount of its traffic.We believe approxi-mately 90%of As traffic is generatedthrough search engines,while an estimated 1%of itsusers enter through its home page.Our other Websites also rely on search engines for traffic,althought

202、o a lesser degree than A.Search engines(including Google,the primary search engine direct-ing traffic to A and our other sites)may,atany time,decide to change the algorithms responsiblefor directing search queries to the Web pages that aremost likely to contain the information being soughtby Interne

203、t users.Such changes could lead to a signif-icant decrease in traffic and,in turn,Internetadvertising revenues.Decreases,or slow growth,in circulation adverselyaffect our circulation and advertising revenues.Advertising and circulation revenues are affected bycirculation and readership levels.Our ne

204、wspaperproperties,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 than traditionalnewspapers(often free to users),and s

205、hifting 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 copieswould have a material effect on the rate and

206、 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.Recently,wehave sought to reduce our other-paid circu

207、lation andto focus promotional spending on individually paidcirculation,which is generally more valued by adver-tisers.If we stop or slow those promotional efforts orif they are unsuccessful,we may see further declines.ITEM 1A.RISK FACTORSP.102006 ANNUAL REPORT Part IDifficult economic conditions in

208、 the United States,the regions in which we operate or in specific eco-nomic sectors could adversely affect the profitabilityof our businesses.National and local economic conditions,particularlyin the New York City and Boston metropolitanregions,affect the levels of our retail,national andclassified

209、advertising revenue.Future negative eco-nomic conditions in these and other markets wouldadversely affect our level of advertising revenues.Our advertising revenues are affected byeconomic and competitive changes in significantadvertising categories.These revenues may beadversely affected if key adv

210、ertisers change theiradvertising practices,as a result of shifts in spendingpatterns or priorities,structural changes,such as con-solidations,or the cessation of operations.Helpwanted and automotive classified advertising rev-enues,which are important categories at all of ournewspaper properties,hav

211、e declined as less expen-sive or free online alternatives have proliferated.Wehave also experienced depressed levels of advertisingin studio entertainment,which in 2006 representedapproximately 12%of The New York Times MediaGroups advertising revenues,as the focus of studiomarketing budgets has shif

212、ted to broadcast andonline media.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 based in part on consumer percep-tions a

213、nd could be damaged by incidents that erodeconsumer trust.To the extent consumers perceive thequality of our content to be less reliable,our ability toattract readers and advertisers may be hindered.The proliferation of nontraditional media,largely available at no cost,challenges the traditionalmedi

214、a 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 revenues.Seasonal variations cause our quarterly advertisingrevenues to

215、 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-term negative impact on our business wereto occur during a time of hig

216、h 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 costs andexpenses that are greater than expected.We have taken steps to lower our expenses by r

217、educ-ing staff and employee benefits and implementinggeneral cost-control measures,and we expect to con-tinue cost-control efforts.If we do not achieveexpected savings as a result or if our operating costsincrease as a result of our growth strategy,our totalcosts and expenses may be greater than ant

218、icipated.Although we believe that appropriate steps havebeen and are being taken to implement cost-controlefforts,if not managed properly,such efforts mayaffect the quality of our products and our ability togenerate future revenue.In addition,reductions instaff and employee benefits could adversely

219、affectour ability to attract and 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 themajor component,represented 11%of our total costsin 2006.The

220、price of newsprint has historically beenvolatile and,in recent years,increased as a result ofvarious factors,including:consolidation in the North American newsprintindustry,which has reduced the number of suppliers;declining newsprint supply as a result of papermill closures and conversions to other

221、 grades ofpaper;anda strengthening Canadian dollar,which has adverselyaffected Canadian suppliers,whose costs are incurredin Canadian dollars but whose newsprint sales arepriced in U.S.dollars.In 2007,we expect newsprint prices todecline modestly as a result of increased supply.However,our operating

222、 results would be adverselyaffected if newsprint prices increased significantly inthe future.Asignificant portion of our employees are unionized,and our results could be adversely affected if labornegotiations were to restrict our ability to maximizethe efficiency of our operations.More than 40%of o

223、ur full-time work force is union-ized.As a result,we are required to negotiate thewages,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,ourPart I THE NEW YORK T

224、IMES COMPANY P.11results could be adversely affected if future labornegotiations were to restrict our ability to maximizethe efficiency of our operations.If we were to experi-ence labor unrest,our ability to produce and deliverour most significant products could be impaired.Inaddition,our ability to

225、 make short-term adjustmentsto control compensation and benefits costs is limitedby the terms of our collective bargaining agreements.We continue to develop new products and services forevolving markets.There can be no assurance of thesuccess of these efforts due to a number of factors,some of which

226、 are 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 are to a large extent depend-ent on our ability to acquire,develop,adopt,andexploit new and existin

227、g technologies to distinguishour products and services from those of our competi-tors.The success of these ventures will be determinedby our efforts,and in some cases by those of our part-ners,fellow investors and licensees.Initial timetablesfor the introduction and development of new prod-ucts or s

228、ervices may not be achieved,and price andprofitability targets may not prove feasible.Externalfactors,such as the development of competitive alter-natives,rapid technological change,regulatorychanges and shifting market preferences,may causenew markets to move in unanticipated directions.We may not

229、be able to protect intellectual propertyrights upon which our business relies,and if we loseintellectual property protection,we may lose valu-able assets.We own valuable brands and content,which weattempt to protect through a combination of copy-right,trade secret,patent and trademark law andcontrac

230、tual restrictions,such as confidentiality agree-ments.We believe our proprietary trademarks andother intellectual property rights are important to ourcontinued success and our competitive position.Despite our efforts to protect our propri-etary rights,unauthorized parties may attempt tocopy or other

231、wise obtain and use our services,tech-nology and other intellectual property,and we cannotbe certain that the steps we have taken will preventany misappropriation or confusion among con-sumers and merchants,or unauthorized use of theserights.If we are unable to procure,protect andenforce our intelle

232、ctual property rights,then we maynot realize the full value of these assets,and our busi-ness may suffer.We may buy or sell different properties as a result ofour evaluation of our portfolio of businesses.Suchacquisitions or divestitures would affect our costs,revenues,profitability and financial po

233、sition.From time to time,we evaluate the various compo-nents of our portfolio of businesses and may,as aresult,buy or sell different properties.These acquisi-tions or divestitures affect our costs,revenues,profitability and financial position.We may also con-sider the acquisition of specific propert

234、ies orbusinesses that fall outside our traditional lines ofbusiness if we deem such properties sufficientlyattractive.Each year,we evaluate the various compo-nents of our portfolio in connection with annualimpairment testing,and we may record a non-cashcharge if the financial statement carrying valu

235、e of anasset is in excess of its estimated fair value.Fair valuecould be adversely affected by changing market con-ditions within our industry.In 2006,we recorded anon-cash charge of$814.4 million($735.9 million aftertax,or$5.09 per share)due to the impairment ofgoodwill and other intangible assets

236、of the NewEngland Media Group.Acquisitions involve risks,including diffi-culties in integrating acquired operations,diversionsof management resources,debt incurred in financingthese acquisitions(including the related possiblereduction in our credit ratings and increase in ourcost of borrowing),diffe

237、ring levels of internal controleffectiveness at the acquired entities and other unan-ticipated problems and liabilities.Competition forcertain types of acquisitions,particularly Internetproperties,is significant.Even if successfully negoti-ated,closed and integrated,certain acquisitions orinvestment

238、s may prove not to advance our businessstrategy and may fall short of expected return oninvestment targets.Divestitures also have inherent risks,includ-ing possible delays in closing transactions(includingpotential difficulties in obtaining regulatoryapprovals),the risk of lower-than-expected sales

239、pro-ceeds for the divested businesses,and potentialpost-closing claims for indemnification.From time to time,we make 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 ve

240、ntures may be dependent upon theefforts of our partners,fellow investors and licensees.These investments are generally illiquid,and theabsence of a market restricts our ability to dispose ofthem.If the value of the companies in which weP.122006 ANNUAL REPORT Part IPart I THE NEW YORK TIMES COMPANY P

241、.13invest declines,we may be required to take a chargeto earnings.Changes in our credit ratings may affect our borrow-ing costs.Our short-and long-term debt is rated investmentgrade by the major rating agencies.These invest-ment-grade credit ratings afford us lower borrowingrates in both the commerc

242、ial paper markets and inconnection with senior debt offerings.To maintainour investment-grade ratings,the credit rating agen-cies require us to meet certain financial performanceratios.Increased debt levels and/or decreased earn-ings could result in downgrades in our credit ratings,which,in turn,cou

243、ld impede access to the debt mar-kets,reduce the total amount of commercial paper wecould issue,raise our commercial paper borrowingcosts and/or raise our long-term debt borrowingrates.Our ability to use debt to fund major newacquisitions or capital intensive internal initiativeswill be limited to t

244、he extent we seek to maintaininvestment-grade credit ratings for our debt.Sustained increases in costs of providing pensionand employee health and welfare benefits mayreduce our profitability.Employee compensation and benefits,including pen-sion expense,account for slightly more than 40%ofour total

245、operating expenses.As a result,our prof-itability is substantially affected by costs of pensionbenefits and other employee benefits.We havefunded,qualified non-contributory defined benefitretirement plans that cover substantially all employ-ees,and non-contributory unfunded supplementalexecutive ret

246、irement plans that supplement the cov-erage available to certain executives.Two significantelements in determining pension income or pensionexpense are the expected return on plan assets andthe discount rate used in projecting benefit obliga-tions.Large declines in the stock market and lowerrates of

247、 return could increase our expense and causeadditional cash contributions to the pension plans.Inaddition,a lower discount rate driven by lower inter-est rates would increase our pension expense.Our Class B stock is principally held by descendantsof Adolph S.Ochs,through a family trust,and thiscontr

248、ol 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 to vote,with Class B common stock-holders,on the reservation of s

249、hares 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 Common Stock is principally held by descen-dants of Adolph S.Ochs,who

250、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 ClassACommon Stock.Under the terms of the trustagreement,trustees are dir

251、ected to retain the Class BCommon Stock held in trust and to vote such stockagainst any merger,sale of assets or other transactionpursuant to which control of The Times passes fromthe trustees,unless they determine that the primaryobjective of the trust can be achieved better by theimplementation of

252、 such transaction.Because this con-centrated 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 ourClassACommon Stock could be adversely affected.Regulatory developme

253、nts 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 political entitiesthroughout the world.In addition,our Web sites areavailable

254、worldwide and are subject to laws regulat-ing the Internet both within and outside the UnitedStates.We may incur increased costs for expensesnecessary to comply with existing and newlyadopted laws and regulations or penalties for anyfailure to comply.None.ITEM 1B.UNRESOLVED STAFF COMMENTS.The genera

255、l character,location,terms of occupancy and approximate size of our principal plants and othermaterially important properties as of December 31,2006,are listed below.Approximate Area inApproximate Area inGeneral Character of PropertySquare Feet(Owned)Square Feet(Leased)News Media GroupPrinting plant

256、s,business and editorial offices,garages and warehouse space located in:New York,N.Y.825,000(1)871,164(1)College Point,N.Y.515,000(2)Edison,N.J.1,300,000(3)Boston,Mass.703,21724,474Billerica,Mass.290,000Other locations1,600,600561,353Broadcast Media Group(4)Business offices,studios and transmitters

257、at various locations339,82314,545A41,260Total3,758,6403,327,796(1)The 871,164 square feet leased includes 714,000 square feet in our existing New York City headquarters,at 229 West 43rd St.,whichwe sold and leased back on December 27,2004.The 825,000 square feet owned consists of space we own in our

258、 new headquarters,which is currently under construction,and which we plan to occupy in the second quarter of 2007.(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 th

259、e lease in 2019.(3)The Edison production and distribution facility is occupied pursuant to a long-term lease with renewal and purchase options.We plan to closethe Edison facility(see“Item 1-Business News Media Group The New York Times Media Group Production and Distribution,”above).(4)On January 3,2

260、007,we entered into an agreement to sell our Broadcast Media Group.ITEM 2.PROPERTIESWe sold our existing New York City headquarters onDecember 27,2004.Pursuant to the terms of the saleagreement,we are leasing back our existing head-quarters through the third quarter of 2007.Our newheadquarters,which

261、 is currently being constructed inthe Times Square area and which we expect to occupyin the second quarter of 2007,will contain approxi-mately 1.54 million gross square feet of space,ofwhich 825,000 gross square feet is owned by us.Weplan to lease five floors,totaling approximately155,000 square fee

262、t.For additional information on thenew headquarters,see Note 19 of the Notes to theConsolidated 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 of the payments,

263、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 PROCEEDINGSP.142006 ANNU

264、AL REPORT Part INot applicable.EXECUTIVE OFFICERS OF THE REGISTRANTNameAgeEmployed ByRecent Position(s)Held as of March 1,2007Registrant SinceCorporate OfficersVice President(since 2002)and General Counsel(since2006);Deputy General Counsel(2001 to 2005);VicePresident and General Counsel,New York Tim

265、es Digital(1999 to 2003)198355Kenneth A.RichieriVice President(since 2003);Corporate Controller(sinceJanuary 8,2007);Treasurer(2001 to January 8,2007);Assistant Treasurer(1997 to 2001)198943R.Anthony BentenSenior Vice President,Human Resources(since 2006);VicePresident,Human Resources,Starwood Hotel

266、s&Resorts,and Executive Vice President,Starwood Hotels&ResortsWorldwide,Inc.(2000 to 2006)200651David K.NortonSenior Vice President,Digital Operations(since 2005);ChiefExecutive Officer,New York Times Digital(1999 to 2005)199551Martin A.NisenholtzSenior Vice President and Chief Financial Officer(sin

267、ceJanuary 8,2007);Chief Financial and Administrative Officer,Martha Stewart Living Omnimedia,Inc.(2001 to 2006)200747James M.FolloVice Chairman(since 1997);Publisher of the IHT(since2003);Senior Vice President(1997 to 2004)198457Michael GoldenPresident and Chief Executive Officer(since 2005);Executi

268、veVice President and Chief Operating Officer(2004);SeniorVice President,Newspaper Operations(2001 to 2004);President and General Manager of The Times(1996 to 2004)198356Janet L.RobinsonChairman(since 1997)and Publisher of The Times(since 1992)197855Arthur Sulzberger,Jr.ITEM 4.SUBMISSION OF MATTERS T

269、O A VOTE OF SECURITY HOLDERS.Part I THE NEW YORK TIMES COMPANY P.15NameAgeEmployed ByRecent Position(s)Held as of March 1,2007Registrant SinceOperating Unit Executives(1)Mr.Heekin-Canedy left the Company in 1989 and returned in 1992.President and Chief Operating Officer,Regional Media Group(since Se

270、ptember 12,2006);President and General Manager,The Globe(2005 to September 12,2006);President andChief Executive Officer,Fort Wayne Newspapers andPublisher,News Sentinel(2002 to 2005)200550Mary JacobusPresident and General Manager of The Times(since 2004);Senior Vice President,Circulation of The Tim

271、es(1999 to2004)1987(1)55Scott H.Heekin-CanedyPublisher of The Globe(since September 12,2006);President and Chief Operating Officer,Regional Media Group(2003 to September 12,2006);Senior Vice President,Regional Media Group(1999 to 2002)198254P.Steven AinsleyP.162006 ANNUAL REPORT Part I(a)MARKET INFO

272、RMATIONThe ClassACommon Stock is listed on the New York Stock Exchange.The Class B Common Stock is unlistedand is not actively traded.The number of security holders of record as of February 23,2007,was as follows:Class A CommonStock:9,083;Class B Common Stock:33.Both classes of our common stock part

273、icipate equally in our quarterly dividends.In 2006,dividendswere paid in the amount of$.165 per share in March and in the amount of$.175 per share in June,September and December.In 2005,dividends were paid in the amount of$.155 per share in March and in theamount of$.165 per share in June,September

274、and December.The market price range of ClassACommon Stock was as follows:Quarters Ended20062005HighLowHighLowMarch$28.90$25.30$40.80$35.56June25.7022.8836.5830.74September24.5421.5834.5930.00December24.8722.2930.1726.36Year28.9021.5840.8026.36EQUITY COMPENSATION PLAN INFORMATIONNumber of securitiesN

275、umber of securities remainingto be issued uponWeighted averageavailable for future issuance exercise of outstandingexercise price of under equity compensation options,warrantsoutstanding options,plans(excluding securities Plan categoryand rightswarrants and rightsreflected in column(a)(a)(b)(c)Equit

276、y compensation plans approved by security holdersStock options32,192,000(1)$404,075,000(2)Employee Stock Purchase Plan7,992,000(3)Stock awards750,000(4)474,000(5)Total32,942,00012,541,000Equity compensation plans not approved by security holdersNoneNoneNone(1)Includes shares of Class A stock to be i

277、ssued 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 future sto

278、ck options to be granted under the NYT Stock Plan and the 2004 DirectorsPlan.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 number of securi

279、ties remaining(approximately 368,000 asof December 31,2006)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 units and reti

280、rement 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 SECURITIES.Part II THE NEW YORK TIMES COMPANY P.17PART IIUNREGISTERE

281、D SALES OF EQUITY SECURITIESOn October 2,2006,we issued 30 shares of Class ACommon Stock to a holder of 30 shares ofClass B Common Stock upon the conversion of suchClass B shares into Class A shares.The conversion,which was in accordance with our Certificate ofIncorporation,did not involve a public

282、offering and wasexempt from registration pursuant to Section 3(a)(9)ofthe Securities Act of 1933,as amended.Stock Performance Comparison Between S&P 500,The New York TimesCompanys Class A Common Stock and Peer Group Common Stock$140506070908013012011012/31/0112/31/0612/31/0212/31/0312/31/0412/31/051

283、13781071001321139812411111794651356193100100Peer GroupNYTS&P 500P.182006 ANNUAL REPORT Part IIPERFORMANCE PRESENTATIONThe following graph shows the annual cumulativetotal stockholder return for the five years endingDecember 31,2006,on an assumed investment of$100 on December 31,2001,in the Company,t

284、heStandard&Poors S&P 500 Stock Index and an indexof peer group communications companies.The peergroup returns are weighted by market capitalizationat the beginning of each year.The peer group is com-prised of the Company and the following othercommunications companies:Dow Jones&Company,Inc.,Gannett

285、Co.,Inc.,Media General,Inc.,TheMcClatchy Company,Tribune Company and TheWashington Post Company.The five-year cumulativetotal return graph excludes Knight Ridder,Inc.as aresult of its acquisition by The McClatchy Companyin 2006.Stockholder return is measured by dividing(a)the sum of(i)the cumulative

286、 amount of dividendsdeclared for the measurement period,assumingmonthly reinvestment of dividends,and(ii)the dif-ference between the issuers 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 retu

287、rn includesboth dividends and stock appreciation.(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 ofas Part of P

288、ubliclyYet Be PurchasedCommon StockClass AAnnounced PlansUnder the PlansPurchasedCommon Stockor Programsor ProgramsPeriod(a)(b)(c)(d)September 25,2006-October 29,2006427,432$22.80427,200$98,450,000October 30,2006-November 26,200671,405$23.4771,200$96,779,000November 27,2006-December 31,2006172,481$2

289、4.25130,300$93,692,000Total for the fourth quarter of 2006671,318(2)$23.24628,700$93,692,000(1)Except as otherwise noted,all purchases were made pursuant to our publicly announced share repurchase program.On April 13,2004,our Board of Directors(the“Board”)authorized repurchases in an amount up to$40

290、0 million.As of February 23,2007,we had authoriza-tion from the Board to repurchase an amount of up to approximately$94 million of our Class A Common Stock.The Board has authorizedus to purchase shares from time to time as market conditions permit.There is no expiration date with respect to this aut

291、horization.(2)Includes 42,618 shares withheld from employees to satisfy tax withholding obligations upon the vesting of restricted shares/stock unitsawarded under the NYT Stock Plan.The shares were repurchased by us pursuant to the terms of the plan and not pursuant to our publiclyannounced share re

292、purchase program.Part II THE NEW YORK TIMES COMPANY P.19The information presented in the following table of Selected Financial Data has been adjusted to reflect therestatement of our financial results that is described in the Explanatory Note immediately preceding Part I ofthis Annual Report on Form

293、 10-K.We have not amended our previously filed Annual Reports on Form 10-Kfor the periods affected by this restatement.The financial information that has been previously filed or other-wise reported for those periods is superseded by the information in this Annual Report,and the financialstatements

294、and related financial information contained in such previously filed reports should no longer berelied upon.See“Item 7 Managements Discussion and Analysis of Financial Condition and Results ofOperations”and Note 2(Restatement of Financial Statements)of the Notes to the Consolidated FinancialStatemen

295、ts for more detailed information regarding the restatement.The Selected Financial Data should be read in conjunction with“Managements Discussion andAnalysis of Financial Condition and Results of Operations”and the Consolidated Financial Statements andthe related Notes.The Broadcast Media Groups resu

296、lts of operations have been presented as discontinuedoperations,and certain assets and liabilities are classified as held for sale for all periods presented(see Note 5of the Notes to the Consolidated Financial Statements).The page following the table shows certain itemsincluded in Selected Financial

297、 Data.All per share amounts on that page are on a diluted basis.As of and for the Years EndedDecember 31,December 25,December 26,December 28,December 29,(In thousands,except per20062005200420032002share and employee data)(Restated)(1)(Restated)(1)(Restated)(1)(Restated)(1)Statement of Operations Dat

298、aRevenues$3,289,903$3,231,128$3,159,412$3,091,546$2,938,997Total expenses2,996,0812,911,5782,696,7992,595,2152,446,045Impairment of intangible assets814,433Gain on sale of assets122,946Operating(loss)/profit(520,611)442,496462,613496,331492,952Interest expense,net50,65149,16841,76044,75745,435(Loss)

299、/income from continuingoperations before income taxesand minority interest(551,922)407,546429,305456,628440,187(Loss)/income from continuingoperations(568,171)243,313264,985277,731264,917Discontinued operations,net of income taxes Broadcast Media Group24,72815,68722,64616,91629,265Cumulative effect

300、of a changein accounting principle,net of income taxes(5,527)Net(loss)/income(543,443)253,473287,631294,647294,182Balance Sheet DataProperty,plant and equipment net$1,375,365$1,401,368$1,308,903$1,215,265$1,170,721Total assets3,855,9284,564,0783,994,5553,854,6593,697,491Total debt,includingcommercia

301、l paper,capital leaseobligations and construction loan1,445,9281,396,3801,058,847955,302958,249Stockholders equity819,8421,450,8261,354,3611,353,5851,229,303P.202006 ANNUAL REPORT Selected Financial DataITEM 6.SELECTED FINANCIAL DATAAs of and for the Years EndedDecember 31,December 25,December 26,De

302、cember 28,December 29,(In thousands,except per20062005200420032002share and employee data)(Restated)(1)(Restated)(1)(Restated)(1)(Restated)(1)Per Share of Common StockBasic(loss)/earnings per share(Loss)/income from continuingoperations$(3.93)$1.67$1.80$1.85$1.75Discontinued operations,net of income

303、 taxes Broadcast Media Group0.170.110.150.110.19Cumulative effect of a changein accounting principle,net of income taxes(0.04)Net(loss)/income$(3.76)$1.74$1.95$1.96$1.94Diluted(loss)/earnings per share(Loss)/income from continuingoperations$(3.93)$1.67$1.78$1.82$1.71Discontinued operations,net of in

304、come taxes Broadcast Media Group0.170.110.150.110.19Cumulative effect of a changein accounting principle,net of income taxes(0.04)Net(loss)/income$(3.76)$1.74$1.93$1.93$1.90Dividends per share$.69$.65$.61$.57$.53Stockholders equity per share$5.67$9.95$9.07$8.86$7.94Average basic shares outstanding14

305、4,579145,440147,567150,285151,563Average diluted shares outstanding144,579145,877149,357152,840154,805Key RatiosOperating(loss)/profit to revenues16%14%15%16%17%Return on average commonstockholders equity48%18%21%23%25%Return on average total assets13%6%7%8%8%Total debt to total capitalization64%49%

306、44%41%44%Current assets to current liabilities.91.95.841.231.22Ratio of earnings to fixed charges(2)6.228.118.658.51Full-Time Equivalent Employees11,58511,96512,30012,40012,150(1)The Selected Financial Data has been adjusted to reflect the restatement described in Note 2 of the Notes to the Consolid

307、ated FinancialStatements.The beginning Retained Earnings adjustment for fiscal 2002 was$14.2 million.(2)Earnings were inadequate to cover fixed charges by$573 million for the year ended December 31,2006,as a result of a non-cashimpairment charge of$814.4 million($735.9 million after tax).Selected Fi

308、nancial Data THE NEW YORK TIMES COMPANY P.21The items below are included in the SelectedFinancial Data.2006(53-week fiscal year)The items below had an unfavorable effect on ourresults of$877.3 million or$5.34 per share.an$814.4 million pre-tax,noncash charge($735.9 million after tax,or$5.09 per shar

309、e)for theimpairment of goodwill and other intangible assetsat the New England Media Group.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

310、the Edison,N.J.,printing plant,which we are in the process of closing.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$5.2 millionor$.04 per share.a$122.9 million pre-ta

311、x gain resulting from thesales of our current 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($21.9 mil

312、lion aftertax,or$.15 per share)related to stock-basedcompensation expense.The expense in 2005 wassignificantly higher than in prior years due to ouradoption of Financial Accounting Standards Board(“FASB”)Statement of Financial AccountingStandards(“FAS”)No.123(revised 2004),Share-Based Payment(“FAS 1

313、23-R”),in 2005.a$9.9million pre-tax charge($5.5million after tax,or$.04 per share)for costs associated with the cumula-tive effect of a change in accounting principle relatedto the adoption of FASB Interpretation No.(“FIN”)47,Accounting for Conditional AssetRetirement Obligations an interpretation o

314、f FASBStatement No.143.A portion of the charge has beenreclassified to conform to the 2006 presentation of theBroadcast Media 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 mi

315、llion pre-tax gain related to a reimburse-ment of remediation expenses at one of ourprinting plants.2002The item below reduced net income by$7.7 million,or$.05 per share.a$12.6 million pre-tax charge for staff reductions.P.222006 ANNUAL REPORT Selected Financial DataImpact of Restatement THE NEW YOR

316、K TIMES COMPANY P.23IMPACT OF RESTATEMENTThe impact of the restatement and a comparison to the amounts originally reported are detailed in the follow-ing tables.The Broadcast Media Groups results of operations have been presented as discontinued operationsand certain assets and liabilities are class

317、ified as held for sale for all periods presented(see Note 5 of the Notesto the Consolidated Financial Statements).In order to more clearly disclose the impact of the restatement onreported results,the impact of this reclassification is separately shown below in the column labeled“Discontinued Operat

318、ions.”As of and for the Years EndedDecember 25,2005December 26,2004(In thousands,exceptAs Discontinued RestatementReclassifiedAs DiscontinuedRestatementReclassifiedper share data)ReportedOperations Adjustments and RestatedReportedOperationsAdjustmentsand RestatedStatement of Operations DataRevenues$

319、3,372,775$(139,055)$(2,592)$3,231,128$3,303,642$(145,627)$1,397$3,159,412Total expenses3,014,667(111,914)8,8252,911,5782,793,689(107,244)10,3542,696,799Gain on sale of assets122,946122,946Operating profit481,054(27,141)(11,417)442,496509,953(38,383)(8,957)462,613Interest expense,net49,16849,16841,76

320、041,760Income from continuingoperations before incometaxes and minority interest446,104(27,141)(11,417)407,546476,645(38,383)(8,957)429,305Income from continuingoperations265,605(16,012)(6,280)243,313292,557(22,646)(4,926)264,985Discontinued operations,net of income taxes Broadcast Media Group15,687

321、15,68722,64622,646Cumulative effect of a changein accounting principle,net of income taxes(5,852)325(5,527)Net income259,753(6,280)253,473292,557(4,926)287,631Balance Sheet DataProperty,plant andequipment net$1,468,403$(67,035)$1,401,368$1,367,384$(58,481)$1,308,903Total assets4,533,03731,0414,564,0

322、783,949,85744,6983,994,555Total debt,includingcommercial paper andcapital lease obligations1,396,3801,396,3801,058,8471,058,847Stockholders equity1,516,248(65,422)1,450,8261,400,542(46,181)1,354,361Per Share of Common StockBasic earnings per shareIncome from continuing operations$1.83$(0.11)$(0.05)$

323、1.67$1.98$(0.15)$(0.03)$1.80Discontinued operations,net of income taxes Broadcast Media Group0.110.110.150.15Cumulative effect of a changein accounting principle,net of income taxes(0.04)(0.04)Net income$1.79$(0.05)$1.74$1.98$(0.03)$1.95Diluted earnings per shareIncome from continuing operations$1.8

324、2$(0.11)$(0.04)$1.67$1.96$(0.15)$(0.03)$1.78Discontinued operations,net of income taxes Broadcast Media Group0.110.110.150.15Cumulative effect of a changein accounting principle,net of income taxes(0.04)(0.04)Net income$1.78$(0.04)$1.74$1.96$(0.03)$1.93Dividends per share$.65N/AN/A$.65$.61N/AN/A$.61

325、Stockholders equity per share$10.39N/AN/A$9.95$9.38N/AN/A$9.07Average basic shares outstanding145,440N/AN/A145,440147,567N/AN/A147,567Average diluted shares outstanding145,877N/AN/A145,877149,357N/AN/A149,357As of and for the Years EndedDecember 28,2003December 29,2002(In thousands,exceptAs Disconti

326、nued RestatementReclassifiedAs Discontinued RestatementReclassifiedper share data)ReportedOperations Adjustments and RestatedReportedOperations Adjustments and RestatedStatement of Operations DataRevenues$3,227,200$(129,196)$(6,458)$3,091,546$3,079,007$(139,636)$(374)$2,938,997Total expenses2,687,65

327、0(100,537)8,1022,595,2152,534,139(97,838)9,7442,446,045Operating profit539,550(28,659)(14,560)496,331544,868(41,798)(10,118)492,952Interest expense,net44,75744,75745,43545,435Income from continuing operations before income taxes and minority interest499,847(28,659)(14,560)456,628492,103(41,798)(10,1

328、18)440,187Income from continuing operations302,655(16,916)(8,008)277,731299,747(29,265)(5,565)264,917Discontinued operations,net of income taxes Broadcast Media Group16,91616,91629,26529,265Net income302,655(8,008)294,647299,747(5,565)294,182Balance Sheet DataProperty,plant and equipment net$1,275,1

329、28$(59,863)$1,215,265$1,233,658$(62,937)$1,170,721Total assets3,801,71652,9433,854,6593,633,84263,6493,697,491Total debt,including commercial paper and capital lease obligations955,302955,302958,249958,249Stockholders equity1,392,242(38,657)1,353,5851,269,307(40,004)1,229,303Per Share of Common Stoc

330、kBasic earnings per shareIncome from continuing operations$2.01$(0.11)$(0.05)$1.85$1.98$(0.19)$(0.04)$1.75Discontinued operations,net of income taxes Broadcast Media Group0.110.110.190.19Net income$2.01$(0.05)$1.96$1.98$(0.04)$1.94Diluted earnings per shareIncome from continuing operations$1.98$(0.1

331、1)$(0.05)$1.82$1.94$(0.19)$(0.04)$1.71Discontinued operations,net of income taxes Broadcast Media Group0.110.110.190.19Net income$1.98$(0.05)$1.93$1.94$(0.04)$1.90Dividends per share$.57N/AN/A$.57$.53N/AN/A$.53Stockholdersequity per share$9.11N/AN/A$8.86$8.20N/AN/A$7.94Average basic shares outstandi

332、ng150,285N/AN/A150,285151,563N/AN/A151,563Average diluted shares outstanding152,840N/AN/A152,840154,805N/AN/A154,805P.242006 ANNUAL REPORT Impact of RestatementRESTATEMENT OF FINANCIAL STATEMENTSThe following“Managements Discussion andAnalysis of Financial Condition and Results ofOperations”reflects

333、 the restatements discussed belowand in Note 2 of the Notes to the ConsolidatedFinancial Statements.In this Annual Report on Form 10-K,we arerestating the Consolidated Balance Sheet as ofDecember 25,2005,the Consolidated Statements ofOperations,Consolidated Statements of Cash Flowsand Consolidated Statements of Changes inStockholders Equity for the 2005 and 2004 fiscal years,and Quarterly Informat