1、2008 Annual ReportThe New York TimesCompanyTo ourShareholderSIn an Op-Ed piece in The New York Times last October,Warren Buffett,the well-known investor and CEO of Berkshire Hathaway,wrote:“The financial world is a mess,both in the United States and abroad.Its problems,moreover,have been leaking int
2、o the general economy,and the leaks are now turning into a gusher.In the near term,unemployment will rise,business activity will falter and headlines will continue to be scary.”As is often the case with Warren,all of this proved to be true and we have seen the effects in our businesses.Our 2008 tota
3、l revenues declined 8%.Revenues from adver-tising,our primary source of revenue,fell 13%.Circulation revenues,which are derived from newsstand and home-de-livery sales,rose 2%.And while we did a good job of man-aging costs they were down 5%it was not enough to overcome the total revenue decline.Whil
4、e we had an operat-ing loss of$41 million compared with operating profit of$227 million in 2007,if you exclude depreciation and amortization and special items,operating profit for 2008 was$302 million compared with$457 million in 2007.*In past letters to you we have discussed the seismic changes tak
5、ing place in the media industry as consumers increasingly get news and information from the Web and advertisers pay much lower rates online than they do in print.While all of us in the newspaper business are experiencing these changes,we believe that much of the decline we saw in our business last y
6、ear stemmed from the downturn in the U.S.economy.Even so,when you combine the print and digital opera-tions of newspapers across the United States,audiences are growing.They are,we believe,because they have earned the trust of their readers by employing professional journalists to verify news for tr
7、uth,for accuracy and for context.Advertis-ers value these audiences and value newspapers because they deliver results by moving their products and increasing brand awareness.More than that,newspapers play a critical role in the civic life of our country.Information is the lifeblood of our democracy,
8、and the work that our journalists do enables citizens to make thoughtful decisions,inside and outside the voting booth.A vigorous and robust press that thoroughly covers the political,economic,social and scientific issues of the day has a profound effect on our quality of life and the vitality of ou
9、r public and private institutions.While we believe that newspapers will continue to be an important medium for years to come,we also realize that we must provide our high-quality journalism in an increas-ing number of ways.For that reason,we have been working for some time to transform the Times Com
10、pany from one focused primarily on print to one that is increasingly digital in focus and multiplatform in delivery.So the important questions for us are:How do we continue to provide the printed products that hundreds of thousands of our readers treasure while appealing to a new generation of consu
11、mers?How do we get paid for the journalism we provide online?How do we reduce our costs while protecting the quality of our journalism?The combination of economic woes and unprecedented change in media means that how well we answer these questions as we execute on our strategy is more important than
12、 ever.There are four key drivers of our strategy:n The first is introducing new products and services both in print and online.Our goal is to deliver our high-quality journalism in ways that consumers can access it wherever and whenever they want it.n The second part of our strategy is to continue t
13、o strengthen our digital research and development capability.This sup-ports the development of new products and alliances that help us build our businesses.n The third is to aggressively restructure our cost base,as we have ably demonstrated through the expense reductions we have made over the cours
14、e of the past several years.n And the last element of our strategy is to rebalance our portfolio of businesses through both acquisitions and divestitures.Our focus right now is on selling assets that no longer fit well within the Company,particularly as we seek to lower our debt and improve our liqu
15、idity.Introducing New Products and ServicesOur goal is to offer our consumers news,information and entertainment wherever and whenever they want it and even in some ways they may not have envisioned in print or online wired or mobile in text,graphics,audio,video or even live events.Because of our hi
16、gh-quality con-tent,we have very powerful and trusted brands that attract educated,affluent and influential audiences.According to Erdos&Morgan,The New York Times is No.1 in reaching U.S.opinion leaders among 129 top media properties.Every day,in print,online and by mobile,The New York Times de-live
17、rs a highly loyal and engaged audience of influencers,a true competitive advantage as we move into an increasingly While there is little visibility on the ad market,we remain committed to publishing world-class journalism,creating innovative products and services,reducing costs and finding new ways
18、to enhance our financial flexibility.2008 annual report*A reconciliation of operating profit before depreciation and amortization and special items to operating profit under accounting principles generally accepted in the United States is included in our fourth-quarter and full-year 2008 earnings re
19、lease,available at .digital world.And our goal for our advertisers is to help them reach that audience with messages that shape percep-tions and drive purchases.While the first nine months of 2008 were challenging,adver-tising revenues deteriorated significantly in the fourth quar-ter when the econo
20、mic downturn exacerbated the declines in print and interrupted the growth trajectory of our digital businesses.For the year as a whole,print advertising revenue declined 17%,and while online advertising growth moder-ated,it still increased 9%.Looking at the revenue picture for 2009,visibility is lim
21、ited.Given all the uncertainty on Wall Street and Main Street,advertisers are being very cautious as they plan and allocate their media buys in 2009.Like all of us,they want to gain a better understanding of where the economy is headed and how their consumers will behave in order to maximize the ret
22、urn they receive on their spending.What we do know is that advertisers are focusing on the tried and true environments that deliver results for them.Our cli-ents value the brand association,the customizable campaigns we can create and our strong reach.And we believe all this particularly benefits Th
23、e Times.Our newspapers and Web sites are important tools in their comprehensive campaign to tell their stories,restore confidence and respond effectively to the ongoing global credit crisis.Last year we introduced new large size ad formats on our Web sites,which were very well received by advertiser
24、s.At the beginning of this year,we began offering front-page ads at The Times and the Globe,generating incremental revenue for our papers.Circulation revenue was an area of growth for the Company in 2008,as we increased prices across our properties.The willing-ness of readers to pay more for our new
25、spapers is a testament to the value they provide.And,as other newspapers in the United States cut back on international and national coverage or cease operation,we believe there will be opportunities for The Times to fill the void.Today we have more than 830,000 readers who have subscribed to The Ti
26、mes for two years or more,a number that has risen over the past five years.We continue to develop ways to generate other revenue streams for our content.Subscriptions to The Times,the Globe and the IHT on Amazons Kindle,its new e-book that was introduced in 2007,are a small but growing revenue strea
27、m.In 2008 the digital part of our business continued to grow de-spite the challenging economy.The Times Company was the 12th largest presence on the Web,with 50.8 million unique visitors in the United States in December 2008,up approxi-mately 4%from December 2007.Last year the Companys digital reven
28、ues rose 7%to$352 million.Digital revenues accounted for 12%of our total revenues in 2008 compared with 10%in 2007.Last fall we embarked on a significant expansion of our online business coverage on NYT with a redesigned Technology section and the introduction of an Economy section.We expanded its S
29、mall Business,Personal Technol-ogy and Your Money sections;introduced more journalists,deepened coverage and enhanced our DealBook franchise;and continued to add new tools and multimedia features.We have also taken steps to increase engagement on NYT.In September we introduced TimesPeople,which prov
30、ides NYT readers with a way to share their recommendations on articles with other people on the site.What we have discovered is that advertisers want to be attached to innovative products that speak to influential audiences.For instance,Cisco was the inaugural sponsor of TimesPeople,which now has ap
31、proximately 177,000 users.Westin sponsored The Times iPhone application,which has had more than one million downloads since its launch last July,and Shell sponsored our new TimesExtra product,an alternative view of NYTs home page featuring content from other news sources.Over the past year,in print
32、and online,our journalists have magnificently covered such major stories as the presidential election and inauguration,the global financial turmoil and the conflicts in Georgia,Afghanistan and Iraq.We believe our journalists are the best in the business,and are extraordinari-ly pleased that in 2008
33、Times Op-Ed columnist Paul Krugman won the Nobel Prize in economics.Our leadership in quality journalism has been repeatedly recognized.Last year the Companys media properties were honored with three Pulitzer Prizes:n Amy Harmon of The Times for“The DNA Age,”an exami-nation of the effect of genetic
34、testing;n Walt Bogdanich and Jake Hooker of The Times for their“Toxic Pipeline”series,which revealed how poisonous pharmaceutical ingredients from China have flowed into the global market;andn Mark Feeney of the Globe for criticism for his observations on the visual arts.We take pride in our ability
35、 to bring our high journalistic standards to the Web.NYT won eight Webby awards in 2008,more than any other media organization,and that includes“Best News Site.”The New York Times is available for home delivery in over 340 markets and is sold at more than 53,000 retail locations nationwide,while NYT
36、 is the No.1 newspaper Web site in the United States.2008 annual report The About Group,which includes the Web sites A,ConsumerS,UCompareHealthC and C,continued to achieve strong growth in 2008.Its revenues rose 12%and its operating profit increased 14%.As we saw with NYT,the About Groups rev-enues
37、softened considerably in the fourth quarter as display revenues declined.Even so,since we bought A in 2005,revenues for the Group have grown at an estimated compound annual growth rate(CAGR)of 30%and the CAGR of its operating profit is 41%.*The rise of low-cost ad networks and a surplus of online ad
38、vertising inventory,along with the poor economic climate,present a challenge for the Group in 2009.Like display advertising,cost-per-click advertising is also expected to soften across the industry,but the Groups position,skill and relationships in this area provide relative strength.Continue to Str
39、engthen our Research&Development Capability to Drive InnovationOur Research&Development Group helps us monitor the changing media and technology landscape so that we can anticipate consumer preferences and devise innovative ways of satisfying them.This has led to the development of new digital produ
40、cts across the Company and accelerated our entry onto new platforms such as mobile.R&D operates as a shared service across all our Web sites and is closely aligned with our operating units so that its work can have immediate,practical effect.For example,R&D created a system for rapidly distributing
41、on election night the interactive graphics from NYT to the mobile sites of The Times,the Globe and the Web sites of our Regional Media Group.And through a single company-wide gateway operated by R&D,we sent more than 100,000 text message alerts to subscribers throughout the country.Our R&D efforts a
42、re also focused on developing new capabilities for the Company such as data mining and Web analytics,which are being used to better serve our users by presenting our content in more engaging ways.This helps our advertisers by increasing our ability to target and opti-mize their campaigns.Building on
43、 this foundation of creat-ing value for advertisers,R&D is now intensifying its focus on new ways to monetize our digital content by exploring the introduction of creative new advertising placements on all our platforms,including the iPhone.The R&D Group is also facilitating the extension of all our
44、 print newspapers onto new reading devices through alliances with companies such as Adobe Systems and is assisting our Regional Media Group as it pilots the concept of transforming its sales forces into a local digital advertising agency.Restructuring our Cost BaseGiven the secular changes in our in
45、dustry,we have been very disciplined in reducing our cost base while maintaining the quality of the journalism we provide.In 2008 our operating costs dropped 5%,or$136 million.Our recent cost savings have focused on five key areas:n Consolidation of operations,n Closure of businesses that are not me
46、eting their financial targets,n Outsourcing,n A shift away from less profitable circulation andn A reduction in newsprint consumption and production costs.Consolidation of operations Last year The New York Times consolidated the operations of its two New York area print-ing facilities into one locat
47、ion.Savings from this action are projected to be$30 million a year.In the second half of 2009,we plan to consolidate two of the Globes printing facilities,which is anticipated to result in about$18 million in annual savings.At our Regional Media Group,we consolidated the mailrooms of our Gainesville
48、 and Ocala,Fla.papers,and we are looking at consolidating their production facilities.Closure of businesses In early 2009,we closed City&Sub-urban,our retail and newsstand distribution business in the New York metropolitan area.We estimate this will improve our operating results by$27 million on an
49、annual basis.Outsourcing We have outsourced to other organizations functions that can be done by them more effectively and with less cost.These include circulation telemarketing,customer service and financial back office functions.At some of our smaller newspapers,we have outsourced printing to outs
50、ide facilities.Shift away from less profitable circulation Our fourth major area of cost reduction comes from a shift away from less profitable circulation by reducing promotion,production,distribution and other costs.By concentrating our efforts on acquisition channels that have the best retention
51、and are the most profitable,we have achieved higher margins despite declines in overall circulation volume.Reduction in newsprint consumption and production costs In the past two years,we have reduced the size of the printed page of the majority of our newspapers,which we estimate saves approximatel
52、y$12 million annually.In addition,Our disciplined drive to reduce costs continues.We are committed to decreasing our expenses in such a way that we maintain the quality of our journalism while making progress on our long-term goals.*Based on the previous owners accounting records before the acquisit
53、ion date in March 2005 and our records after the acquisition date.2008 annual report in late 2008 we consolidated sections of The Times,rede-signed the Globe and eliminated its TV guide.These changes are expected to save about$9 million annually in lower production costs.Our stringent expense manage
54、ment has become part of our corporate culture and with the economy continuing to weaken,cost reduction measures remain a priority for the Company in 2009.Rebalancing our Portfolio of BusinessesOver the past several years,we have been rebalancing our portfolio of businesses,focusing more on growth ar
55、eas such as digital.We have also sold properties,and will continue to do so,after carefully evaluating them to determine if they remain a strategic fit and,given the outlook for the business and their financial performance,make sense to continue to be a part of the Company.Earlier this year,we annou
56、nced that we were exploring the possible sale of our 17.75%inter-est in New England Sports Ventures,which includes the Boston Red Sox,Fenway Park and approximately 80%of New England Sports Network,the top-rated regional cable sports network in the country.Allocating Capital and Improving LiquidityLa
57、st year we took decisive steps to reduce capital spending and improve the liquidity of the Company.We are strongly focused on conserving cash.In 2009 we expect our capital expenditures will decrease to approximately$80 million from approximately$127 million in 2008.Last November,our Board of Directo
58、rs reduced our fourth-quarter dividend by almost 75%and in February 2009 suspended our quarterly dividend.This was a difficult but prudent decision that we believe,along with the other steps we have taken and are planning,will provide us with greater financial flexibility.In early 2009,we completed
59、a private financing transaction with Banco Inbursa and Inmobiliaria Carso for$250 million in senior unsecured notes and warrants.This addresses our 2009 maturities.We used the proceeds from this transaction to repay amounts borrowed under our revolving credit facili-ties,and in February repaid notes
60、 due in November.Because of this,we do not plan to renew the revolving credit facil-ity that expires in May of this year.We continue to actively explore other financing initiatives,including a sale-leaseback for up to$225 million for part of the space we own in our New York headquarters building.Pro
61、ceeds from this transac-tion would be used to refinance existing long-term debt.We remain focused on reducing our total debt.We plan to do so through the cash we generate from our businesses and the decisive steps we have taken to reduce costs,lower capital spending,suspend our dividend and rebalanc
62、e our portfolio of assets.In AppreciationThroughout our 157-year history,we have faced many difficult periods the Great Depression,the world wars,the financial crisis of the mid-70s,the recessions of the early 80s and 90s,and the bursting of the Internet bubble.We have weathered these periods by sta
63、ying true to our core value of creating high-quality journalism and at the same time taking the necessary steps to ensure our financial well-being.Today we are doing just that.We are developing new revenue streams,reducing costs,realigning our portfolio of properties and strengthening our balance sh
64、eet.We are doing this with the extraordinary support of our employees.Without a doubt,the Times Companys greatest asset is the collective strength,ingenuity and creativity of our people.We recognize the enormous efforts they are making and greatly appreciate their dedication and hard work.We are als
65、o deeply grateful for the loyalty and support of our very capable Board,our readers,advertisers and you,our fellow shareholders.Thank you.Arthur Sulzberger,Jr.ChairmanJanet L.RobinsonPresident and CEOFebruary 26,2009 2008 annual report UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWASHINGTON,D.C.2
66、0549FORM 10-KAnnual Report pursuant to Section 13 or 15(d)of the Securities Exchange Act of 1934For the fiscal year ended December 28,2008Commission 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.R
67、.S.Employerincorporation or organization)Identification No.)620 Eighth Avenue,New York,N.Y.10018(Address of principal executive offices)(Zip code)Registrants telephone number,including area code:(212)556-1234Securities registered pursuant to Section 12(b)of the Act:Title of each className of each ex
68、change 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.YesNo Indicate by check ma
69、rk 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 months(
70、or for such shorter period thatthe registrant was required to file such reports),and(2)has been subject to such filing requirements for the past90 days.YesNo Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not containedherein,and will not be contai
71、ned,to the best of registrants knowledge,in definitive proxy or informationstatements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-acceleratedfiler,or a
72、 smaller reporting company.See the definitions of“large accelerated filer,”“accelerated filer”and“smaller reporting company”in Rule 12b-2 of the Exchange Act.(Check one):Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyIndicate by check mark whether the registran
73、t is a shell company(as defined in Rule 12b-2 of the Exchange Act).YesNoThe aggregate worldwide market value of ClassACommon Stock held by non-affiliates,based on the closingprice on June 27,2008,the last business day of the registrants most recently completed second quarter,asreported on the New Yo
74、rk Stock Exchange,was approximately$2.1 billion.As of such date,non-affiliates held78,106 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 20,2009,wasas follows:143,128,432 shares of
75、ClassACommon Stock and 825,634 shares of Class B Common Stock.Documents incorporated by referencePortions of the Proxy Statement relating to the registrants 2009 Annual Meeting of Stockholders,to be held onApril 23,2009,are incorporated by reference into Part III of this report.(This page has been i
76、ntentionally left blank.)ITEM NO.PART IForward-Looking Statements11Business1Introduction1News Media Group2Advertising Revenue2The New York Times Media Group2New England Media Group4Regional Media Group4About Group5Forest Products Investments and Other Joint Ventures5Raw Materials6Competition6Employe
77、es7Labor Relations71A Risk Factors81BUnresolved Staff Comments132Properties133Legal Proceedings144Submission of Matters to a Vote of Security Holders15Executive Officers of the Registrant15PART II5Market for the Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Sec
78、urities166Selected Financial Data197Managements Discussion and Analysis ofFinancial Condition and Results of Operations227A Quantitative and Qualitative Disclosures About Market Risk478Financial Statements and Supplementary Data489Changes in and Disagreements with Accountants onAccounting and Financ
79、ial Disclosure949A Controls and Procedures949BOther Information94PART III10Directors,Executive Officers and Corporate Governance9511Executive Compensation9512Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters9513Certain Relationships and Related Transactio
80、ns,and Director Independence9514Principal Accountant Fees and Services95PART IV15Exhibits and Financial Statement Schedules96INDEX TO THE NEW YORK TIMES COMPANY 2008 ANNUAL REPORT ON FORM 10-K(This page has been intentionally left blank.)This Annual Report on Form 10-K,including thesections titled“I
81、tem 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 mayalso make written and oral forward-looking state-ments in our Securities and Ex
82、change 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 in connection with any discussion offuture operating or financial performance.A
83、nyforward-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 to update or revise any for-ward-looking statements,whether as a result of newin
84、formation,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 such statements.You should bear this inmind as you consider forward-looking statements.Factors that
85、,individually or in the aggregate,wethink could cause our actual results to differ materi-ally from expected and historical results includethose described in“Item 1A Risk Factors”below aswell as other risks and factors identified from time totime in our SEC filings.INTRODUCTIONThe New York Times Com
86、pany(the“Company”)wasincorporated on August 26,1896,under the laws ofthe State of New York.The Company is a diversifiedmedia company that currently includes newspapers,Internet businesses,a radio station,investments inpaper mills and other investments.Financial informa-tion about our segments can be
87、 found in“Item 7 Managements Discussion and Analysis of FinancialCondition and Results of Operations”and in Note 18of the Notes to the Consolidated Financial Statements.The Company and its consolidated subsidiaries arereferred to collectively in this Annual Report on Form10-K as“we,”“our”and“us.”Our
88、 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 available,free of charge,on our Web sitehttp:/,as soon as reasonably practica-ble after such reports have be
89、en filed with orfurnished to the SEC.We classify our businesses based on ouroperating strategies into two segments,the NewsMedia Group and the About Group.The News Media Group consists of thefollowing:The New York Times Media Group,which includesThe New York Times(“The Times”),NYT,the International
90、Herald Tribune(the“IHT”),IHT.com,our New York City radio station,WQXR-FM,and related businesses;the New England Media Group,which includesThe Boston Globe(the“Globe”),B,theWorcester Telegram&Gazette,in Worcester,Massachusetts(the“T&G”),the T&Gs Web site,T and related businesses;andthe Regional Media
91、 Group,which includes 15 dailynewspapers in Alabama,California,Florida,Louisiana,North Carolina and South Carolina,other print publications and related businesses.The About Group consists of theWeb sites of A,ConsumerS,UCompareHealthC and C.Additionally,we own equity interests in aCanadian newsprint
92、 company,a supercalenderedpaper manufacturing partnership in Maine,andMetro Boston LLC(“Metro Boston”),which publishesa free daily newspaper in the greater Boston area.In February 2008,we acquired a 25%owner-ship interest in quadrantONE LLC(“quadrantONE”),an online advertising network that sells bun
93、dled pre-mium,targeted display advertising onto localnewspaper and other Web sites.The Web sites of theNew England and Regional Media Groups participatein this network.We also own a 17.75%interest in NewEngland Sports Ventures,LLC(“NESV”),whichowns the Boston Red Sox,Fenway Park and adjacentreal est
94、ate,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.InJanuary 2009,we announced that we are exploringthe possible sale of our interest in NESV.Revenue from individual customers andreven
95、ues,operating profit and identifiable assets offoreign operations are not significant.ITEM 1.BUSINESSFORWARD-LOOKING STATEMENTSBusiness THE NEW YORK TIMES COMPANY P.1PART IOur businesses are somewhat seasonal andmay cause our quarterly advertising results to fluc-tuate.Second-and fourth-quarter adve
96、rtisingvolume isgenerallyhigher than first-and third-quartervolume because economic activity tends to be lowerduring the winter and summer.NEWS MEDIA GROUPThe News Media Group segment consists of The NewYork Times Media Group,the New England MediaGroup and the Regional Media Group.Advertising Revenu
97、eA significant portion of the News Media Groups rev-enue is derived from advertising sold in itsnewspapers and other publications and on its Websites,as discussed below.We divide such advertisinginto three basic categories:national,retail and classi-fied.Advertising revenue also includes preprints,w
98、hich are advertising supplements.Advertising rev-enue information for the News Media Group appearsunder“Item 7 Managements Discussion andAnalysis of Financial Condition and Results ofOperations.”P.22008 ANNUAL REPORT BusinessBelow is a percentage breakdown by division of the News Media Groups 2008 a
99、dvertising revenue:ClassifiedRetail Other and Help Real Total Advertising NationalPreprintWantedEstateAutoOtherClassifiedRevenueTotalThe New York TimesMedia Group70%13%4%7%2%2%15%2%100%New England Media Group29338995317100Regional Media Group45671187337100Total News Media Group51245844214100The New
100、York Times Media GroupThe New York TimesThe Times,a daily(Monday through Saturday)andSunday newspaper,commenced publication in 1851.CirculationThe Times is circulated in each of the 50 states,theDistrict of Columbia and worldwide.Approximately46%of the weekday(Monday through Friday)circu-lation is s
101、old in the 31 counties that make up thegreater New York City area,which includesNewYork City,Westchester,Long Island,and parts ofupstate New York,Connecticut,New Jersey andPennsylvania;54%is sold elsewhere.On Sundays,approximately 41%of the circulation is sold in thegreater New York City area and 59
102、%elsewhere.According to reports filed with the Audit Bureau ofCirculations(“ABC”),an independent agency thataudits the circulation of most U.S.newspapers andmagazines,for the six-month period endedSeptember 30,2008,The Times had the largest dailyand Sunday circulation of all seven-day newspapersin t
103、he United States.The Timess average net paid weekday andSunday circulation for the years ended December 28,2008,and December 30,2007,are shown below:(Thousands of copies)Weekday(Mon.-Fri.)Sunday20081,033.81,451.320071,066.61,529.7The decreases in weekday and Sunday copies sold in2008 compared with 2
104、007 were primarily due tomanaged reductions in sponsored third-party salesas part of our circulation strategy.Our circulationstrategy is to reduce the amount of less profitable cir-culation,including copies that are sold at asignificant discount or sponsored by third parties,and to focus our efforts
105、 on acquisition channels thathave the best retention and are the most profitable inorder to achieve higher margins.Approximately 64%of the weekday and72%of the Sunday circulation was sold throughhome delivery in 2008;the remainder was sold pri-marily on newsstands.AdvertisingAccording to data compil
106、ed by TNS MediaIntelligence,an independent agency that measuresadvertising sales volume and estimates advertisingrevenue,The Times had a 50%market share in 2008 inadvertising revenue among a national newspaper setthat consists of USA Today,The Wall Street Journaland The Times.Based on recent data pr
107、ovided byTNS Media Intelligence,The Times believes that itranks first by a substantial margin in advertising rev-enue in the general weekday and Sunday newspaperfield in the New York metropolitan area.Production and DistributionThe Times is currently printed at its production anddistribution facilit
108、y in College Point,N.Y.,as well asunder contract at 23 remote print sites across theUnited States and one in Toronto,Canada.We completed the consolidation of ourNew York metropolitan area printing into our newerfacility in College Point,N.Y.and closed our olderEdison,N.J.,facility in March 2008.In J
109、anuary 2009,we closed our subsidiary,City&Suburban Delivery Systems,Inc.(“City&Suburban”),which operated a wholesale distributionbusiness that delivered The Times and other newspa-pers and magazines to newsstands and retail outletsin the New York metropolitan area.With this change,we moved to a dist
110、ribution model similar to that ofThe Timess national edition and,as a result,TheTimes is currently delivered to newsstands and retailoutlets in the New York metropolitan area through acombination of third-party wholesalers and our owndrivers.In other markets in the United States andCanada,The Times
111、is delivered through agreementswith other newspapers and third-party deliveryagents.NYTThe Timess Web site,NYT,reaches wideaudiences across the New York metropolitan region,the nation and around the world.According toNielsen Online,average unique visitors in the UnitedStates to NYT reached 19.5 mill
112、ion permonth in 2008 compared with 14.7 million per monthin 2007.NYT derives its revenue primarilyfrom the sale of advertising.Advertising is sold toboth national and local customers and includesonline display advertising(banners,half-page units,interactive multi-media),classified advertising(help-w
113、anted,real estate,automotive)and contextualadvertising(links supplied by Google).NYT also includes the financialresults of Baseline StudioSystems(“Baseline”),aleading online subscription database and researchservice for information on the film and televisionindustries and a provider of premium film
114、and televi-sion data to Web publishers.International Herald TribuneThe IHT,a daily(Monday through Saturday)newspa-per,commenced publishing in Paris in 1887,is printedat 35 sites throughout the world and is sold in morethan 180 countries.The IHTs average circulation forthe years ended December 28,200
115、8,and December 30,2007,were 240,322(estimated)and 241,625,respec-tively.These figures follow the guidance of Office deJustification de la Diffusion,an agency based in Parisand a member of the International Federation of AuditBureaux of Circulations that audits the circulation ofmost of Frances newsp
116、apers and magazines.The final2008 figure will not be available until March 2009.In2008,60%of the circulation was sold in Europe,theMiddle East and Africa,38%was sold in the AsiaPacific region and 2%was sold in the Americas.The IHTs Web site,IHT.com,reaches wideaudiences around the world.Average uniq
117、ue visitorsto IHT.com reached 6.7 million per month in 2008according to Webtrends,a Web analytics provider,compared with 4.6 million per month in 2007,accord-ing to IHTs internal reports.Other BusinessesThe New York Times Media Groups other businessesinclude:The New York Times Index,which produces a
118、ndlicenses The New York Times Index,a printpublication,Digital Archive Distribution,which licenses elec-tronic archive databases to resellers of thatinformation in the business,professional andlibrary markets,andThe New York Times News Services Division.TheNew York Times News Services Division is ma
119、deup of Syndication Sales,which transmits articles,graphics and photographs from The Times,theGlobe and other publications to over 1,500 newspa-pers and magazines in the United States and inmore than 80 countries worldwide;BusinessDevelopment,which comprises Photo Archives,Book Development,Rights&Pe
120、rmissions,licens-ing and a small publication unit;and New YorkTimes Radio,which includes our New York Cityclassical music radio station,WQXR-FM,andNewYork Times Radio News,which creates Times-branded content for a variety of audio platforms,Business THE NEW YORK TIMES COMPANY P.3including features a
121、nd podcasts.WQXR-FM isoperated under a license from the FCC and is sub-ject to FCC regulation.WQXR-FMs license hasbeen renewed by the FCC for an eight-year termexpiring June 1,2014.In March 2008,we increased our ownershipinterest in BehNeem,LLC(“BehNeem”)to 53%and,as a result,the operating results o
122、f BehNeem are con-solidated in the results of The New York Times MediaGroup.BehNeem licenses the Epsilen Environment,an online learning environment offering course con-tent,assessment and communication tools.New England Media GroupThe New England Media Group comprises the Globe,B,the T&G and T.The G
123、lobeis a daily(Monday through Saturday)and Sundaynewspaper,which commenced publication in 1872.The T&G is a daily(Monday through Saturday)newspaper,which began publishing in 1866.Its Sunday companion,the Sunday Telegram,beganin 1884.CirculationThe Globe is distributed throughout New England,although
124、 its circulation is concentrated in the Bostonmetropolitan area.According to ABC,for the six-month period ended September 30,2008,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 28
125、,2008,and December 30,2007,are shown below:(Thousands of copies)Weekday(Mon.-Fri.)Sunday2008323.9500.02007364.6544.1The decreases in weekday and Sunday copies sold in2008 compared with 2007 were due in part to adirected effort to improve circulation profitability byreducing steep discounts on home-d
126、elivery copiesand by decreasing the Globes less profitable other-paid circulation(primarily hotel and third-partycopies sponsored by advertisers).Last year,the Globeincreased prices of daily single copy sales inFebruary and September and daily home-deliverycopies in September,which contributed to de
127、creasesin circulation in 2008.Approximately 76%of the Globes weekdaycirculation and 72%of its Sunday circulation was soldthrough home delivery in 2008;the remainder wassold primarily on newsstands.The T&G,the Sunday Telegram and severalCompany-owned non-daily newspapers some pub-lished under the nam
128、e of Coulter Press circulatethroughout Worcester County and northeasternConnecticut.The T&Gs average net paid weekdayand Sunday circulation,for the years endedDecember 28,2008,and December 30,2007,areshown below:(Thousands of copies)Weekday(Mon.-Fri.)Sunday200880.493.3200784.999.8AdvertisingThe sale
129、s forces of the New England Media Groupsell retail,classified and national advertising acrossmultiple platforms,including print newspapers,online,broadcast and direct marketing vehicles,capi-talizing on opportunities to deliver to national andlocal advertisers a broad audience in the NewEngland regi
130、on.Production and DistributionAll editions of the Globe are printed and prepared fordelivery at its main Boston plant and its Billerica,Mass.,satellite plant.We are in the process of consoli-dating these printing facilities and expect to close theBillerica,Mass.,satellite plant during the second hal
131、fof 2009.Virtually all of the Globes home-delivery cir-culation was done by a third-party service in 2008.BThe Globes Web site,B,reaches wide audi-ences in the New England region,the nation andaround the world.According to Nielsen Online,aver-age unique visitors in the United States toB reached 5.2
132、million per month in 2008compared with 4.3 million per month in 2007.B primarily derives its revenuefrom the sale of advertising.Advertising is sold toboth national and local customers and includesonline display advertising,classified advertising andcontextual advertising.Regional Media GroupThe Reg
133、ional Media Group includes 15 daily newspa-pers,of which 13 publish on Sunday,one paid weeklynewspaper,related print and digital businesses,freeweekly newspapers,and the North Bay BusinessJournal,a weekly publication targeting business lead-ers in Californias Sonoma,Napa and Marin counties.In March
134、2008,we acquired certain assets of theWinter Haven News Chief,a regional newspaper inWinter Haven,Fla.,for$2.5 million.P.42008 ANNUAL REPORT BusinessThe Petaluma Argus-Courier,in Petaluma,Calif.,ouronly paid subscription weekly newspaper,had anaverage weekly circulation for the year endedDecember 28
135、,2008,of 7,021 copies.The North BayBusiness Journal,a weekly business-to-business pub-lication,had an average weekly circulation for theyear ended December 28,2008,of 4,994 copies.ABOUT GROUPThe About Group includes the Web sites of A,ConsumerS,UCompareHealthCand C.A is one of the Webs leading pro-d
136、ucers of original content,providing users withinformation and advice on thousands of topics.Oneof the top 20 most visited Web sites in the UnitedStates in 2008,A has 39 million averagemonthly unique visitors in the United States(perNielsen Online)and 63 million average monthlyunique visitors worldwi
137、de(per As internalmetrics).Over 770 topical advisors or“Guides”writeabout more than 70,000 topics and have generatedmore than 2 million pieces of original content.ConsumerS is a site that analyzesexpert and user-generated consumer product reviewsand recommends the best products to purchase basedon t
138、he findings.UCompareHealthC is a site that pro-vides dynamic Web-based interactive tools thatenable users to measure the quality of certain health-care services.C is a site thatoffers weight management tools,social support andnutritional information to help users achieve theirdiet goals.The About Gr
139、oup generates revenuesthrough cost-per-click advertising(sponsored linksfor which the About Group is paid when a user clickson the ad),display advertising that is relevant to itsadjacent content and e-commerce(including saleslead generation).FOREST PRODUCTS INVESTMENTS AND OTHERJOINT VENTURESWe have
140、 ownership interests in one newsprint milland one mill producing supercalendered paper,a pol-ished paper used in some magazines,catalogs andpreprinted inserts,which is a higher-value grade thannewsprint(the“Forest Products Investments”),aswell as in NESV,Metro Boston,and quadrantONE.These investment
141、s are accounted for under the equitymethod and reported in“Investments in JointVentures”in our Consolidated Balance Sheets.Foradditional information on our investments,seeNote 7 of the Notes to the Consolidated FinancialStatements.Forest Products InvestmentsWe have a 49%equity interest in a Canadian
142、newsprint company,Donohue Malbaie Inc.(“Malbaie”).The other 51%is owned byAbitibiBowater Inc.(“AbitibiBowater”),a globalmanufacturer of paper,market pulp and wood prod-ucts.Malbaie manufactures newsprint on the papermachine it owns within AbitibiBowaters paper millin Clermont,Quebec.Malbaie is wholl
143、y dependentupon AbitibiBowater for its pulp,which is purchasedby Malbaie from AbitibiBowaters paper mill inClermont,Quebec.In 2008,Malbaie produced217,000 metric tons of newsprint,of which approxi-mately 37%was sold to us,with the balance sold toAbitibiBowater for resale.We have a 40%equity interest
144、 in a partner-ship operating a supercalendered paper mill inMadison,Maine,Madison Paper Industries(“Madison”).Madison purchases the majority of itswood from local suppliers,mostly under long-termBusiness THE NEW YORK TIMES COMPANY P.5The average weekday and Sunday circulation for the year ended Dece
145、mber 28,2008,for each of thedaily newspapers of the Regional Media Group are shown below:CirculationCirculationDaily NewspapersDailySundayDaily NewspapersDailySundayThe Gadsden Times(Ala.)18,47019,637 Winter Haven News Chief(Fla.)6,4477,046The Tuscaloosa News(Ala.)32,18034,121 The Courier(Houma,La.)
146、17,11618,239TimesDaily(Florence,Ala.)27,78529,171 Daily Comet(Thibodaux,La.)10,241N/AThe Press Democrat(Santa Rosa,Calif.)72,98875,545 The Dispatch(Lexington,N.C.)9,896N/ASarasota Herald-Tribune(Fla.)96,010109,931 Times-News(Hendersonville,N.C.)16,13116,702Star-Banner(Ocala,Fla.)42,20146,766 Wilming
147、ton Star-News(N.C.)46,34252,122The Gainesville Sun(Fla.)41,07246,400 Herald-Journal(Spartanburg,S.C.)40,44149,560The Ledger(Lakeland,Fla.)58,79675,416contracts.In 2008,Madison produced 193,000 metrictons,of which approximately 7%was sold to us.Malbaie and Madison are subject to compre-hensive enviro
148、nmental 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 condition
149、s 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 liabilities.V
150、ariousregulatory 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 a 17.75%interest in NESV,w
151、hich owns theBoston Red Sox,Fenway Park and adjacent realestate,approximately 80%of New England SportsNetwork,a regional cable sports network,and 50%ofRoush Fenway Racing,a leading NASCAR team.InJanuary 2009,we announced that we are exploringthe possible sale of our interest in NESV.We own a 49%inte
152、rest in Metro Boston,which publishes a free daily newspaper in the greaterBoston area.In February 2008,we acquired a 25%owner-ship interest in quadrantONE,which is an onlineadvertising network that sells bundled premium,tar-geted display advertising onto local newspaper andother Web sites.The Web si
153、tes of the New England andRegional Media Groups participate in this network.RAW MATERIALSThe primary raw materials we use are newsprint andsupercalendered paper.We purchase newsprint froma number of North American producers.Asignificantportion of such newsprint is purchased fromAbitibiBowater,which
154、is one of the largest publiclytraded pulp and paper manufacturers in the world.P.62008 ANNUAL REPORT BusinessIn 2008 and 2007,we used the following types and quantities of paper(all amounts in metric tons):Coated,SupercalenderedNewsprintand Other Paper2008200720082007The New York Times Media Group(1
155、,2)187,000226,00025,80030,400New England Media Group(1,2)75,00085,0003,2003,700Regional Media Group55,00070,000Total317,000381,00029,00034,100(1)The Times and the Globe use coated,supercalendered or other paper for The New York Times Magazine,T:The New York Times StyleMagazine and the Globes Sunday
156、Magazine.(2)In the third quarter of 2007,The Times decreased the size of its printed page from 13.5 by 22 inches to 12 by 22 inches.The Globe andthe T&G decreased the size of their printed pages from 12.5 by 22 inches to 12 by 22 inches at the end of 2007.The paper used by The New York Times MediaGr
157、oup,the New England Media Group and theRegional Media Group was purchased from unrelatedsuppliers and related suppliers in which we holdequity interests(see“Forest Products Investments”).As part of our continuing efforts to reduceour newsprint consumption,we have reduced thesize of the majority of o
158、ur newspapers across theCompany since 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,di
159、rect marketing and the Yellow Pages.Competitionfor advertising is generally based upon audience lev-els and demographics,price,service and advertisingresults,while competition for circulation and reader-ship is generally based upon format,content,quality,service and price.The Times competes for adve
160、rtising and cir-culation primarily with national newspapers such asThe Wall Street Journal and USA Today,newspapersof general circulation in New York City and itssuburbs,other daily and weekly newspapers and tel-evision stations and networks in markets in whichThe Times circulates,and some national
161、news andlifestyle magazines.The IHTs and IHT.coms key competitorsinclude all international sources of English languagenews,including The Wall Street Journals Europeanand Asian Editions,the Financial Times,Time,Newsweek International and The Economist,satellitenews channels CNN,CNNi,Sky News and BBC,
162、andvarious 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 andSunday).Our other newspapers compete for advertis-ing
163、and circulation with a variety of newspapers andother media in their markets.NYT and B primarilycompete with other advertising-supported news andinformation Web sites,such as Yahoo!News andCNN.com,and classified advertising portals.WQXR-FM competes for listeners andadvertising in the New York metrop
164、olitan 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 suburbs.A c
165、ompetes for advertising andtraffic with large-scale portals,such as AOL,MSN,and Yahoo!.A also competes with targetedWeb sites whose content overlaps with that of its indi-vidual channels,such as WebMD,CNET,Wikipediaand iVillage.NESV competes in the Boston(and throughits interest in Roush Fenway Raci
166、ng,in the national)consumer entertainment market,primarily withother professional sports teams and other forms oflive,film and broadcast entertainment.Baseline competes with other online data-base and research services that provide informationon the film and television industries and provide filmand
167、 television data to Web publishers,such asIMD,Tribune Media Services,All Media Guideand Muze.EMPLOYEESAs of December 28,2008,we had approximately 9,346full-time equivalent employees.EmployeesThe New York Times Media Group(1)4,076New England Media Group2,394Regional Media Group2,216About Group235Corp
168、orate/Shared Services425Total Company9,346(1)In January 2009,we closed City&Suburban,which led to areduction of approximately 500 full-time equivalent employees.Labor RelationsAs of December 28,2008,approximately 2,400 full-time equivalent employees of The Times andNYT were represented by 10 unions
169、with 12labor agreements.In January 2009,we closed City&Suburban,which affected employees who were rep-resented by two unions.Approximately 1,350full-time equivalent employees of the Globe are rep-resented by 10 unions with 12 labor agreements.Collective bargaining agreements,covering the fol-lowing
170、categories of employees,with the expirationdates noted below,are either in effect or have expired,and negotiations for new contracts are ongoing.Wecannot predict the timing or the outcome of the vari-ous negotiations described below.Business THE NEW YORK TIMES COMPANY P.7Employee CategoryExpiration
171、DateThe Times andMachinistsMarch 30,2009NYTElectriciansMarch 30,2009Building maintenance employeesMay 31,2009MailersMarch 30,2011New York Newspaper GuildMarch 30,2011PaperhandlersMarch 30,2014TypographersMarch 30,2016PressmenMarch 30,2017StereotypersMarch 30,2017DriversMarch 30,2020Employee Category
172、Expiration DateThe GlobeGarage mechanicsDecember 31,2004(expired)MachinistsDecember 31,2007(expired)EngraversDecember 31,2007(expired)Technical services groupDecember 31,2009Boston Newspaper Guild(representing non-production employees)December 31,2009DriversDecember 31,2010TypographersDecember 31,20
173、10Boston Mailers UnionDecember 31,2010PaperhandlersDecember 31,2010Warehouse employeesDecember 31,2010ElectriciansDecember 31,2012PressmenDecember 31,2012The IHT has approximately 330 employees world-wide,including approximately 200 located in France,whose terms and conditions of employment areestab
174、lished by a combination of French NationalLabor Law,industry-wide collective agreements andcompany-specific agreements.New York Times Radio also has unions rep-resenting some of its employees.Approximately one-third of the 540 full-time equivalent employees of the T&G arerepresented by four unions.L
175、abor agreements withproduction unions expire on August 31,2009,October 8,2009 and November 30,2016.The laboragreements with the Providence Newspaper Guild,representing newsroom and circulation employees,expired on August 31,2007,and negotiations for newcontracts are ongoing.Of the approximately 260
176、full-time equiva-lent employees at The Press Democrat,84 arerepresented by three unions.The labor agreementwith the Pressmen expired on December 31,2008,andnegotiations for a new contract are ongoing.Thelabor agreement with the Newspaper Guild expireson December 31,2011 and the labor agreement witht
177、he Teamsters,which represents certain employees inthe circulation department,expires on June 30,2011.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 operationscould
178、 be materially adversely affected by any or all ofthese risks or by other risks that we currently cannotidentify.Declines in economic conditions in the United States,the regions in which we operate and specific eco-nomic sectors have adversely affected and areexpected tocontinue to adversely affecto
179、ur advertisingrevenues.Advertising spending,which drives a significant por-tion of our revenues,is sensitive to economicconditions.National and local economic conditions,particularly in the New York City and Boston metropol-itan regions,as well as in Florida and California,affectthe levels of our re
180、tail,national and classified advertis-ing revenue.Negative economic conditions,includinga recession or market disruptions,in these and othermarkets have adversely affected and are expected tocontinue to adversely affect our level of advertisingrevenues,and a failure of economic conditions toimprove
181、in such markets could adversely affect ourbusiness,financial condition and results of operations.Our advertising revenues are affected byeconomic and competitive changes in significantadvertising categories.These revenues may beadversely affected if key advertisers change theiradvertising practices,
182、as a result of continuing ordeepening softness in the economy,shifts in spendingpatterns or priorities,structural changes,such as con-solidations,or the cessation of operations.Help-wanted,real estate and automotive classifiedlistings,which are important categories at all of ournewspaper properties,
183、have declined as less expen-sive or free online alternatives have proliferated andas a result of economic changes,such as the local andnationwide downturn in the housing markets.All of our businesses face substantial competition foradvertisers.We face formidable competition for advertising rev-enue
184、in our various markets from free and paidnewspapers,magazines,Web sites,television,radio,other forms of media,direct marketing and theYellow Pages.Competition for advertising is gener-ally based on audience levels and demographics,price,service and advertising results.Competitionfrom all of these me
185、dia and services affects our abilityITEM 1A.RISK FACTORSP.82008 ANNUAL REPORT Risk Factorsto attract and retain advertisers and consumers andto maintain or increase our advertising rates.This competition has intensified as a resultof the continued developments of digital media tech-nologies.Distribu
186、tion of news,entertainment andother information over the Internet,as well asthrough mobile phones and other devices,continuesto increase in popularity.These technological devel-opments are increasing the number of media choicesavailable to advertisers and audiences.As mediaaudiences fragment,we expe
187、ct advertisers to allocatelarger portions of their advertising budgets to digitalmedia,such as Web sites and search engines,whichcan offer more measurable returns than traditionalprint media through pay-for-performance andkeyword-targeted advertising.In addition,a secular shift from print adver-tisi
188、ng to online alternatives that feature help-wanted,real estate and/or automotive listings has con-tributed and may continue to contribute to significantdeclines in print advertising.We are aggressivelydeveloping online offerings through internal growth,acquisitions and strategic relationships.Howeve
189、r,wewill experience a decline in advertising revenues ifwe are unable to attract advertising to our Web sitesin volumes or at rates sufficient to offset declines inprint advertising.If we are not successful in growing our digital busi-nesses,our business,financial condition andprospects will be adve
190、rsely affected.Our growth depends to a significant degree upon thedevelopment of our digital businesses.The ability ofour digital businesses to grow and succeed over thelong term depends on various factors,among otherthings:significantly increasing our online traffic andattracting and retaining a ba
191、se of frequent visitors toour Web sites,which may be adversely affected bysearch engines(including Google,the primarysearch engine directing traffic to the Web sites of theAbout Group and many of our other sites)changingthe algorithms responsible for directing searchqueries to Web pages;attracting a
192、dvertisers to our Web sites,whichdepends partly on our ability to generate onlinetraffic and partly on the rate at which users clickthrough on advertisements,whichmay beadversely affected by the development of newtechnologies to block the display of ouradvertisements;maintaining or increasing the ad
193、vertising rates of theinventory on our Web sitesamid significant increasesin inventory in the marketplace,which may dependon the market position of our brands and the marketposition and growth of advertising networks andexchange-based advertising marketplaces;exploiting new and existing technologies
194、 todistinguish our products and services from those ofour competitors and developing new content,products and services,which may move inunanticipated directions due to the development ofcompetitive alternatives,rapid technologicalchange,regulatory changes and shifting marketpreferences;investing fun
195、ds and resources in onlineopportunities,in which some of our existingcompetitors and possible additional entrants mayhave greater operational,financial and otherresources than we do or may be better positioned tocompete for certain opportunities;maintaining and forming strategic relationships toattr
196、act more consumers,which depend on theefforts of our partners,fellow investors andlicensees that may be beyond our control;andattracting and retaining talent for critical positions.Even if we continue to develop our digitalbusinesses,we may not be successful in generating orincreasing revenue from o
197、ur digital businesses at therate experienced in the last few years,due to increas-ing competition and current economic conditions.Ifwe are not successful in maintaining or growing rev-enues from our digital businesses to offset continuedor accelerating declines in revenues from our printproducts,our
198、 business,financial condition andprospects will be adversely affected.Decreases,or slow growth,in circulation adverselyaffect our circulation and advertising revenues.Advertising and circulation revenues are affected bycirculation and readership levels of our newspaperproperties.Competition for circ
199、ulation and reader-ship is generally based upon format,content,quality,service and price.In recent years,our newspaperproperties,and the newspaper industry as a whole,have experienced difficulty maintaining or increasingprint circulation volume.This is due to,among otherfactors,increased competition
200、 from new media for-mats and sources other than traditional newspapers(often free to users),declining discretionary spendingby consumers affected by negative economic condi-tions,high subscription and newsstand rates,and agrowing preference among some consumers toreceive all or a portion of their ne
201、ws other than from anewspaper.These factors could also affect our abilityto institute circulation price increases for our printproducts.Risk Factors THE NEW YORK TIMES COMPANY P.9A prolonged decline in circulation copieswould have a material effect on the rate and volumeof advertising revenues(as ra
202、tes reflect circulationand readership,among other factors).To maintainour circulation base,we may incur additional costs,and we may not be able to recover these costs throughcirculation and advertising revenues.We have soughtto reduce our other-paid circulation and to focus pro-motional spending on
203、individually paid circulation,which is generally more valued by advertisers.Ifthose promotional efforts are unsuccessful,we maysee further declines.Seasonal variations cause our quarterly advertisingrevenues to fluctuate.Advertising spending is generally higher in the sec-ond and fourth quarters and
204、 lower in the first andthird quarters as consumer activity slows duringthose periods.If a short-term negative impact on ourbusiness were to occur during a time of high seasonaldemand,there could be a disproportionate effect onthe operating results of that business for the year.The success of our bus
205、iness 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 and could be damaged by incidents that erodeconsumer tru
206、st.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 consumer digital media,mostly available at no cost,challenges the traditionalmedia model,in which quality journalism has prima-rily bee
207、n 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.Changes in our credit ratings and macroeconomicconditions may affect our borrowing costs,limit ourfinancing options
208、and reduce the flexibility of ourfinancing in the future.Our long-term debt is rated by Standard&Poorsand Moodys Investors Service.We are currentlyrated below-investment grade by both rating agen-cies,and any future long-term borrowings or theextension or replacement of our short-term borrow-ing fac
209、ilities will reflect the negative impact of theseratings,increasing our borrowing costs,limiting ourfinancing options,including limiting our access to theunsecured borrowing market,and subjecting us tomore restrictive covenants than our existing debtarrangements.Additional reductions in our creditra
210、tings could further increase our borrowing costs,subject us to more onerous terms and reduce our bor-rowing flexibility in the future.Such limitations onour financing options may affect our ability to refi-nance existing debt or fund major new acquisitions orcapital intensive internal initiatives.In
211、 addition,deteriorating economic condi-tions,including a recession,market disruptions,tightened credit markets and significantly wider cor-porate borrowing spreads,may make it more difficultor costly for us to finance significant transactions orobtain replacement financing for our existing debt.If w
212、e are unable to execute cost-control measuressuccessfully,our total operating costs may be greaterthan expected,which may adversely affect ourprofitability.We have taken steps to lower our costs by reducingstaff and employee benefits,implementing generalcost-control measures,and expect to continue t
213、hesecost-control efforts.If we do not achieve expectedsavings as a result or if our operating costs increase asa result of our strategic initiatives,our total operatingcosts may be greater than anticipated.Although webelieve that appropriate steps have been and arebeing taken to implement cost-contr
214、ol efforts,if notmanaged properly,such efforts may affect the qualityof our products and our ability to generate futurerevenue.Reductions in staff and employee compen-sation and benefits could also adversely affect ourability to attract and retain key employees.In addi-tion,we operate with significa
215、nt operating leverage.Significant portions of our expenses are fixed coststhat neither increase nor decrease proportionatelywith revenues.As a result,we are limited in our abil-ity to reduce costs in the short term.If we are not ableto implement further cost control efforts or reduceour fixed costs
216、sufficiently in response to a decline inour revenues,we may experience a higher percentagedecline in our income from continuing operations.A significant increase in the price of newsprint,orlimited availability of newsprint supply,would havean adverse effect on our operating results.The cost of raw
217、materials,of which newsprint is themajor component,represented 9%of our total costs in2008.The price of newsprint has historically beenvolatile and may increase as a result of various fac-tors,including:consolidation in the North American newsprintindustry,which has reduced the number of suppliers;P
218、.102008 ANNUAL REPORT Risk Factorsdeclining newsprint supply as a result of papermill closures and conversions to other grades ofpaper;andthe adverse impact on supplier profitability,due tovarious factors,including increases in significantoperating expenses,such as raw material andenergy costs,and a
219、 stronger Canadian dollar,which adversely affects Canadian suppliers,whosecosts are incurred in Canadian dollars but whosenewsprint sales are priced in U.S.dollars.In addition,we rely on our suppliers fordeliveries of newsprint.The availability of ournewsprint supply may be affected by various facto
220、rs,including strikes and other disruptions that mayaffect deliveries of newsprint.If newsprint prices increase significantly orwe experience significant disruptions in the availabil-ity of our newsprint supply in the future,ouroperating results will be adversely affected.Asignificant number of our e
221、mployees are unionized,and our business and results of operations could beadversely affected if labor negotiations or contractswere to further restrict our ability to maximize theefficiency of our operations.More than 40%of our full-time work force is unionized.As a result,we are required to negotia
222、te the wages,salaries,benefits,staffing levels and other terms withmany of our employees collectively.Although we havein place long-term contracts for a substantial portion ofour unionized work force,our results could beadversely affected if future labor negotiations or con-tracts were to further re
223、strict our ability to maximizethe efficiency of our operations.If we were to experi-ence labor unrest,strikes or other businessinterruptions in connection with labor negotiations orotherwise or if we are unable to negotiate labor con-tracts on reasonable terms,our ability to produce anddeliver our m
224、ost significant products could beimpaired.In addition,our ability to make short-termadjustments to control compensation and benefitscosts,rebalance our portfolio of businesses or other-wise adapt to changing business needs may be limitedby the terms of our collective bargaining agreements.We may buy
225、 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 position.From time to time,we evaluate the various compo-nents of our portfolio of businesses and may,as aresult,buy
226、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 properties orbusinesses that fall outside our traditional lines ofbusiness if we deem such properties sufficientlyattracti
227、ve.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 value of anasset is in excess of its estimated fair value.Fair valuecould be adversely affected by changing market con-
228、ditions within our industry.An impairment chargewould adversely affect our reported earnings.Acquisitions involve risks,including diffi-culties in integrating acquired operations,diversionsof management resources,debt incurred in financingthese acquisitions(including the related possiblereduction in
229、 our credit ratings and increase in ourcost of borrowing),differing levels of managementand internal control effectiveness at the acquired enti-ties and other unanticipated problems and liabilities.Competition for certain types of acquisitions,particu-larly Internet properties,is significant.Even if
230、successfully negotiated,closed and integrated,cer-tain acquisitions or investments may prove not toadvance our business strategy and may fall short ofexpected return on investment targets.Divestitures also have inherent risks,includ-ing possible delays in closing transactions(includingpotential diff
231、iculties in obtaining regulatoryapprovals),the risk of lower-than-expected sales pro-ceeds for the divested businesses,and potentialpost-closing claims for indemnification.In addition,current economic conditions may result in fewerpotential bidders and unsuccessful sales efforts.Expected costs savin
232、gs,which are offset by revenuelosses from divested businesses,may also be difficultto achieve or maximize due to our fixed cost structure.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
233、 such entities.Therefore,thesuccess of these ventures may be dependent upon theefforts of our partners,fellow investors and licensees.These investments are generally illiquid,and theabsence of a market inhibits our ability to dispose ofthem.If the value of the companies in which weinvest declines,we
234、 may be required to take a chargeto earnings.Sustained increases in costs of providing pension andemployee health and welfare benefits may adverselyaffect our operations,financial condition and liquidity.Employee benefits,including pension expense,account for approximately 8%of our total operatingco
235、sts.As a result,our profitability is significantlyRisk Factors THE NEW YORK TIMES COMPANY P.11affected by costs of pension benefits and otheremployee benefits.We have funded,qualifiednon-contributory defined benefit retirementplans that cover substantially all employees,andnon-contributory unfunded
236、supplemental executiveretirement plans that supplement the coverageavailable to certain executives.Two significantelements in determining pension income or pensionexpense are the discount rate used in projecting bene-fit obligations and the expected return on plan assets.A lower discount rate driven
237、 by lower interest rateswould increase our pension expense by increasing thecalculated value of our liabilities.If our expectedreturn on plan assets is not achieved,as was the casein 2008 because of significant declines in the equitymarkets,our pension expense and cash contributionsto the pension pl
238、ans would increase.In 2008,as aresult of significant equity declines,our qualified pen-sion plans moved from a fully funded to underfundedstatus.If the equity markets do not sufficientlyrecover,the discount rate does not increase or there isno legislative relief,we will be obligated to make sub-stan
239、tial contributions in future years to fund thisdeficiency.A significant increase in our obligation tomake contributions to our pension plans wouldreduce the cash available for working capital andother corporate uses,and may have an adverse impacton our operations,financial condition and liquidity.Du
240、e to our participation in multi-employer plans,wemay have exposures under those plans that extendbeyond what our obligations would be with respectto our employees.We participate in various multi-employer pensionplans that cover our union employees.We make peri-odic contributions to these plans to al
241、low them to meettheir pension benefit obligations to their participants.Contributions to these funds could increase as a resultof a shrinking contribution base as a result of the insol-vency or withdrawal of other companies whocurrently contribute to these funds,inability or failureof withdrawing co
242、mpanies to pay their withdrawalliability,lower than expected returns on pension fundassets or other funding deficiencies.In addition,in theevent that we withdraw or partially withdraw fromparticipation in one of these multi-employer plans,applicable law could require us to make additionalcontributio
243、ns to the plans.Our withdrawal liabilityfor any multi-employer plan will depend on theextent of that plans funding of vested benefits.If amulti-employer plan is reported to have significantunderfunded liabilities,such underfunding couldincrease the size of our potential withdrawal liability.We may n
244、ot be able to protect intellectual propertyrights upon which our business relies,and if we loseintellectual property protection,our assets may losevalue.Our business depends on our intellectual property,including our valuable brands,content,services andinternally developed technology,which we attemp
245、tto protect through a combination of copyright,tradesecret,patent and trademark law and contractualrestrictions,such as confidentiality agreements.Webelieve our proprietary trademarks and other intel-lectual property rights are important to ourcontinued success and our competitive position.Despite o
246、ur efforts to protect our proprietaryrights,unauthorized parties may attempt to copy orotherwise obtain and use our content,services,tech-nology and other intellectual property,and we cannotbe certain that the steps we have taken will preventany misappropriation or confusion among consumersand merch
247、ants,or unauthorized use of these rights.Inaddition,laws may vary from country to country andit may be more difficult to protect and enforce ourintellectual property rights in some foreign jurisdic-tions or in a cost-effective manner.If we are unable toprocure,protect and enforce our intellectual pr
248、opertyrights,we may not realize the full value of these assets,and our business may suffer.If we must litigate in theUnited States or elsewhere to enforce our intellectualproperty rights or determine the validity and scope ofthe proprietary rights of others,such litigation may becostly and divert th
249、e attention of our management.Our Class B Common Stock is principally held bydescendants of Adolph S.Ochs,through a familytrust,and this control could create conflicts of inter-est or inhibit potential changes of control.We have two classes of stock:ClassACommon Stockand Class B Common Stock.Holders
250、 of Class ACommon Stock are entitled to elect 30%of the Boardof Directors and to vote,with holders of Class BCommon Stock,on the reservation of shares forequity grants,certain material acquisitions and theratification of the selection of our auditors.Holdersof Class B Common Stock are entitled to el
251、ect theremainder of the Board and to vote on all other mat-ters.Our Class B Common Stock is principally heldby descendants of Adolph S.Ochs,who purchasedThe Times in 1896.A family trust holds approxi-mately 89%of the Class B Common Stock.As aresult,the trust has the ability to elect 70%of theBoard o
252、f Directors and to direct the outcome of anymatter that does not require a vote of the Class ACommon Stock.Under the terms of the trust agree-ment,trustees are directed to retain the Class BP.122008 ANNUAL REPORT Risk FactorsThe general character,location,terms of occupancy and approximate size of o
253、ur principal plants and othermaterially important properties as of December 28,2008,are listed below.Approximate Area inApproximate Area inGeneral Character of PropertySquare Feet(Owned)Square Feet(Leased)News Media GroupPrinting plants,business and editorial offices,garages and warehouse space loca
254、ted in:New York,N.Y.828,000(1)148,800College Point,N.Y.570,000(2)Boston,Mass.703,000Billerica,Mass.290,000(3)Other locations1,457,000700,000About Group53,000Total3,278,0001,471,800(1)The 828,000 square feet consists of gross square footage allocated to us in our New York headquarters building.We own
255、 a leaseholdcondominium interest representing approximately 58%of the New York headquarters building.(2)We are leasing a 31-acre site in College Point,N.Y.,where The Timess printing and distribution plant is located,and have the option topurchase the property at any time before the end of the lease
256、in 2019.As part of the consolidation of The Timess printing operations andthe related closure of The Timess printing facility in Edison,N.J.,we expanded the facility in College Point,N.Y.in 2008.(3)We are in the process of consolidating the Globes printing operations in Billerica,Mass.into the Globe
257、s facility in Boston,Mass.,whichwe expect to complete during the second half of 2009.ITEM 2.PROPERTIESCommon 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 p
258、rimaryobjective of the trust can be achieved better by theimplementation of such transaction.Because thisconcentrated control could discourage others frominitiating any potential merger,takeover or otherchange of control transaction that may otherwise bebeneficial to our businesses,the market price
259、of ourClassACommon Stock could be adversely affected.Regulatory developments may result in increased costs.All of our operations are subject to governmentregulation in the jurisdictions in which they operate.Due to the wide geographic scope of its operations,the IHT is subject to regulation by polit
260、ical entitiesthroughout the world.In addition,our Web sites areavailable worldwide and are subject to laws regulatingthe Internet both within and outside the UnitedStates.We may incur increased costs necessary tocomply with existing and newly adopted laws andregulations or penalties for any failure
261、to comply.None.ITEM 1B.UNRESOLVED STAFF COMMENTSProperties THE NEW YORK TIMES COMPANY P.13Our New York headquarters building,which islocated in the Times Square area,consists of approxi-mately 1.54 million gross square feet,of whichapproximately 828,000 gross square feet of space wasallocated to us.
262、We own a leasehold condominiuminterest representing approximately 58%of theNew York headquarters building,and FC EighthAve.,LLC(“FC”)owns a leasehold condominium interestrepresenting approximately 42%.We and FC have 99-year subleases,beginningDecember 2001,with a New York State agency withrespect to
263、 our respective portions of the New Yorkheadquarters building(“Ground Subleases”).Underthe terms of the Ground Subleases,no fixed rent ispayable,but we and FC,respectively,must make pay-ments in lieu of real estate taxes(“PILOT”)and makecertain other payments over the term of the GroundSubleases.We
264、and FC receive credits for allocatedexcess site acquisition costs against 85%of the PILOTpayments.The Ground Subleases give us and FC,orour respective designees,the option to purchase thebuilding,which option must be exercised jointly,atany time after December 31,2032 for nominal consid-eration.Purs
265、uant to the condominium declaration,wehave the sole right to determine when the purchaseoption will be exercised,provided that FC may requirethe exercise of the purchase option if we have not doneso within five yearsbeforethe expiration of the 99-yearterms of the Ground Subleases.In December 2008,we
266、 announced that wehave begun a process to secure financing for up to$225 million in the form of a sale-leaseback for a por-tion of the New York headquarters building thatwe own.We have leased to a third party six floors inour portion of the New York headquarters building,totaling approximately 185,0
267、00 rentable square feet.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,if any,that may berequired to be made.It is the opinion of managementafter reviewing such act
268、ions 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.142008 ANNUAL REPORT Legal ProceedingsNot applicable.EXECUTIVE OFFICERS OF THE REGISTRANTEmployed ByRece
269、nt Position(s)Held as of February 26,2009NameAgeRegistrant Since(except as noted)Corporate OfficersOperating Unit Executives(1)Mr.Heekin-Canedy left the Company in 1989 and returned in 1992.(2)Ms.Jacobus passed away on February 20,2009.President and Chief Operating Officer,Regional Media Group(2006
270、to February 2009);President and General Manager,The Globe(2005 to 2006);President and Chief ExecutiveOfficer,Fort Wayne Newspapers and Publisher,NewsSentinel(2002 to 2005)2005(2)52Mary JacobusPresident and General Manager of The Times(since 2004);Senior Vice President,Circulation of The Times(1999 t
271、o 2004)1987(1)57Scott H.Heekin-CanedyPublisher of The Globe(since 2006);President and ChiefOperating Officer,Regional Media Group(2003 to 2006)198256P.Steven AinsleySenior Vice President(since 2007),General Counsel(since2006)and Secretary(since May 2008);Vice President(2002 to2007);Deputy General Co
272、unsel(2001 to 2005);Vice Presidentand General Counsel,New York Times Digital(1999 to 2003)198357Kenneth A.RichieriSenior Vice President,Finance(since April 2008);CorporateController(since 2007);Vice President(2003 to April 2008);Treasurer(2001 to 2007)198945R.Anthony BentenSenior Vice President,Huma
273、n Resources(since 2006);VicePresident,Human Resources,Starwood Hotels&Resorts,and Executive Vice President,Starwood Hotels&ResortsWorldwide,Inc.(2000 to 2006)200653David K.NortonSenior Vice President,Digital Operations(since 2005);ChiefExecutive Officer,New York Times Digital(1999 to 2005)199553Mart
274、in A.NisenholtzSenior Vice President and Chief Financial Officer(since2007);Chief Financial and Administrative Officer,MarthaStewart Living Omnimedia,Inc.(2001 to 2006)200749James M.FolloVice Chairman(since 1997);Publisher of the IHT(2003 toJanuary 2008);Senior Vice President(1997 to 2004)198459Mich
275、ael GoldenPresident and Chief Executive Officer(since 2005);ExecutiveVice President and Chief Operating Officer(2004);SeniorVice President,Newspaper Operations(2001 to 2004);President and General Manager of The Times(1996 to 2004)198358Janet L.RobinsonChairman(since 1997)and Publisher of The Times(s
276、ince 1992)197857Arthur Sulzberger,Jr.ITEM 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSExecutive Officers THE NEW YORK TIMES COMPANY P.15MARKET INFORMATIONThe ClassACommon Stock is listed on the New York Stock Exchange.The Class B Common Stock is unlistedand is not actively traded.The number
277、 of security holders of record as of February 20,2009,was as follows:Class A CommonStock:7,659;Class B Common Stock:30.Both classes of our common stock participate equally in our quarterly dividends.In 2008,dividendswere paid in the amount of$.23 per share in March,June and September and in the amou
278、nt of$.06 per share inDecember.In 2007,dividends were paid in the amount of$.175 in March and in the amount of$.23 per share inJune,September and December.On February 19,2009,we announced that our Board of Directors voted to sus-pend the quarterly dividend on our Class Aand Class B Common Stock.This
279、 decision was intended to provideus with additional financial flexibility given the current economic environment and uncertain business outlook.The decision to pay a dividend in future periods and the appropriate level of dividends will be considered byour Board of Directors on an ongoing basis in l
280、ight of our earnings,capital requirements,financial condition,restrictions in any existing indebtedness and other factors considered relevant.The following table sets forth,for the periods indicated,the closing high and low sales prices for theClassACommon Stock as reported on the New York Stock Exc
281、hange.Quarters20082007HighLowHighLowFirst Quarter$21.07$14.48$26.40$22.90Second Quarter20.8815.6026.5523.40Third Quarter15.6412.1624.8319.22Fourth Quarter14.825.3420.6516.45EQUITY COMPENSATION PLAN INFORMATIONNumber of securities Number of securities remaining to be issued upon Weighted average avai
282、lable for future issuance exercise of outstandingexercise price of under equity compensationoptions,warrants outstanding options,plans(excluding securities Plan categoryand rights warrants and rights reflected in column(a)(a)(b)(c)Equity compensation plans approved bysecurity holdersStock options29,
283、439,000(1)$396,772,000(2)Employee Stock PurchasePlan7,876,000(3)Stock awards874,000(4)239,000(5)Total30,313,00014,887,000Equity compensation plans not approved by security holdersNoneNoneNone(1)Includes shares of Class A Common Stock to be issued upon exercise of stock options granted under our 1991
284、 Executive StockIncentive Plan(the“NYT Stock Plan”),our Non-Employee Directors Stock Option Plan and our 2004 Non-Employee Directors StockIncentive Plan(the“2004 Directors Plan”).(2)Includes shares of Class A Common Stock available for future stock options to be granted under the NYT Stock Plan and
285、the 2004Directors Plan.The 2004 Directors Plan provides for the issuance of up to 500,000 shares of Class A Common Stock in the form ofstock options or restricted stock awards.The amount reported for stock options includes the aggregate number of securities remaining(approximately 292,000 as of Dece
286、mber 28,2008)for future issuances under that plan.(3)Includes shares of Class A Common Stock available for future issuance under our Employee Stock Purchase Plan.(4)Includes shares of Class A Common Stock to be issued upon conversion of restricted stock units and retirement units under the NYTStock
287、Plan.(5)Includes shares of Class A Common 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 SECURITIESP.162008 ANNUAL REPORT Market for the Registrants Common Equity,Related Stockholder
288、Matters and Issuer Purchases of Equity SecuritiesPART IIUNREGISTERED SALES OF EQUITY SECURITIESDuring 2008,we did not issue any shares of Class ACommon Stock to holders of Class B Common Stockupon the conversion of such Class B shares intoClassAshares.Market for the Registrants Common Equity,Related
289、 Stockholder Matters and Issuer Purchases of Equity Securities THE NEW YORK TIMES COMPANY P.17PERFORMANCE PRESENTATIONThe following graph shows the annual cumulativetotal stockholder return for the five years endingDecember 31,2008,on an assumed investment of$100 on December 31,2003,in the Company,t
290、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:Gannett Co.,Inc.,Media General,
291、Inc.,The McClatchy Company andThe Washington Post Company.Stockholder return ismeasured by dividing(a)the sum of(i)the cumula-tive amount of dividends declared for themeasurement period,assuming monthly reinvest-ment of dividends,and(ii)the difference between theissuers share price at the end and th
292、e beginning ofthe measurement period by(b)the share price at thebeginning of the measurement period.As a result,stockholder return includes both dividends and stockappreciation.Stock Performance Comparison Between S&P 500,The New York Times Companys Class A Common Stock and Peer Group Common Stock$1
293、00$111$99$87$116$135$142$87$18$18$52$41$72$54$74$57$10012/31/0312/31/0812/31/0412/31/0512/31/0612/31/07020406010080$160140120Peer GroupNYTS&P 500 IndexISSUER PURCHASES OF EQUITY SECURITIES(1)Maximum Number(or Approximate Total Number of Dollar Value)Shares of Class A of Shares of Average Common Stoc
294、k Class A Common Total Number of Price Paid Purchased Stock that MayShares of Class APer Share of as Part of Publicly Yet Be Purchased Common Stock Class A Announced Plans Under the Plans Purchased Common Stockor Programs or Programs Period(a)(b)(c)(d)September 29,2008-November 2,2008$91,386,000Nove
295、mber 3,2008-November 30,2008658$13.86$91,386,000December 1,2007-December 28,200821,621$7.03$91,386,000Total for the fourth quarter of 200822,279(2)$7.23$91,386,000(1)Except as otherwise noted,all purchases were made pursuant to our publicly announced share repurchase program.On April 13,2004,ourBoar
296、d of Directors authorized repurchases in an amount up to$400 million.As of February 20,2009,we had authorization from our Board ofDirectors to repurchase an amount of up to approximately$91 million of our Class A Common Stock.Our Board of Directors has authorizedus to purchase shares from time to ti
297、me as market conditions permit.There is no expiration date with respect to this authorization.(2)Includes 22,279 shares withheld from employees to satisfy tax withholding obligations upon the vesting of restricted shares awardedunder the NYT Stock Plan.The shares were repurchased by us pursuant to t
298、he terms of the plan and not pursuant to our publiclyannounced share repurchase program.P.182008 ANNUAL REPORT Market for the Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity SecuritiesThe Selected Financial Data should be read in conjunction with“Managements Disc
299、ussion and Analysis ofFinancial Condition and Results of Operations”and the Consolidated Financial Statements and the relatedNotes.The Broadcast Media Groups results of operations have been presented as discontinued operations,and certain assets and liabilities are classified as held for sale for al
300、l periods presented before the Groups salein 2007(see Note 5 of the Notes to the Consolidated Financial Statements).The page following the table showscertain items included in Selected Financial Data.All per share amounts on that page are on a diluted basis.Allfiscal years presented in the table bel
301、ow comprise 52 weeks,except 2006,which comprises 53 weeks.As of and for the Years EndedDecember 28,December 30,December 31,December 25,December 26,(In thousands)20082007200620052004Statement of Operations DataRevenues$2,948,856$3,195,077$3,289,903$3,231,128$3,159,412Operating costs2,791,6132,928,070
302、2,996,0812,911,5782,696,799Impairment of assets197,87911,000814,433Net loss on sale of assets68,156Gain on sale of WQEW-AM39,578Gain on sale of assets122,946Operating(loss)/profit(40,636)227,429(520,611)442,496462,613Interest expense,net47,79039,84250,65149,16841,760(Loss)/income from continuing ope
303、rations before income taxes and minority interest(71,364)184,969(551,922)407,546429,305(Loss)/income from continuing operations(66,139)108,939(568,171)243,313264,985Discontinued operations,net of income taxes Broadcast Media Group8,30099,76524,72815,68722,646Cumulative effect of a change in accounti
304、ng principle,net of income taxes(5,527)Net(loss)/income$(57,839)$208,704$(543,443)$253,473$287,631Balance Sheet DataProperty,plant and equipment net$1,353,619$1,468,013$1,375,365$1,401,368$1,308,903Total assets3,401,6803,473,0923,855,9284,564,0783,994,555Total debt(1)1,059,3751,034,9791,445,9281,396
305、,3801,058,847Stockholders equity503,963978,200819,8421,450,8261,354,361(1)Includes commercial paper,borrowings under revolving credit agreements,capital lease obligations and construction loan.Selected Financial Data THE NEW YORK TIMES COMPANY P.19ITEM 6.SELECTED FINANCIAL DATAP.202008 ANNUAL REPORT
306、 Selected Financial DataAs of and for the Years Ended(In thousands,except ratios andDecember 28,December 30,December 31,December 25,December 26,per share and employee data)20082007200620052004Per Share of Common StockBasic(loss)/earnings per share(Loss)/income from continuingoperations$(0.46)$0.76$(
307、3.93)$1.67$1.80Discontinued operations,net of income taxes Broadcast Media Group0.060.690.170.110.15Cumulative effect of a change in accounting principle,net of income taxes(0.04)Net(loss)/income$(0.40)$1.45$(3.76)$1.74$1.95Diluted(loss)/earnings per share(Loss)/income from continuing operations$(0.
308、46)$0.76$(3.93)$1.67$1.78Discontinued operations,net of income taxes Broadcast Media Group0.060.690.170.110.15Cumulative effect of a change in accounting principle,net of income taxes(0.04)Net(loss)/income$(0.40)$1.45$(3.76)$1.74$1.93Dividends per share$.750$.865$.690$.650$.610Stockholders equity pe
309、r share$3.51$6.79$5.67$9.95$9.07Average basic shares outstanding143,777143,889144,579145,440147,567Average diluted shares outstanding143,777144,158144,579145,877149,357Key RatiosOperating(loss)/profit to revenues1%7%16%14%15%Return on average common stockholders equity8%23%48%18%21%Return on average
310、 total assets2%6%13%6%7%Total debt to total capitalization68%51%64%49%44%Current assets to current liabilities(1).60.68.91.95.84Ratio of earnings to fixed charges(2)3.756.228.11Full-Time Equivalent Employees9,34610,23111,58511,96512,300(1)The current assets to current liabilities ratio is higher in
311、years prior to 2007 because of the inclusion of the Broadcast Media Groupsassets as held for sale in current assets.(2)In 2008,earnings were inadequate to cover fixed charges by approximately$55 million as a result of non-cash impairment charges of$197.9 million($128.0 million after tax).In 2006,ear
312、nings were inadequate to cover fixed charges by approximately$573 million as aresult of a non-cash impairment charge of$814.4 million($735.9 million after tax).Selected Financial Data THE NEW YORK TIMES COMPANY P.21The items below are included in the SelectedFinancial Data.2008The items below had an
313、 unfavorable effect on ourresults of$180.1 million or$1.24 per share:a$160.4 million pre-tax,non-cash charge($109.3million after tax,or$.76 per share)for the impair-ment of goodwill and other intangible assets at theNew England Media Group.an$81.0 million pre-tax charge($46.2 million aftertax,or$.32
314、 per share)for severance costs.a$19.2 million pre-tax,non-cash charge($10.7 millionafter tax,or$.07 per share)for the impairment of anintangible asset at the IHT,whose results areincluded in The New York Times Media Group.an$18.3 million pre-tax,non-cash charge($10.4million after tax or$.07 per shar
315、e)for the impair-ment of assets for a systems project.a$5.6 million pre-tax,non-cash charge($3.5 millionafter tax,or$.02 per share)for the impairment ofour 49%ownership interest in Metro Boston.2007The items below increased net income by$18.8 millionor$.13 per share:a$190.0 million pre-tax gain($94.
316、0 million aftertax,or$.65 per share)from the sale of the BroadcastMedia Group.a$68.2 million net pre-tax loss($41.3 million aftertax,or$.29 per share)from the sale of assets,mainly our Edison,N.J.,facility.a$42.6 million pre-tax charge($24.4 million aftertax,or$.17 per share)for accelerated deprecia
317、tionof certain assets at the Edison,N.J.,facility,whichwe closed in March 2008.a$39.6 million pre-tax gain($21.2 million after tax,or$.15 per share)from the sale of WQEW-AM.a$35.4 million pre-tax charge($20.2 million aftertax,or$.14 per share)for severance costs.an$11.0 million pre-tax,non-cash char
318、ge($6.4 millionafter tax,or$.04 per share)for the impairment of anintangible asset at the T&G,whose results areincluded in the New England Media Group.a$7.1 million pre-tax,non-cash charge($4.1 millionafter tax,or$.03 per share)for the impairment ofour 49%ownership interest in Metro Boston.2006The i
319、tems below had an unfavorable effect on ourresults of$763.0 million or$5.28 per share:an$814.4 million pre-tax,non-cash charge($735.9million after tax,or$5.09 per share)for the impair-ment of goodwill and other intangible assets at theNew England Media Group.a$34.3 million pre-tax charge($19.6 milli
320、on aftertax,or$.14 per share)for severance costs.a$20.8 million pre-tax charge($11.5 million aftertax,or$.08 per share)for accelerated depreciationof certain assets at our Edison,N.J.,facility.a$14.3 million increase in pre-tax income($8.3 millionafter tax,or$.06 per share)related to the additionalw
321、eek in our 2006 fiscal calendar.a$7.8 million pre-tax loss($4.3 million after tax,or$.03 per share)from the sale of our 50%ownershipinterest in Discovery Times Channel,which wesold in October 2006.2005The items below increased net income by$5.6 millionor$.04 per share:a$122.9 million pre-tax gain re
322、sulting from thesales of our previous headquarters($63.3 millionafter tax,or$.43 per share)as well as property inFlorida($5.0 million after tax,or$.03 per share).a$57.8 million pre-tax charge($35.3 million aftertax,or$.23 per share)for severance costs.a$32.2 million pre-tax charge($21.9 million afte
323、rtax,or$.15 per share)related to stock-based com-pensation expense.The expense in 2005 wassignificantly higher than in prior years due to ouradoption of Financial Accounting Standards Board(“FASB”)Statement of Financial AccountingStandards(“FAS”)No.123(revised 2004),Share-Based Payment(“FAS 123-R”),
324、in 2005.a$9.9 million pre-tax charge($5.5 million after tax,or$.04 per share)for costs associated with the cumu-lative effect of a change in accounting principlerelated to the adoption of FASB InterpretationNo.47,Accounting for Conditional AssetRetirement Obligations an interpretation of FASBStateme
325、nt No.143.Aportion of the charge has beenreclassified to conform to the presentation of theBroadcast Media Group as a discontinued operation.2004There were no items of the type discussed here in 2004.The following discussion and analysis provides information that management believes is relevant to a
326、nassessment and understanding of our consolidated financial condition as of December 28,2008,and results ofoperations for the three years ended December 28,2008.This item should be read in conjunction with our con-solidated financial statements and the related notes included in this Annual Report.EX
327、ECUTIVE OVERVIEWWe are a diversified media company that currently includes newspapers,Internet businesses,a radio station,investments in paper mills and other investments.Our segments and divisions are:News Media GroupThe New York Times Media Group,including:The New York Times,NYT,the International
328、Herald Tribune and IHT.com,WQXR-FM andNew England Media Group,including:The Boston Globe,AUCompareHealthCCConsumerSB,the Worcester Telegram&Gazette and T andRegional Media Group,including:15 daily newspapers,related businessesrelated businessesother print publications andrelated businessesAbout Grou
329、pOur revenues were$2.9 billion in 2008.The percent-age of revenues contributed by division is below.News Media GroupThe News Media Group generates revenues princi-pally from print,online and radio advertising andthrough circulation.Other revenues,which make upthe remainder of its revenues,primarily
330、consist ofrevenues from news services/syndication,commer-cial printing,digital archives,direct mail advertisingservices,rental income and wholesale delivery opera-tions,which we closed in January 2009.The NewsMedia Groups main operating costs are employee-related costs and raw materials,primarily ne
331、wsprint.18%New England Media Group13%Regional Media Group4%About Group65%The New York TimesMedia GroupITEM 7.MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONSP.222008 ANNUAL REPORT Managements Discussion and Analysis of Financial Condition and Results of OperationsN
332、ews Media Group revenues in 2008 by cat-egory and percentage share are below.About GroupThe About Group principally generates revenuesfrom cost-per-click advertising(sponsored links forwhich the About Group is paid when a user clicks onthe ad),display advertising that is relevant to its adja-cent co
333、ntent,and e-commerce(including sales leadgeneration).Almost all of its revenues(93%in 2008)are derived from the sale of advertisements(cost-per-click and display advertising).Cost-per-clickadvertising accounted for 56%of the About Groupstotal advertising revenues.The About Groups mainoperating costs are employee-related costs and con-tent and hosting costs.Joint VenturesOur investments accounted f
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