1、THE NEW YORK TIMES COMPANY ANNUAL REPORT 2005229 West 43rd StreetNew York,NY 10036tel 2005PURSUING OUR MULTIPLATFORM FUTURETHE NEW YORK TIMES COMPANY ANNUAL REPORT 200505PURSUING OUR MULTIPLATFORM FUTUREThe New York Times Company Annual Report 2005112022_Cov_R1 2/28/06 4:58 PM Page 1The New York Tim
2、esNYTNYT Radio/WQXRInternational Herald TribuneNews ServicesDiscovery Times Channel(50%interest)The Boston GlobeBWorcester Telegram&GazetteGlobe Specialty ProductsMetro Boston(49%interest)Red Sox/NESN(17%interest)14 Daily NewspapersWeb SitesWeekly NewspapersCommunity MagazinesDatabase MarketingCable
3、 News9 TV StationsDuopoly:Oklahoma CityWeb SitesNewspaper PartnershipsCable News500 Guides57,000 Topics1.2 Million Pieces of Original ContentAbout SuperGuides VideosOnline Custom Publishing ProgramsNEW YORKTIMESMEDIA GROUPNEW ENGLAND MEDIA GROUPREGIONAL MEDIA GROUPBROADCAST MEDIA GROUPABOUT.COMGROUP
4、SPLATFORMSEXAMPLESOUR MULTIPLATFORM APPROACH112022_Platforms_R5 2/28/06 5:06 PM Page 2Great institutions successfully make the transition into a new era by knowing what must be preserved,what must be learned,what must be reevaluated,and when it is time to go in a new direction.These are never easy d
5、ecisions,but they are absolutely necessary as we contendwith the financial,technological and market developmentsthat are transforming our industry.As we enter the second half of the decade,our consumershave more media options,newspaper circulation is underincreasing pressure,and consolidation among
6、major advertisershas contributed to lower growth in newspaper advertisingthan in past years.Costs for newsprint,compensation andmarketing have been rising.All of these factors affected ourresults in 2005,as our diluted earnings per share(EPS)decreased to$1.78 from$1.96.Our 2005 EPS included a gain o
7、f$0.46 per share for the sale of our current headquarters and another property offset by charges totaling$0.27 per share for staff reductionexpenses and costs associated with an accounting change.We also incurred expenses of$0.15 per share for stock-basedcompensation as a result of adopting a new ac
8、counting standard.These items are described fully in our Form 10-K.Increasing Shareholder ValueLast year presented challenges for all media organizations andThe New York Times Company in particular as we saw ourshare price decline significantly.It is difficult to determineexactly why any one stock m
9、oves up or down,but what wasclear in 2005 is that newspapers in smaller markets outper-formed those in metropolitan areas,where national advertisingmakes up a greater percentage of the advertising mix.About45%of our newspapers ad revenues came from nationaladvertising compared with 16%for the indust
10、ry overall.This year we will commemorate our 155th year of opera-tion,and since the Times Company went public more than 35years ago,we have experienced many market cycles.We remainconfident in our ability to improve our businesses,maintainour cost discipline and increase our revenues.Moreover,we are
11、 committed to expanding our margins and growing ourearnings,thereby increasing shareholder value.Despite a difficult advertising environment,we have continued to increase our dividend annually.Last April,weraised it 6.5%and,over the last five years,we have grown our dividend by a compound annual gro
12、wth rate of 8%.Additionally,from 1997 through 2004,we were aggressive buyers of our stock and repurchased nearly onequarter of the shares outstanding.With the construction ofour new headquarters and the acquisition of A,we repurchased shares at a slower pace in 2005.Going forward,we will continue to
13、 evaluate the financial benefits of buying back more shares.Moving in a New DirectionThe Times Company is responding to the new business environment by aggressively building a 21st-century mediaorganization that enhances our quality journalism,reinvests in print,embraces new uses of media,provides g
14、reater opportunities for interactivity,and encourages the sharing of common interests and social networking.Achieving this ambitious vision has required a new corporate strategy,new leadership,new products,new operat-ing procedures,new ways of interacting with our customers and a lot of hard work.We
15、 are pleased to report that as a resultof the extraordinary dedication of our colleagues throughoutthe Company,we have achieved important milestones in ourthree major growth initiatives:Expanding our portfolio of multimedia properties to reinforce market leadership.Creating products to attract new a
16、udiences and advertisers,extend our geographic reach and bring together people withcommon interests.Transforming our content and our advertising sales effortsto better serve our readers,viewers,listeners and advertisers.TO OUR FELLOW SHAREHOLDERS:1112022_Platforms_R5 2/28/06 5:06 PM Page 3Expanding
17、Our Multiplatform Portfolio of PropertiesOur strategys first initiative to expand our multiplatformpresence has been bolstered by our acquisition last March ofA,a leading online provider of consumer information.This acquisition,which has enabled the Times Company to become the 10th largest presence
18、on theInternet,has allowed us to achieve scale in key verticals and demographics through the combined reach and inventory of our Web sites.These sites are serving advertisers with comprehensive solutions,including video,display,classifiedand cost-per-click advertising opportunities.With A,NYT and B,
19、we are now able to offer over a billion monthly page views to themarketplace,and Abouts search engine optimization expertisehas been helping all our Web sites to increase their trafficmarkedly.At the same time,A is benefiting from theTimes Companys expertise in publishing quality content andcreating
20、 innovative advertising solutions.We also made broadcast and print acquisitions.The Broadcast Media Group added another station inOklahoma City,KAUT-TV,establishing our first duopoly.Our ownership of KFOR and KAUT is enabling us toachieve operating efficiencies and offer advertisers more and varied
21、ways to reach their audiences in that market.Our 49%interest in Metro Boston,a free daily newspaper,provides a new avenue to reach well-educatedyoung professionals in this market.The Regional Media Group added the North Bay Business Journal,a weekly publication targeting business leadersin Californi
22、as Sonoma,Napa and Marin counties.Developing New ProductsA second initiative of our strategy is bringing print and onlineproduct innovations to market:The Timess“T”magazines added$10 million in revenuesin 2005.The newspaper also launched Thursday Styles,a mid-week cousin of The Times Sunday Styles s
23、ection,focusing on fashion,fitness,beauty and lifestyles.TimesSelect,our new fee-based product on NYT,is diversifying our online revenue base by charging non-print subscribers for access to our distinctive columnistsand The Timess archives.As of mid-February,we hadapproximately 425,000 TimesSelect s
24、ubscribers,includingboth home-delivery and online-only subscribers.ExploreNewE,launched by The Boston Globeand B,focuses on travel and entertainment and is a shopping resource for advertisers and consumers.Our Regional Media Group continued to add new weeklynewspapers and magazines in 2005.More new
25、products,including online content,are planned for this year.“PLAY:The New York Times Sports Magazine,”launchedon Super Bowl Sunday 2006,provides national advertiserswith an attractive new audience of sports participants and enthusiasts.The International Herald Tribune is gaining additional advertisi
26、ng revenues from its recently launched“Books and Ideas”Saturday section.Establishing Research and Development Capability We are building on this momentum by creating a researchand development group that concentrates on new media ventures such as search,video,mobile technology and e-learning.This ini
27、tiative is designed to expand the future distribution of our information products and allow us to stay ahead of the technological and consumer curve.Denise Warren was named senior vice president and chiefadvertising officer for The NewYork Times Media Group and nowdirects its combined advertisingsta
28、ff.This new position reflects thecross-platform selling approach thatwe are taking with our businesses.Next Generation of Leadership:We moved a series ofexecutives into new leadership roles to tackle our journalisticand business challenges.They are using their broad-basedresponsibilities to improve
29、our editorial content,speak to the next generation,expand our presence on the Web,develop new products,increase revenues,decrease costs and thereby make our Company more competitive.Here are some of these new leaders:We acquired A in 2005and named Scott Meyer presidentand chief executive officer and
30、Andrew Pancer chief operatingofficer.They are working together to augment the sites revenues,enhance the user experience andbuild its worldwide audience.2112022_Platforms_R5 2/28/06 5:06 PM Page 4Building Audiences Another key element of our strategy is building our print,online and broadcast audien
31、ces.The Times recently began printing in Houston andToronto our first national print site outside of the UnitedStates.Our expansion efforts help us target additional ZIPcodes and pursue quality circulation and readership.NYT,which is entering its 10th year of operation,is the No.1 newspaper-owned We
32、b site in theworld,visited by a worldwide audience averaging 17 millionunique users per month.B,one of the nations leading regional portals,celebrated its 10th anniversary in October.Last year it beganregistering its users to combine demographic data with behavioral targeting,which resulted in incre
33、ased ad ratescharged for the sites average 150 million monthly page views.Meeting the Needs of Readers and AdvertisersOur third initiative incorporates operational efficiencies tomeet the needs of our readers and advertisers more effectively.The editorial side took a major leap forward in the con-ti
34、nuous news cycle as The Times integrated its print and digitalnewsrooms.As we more efficiently deploy our journalistic re-sources,we are improving the user experience of our audiences.We reorganized the advertising sales staffs at The Timesand New England Media Groups and are now providing advertise
35、rs with integrated and customized multimedia packages.Achieving Impressive Advertising Results Online advertising continues to be a significant area of growth.NYT experienced an increase of 30%as a result of its healthy mix of revenues,most of which unlikethose of many other news sites come from out
36、side the classi-fied categories in the rapidly growing national display area.In 2006,we will build out various sections ofNYT,providing our readers with more content and more features and our advertisers with additional inventory space to promote their brands and products.Our daily newspapers and br
37、oadcast stations all have Web sites.In 2005,we generated approximately$198 millionin revenue from all of our Internet businesses,6%of the Companys total revenues.Providing Quality JournalismWhile our strategy has a number of new components,provid-ing quality journalism will always be the cornerstone
38、 of all ourefforts.In 2005:Boston Globe journalist Gareth Cook won a Pulitzer Prize for explanatory reporting for his articles on stem cell research.Times journalist Walt Bogdanich won a Pulitzer Prize fornational reporting and a Polk Award for his series,“Deathon the Tracks,”revealing how railroads
39、 used their politicalinfluence to evade responsibility for a deadly safety record.Times journalist Dexter Filkins won a Polk Award for warreporting for his account of an eight-day battle for Falluja.Times journalist Diana Henriques won a Polk Award formilitary reporting for her series on how soldier
40、s werefleeced by insurance and investment companies.The Press Democrat received a Polk Award for regionalreporting for its“Global Shift”series on the export of manufacturing jobs from Sonoma County.NYT took three Online News Association Awards:for“general excellence,”“breaking news”for tsunami cover
41、age and“outstanding use of multimedia”for its“Class Matters”series.The Times won an Emmy and a duPont ColumbiaBroadcast Award for best investigative journalism for its“Secret History of the Credit Card.”Jeff Moriarty,who has held key digital positions throughout theCompany,was made vice president of
42、new media for the Regional MediaGroup,where he will help to expandour online presence there and acrossthe Company.Stu Stoller was named vice president,process engineering andcorporate controller,and has beengiven companywide responsibilityfor leading sustainable cost reduction through process mappin
43、g,innovation and new technology.3Laurena Emhoff became assistanttreasurer and plays a leading role intreasury operations,improving ourcash management and implementingour Sarbanes-Oxley initiatives in theTreasury department.Rhonda Brauer,our corporate secretary,assumed the newly createdposition of co
44、rporate governance officer.Ken Richieri was promotedto vice president and general counselto make greater use of his broadlegal and business experience.112022_Platforms_R5 2/28/06 5:07 PM Page 5And the Discovery Times Channel received two Emmys:forbest historical programming long form category for“Re
45、porters at War,”and for outstanding individual achieve-ment in research for“Declassified:Nixon in China.”Our strong commitment to quality journalism was evident in our support for Times reporter Judy Millers struggle to protect an anonymous source;The Timess investigation on the federal governments
46、domestic surveillanceprogram;and The(Houma,La.)Couriers response toHurricane Katrina,providing invaluable assistance to its Timesand Globe colleagues while helping The Times-Picayune inNew Orleans to print its papers.Controlling ExpensesManaging expenses is ingrained in our growth strategy.In2005,we
47、 began a systematic review across the Company todetermine how we could increase effectiveness,free upresources,and achieve revenue and cost benefits from produc-tivity gains.Our process mapping and productivity gains areexpected to lead to annual savings of approximately$45 mil-lion in 2006,with abo
48、ut a third of the savings related to ourstaff reduction programs.These efforts focused on our twolargest costs people and paper,which make up about half of our total expenses.We decreased the size of our workforce,beginning lastsummer,by approximately 200 positions.In September,weannounced the elimi
49、nation of another 500 positions,whichwill be substantially completed by the end of the first quarterof 2006.At the beginning of 2001,we had approximately13,800 employees and we expect to be at about 11,400,down17%,excluding acquisitions and divestitures,by year-end.These staff reductions are due,in
50、part,to our productivityinitiatives.Other factors include our ability to leverage theinvestments that we have made in technology and centralizingbackofficeservices over the past few years.We are alsoreducingstructural costs related to our benefit programs,such as ourstock-based compensation,pension
51、and healthcare expenses.Last year,we converted our print sites to a lighter-grade of newsprint,which will provide annual paper savings of$3.5 to$4 million.Saying Thank YouWe thank our board members,and especially retiring directors John Akers and Henry Schacht,for their enormousdedication,wise couns
52、el and extensive contributions.We alsowelcome Jim Kilts to our board we will greatly benefit fromhis skills,expertise and leadership.We also want to thank our staff,readers,viewers,listeners,advertisers and communities for their loyalty andsupport.Finally,we will miss our colleagues who have recentl
53、yleft the Company.Their many contributions and dedicationare greatly appreciated.Going ForwardIn 2006,we will pursue our mission of multiplatform leadership by maintaining the highest journalistic standards,bringing people together as communities of shared interestand adhering to the core principles
54、 of integrity,customerfocus,innovation,collaboration and economic vitality.Byclosely adhering to this disciplined and entrepreneurial mindset,we will bolster our competitive position and provideour shareholders with greater value.Sincerely,Arthur Sulzberger,Jr.Janet L.RobinsonChairman President and
55、CEODan Lyons,who initiated and developed a new online classified effort,“Total Disclosure Dealers,”wasnamed group vice president of sales at our Broadcast Media Group.4Michael Oreskes was named executive editor of the InternationalHerald Tribune.His many assignments at The New York Timesmade him uni
56、quely qualified tolead the IHTs newsroom.Michael Zimbalist was named vicepresident,research&developmentoperations,to direct new media ventures and oversee B.His new group will help us createinnovative information products and help us stay ahead of the technological and consumer curve.Mary Jacobus wa
57、s appointed TheBoston Globes president and generalmanager and Richard Daniels wasnamed president,Boston GlobeMedia.These new positions reflect a restructuring that willenable us to build and extend the deep market coverage of our New England properties.112022_Platforms_R5 2/28/06 5:07 PM Page 6Facto
58、rs That Could Affect Operating ResultsExcept for the historical information,the matters discussed in this AnnualReport are forward-looking statements that involve risks and uncertaintiesthat could cause actual results to differ materially from those predicted bysuch forward-looking statements.These
59、risks and uncertainties includenational and local conditions,as well as competition,that could influencethe levels(rate and volume)of retail,national and classified advertising andcirculation generated by the Companys various markets,and materialincreases in newsprint prices.They also include other
60、risks detailed fromtime to time in the Companys publicly filed documents,including itsAnnual Report on Form 10-K for the period ended December 25,2005,which is included in this Annual Report.The Company undertakes noobligation to publicly update any forward-looking statement,whether as aresult of ne
61、w information,future events,or otherwise.Form10-K112022_Platforms_R5 2/24/06 2:31 AM Page 7(This page intentionally left blank.)SECURITIES AND EXCHANGE COMMISSIONWASHINGTON,DC 20549FORM 10-KANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE FISCAL YEAR ENDED D
62、ECEMBER 25,2005COMMISSION 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.S.Employerincorporation or organization)Identification No.)229 West 43rd Street,New York,N.Y.10036(Address of principal ex
63、ecutive offices)(Zip code)Registrants telephone number,including area code:(212)556-1234Securities registered pursuant to Section 12(b)of the Act:Name of each exchange onTitle of each classwhich registeredClass A Common Stock of$.10 par valueNew York Stock ExchangeSecurities registered pursuant to S
64、ection 12(g)of the Act:Not Applicable(Title of class)Indicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the SecuritiesAct.Yes.?No.Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)ofthe Exch
65、ange Act.Yes.No.?Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months and(2)has been subject to such filingrequirements for the past 90 days.Yes.?No.Indicate by check mar
66、k if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not containedherein,and will not be contained,to the best of registrants knowledge,in definitive proxy or informationstatements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.?I
67、ndicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,or a non-acceleratedfiler.Large accelerated filer?Accelerated filer?Non-accelerated filer?Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the ExchangeAct).Yes.N
68、o.?The aggregate worldwide market value of Class A Common Stock held by non-affiliates,based on the closingprice on June 24,2005,the last business day of the registrants most recently completed second quarter,asreported on the New York Stock Exchange,was approximately$3.6 billion.As of such date,non
69、-affiliates held82,706 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 10,2006,was asfollows:144,358,849 shares of Class A Common Stock and 834,242 shares of Class B Common Stock.Doc
70、ument incorporated by referencePartProxy Statement for the 2006 Annual Meeting of Stockholders.IIIINDEX TO THE NEW YORK TIMES COMPANY 2005 FORM 10-KITEM NO.PAGEPART IForward-Looking Statements _11Business_1Introduction _1News Media Group _2Advertising Revenue _2The New York Times Media Group _3The N
71、ew York Times_3Circulation _3Advertising _3Production and Distribution _3NYT_3International Herald Tribune _4Radio _4Other Businesses_4New England Media Group_5Circulation _5Advertising _5Production and Distribution _5B_5Regional Media Group_6Broadcast Media Group _6A _7Forest Products Investments a
72、nd Other Joint Ventures _8Forest Products Investments _8Other Joint Ventures_8Raw Materials_8Competition _9Employees_10Labor Relations_101ARisk Factors _112Properties _153Legal Proceedings _154Submission of Matters to a Vote of Security Holders _16Executive Officers of the Registrant_16PART II5Marke
73、t for the Registrants Common Equity,Related StockholderMatters and Issuer Purchases of Equity Securities _18Equity Compensation Plan Information_18Unregistered Sales of Equity Securities_18Issuer Purchases of Equity Securities _196Selected Financial Data_197Managements Discussion and Analysis of Fin
74、ancial Conditionand Results of Operations _197AQuantitative and Qualitative Disclosures About Market Risk _198Financial Statements and Supplementary Data _199Changes in and Disagreements with Accountants onAccounting and Financial Disclosure _199AControls and Procedures_209BOther Information _20PART
75、 III10Directors and Executive Officers of the Registrant _2111Executive Compensation_2112Security Ownership of Certain Beneficial Owners and Managementand Related Stockholder Matters _2113Certain Relationships and Related Transactions_2114Principal Accountant Fees and Services _21PART IV15Exhibits a
76、nd Financial Statement Schedules_221PART Ilooking statements are and will be based upon ourFORWARD-LOOKING STATEMENTSthen-current expectations,estimates and assumptionsThis Annual Report on Form 10-K,including theregarding future events and are applicable only as ofsections titled Item 1ARisk Factor
77、s andthe dates of such statements.We undertake noManagements Discussion and Analysis of Financialobligation to update or revise any forward-lookingCondition and Results of Operations on pages F-3 tostatements,whether as a result of new information,F-20,contains forward-looking statements that relate
78、future events or otherwise.to future events or our future financial performance.By their nature,forward-looking statements involveWe may also make written and oral forward-lookingrisks and uncertainties that could cause actual resultsstatements in our Securities and Exchange Commissionto differ mate
79、rially from those anticipated in any(SEC)filings and otherwise.We have tried,whereforward-looking statements.Such factors include thosepossible,to identify such statements by using wordsdescribed in Item 1ARisk Factors below as well assuch as believe,expect,intend,estimate,other risks and factors id
80、entified from time to time inanticipate,will,project,plan and similarour SEC filings.expressions in connection with any discussion of futureoperating or financial performance.Any forward-ITEM 1.BUSINESS.In 2005,we classified our businesses based on ourINTRODUCTIONoperating strategies into the follow
81、ing segments:The New York Times Company(the Company)was the News Media Group:incorporated on August 26,1896,under the laws of The New York Times Media Group,consisting ofthe State of New York.The Company is a diversifiedThe New York Times(The Times),media company including newspapers,InternetNYT,the
82、 International Herald Tribunebusinesses,television and radio stations,investments in(the IHT),a newspaper distributor in the Newpaper mills and other investments.FinancialYork City metropolitan area,news,photo andinformation about industry segments is incorporatedgraphics services,news and features
83、syndicationby reference to Note 16 to the Consolidated Financialand(effective fiscal 2005)our two New York CityStatements on pages F-48 to F-50 of this report.Theradio stations,WQXR-FM and WQEW-AM,Company and its consolidated subsidiaries are referredformerly part of the Broadcast Media Group;to col
84、lectively in this Annual Report on Form 10-K aswe,our and us.the New England Media Group,consisting ofThe Boston Globe(the Globe),BOur Annual Report on Form 10-K,Quarterly Reportsand the Worcester Telegram&Gazette,inon Form 10-Q,Current Reports on Form 8-K,and allWorcester,Mass.(the T&G);andamendmen
85、ts to those reports,and the Proxy Statementfor our Annual Meeting of Stockholders are made the Regional Media Group,consisting of 15available,free of charge,on our Web sitenewspapers in Alabama,California,Florida,http:/,as soon as reasonablyLouisiana,North Carolina and South Carolinapracticable afte
86、r such reports have been filed with orand related print and digital businesses(includingfurnished to the SEC.the North Bay Business Journal,a weeklypublication targeting business leaders inCalifornias Sonoma,Napa and Marin counties,acquired February 2005).2 the Broadcast Media Group:television stati
87、ons(NESV),which owns the Boston Red Sox baseballWTKR-TV serving Norfolk,Va.;WREG-TVclub(including Fenway Park and approximately 80%serving Memphis,Tenn.;KFOR-TV and KAUT-TVof New England Sports Network,the regional cable(acquired November 2005),both serving Oklahomasports network that televises the
88、Red Sox games);andCity,Okla.;WNEP-TV serving Scranton,Penn.;Metro Boston LLC(Metro Boston),which publishesWHO-TV serving Des Moines,Iowa;WHNT-TVa free daily newspaper catering to young professionalsserving Huntsville,Ala.;WQAD-TV servingin the Boston metropolitan area(interest acquired onMoline,Ill.
89、;and KFSM-TV serving Fort Smith,March 10,2005).Ark.,and their related digital businesses.Revenue from individual customers and revenues,A:On March 18,2005,we acquiredoperating profit and identifiable assets of foreignA,a leading online source for originaloperations are not significant.consumer infor
90、mation and advice.A is aSeasonal variations in advertising revenues cause ourseparate reportable segment of the Company.quarterly results to fluctuate.Second-quarter andAdditionally,we own equity interests in a Canadianfourth-quarter advertising volume is typically highernewsprint company and a supe
91、rcalendered paperthan first-and third-quarter volume because economicmanufacturing partnership in Maine;the Discoveryactivity tends to be lower during the winter andTimes Channel(DTC),a digital cable televisionsummer.channel;New England Sports Ventures,LLCNEWS MEDIA GROUPThe News Media Group segment
92、 consists of The New York Times Media Group,the New England Media Groupand the Regional Media Group.Advertising RevenueThe majority of the News Media Groups revenue iscategories:national,retail and classified.Advertisingderived from advertising sold in its newspapers andrevenue also includes preprin
93、ts,which are advertisingother publications and on its Web sites,as discussedsupplements.Below is a percentage breakdown of 2005below.We divide such advertising into three basicadvertising revenue by division:ClassifiedOtherRetail andHelpRealTotalAdvertisingNationalPreprintWantedEstateAutoOther Class
94、ifiedRevenueTotalThe New York Times Media Group651%14%6%9%3%2%20%1%100%New England Media Group26301213104395100Regional Media Group4491312125425100Total News Media Group4524910632831001Includes all advertising revenue of the IHT.Advertising revenue and volume information for the News Media Group app
95、ears on page F-9 of this AnnualReport on Form 10-K.3The New York Times Media GroupThe New York TimesAdvertisingThe Times,a standard-size daily(Monday throughAdvertising rates for The Times increased an average ofSaturday)and Sunday newspaper,commenced5.3%in January 2005 and 5.2%in January 2006.publi
96、cation in 1851.According to data compiled by TNS MediaCirculationIntelligence,an independent agency that measuresThe Times is circulated in each of the 50 states,theadvertising sales volume and estimates advertisingDistrict of Columbia and worldwide.Approximatelyrevenue,The Times had a 50.3%market s
97、hare in49%of the weekday(Monday through Friday)2005 in advertising revenue among a nationalcirculation is sold in the 31 counties that make up thenewspaper set that includes USA Today,The Wallgreater New York City area,which includes New YorkStreet Journal and The New York Times.Based onCity,Westche
98、ster,Long Island,and parts of upstaterecent data provided by TNS Media Intelligence andNew York,Connecticut,New Jersey and Pennsylvania;The Timess internal analysis,The Times believes that51%is sold elsewhere.On Sundays,approximatelyit ranks first by a substantial margin in advertising44%of the circ
99、ulation is sold in the greater New Yorkrevenue in the general weekday and Sunday newspaperCity area and 56%elsewhere.According to reportsfield in the New York City metropolitan area.filed with the Audit Bureau of Circulations(ABC),an independent agency that audits the circulation ofProduction and Di
100、stributionmost U.S.newspapers and magazines,for theThe Times is printed at its production and distributionsix-month period ended September 30,2005,Thefacilities in Edison,N.J.,and Flushing,N.Y.,as well asTimes had the largest daily and Sunday circulation ofunder contract at 19 remote print sites acr
101、oss theall seven-day newspapers in the United States.United States and one in Toronto,Canada.The Timess average net paid weekday and SundayIn 2005 and early 2006,The Times added two newcirculation for the years ended December 25,2005,contract print sites:Toronto,serving greater Toronto,and December
102、26,2004,are shown below:as well as Buffalo,Rochester and other areas in upstateNew York,and Houston.The Times is reviewingWeekday(Mon.-Fri.)Sunday(Thousands of copies)several markets for additional expansion in 2006.Our subsidiary,City&Suburban Delivery20051,135.81,684.7Systems,Inc.(City&Suburban),o
103、perates a20041,124.71,669.7wholesale newspaper distribution business thatChange11.115.0distributes The Times and other newspapers andperiodicals in New York City,Long Island(N.Y.),NewThe increases in weekday and Sunday copies sold inJersey and the counties of Westchester(N.Y.)and2005 compared with 2
104、004 were due to increasedFairfield(Conn.).In other markets in the Unitedcopies to schools,colleges and corporate accounts.States and Canada,The Times is delivered throughvarious newspapers and third-party delivery agents.Approximately 61%of the weekday and 66%of theSunday circulation was sold throug
105、h home delivery inNYT2005;the remainder was sold primarily on newsstands.The Timess Web site,NYT,reaches wideThe Times reaches 5 million print readers on weekdaysaudiences across the New York metropolitan region,and 7 million on Sunday,according to a 2004 studythe nation and around the world.In the
106、United States,by Scarborough,an independent market researchaccording to Nielsen NetRatings,an Internet trafficvendor.measurement service,average unique users visitingNYT reached 11.0 million per month in42005 compared with 9.2 million per month in 2004.RadioAccording to NYT internal metrics,in 2005,
107、Beginning in fiscal 2005,our two New York CityNYT had 17 million average monthly uniqueradio stations,WQXR-FM and WQEW-AM,formerlyusers worldwide.In addition,over 3.2 million peoplepart of the Broadcast Media Group,were included inreceive requested newsletters from NYT eachThe New York Times Media G
108、roup.WQXR,ourday.classical music radio station,is working with TheTimess News Services Division to expand theNYT primarily derives its revenue from thedistribution of Times-branded news and informationsale of advertising.Advertising is sold to both nationalon the radio,through The Timess own resourc
109、es andand local customers and includes Web site displayin collaboration with strategic partners.WQEWadvertising(banners,half-page units,rich media),receives revenues under a time brokerage agreementclassified advertising(help-wanted,real estate,with ABC,Inc.,which currently provides substantiallyaut
110、omobiles)and contextual advertising(links suppliedall of WQEWs programming.Under a separate optionby Google,an Internet search engine).Inagreement,ABC,Inc.has the right to acquire WQEWSeptember 2005,The Times introduced TimesSelect,aat the end of 2006.The radio stations are operatedproduct offering
111、subscribers exclusive online access tounder licenses from the Federal Communicationscolumnists of The Times and the IHT and featuringCommission(FCC)and are subject to FCCaccess to The Timess extensive archives,previews ofregulation.Radio license renewals are typically grantedvarious sections,and too
112、ls for tracking and storingfor terms of eight years.The licenses for both radionews and information.TimesSelect is priced annuallystations expire on June 1,2006,and applications willat$49.95 or monthly at$7.95,but is available tobe filed in 2006 to renew them.We anticipate thathome-delivery subscrib
113、ers at no additional fee.As ofour radio licenses will be renewed for eight-yearmid-February 2006,there were approximately 425,000periods.subscribers,including home-delivery and online-onlysubscribers.Other BusinessesThe New York Times Media Groups other businessesInternational Herald Tribuneinclude
114、The New York Times Index,which producesThe IHT,a daily(Monday through Saturday)and licenses The New York Times Index,a printnewspaper,commenced publishing in Paris in 1887,ispublication,Digital Archive Distribution,whichprinted at 31 sites throughout the world and is sold inlicenses electronic archi
115、ve databases to resellers of thatmore than 185 countries.The IHTs averageinformation in the business,professional and librarycirculation for the years ended December 25,2005,markets,and The New York Times News Servicesand December 26,2004,were 242,000 and 241,000.Division.The New York Times News Ser
116、vices DivisionThese figures follow the guidance of Diffusionis made up of Syndication Sales,which transmitsControle,an agency based in Paris and a member ofarticles,graphics and photographs from The Times,the International Federation of Audit Bureaux ofthe Globe and other publications to approximate
117、ly 650Circulations that audits the circulation of most ofnewspapers and magazines in the United States and inFrances newspapers and magazines.The figure formore than 50 countries worldwide,and markets other2005 is an estimate as final 2005 numbers will not besupplemental news services and feature ma
118、terial,available until April 2006.In 2005,60%of thegraphics and photographs from The Times and othercirculation was sold in Europe,the Middle East andleading news sources to newspapers and magazinesAfrica,38%was sold in the Asia Pacific region andaround the world;and Business Development,which2%was
119、sold in the Aprises Photo Archives,Book Development and asmall publication unit.Advertising rates for the IHT increased between 3%and 8%in January 2005 and between 3%and 5%inJanuary 2006.5New England Media Grouppublished under the name of Coulter PresscirculateThe Globe,B,and the T&G constitute ourt
120、hroughout Worcester County and northeasternNew England Media Group.The Globe is a dailyConnecticut.The T&Gs average net paid weekday(Monday through Saturday)and Sunday newspaper,and Sunday circulation,for the years endedwhich commenced publication in 1872.The T&G is aDecember 25,2005 and December 26
121、,2004,aredaily(Monday through Saturday)newspaper,whichshown below:began publishing in 1866.Its Sunday companion,theWeekday(Mon.-Fri.)SundaySunday Telegram,began in 1884.200599,200115,100Circulation2004103,000121,300The Globe is distributed throughout New England,although its circulation is concentra
122、ted in the BostonAdvertisingmetropolitan area.According to ABC,for theBoth the Globe and the T&G increased advertisingsix-month period ended September 30,2005,therates in each category of advertising in 2005.OnGlobe ranked first in New England for both daily andJanuary 1,2006,the Globe increased all
123、 advertisingSunday circulation volume.rates by 0.5%to 5%,and the T&G increased allThe Globes average net paid weekday and Sundayadvertising rates by 2%to 4%.circulation for the years ended December 25,2005,Based on information supplied by major dailyand December 26,2004,are shown below:newspapers pu
124、blished in New England and assembledWeekday(Mon.-Fri.)Sundayby the New England Newspaper Association,Inc.for(Thousands of copies)the year ended December 25,2005,the Globe rankedfirst and the T&G ranked tenth in advertising inches2005413.3646.4among all newspapers published in New England.2004453.869
125、4.1Production and DistributionChange(40.5)(47.7)All editions of the Globe are printed and prepared forThe decreases in weekday and Sunday copies sold indelivery at its main Boston plant or its Billerica,Mass.2005 compared with 2004 were primarily due to asatellite plant.Virtually all of the Globesdi
126、rected effort to reduce the Globes other paidhome-delivered circulation was delivered in 2005 by acirculation(primarily third-party bulk sponsored copiesthird-party service provider.but also hotel copies);the positive impact in 2004 ofBthe Red Sox World Series victory;and continuingThe Globes Web si
127、te,B,reaches wideadverse effects of telemarketing legislation.audiences in the New England region,the nation andApproximately 75%of the Globes weekday circulationaround the world.In the United States,according toand 68%of its larger Sunday circulation were soldNielsen NetRatings,average unique users
128、 visitingthrough home delivery in 2005;the remainder wasB reached 3.5 million per month in 2005sold primarily on pared with 3.2 million per month in 2004.The Boston Globe reaches 1.1 million print readers onB primarily derives its revenue from the saleweekdays and 1.6 million on Sunday,according to
129、aof advertising.Advertising is sold to both national and2005 Scarborough study.local customers and includes Web site displayadvertising,classified advertising and contextualThe T&G,the Sunday Telegram and severaladvertising.Company-owned non-daily newspaperssome6Regional Media Groupbusiness leaders
130、in Californias Sonoma,Napa andMarin counties.The Regional Media Group includes 14 dailynewspapers,of which 12 publish on Sunday,one paidThe average weekday and Sunday circulation for theweekly newspaper and related print and digitalyear ended December 25,2005,for each of the dailybusinesses.In Febru
131、ary 2005,we acquired the Northnewspapers are shown below:Bay Business Journal,a weekly publication targetingDailySundayDailySundayDaily NewspapersCirculation Circulation Daily NewspapersCirculation CirculationThe Gadsden Times(Ala.)22,40023,200 The Ledger(Lakeland,Fla.)70,60087,700The Tuscaloosa New
132、s(Ala.)34,20035,600 The Courier(Houma,La.)18,50020,000TimesDaily(Florence,Ala.)30,80032,400 Daily Comet(Thibodaux,La.)10,900N/AThe Press Democrat(Santa Rosa,Calif.)86,10088,900 The Dispatch(Lexington,N.C.)11,500N/ASarasota Herald-Tribune(Fla.)110,800 130,300 Times-News(Hendersonville,N.C.)19,10019,2
133、00Star-Banner(Ocala,Fla.)49,80053,400 Wilmington Star-News(N.C.)53,50060,000The Gainesville Sun(Fla.)46,90052,500 Herald-Journal(Spartanburg,S.C.)47,90055,600The Petaluma Argus-Courier,in Petaluma,Calif.,our only paid subscription weekly newspaper,had an averageweekly circulation for the year ended
134、December 25,2005,of 7,300.BROADCAST MEDIA GROUPOur television stations are operated under licenses from the FCC and are subject to FCC regulations.Televisionlicense renewals are normally granted for terms of eight years.In 2005,the television stations within the BroadcastMedia Group were as shown be
135、low(including KAUT-TV in Oklahoma City,Oklahoma,acquiredNovember 2005):MarketsNielsenNetworkStationLicense Expiration DateRanking1AffiliationBandWTKR-TV(Norfolk,Va.)October 1,201242CBSVHFWREG-TV(Memphis,Tenn.)August 1,2005344CBSVHFKFOR-TV(Oklahoma City,Okla.)June 1,2006345NBCVHFKAUT-TV(Oklahoma City
136、,Okla.)June 1,2006345UPNUHFWNEP-TV(Scranton,Penn.)August 1,200754ABCUHF2WHO-TV(Des Moines,Iowa)February 1,2006373NBCVHFWHNT-TV(Huntsville,Ala.)April 1,2005384CBSUHF2WQAD-TV(Moline,Ill.)December 1,2005395ABCVHFKFSM-TV(Ft.Smith,Ark.)June 1,20053104CBSVHF1According to Nielsen Media Researchs 2005/2006
137、Designated Market Area Market Rankings from fall 2005.Nielsen Media Research is aresearch company that measures audiences for television stations.2All other stations in this market are also in the UHF band.3Application for renewal of license pending.We anticipate that our applications for renewal of
138、 our station licenses will result in the licenses being renewed foreight-year periods.9FEB2006163353907The television stations generally have three principalABOUT.COMsources of revenue:local advertising(sold to advertisers inthe immediate geographic areas of the stations),nationalA is a leading cons
139、umer information sourcespot advertising(sold to national clients by individualwith a mission of providing practical solutions forstations rather than networks),and compensation paid byeveryday problems.One of the top 10 most visited Webthe networks for carrying commercial network programs.sites in 2
140、005,A has 29.3 million averageNetwork compensation has declined at all stations overmonthly unique visitors in the United States(per Nielsenthe past several years and will eventually be eliminated.NetRatings)and 42.6 million average monthly uniquevisitors worldwide(per About internal metrics).OverFo
141、r each of our analog television stations except for500 topical advisors or Guides write about more thanKAUT-TV,we also operate a digital television station.All57,000 topics and have generated over 1.2 million piecesof our digital stations currently have channels in theof original content.A does not
142、charge aUHF band,and,at present,all simultaneously broadcastsubscription fee for access to its Web site.It generatessubstantially the same programs(except for some localrevenues through display advertising relevant to theweather or news programming)as the correspondingadjacent content,cost-per-click
143、 advertising(sponsoredanalog stations.On February 17,2009,operators oflinks in which A is paid when a user clicks ontelevision stations must shut down their analog stationsthe ad)and e-commerce(including sales lead generation).and operate their digital television stations only,usingeither the channe
144、ls on which the digital stations currentlyoperate or other channels designated by the FCC.How A Generates RevenuesComputing&TechnologyFind the Right PCNotebooks PCsDesktop PCsPC Hardware BasicsDIY TutorialsM onitorsCD/DV D Driv esV ideo CardsHard Driv esPC AudioM emoryProcessorsM otherboardsCases,PS
145、 Us and CoolingBuyers GuideBefore You BuyTop PicksFind Your PerfectComputerBudget LaptopComputersBudget DesktopComputersProduct ReviewsToolsCompare PricesFind a JobS earchG oPC Hardware/Rev iewsTop 5 Budget Desktop PCsG uide PicksFrom Mark KyrninYour Guide to PC H ardware/Reviews.FREE Newsletter.Sig
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148、he Compaq system.Rather than using the Athlon 64 3500+,it uses a slightly slower 3400+b ut this is still plenty for most of todays applications and games.It features a PCI-Express graphics slot,512MB of PC3200 DDR memory and 16x DV D+/-RW DL b urner.It also comes with some stereo speakers although t
149、hey could use improvement.While the features are similar,the price is slightly lower than the Compaq.Read Review Manufacturers Site3)eMachines T6412Feature for feature,the H P Pavilion a1210n is almost identical to the Compaq.AMD Athlon 64 3500+.512MB PC3200 DDR memory,16x DV D+/-RW DL with Lightscr
150、ib e and PCI-Express graphics expansion slot are all in here.It even has the same software package as found on the Compaq system.So why does the a1210n rank third?The price of the H P system is higher than the similar equipped Compaq system which pushes it down the listRead Review.PC Hardware/Rev ie
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152、udget desktop computer is a b it more difficult these days.The numb er of companies offering desktops for the b udget market has decreased dramatically.This is why Ive adjusted the criteria to b e considered a b udget desktop PC to b e priced at under$600.If the system includes a monitor,that price
153、maximum is increased to$750.With this in mind,here are my latest picks for the b est b udget desktop computer systems b ased on my research and experience.AboutComputing&TechnologyPC Hardware/Rev iewsDesktop PCsBudget Desktop PCsBudget Desktop Computer S ystemsY ou are here:AdvertisementGet your no-
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155、ices on Name Brand Desktop Systems!H P/Compaq,IBM&MStay up to date!Email to a friendPrint this pageSuggested ReadingFind the Right ComputerBefore You Buy:PC SystemsCRT vs.LCDH ow to Buy a New PCRelated Guide PicksBest Budget V ideo CardsBest Mainstream Desktop PCsBest Ultimate Performance PCsMost Po
156、pularDV D BurnersPerformance 3D V ideo CardsBudget Noteb ook PCs19-inch LCD MonitorsNoteb ook PC Buyers GuideMost PopularComputer PeripheralsPrinters/ScannersFocus on PC SupportMob ile Office TechnologyPalmtops/PDAsRelevantdisplay adsE-commerce/Lead generationCost-per-click ads8Laws).The Environment
157、al Laws impose effluent andFOREST PRODUCTS INVESTMENTS ANDOTHER JOINT VENTURESemission limitations and require Malbaie and Madisonto obtain,and operate in compliance with theWe have ownership interests in one newsprint mill andconditions of,permits and other governmentalone mill producing supercalen
158、dered paper,a highauthorizations(Governmental Authorizations).finish paper used in some magazines and preprintedMalbaie and Madison follow policies and operateinserts,which is a higher-value grade than newsprintmonitoring programs designed to ensure compliance(the Forest Products Investments),as wel
159、l as inwith applicable Environmental Laws and GovernmentalDTC,NESV and Metro Boston.These investmentsAuthorizations and to minimize exposure toare accounted for under the equity method andenvironmental liabilities.Various regulatory authoritiesreported in Investments in Joint Ventures in ourperiodic
160、ally review the status of the operations ofConsolidated Balance Sheets.For additionalMalbaie and Madison.Based on the foregoing,weinformation on our investments,see Note 5 of thebelieve that Malbaie and Madison are in substantialNotes to the Consolidated Financial Spliance with such Environmental La
161、ws andGovernmental Authorizations.Forest Products InvestmentsWe have a 49%equity interest in a CanadianOther Joint Venturesnewsprint company,Donohue Malbaie Inc.We own an interest of approximately 17%in NESV,(Malbaie).The other 51%is owned by Abitibi-which owns the Boston Red Sox,Fenway Park andCons
162、olidated(Abitibi),a global manufacturer ofapproximately 80%of New England Sports Network,paper.Malbaie purchases pulp from Abitibi anda regional cable sports network.manufactures newsprint from this raw material on theWe and Discovery Communications,Inc.own andpaper machine it owns within the Abitib
163、i paper mill atoperate DTC,a digital cable television channel.WeClermont,Quebec.Malbaie is wholly dependent uponown a 50%interest in DTC.DTC is a non-fictionAbitibi for its pulp.In 2005,Malbaie producedchannel that offers documentary programming on219,000 metric tons of newsprint,of which 97,000rece
164、nt history and newsworthy events.tons or approximately 45%were sold to us,with thebalance sold to Abitibi for resale.In March 2005,we acquired a 49%interest in MetroBoston,which publishes a free daily newspaperWe have a 40%equity interest in a partnershipcatering to young professionals in the Greate
165、r Bostonoperating a supercalendered paper mill in Madison,area.Maine,Madison Paper Industries(Madison).Madison purchases the majority of its wood from localsuppliers,mostly under long-term contracts.In 2005,RAW MATERIALSMadison produced 196,000 metric tons,of whichThe primary raw materials we use ar
166、e newsprint and21,000 tons or approximately 11%were sold to us.supercalendered paper.We purchase newsprint from aMalbaie and Madison are subject to comprehensivenumber of North American producers.A significantenvironmental protection laws,regulations and ordersportion of such newsprint is purchased
167、from Abitibi,of provincial,federal,state and local authorities ofNorth Americas largest producer of newsprint.Canada or the United States(the Environmental9In 2005 and 2004,we used the following types and quantities of paper(all amounts in metric tons):Coated,Supercalendered andNewsprintOther Paper2
168、005200420052004The New York Times Media Group1,2288,000298,00030,10026,200New England Media Group1,2112,000125,0004,9005,200Regional Media Group184,00086,000Total484,000509,00035,00031,4001During 2005 we converted substantially all of our newspapers from 48.8 gram newsprint to 45 gram newsprint.The
169、usage of 45 gramnewsprint in 2005 reduced newsprint consumption by approximately 18,000 tons.2The Times and the Globe use coated,supercalendered or other paper for The New York Times Magazine and the Globes Sunday Magazine.The paper used by The New York Times MediaOur other newspapers compete for ad
170、vertising andcirculation with a variety of newspapers and otherGroup,the New England Media Group and theadvertising media in their markets.Regional Media Group was purchased from unrelatedsuppliers and related suppliers in which we hold equityNYT and B primarily competeinterests(see Forest Products
171、Investments).with other advertising-supported news and informationWeb sites,such as Yahoo!News and CNN.com,andclassified advertising portals,such as MCOMPETITION(help-wanted advertising).Our media properties and investments compete forWQXR-FM competes for listeners primarily with twoadvertising and
172、consumers with other media in theirall-news commercial radio stations and withrespective markets,including paid and free newspapers,WNYC-FM,a non-commercial station,which featuresbroadcast,satellite and cable television,broadcast andboth news and classical music.It competes forsatellite radio,video-
173、on-demand services,Web sites,advertising revenues with many adult-audiencemagazines,direct marketing and the Yellow Pmercial radio stations and other media in NewYork City and surrounding suburbs.The Times competes for advertising and circulation withnewspapers of general circulation in New York Cit
174、y andAll of our television stations compete directly withits suburbs,national publications such as The Wall Streetother television stations in their respective markets andJournal and USA Today,and other daily and weeklywith other video services,such as cable networknewspapers in markets in which it
175、circulates.programming carried on local cable systems,satellite-to-home systems,and other locally distributedThe IHTs key competitors include The Wall Streetmedia and the Internet.Journals European and Asian Editions,the FinancialTimes,Time,Newsweek International and TheA competes with large-scale p
176、ortals andEconomist.Satellite distribution of CNN,CNBC andsearch sites,such as AOL,Google,MSN,Yahoo!andAsk Jeeves.A also competes with smallerthe BBC adds a broadcast component to the availabletargeted Web sites whose content overlaps with that ofglobal sources of English language news,and the Inter
177、netits individual channels,such as WebMD,CNET andprovides additional sources of English language news.iVillage.The Globe competes for advertising and circulation withDTC competes with cable channels such as A&E andother daily,weekly and national newspapers distributed inthe History Channel.Boston,it
178、s neighboring suburbs and the greater NewEngland region,including,among others,The BostonNESV competes in the Boston consumerHerald(daily and Sunday).entertainment market primarily with other professionalsports teams and other forms of live,film andbroadcast entertainment.10EMPLOYEESAs of December 2
179、5,2005,we had approximately 11,965 full-time equivalent employees.EmployeesThe New York Times Media Group4,800New England Media Group2,940Regional Media Group2,925Broadcast Media Group860A90Corporate/Shared Services350Total Company11,965Labor RelationsApproximately 3,000 full-time equivalent employe
180、es ofCollective bargaining agreements,covering theThe Times and City&Suburban are represented byfollowing categories of employees,with the expiration13 unions with 14 labor agreements.Approximatelydates noted below,are either in effect or have expired,2,000 full-time equivalent employees of the Glob
181、e areand negotiations for new contracts are ongoing:represented by 10 unions with 12 labor agreements.Employee CategoryExpiration DateThe TimesMailers,electricians,paperhandlers and machinistsMarch 30,2006StereotypersMarch 30,2007DriversMarch 30,2008Operating engineersMay 31,2008New York Newspaper G
182、uild(representing non-production employees)March 30,2011TypographersMarch 30,2016PressmenMarch 30,2017City&SuburbanBuilding maintenance employeesMay 31,2006DriversMarch 30,2008The GlobeBoston Mailers UnionDecember 31,2005Drivers,engravers,paperhandlers,machinists and garage mechanicsDecember 31,2004
183、Technical services group and electriciansDecember 31,2005Boston Newspaper Guild(representing non-production employees)December 31,2005TypographersDecember 31,2006Warehouse employeesDecember 31,2007PressmenDecember 31,2010The IHT has approximately 350 employees worldwide,2006.The labor agreements wit
184、h the Providenceincluding approximately 240 located in France,whoseNewspaper Guild,representing newsroom and circulationterms and conditions of employment are established by aemployees,expire on August 31,bination of French National Labor Law,industry-wideOf the 348 full-time employees at The Press
185、Democrat,collective agreements and company-specific agreements.134 are represented by four unions.The labor agreementsNYT and WQXR-FM also have unionswith the Newspaper Guild,Pressmen and Typographicalrepresenting some of their employees.unions expire in December 2008,and the labor agreementwith the
186、 Teamsters,which represents certain employees inApproximately one-third of the 700 employees of thethe circulation department,expires in April 2007.T&G are represented by four unions.Labor agreementswith three production unions expired or expire onWe cannot predict the timing or the outcome of theOc
187、tober 8,2005,August 31,2006 and November 30,various negotiations described above.11ITEM 1A.RISK FACTORSOur network-affiliated broadcast properties face significantYou should carefully consider the risk factors describedcompetition that may result in increased audience fragmentationbelow,as well as t
188、he other information included in thisthat adversely affects advertising revenues.Annual Report on Form 10-K.Our business,financialOur network-affiliated broadcast stations facecondition or results of operations could be materiallysignificant competition.Several developments couldadversely affected b
189、y any or all of these risks or bycause further fragmentation of the television viewingother risks that we currently cannot identify.audience and therefore increase competition,including:All of our businesses face substantial competition for advertisers,system upgrades and technological advancesand t
190、his competition is increasingly intense with,and within,thedigital area.resulting in increased channel capacities oncable and direct broadcast satellite systems,We are subject to competition for advertising revenuesin our various markets,including from paid and free the entry of telephone companies
191、into thenewspapers,magazines,broadcast,satellite and cablevideo distribution market,television,broadcast and satellite radio,video-on-the emergence of new portable videodemand services,Web sites,direct marketing and thedistribution platforms,andYellow Pages.Competition affects our ability to attract
192、 the availability of network programming on theand retain advertisers and to maintain or increaseInternet and through video-on-demand services.advertising rates.This fragmentation may adversely affect our televisionCompetition for advertising revenue is increasinglystations ability to sell advertisi
193、ng.intense with,and within,the digital area,where theRegulatory developments may intensify the competitive market.popularity of the Internet and low barriers to entryChanges in the regulatory and technologicalhave led to a wide variety of alternatives available toenvironment are bringing about a glo
194、bal consolidationadvertisers and consumers.As media audiencesof media companies and convergence among variousfragment,we expect advertisers to re-allocate a portionforms of media.The FCC is currently consideringof their advertising budgets to nontraditional media,changes to its media ownership rules
195、,which couldsuch as Web sites and search engines,which can offereither broaden or continue to restrict our opportunitiesmore measurable returns than traditional print mediato invest in additional broadcast stations.Thesethrough,among other things,pay-for-performance andchanges could also cause us to
196、 face increasedkeyword-targeted Internet advertising.Also,we maycompetition from other media pete with companies that sell products and servicesonline because these companies are trying to attractDecreases,or slow growth,in circulation adversely affects ourcirculation revenues and also our advertisi
197、ng revenues.users to their Web sites directly to search forCirculation is another significant source of revenue forinformation about products and services.us.In recent years,we,along with the newspaperIn recent years,Web sites dedicated to help wanted,industry as a whole,have experienced difficultyr
198、eal estate and automobile sales have becomeincreasing circulation volume and revenues because of,significant competitors of our newspapers and Webamong other things,competition from other forms ofsites for classified advertising,and entities with a largermedia(often free to the user),particularly th
199、e Internet,Internet presence are entering the classified market,and the declining frequency of regular newspaperheightening the risk of continued erosion.We maybuying,particularly among young people,whoexperience greater competition from specialized Webincreasingly rely on nontraditional media as a
200、source ofsites in other areas,such as travel and entertainmentnews.advertising.Although the amount of advertising on ourown Web sites has been increasing,we may experienceA prolonged decline in circulation copies would have aa decline in advertising revenues if we are unable tomaterial effect on the
201、 rate and volume of advertisingattract advertising to our Web sites in sufficientrevenues(as rates reflect circulation and readership,volume or at rates comparable to print rates.among other factors).It could also affect our ability to12Our potential inability to execute cost-control measuresinstitu
202、te circulation price increases for our printsuccessfully could result in total costs and expenses that areproducts.To maintain our circulation base,we maygreater than expected.incur additional costs,and we cannot assure you thatWe have taken steps to lower our expenses by reducingwe will be able to
203、recover these costs through increasedstaff and employee benefits and implementing generalcirculation and advertising revenues.cost-control measures.If we do not achieve expectedNegative economic conditions in our principal markets wouldsavings as a result of these steps or if our operatingadversely
204、affect our advertising revenues.costs increase as a result of our growth strategy,ourtotal costs and expenses may be greater thanNational and local economic conditions,particularly inanticipated.Although we believe that appropriate stepsthe New York City and Boston metropolitan regions,have been tak
205、en to implement cost-control efforts,ifaffect the levels of our retail,national and classifiednot managed properly,such efforts may affect theadvertising revenue.For example,difficult economicquality of our products and our ability to generateconditions in the New England region havefuture revenue.I
206、n addition,reductions in staff andcontributed to lower levels of advertising at ouremployee benefits could adversely affect our ability toproperties there.Future negative economic conditionsattract and retain key employees.in this and other principal markets would adverselyaffect our level of advert
207、ising revenues.The price of newsprint has historically been volatile,and asignificant increase would have an adverse effect on ourOur largest newspaper properties are dependent on nationaloperating results.advertising.The cost of raw materials,of which newsprint is theA significant portion of advert
208、ising revenues for ourmajor component,represented 11%of our total costslargest newspaper properties is from nationalin 2005.The price of newsprint has historically beenadvertising.As a result,events that affect nationalvolatile and,in recent years,has increased.advertisers,such as structural changes
209、 and challenges toConsolidation in the North American newsprinttheir traditional business models,may change the levelindustry has reduced the number of suppliers.Overallof our advertising revenues.Increased consolidationnewsprint supply has declined as a result of paper millamong major national and
210、retail advertisers hasclosures and conversions to other grades of paper,depressed,and may continue to depress,the level ofwhich in turn has increased the likelihood of futureour advertising revenue.price increases.Although we have adopted measures toreduce consumption,such as converting to lighter-T
211、he success of our business depends substantially on ourweight newsprint,reducing page width where practicalreputation as a provider of quality journalism and content inand managing waste through technologyprint,digital and broadcast.enhancements,our operating results would be adverselyWe believe tha
212、t our products have excellent reputationsaffected if newsprint prices increased significantly.for quality journalism and content.This reputation isA significant portion of our employees are unionized,and ourbased in part on consumer perceptions as to a varietyresults could be adversely affected if l
213、abor negotiations were toof subjective qualities and could be damaged byrestrict our ability to maximize the efficiency of our operations.incidents that erode consumer trust.To the extentA significant portion of our work force is unionized.consumers perceive the quality of our content to beAs a resu
214、lt,we are required to negotiate the wages,less reliable,our ability to attract readers andsalaries,benefits,staffing levels and other terms withadvertisers may be hindered.many of our employees collectively.Although we haveThe proliferation of nontraditional media,largelyin place long-term contracts
215、 for a substantial portionavailable at no cost,challenges the traditional mediaof our unionized work force,our results could bemodel,in which quality journalism has primarily beenadversely affected if future labor negotiations were tosupported by print advertising revenues.If consumersrestrict our a
216、bility to maximize the efficiency of ourfail to differentiate our content from other contentoperations.In addition,if we were to experience laborproviders,on the Internet or otherwise,we mayunrest,our ability to produce and deliver our mostexperience a decline in revenues.significant products could
217、be impaired.13We continue to develop new products and services for evolvingacquisitions may require the incurrence of debt or themarkets.There can be no assurance of the success of theseissuance of additional stock.efforts due to a number of factors,some of which are beyondour control.Our Class B st
218、ock is principally held by descendants of Adolph S.Ochs,through a family trust,and this control could createThere are substantial uncertainties associated with ourconflicts of interest or inhibit potential changes of control.efforts to develop new products and services forWe have two classes of stoc
219、k:Class A Common Stockevolving markets,and substantial investments may beand Class B Common Stock.Holders of Class Arequired.The success of these ventures will beCommon Stock are entitled to elect 30%of the Boarddetermined by our efforts,and in some cases by thoseof Directors and to vote,with Class
220、B commonof our partners,fellow investors and licensees.Initialstockholders,on the reservation of shares for equitytimetables for the introduction and development ofgrants,certain material acquisitions and the ratificationnew products or services may not be achieved,andof the selection of the Company
221、s auditors.Holders ofprice and profitability targets may not prove feasible.Class B Common Stock are entitled to elect theExternal factors,such as the development ofremainder of the Board and to vote on all othercompetitive alternatives,rapid technological change,matters.Our Class B Common Stock is
222、principallyregulatory changes and shifting market preferences,held by descendants of Adolph S.Ochs,whomay cause new markets to move in unanticipatedpurchased The Times in 1896.A family trust holdsdirections.88%of the Class B Common Stock.As a result,theWe may buy or sell different properties as a re
223、sult of ourtrust has the ability to elect 70%of the Board ofevaluation of our portfolio of products,which may affect ourDirectors and to direct the outcome of any matter thatcosts,revenues,profitability and financial position.does not require a vote of the Class A Common Stock.From time to time,we e
224、valuate the variousUnder the terms of the trust agreement,trustees arecomponents of our portfolio of products and may,as adirected to retain the Class B Common Stock held inresult,buy or sell different properties.Suchtrust and to vote such stock against any merger,sale ofacquisitions or divestitures
225、 may affect our costs,assets or other transaction pursuant to which controlrevenues,profitability and financial position.We mayof The Times passes from the trustees,unless theyalso consider the acquisition of specific properties orunanimously determine that the primary objective ofbusinesses that fa
226、ll outside our traditional lines ofthe trust can be achieved better by the implementationbusiness if we deem such properties sufficientlyof such transaction.Because this concentrated controlattractive.From time to time,we make non-controllingcould discourage others from initiating any potentialminor
227、ity investments in public and private entities.Wemerger,takeover or other change of control transactionmay have limited voting rights and an inability tothat may otherwise be beneficial to our businesses,theinfluence the direction of such entities.In addition,ifmarket price of our Class A Common Sto
228、ck could bethe value of the companies in which we investadversely affected.declines,we may be required to take a charge toRegulatory developments,particularly with respect to ourearnings.broadcast properties,may result in increased costs.Each year,we evaluate the various components of ourAll of our
229、operations are subject to governmentportfolio in connection with annual impairmentregulation in the jurisdictions in which they operate.testing,and we may record a charge if the financialChanging regulations may result in increased costs thatstatement carrying value of an asset is in excess of itsad
230、versely affect results.estimated fair value.Fair value could be adverselyOur broadcast stations in particular are subject toaffected by changing market conditions within ourregulation by the FCC,and operate under FCCindustry.licenses that are generally granted for a period of eightyears.Nine of our
231、eleven stations are currently seekingAcquisitions involve risks,including difficulties inrenewal of their broadcast licenses or are scheduled tointegrating acquired operations,diversions offile renewal applications within the next year.Themanagement resources and other unanticipatedFCC substantially
232、 regulates radio and television stationproblems and liabilities.In addition,financing14operations in many significant ways,including,but notoccupy in mid-2007.As of December 25,2005,welimited to,employment practices,political advertising,had incurred capital expenditures of approximatelyindecency an
233、d obscenity,sponsorship identification,$425 million related to the development of thechildrens programming,issue-responsive programming,building,of which$184 million was incurred by ourclosed captioning,signal carriage,ownership,anddevelopment partner,and we currently expect to incurengineering,tran
234、smissions,antenna and other technicaltotal capital expenditures of$1,001 to$1,068 million,matters.Changes in FCC regulation,the failure of theof which$400 to$429 million will be paid by ourFCC to grant a stations renewal application or thedevelopment partner.We have funded,and willimposition of cond
235、itions on a renewal could adverselycontinue to fund,our share of capital contributionsaffect the profitability of our broadcast business.from cash from operations and external financingsources.Our development partners share is beingAll television stations are required to construct digitalfunded thro
236、ugh capital contributions and atelevision(DTV)facilities,and eight of our nineconstruction loan.For a detailed description of thetelevision stations(all but KAUT)have constructedfinancing arrangements,see Managements Discussionand are operating such facilities.Stations may provideand Analysis of Fin
237、ancial Condition and Results ofhigh definition programming(HDTV)and/or digitalOperationsLiquidity and Capital ResourcesNewmulticast services(multiple streams of programming)Headquarters Building and Note 17 of the Notes toon their DTV channels.Uncertainty associated withthe Consolidated Financial St
238、atements.Under therules governing cable carriage of HDTV and multicastterms of the building operating agreement andservices may affect the future profitability of our digitalfinancing arrangements,a lien related to thetelevision operations.Digital stations are unlikely toconstruction loan will be re
239、leased from ourproduce significant additional revenue until consumerscondominium units upon substantial completion of thehave purchased a substantial number of digitalbuildings core and shell but will remain upon ourtelevision receivers.development partners condominium units until theconstruction lo
240、an is repaid in full.If our developmentOn February 17,2009,each television station will bepartner is unable to obtain other financing to repayrequired to retire its analog channel and operate as athe construction loan,we must lend themdigital facility exclusively.The stations expect toapproximately$
241、119.5 million to pay a portion of theoperate on their assigned digital channels,exceptconstruction loan balance.WHNT,which is operating on a temporary allocationprovided by the FCC.Permanent channels will beAlthough the construction of our new headquarters isdetermined within the framework of a FCC
242、licensingcurrently on schedule and within budget,due to theprocess prior to the 2009 conversion date.It remainsuncertainties inherent in major construction projects,ituncertain how the transition to DTV will affect ouris possible that construction of the new building maybroadcast operations.not be c
243、ompleted within the expected time frameand/or anticipated budget.In addition,we may haveDue to the wide geographic scope of our operations,unanticipated capital expenditure requirements in thethe IHT is subject to regulation by political entitiesfuture.If we cannot obtain capital from increases inth
244、roughout the world.our cash flow from operating activities,we may incurincreased borrowing costs.If financing is not availableIf our capital expenditures,related to our new headquarters orotherwise,exceed our projections,we may require additionalon terms acceptable to us,our growth,financialfunding,
245、which,if not available on terms acceptable to us,couldcondition and results of operations could sufferadversely affect our growth,financial condition and results ofmaterially.operations.We are in the process of constructing our newheadquarters building,which we currently expect to15ITEM 2.PROPERTIES
246、.The general character,location,terms of occupancy and approximate size of our principal plants and othermaterially important properties as of December 25,2005,are listed below.Approximate Area inApproximate Area inGeneral Character of PropertySquare Feet(Owned)Square Feet(Leased)News Media GroupPri
247、nting plants,business and editorial offices,garages and warehouse spacelocated in:New York,N.Y.865,8001Flushing,N.Y.515,0002Edison,N.J.1,300,0003Boston,Mass.703,21720,261Billerica,Mass.290,000Other locations1,600,600473,320Broadcast Media GroupBusiness offices,studios and transmitters at various loc
248、ations339,82314,545A21,133Total2,933,6403,210,0591Includes 714,000 square feet in our existing New York City headquarters,at 229 West 43rd St.,which we sold and leased back onDecember 27,2004.2We are leasing a 31-acre site in Flushing,N.Y.,where our printing and distribution plant is located,and hav
249、e the option to purchase theproperty at any time prior to the end of the lease in 2019.3The Edison production and distribution facility is occupied pursuant to a long-term lease with renewal and purchase options.We sold our existing New York City headquarters oncontain approximately 1.54 million gro
250、ss square feet ofDecember 27,2004.Pursuant to the terms of the salespace,of which 825,000 gross square feet will beagreement,we are leasing back our existingowned by us.For additional information on the newheadquarters through 2007,when we expect to occupyheadquarters,including anticipated costs,see
251、 Note 17our new headquarters,currently being constructed inof the Notes to the Consolidated Financial Statements.the Times Square area.The new headquarters willITEM 3.LEGAL PROCEEDINGS.There are various legal actions that have arisen in thereviewing such actions with our legal counsel that theordina
252、ry course of business and are now pendingultimate liability that might result from such actionsagainst us.Such actions are usually for amounts greatlywill not have a material adverse effect on ourin excess of the payments,if any,that may be requiredconsolidated financial statements.to be made.It is
253、the opinion of management after16ITEM 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.Not applicable.Executive Officers of the RegistrantEmployed ByNameAgeRegistrant SinceRecent Position(s)Held As Of February 23,2006Corporate OfficersArthur Sulzberger,Jr.541978Chairman(since 1997)and Publisher
254、 of TheTimes(since 1992)Janet L.Robinson551983President and Chief Executive Officer since2005;Executive Vice President and ChiefOperating Officer(2004);Senior Vice President,Newspaper Operations(2001 to 2004);President and General Manager of The Times(1996 to 2004)Michael Golden561984Vice Chairman(s
255、ince 1997);Publisher of theIHT(since 2003);Senior Vice President(1997to 2004)Leonard P.Forman6019741Executive Vice President(since 2004)and ChiefFinancial Officer(since 2002);Senior VicePresident(2001 to 2004);President and ChiefExecutive Officer,The New York TimesCompany Magazine Group,Inc.(1998 to
256、 2001)Martin A.Nisenholtz501995Senior Vice President,Digital Operations(since2005);Chief Executive Officer,New YorkTimes Digital(1999 to 2005)David K.Norton502006Senior Vice President,Human Resources(sinceFebruary 15,2006);Vice President,HumanResources,Starwood Hotels&Resorts,andExecutive Vice Presi
257、dent,Starwood Hotels&Resorts Worldwide,Inc.(2000 to February 14,2006)Solomon B.Watson IV611974Senior Vice President(since 1996)and ChiefLegal Officer(since 2006);General Counsel(1989 to 2005);Secretary(2000 to 2002)R.Anthony Benten421989Vice President(since 2003);Treasurer(since2001);Assistant Treas
258、urer(1997 to 2001)Rhonda L.Brauer461992Secretary(since 2002),Corporate GovernanceOfficer(since 2006)and Senior Counsel(since1994)Jennifer C.Dolan591979Vice President,Forest Products(since 2002);Executive Director,Forest Products(2000 to2002)James C.Lessersohn501987Vice President,Finance and Corporat
259、eDevelopment(since 2001);Vice President andTreasurer(1999 to 2001)17Employed ByNameAgeRegistrant SinceRecent Position(s)Held As Of February 23,2006Catherine J.Mathis521997Vice President,Corporate Communications(since 2000);Director,Investor Relations(1997to 2000)Kenneth A.Richieri541983Vice Presiden
260、t(since 2002)and GeneralCounsel(since 2006);Deputy General Counsel(2001 to 2005);Vice President and GeneralCounsel,New York Times Digital(1999 to2003)Stuart P.Stoller501996Vice President(since 1996),Process Engineering(since 2005)and Corporate Controller(since1996)David A.Thurm521982Chief Informatio
261、n Officer(since 2004);VicePresident,Real Estate Development(2000 to2004);Chief Operating Officer,New YorkTimes Digital(1999 to 2000)Operating Unit ExecutivesP.Steven Ainsley531982President and Chief Operating Officer,RegionalMedia Group(since 2003);Senior VicePresident,Regional Media Group(1999-2002
262、)Robert H.Eoff561969President,Broadcast Media Group(since 2004);Vice President,Broadcast Media Group(1999to 2004);President and General Manager,WREG-TV(1995 to 2004)Richard H.Gilman551983Publisher of The Globe(since 1999)Scott H.Heekin-Canedy5419872President and General Manager of The Times(since 20
263、04);Senior Vice President,Circulationof The Times(1999 to 2004)1Mr.Forman left the Company in 1986 and returned in 1996.2Mr.Heekin-Canedy left the Company in 1989 and returned in 1992.18PART IIITEM 5.MARKET FOR THE REGISTRANTS COMMON EQUITY,RELATED STOCKHOLDERMATTERS AND ISSUER PURCHASES OF EQUITY S
264、ECURITIES.The additional information required by this item appears on page F-61 of this Annual Report on Form 10-K.(a)Equity Compensation Plan InformationNumber of securities remainingavailable for future issuance underNumber of securities to be issuedWeighted average exerciseequity compensation pla
265、nsupon exercise of outstandingprice of outstanding options,(excluding securities reflectedPlan categoryoptions,warrants and rightswarrants and rightsin column(a)(a)(b)(c)Equity compensation plans approved bysecurity holdersStock options.31,200,0001$415,880,0002Employee Stock Purchase Plan.7,992,0003
266、Stock awards.633,0004644,0005Total.31,833,00014,516,000Equity compensation plans not approved bysecurity holders.NoneNoneNone1Includes shares of Class A stock to be issued upon exercise of stock options granted under our 1991 Executive Stock Incentive Plan(the NYTStock Plan),our Non-Employee Directo
267、rs Stock Option Plan and our 2004 Non-Employee Directors Stock Incentive Plan(together,theDirectors Plans).2Includes shares of Class A stock available for future stock options to be granted under the NYT Stock Plan and the 2004 Non-EmployeeDirectors Stock Incentive Plan(the 2004 Directors Plan).The
268、2004 Directors Plan provides for the issuance of up to 500,000 shares ofClass A stock in the form of stock options or restricted stock awards.The amount reported for stock options includes the aggregate number ofsecurities remaining(approximately 400,000 as of December 25,2005)for future issuances u
269、nder that plan.3Includes shares of Class A stock available for future issuance under our Employee Stock Purchase Plan.4Includes shares of Class A stock to be issued upon conversion of restricted stock units and retirement units under the NYT Stock Plan.5Includes shares of Class A stock available for
270、 stock awards under the NYT Stock Plan.Unregistered Sales of Equity SecuritiesOn November 15,2005,we issued 4,560 shares ofStock upon the conversion of such Class B shares intoClass A Common Stock to a holder of 4,560 shares ofClass A shares.The conversions,which were inClass B Common Stock upon the
271、 conversion of suchaccordance with our Certificate of Incorporation,didClass B shares into Class A shares.On December 19,not involve a public offering and were exempt from2005,we issued 1,490 shares of Class A Commonregistration pursuant to Section 3(a)(9)of theStock to a holder of 1,490 shares of C
272、lass B CommonSecurities Act of 1933,as amended.19(c)Issuer Purchases of Equity Securities1Maximum Number(orTotal Number of Shares ofApproximate Dollar Value)Class A Common Stockof Shares of Class A CommonTotal Number of Shares ofAverage Price Paid PerPurchased as Part of PubliclyStock that May Yet B
273、eClass A Common StockShare of Class A CommonAnnounced Plans orPurchased Under the PlansPurchasedStockProgramsor ProgramsPeriod(a)(b)(c)(d)September 26,2005October 30,2005127,506$28.46127,000$151,741,000October 31,2005November 27,2005100,528$27.79100,200$148,956,000November 28,2005December 25,2005156
274、,144$27.28156,000$144,701,000Total for the fourth quarter of 2005384,1782$27.80383,200$144,701,0001Except as otherwise noted,all purchases were made pursuant to our publicly announced share repurchase program.On April 13,2004,our Board of Directors(the Board)authorized repurchases in an amount up to
275、$400 million.As of February 10,2006,we had authorization from the Board to repurchase anamount of up to approximately$142 million of our Class A Common Stock.The Board has authorized us to purchase shares from time to time as marketconditions permit.There is no expiration date with respect to this a
276、uthorization.2Includes 978 shares withheld from employees to satisfy tax withholding obligations upon the vesting of restricted shares awarded under the NYT Stock Plan.Theshares were repurchased by us pursuant to the terms of the plan and not pursuant to our publicly announced share repurchase progr
277、am.ITEM 6.SELECTED FINANCIAL DATA.The information required by this item appears on pages F-1 to F-2 of this Annual Report on Form 10-K.ITEM 7.MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS.The information required by this item appears on pages F-3 to F-20 of this
278、 Annual Report on Form 10-K.ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.The information required by this item appears on pages F-20 to 21 of this Annual Report on Form 10-K.ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.The information required by this item appears on page
279、s F-22 to F-54 and pages F-60 to F-61 of this AnnualReport on Form 10-K.ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTSON ACCOUNTING AND FINANCIAL DISCLOSURE.Not applicable.20ITEM 9A.CONTROLS AND PROCEDURES.Evaluation of Disclosure Controls and ProceduresJanet L.Robinson,our Chief Executive Off
280、icer,andDecember 25,2005.Deloitte&Touche LLP,ourLeonard P.Forman,our Chief Financial Officer,haveindependent registered public accounting firm,hasevaluated the effectiveness of our disclosure controlsaudited managements assessment of,and theand procedures as of December 25,2005.Based oneffectiveness
281、 of,our internal control over financialsuch evaluation,each of Ms.Robinson andreporting.Managements report and the report ofMr.Forman concluded that our disclosure controls andDeloitte&Touche LLP appear on pages F-57 to F-59procedures were effective to ensure that the materialof this Annual Report o
282、n Form 10-K under theinformation required to be disclosed by us in thecaptions Managements Report on Internal Controlreports that we file or submit under the SecuritiesOver Financial Reporting and Report ofExchange Act of 1934 is recorded,processed,Independent Registered Public Accounting Firm onsum
283、marized and reported within the time periodsInternal Control Over Financial Reporting and arespecified in the rules and forms of the SEC.incorporated herein by reference.Managements Report on Internal Control OverChanges in Internal Control Over Financial ReportingFinancial ReportingThere have been
284、no changes in our internal controlPursuant to Section 404 of the Sarbanes-Oxley Act ofover financial reporting during the quarter ended2002,we have included,as part of this Annual ReportDecember 25,2005,that have materially affected oron Form 10-K,a report of managements assessment ofare reasonably
285、likely to materially affect,our internalthe effectiveness of our internal controls as ofcontrol over financial reporting.ITEM 9B.OTHER INFORMATION.Not applicable.21PART IIIITEM 10.DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.In addition to the information set forth under theStatement for the 2
286、006 Annual Meeting ofcaption Executive Officers of the Registrant in Part IStockholders.of this Annual Report on Form 10-K,the informationThe Board has adopted a code of ethics that appliesrequired by this item is incorporated by reference tonot only to our CEO and senior financial officers,asthe se
287、ctions titled Section 16(a)Beneficial Ownershiprequired by the SEC,but also to our Chairman andReporting Compliance,Proposal Number 1Vice Chairman.The current version of such code ofElection of Directors,Interest of Directors in Certainethics can be found on the Corporate GovernanceTransactions of t
288、he Company,and Audit Committeesection of our Web site,http:/.Financial Experts in the section titled Board ofDirectors and Corporate Governance,of our ProxyITEM 11.EXECUTIVE COMPENSATION.The information required by this item is incorporatedbut only up to and not including the section titledby refere
289、nce to the sections titled DirectorsPerformance Presentation,of our Proxy StatementCompensation,Directors and Officers Liabilityfor the 2006 Annual Meeting of Stockholders.Insurance and Compensation of Executive Officers,ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS ANDMANAGEMENT AND RELAT
290、ED STOCKHOLDER MATTERS.In addition to the information set forth under thePrincipal Holders of Common Stock,Securitycaption Equity Compensation Plan Information inOwnership of Management and Directors and TheItem 5 above,the information required by this item is1997 Trust,of our Proxy Statement for th
291、e 2006incorporated by reference to the sections titledAnnual Meeting of Stockholders.ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.The information required by this item is incorporatedand not including the section titled Performanceby reference to the sections titled Interest of DirectorsPr
292、esentation,of our Proxy Statement for the 2006in Certain Transactions of the Company,andAnnual Meeting of Stockholders.Compensation of Executive Officers,but only up toITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES.The information required by this item is incorporatedand Procedures,but only up to an
293、d not including theby reference to the section titled Proposalsection titled Recommendation and Vote Required ofNumber 2Selection of Auditors,beginning with theour Proxy Statement for the 2006 Annual Meeting ofsection titled Audit Committees Pre-Approval PoliciesStockholders.22PART IVITEM 15.EXHIBIT
294、S AND FINANCIAL STATEMENT SCHEDULES.(A)Documents Filed as Part of This Report(1)Financial StatementsOur Consolidated Financial Statements are filed as part of this Annual Report on Form 10-K and are set forth onpages F-22 to F-54.The reports of Deloitte&Touche LLP,an independent registered public ac
295、counting firm,dated February 23,2006,are set forth on page F-56 and page F-58 of this Annual Report on Form 10-K.(2)Supplemental SchedulesThe following additional consolidated financial information is filed as part of this Annual Report on Form 10-Kand should be read in conjunction with the Consolid
296、ated Financial Statements set forth on pages F-22 to F-54.Schedules not included with this additional consolidated financial information have been omitted either becausethey are not applicable or because the required information is shown in the Consolidated Financial Statements onthe aforementioned
297、pages.PageConsolidated Schedules for the Three Years Ended December 25,2005:IIValuation and Qualifying Accounts.S-1Separate financial statements and supplemental schedules of associated companies accounted for by the equitymethod are omitted in accordance with the provisions of Rule 3-09 of Regulati
298、on S-X.(3)ExhibitsAn exhibit index has been filed as part of this Annual Report on Form 10-K and is incorporated herein byreference.23SIGNATURESPursuant to the requirements of Section 13 or 15(d)of the Securities Exchange Act of 1934,the registranthas duly caused this report to be signed on its beha
299、lf by the undersigned,thereunto duly authorized.Date:February 23,2006(Registrant)THE NEW YORK TIMES COMPANYBy:/s/RHONDA L.BRAUERRhonda L.Brauer,Secretary andCorporate Governance OfficerPursuant to the requirements of the Securities Exchange Act of 1934,this report has been signed below bythe followi
300、ng persons on behalf of the registrant and in the capacities and on the dates indicated.SignatureTitleDateARTHUR SULZBERGER,JR.Chairman,DirectorFebruary 23,2006JANET L.ROBINSONChief Executive Officer,President andFebruary 23,2006Director(Principal Executive Officer)MICHAEL GOLDENVice Chairman and Di
301、rectorFebruary 23,2006JOHN F.AKERSDirectorFebruary 23,2006BRENDA C.BARNESDirectorFebruary 23,2006RAUL E.CESANDirectorFebruary 23,2006LYNN G.DOLNICKDirectorFebruary 23,2006LEONARD P.FORMANExecutive Vice President and ChiefFebruary 23,2006Financial Officer(Principal FinancialOfficer)WILLIAM E.KENNARDD
302、irectorFebruary 23,2006JAMES M.KILTSDirectorFebruary 23,2006DAVID E.LIDDLEDirectorFebruary 23,2006ELLEN R.MARRAMDirectorFebruary 23,2006THOMAS MIDDELHOFFDirectorFebruary 23,2006HENRY B.SCHACHTDirectorFebruary 23,2006STUART P.STOLLERVice President,Process Engineering andFebruary 23,2006Corporate Cont
303、roller(Principal AccountingOfficer)CATHY J.SULZBERGERDirectorFebruary 23,2006DOREEN A.TOBENDirectorFebruary 23,2006(This page intentionally left blank.)THE NEW YORK TIMES COMPANY 2005 FINANCIAL REPORTCONTENTSPAGESelected Financial Data _F-1Managements Discussion and Analysis of Financial Condition a
304、nd Results of Operations_F-3Executive Overview _F-3Results of Operations_F-8Liquidity and Capital Resources _F-12Critical Accounting Policies_F-16Pension and Postretirement Benefits _F-18Market Risk _F-20Audited Financial StatementsConsolidated Statements of Income _F-22Consolidated Balance Sheets _
305、F-23Consolidated Statements of Cash Flows _F-24Consolidated Statements of Changes in Stockholders Equity_F-26Notes to the Consolidated Financial Statements1.Summary of Significant Accounting Policies_F-272.Goodwill and Other Intangible Assets _F-293.Acquisitions and Dispositions _F-304.Inventories_F
306、-315.Investments in Joint Ventures _F-316.Other_F-337.Debt_F-348.Derivative Instruments_F-359.Income Taxes_F-3610.Pension Benefits_F-3711.Postretirement and Postemployement Benefits _F-4012.Other Liabilities_F-4213.Earnings Per Share_F-4214.Stock-Based Awards_F-4315.Capital Stock_F-4816.Segment Info
307、rmation_F-4817.Commitment and Contingent Liabilities _F-51Managements Responsibilities Report_F-55Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements_F-56Managements Report on Internal Control Over Financial Reporting _F-57Report of Independent Registered Pub
308、lic Accounting Firm on Internal Control Over Financial Reporting _F-58Quarterly Information(unaudited)_F-60Market Information _F-61(This page intentionally left blank.)F-1SELECTED FINANCIAL DATAAs of and for the Years EndedDecember 25,December 26,December 28,December 29,December 30,(In thousands,exc
309、ept per share and employee data)20052004200320022001INCOME STATEMENT DATARevenues$3,372,775$3,303,642$3,227,200$3,079,007$3,015,958Total expenses3,014,6672,793,6892,687,6502,534,1392,641,555Gain on sale of assets122,946Operating profit481,054509,953539,550544,868374,403Interest expense,net49,16841,7
310、6044,75745,43547,199Income from continuing operations before income taxesand minority interest446,104476,645499,847492,103339,676Income from continuing operations265,605292,557302,655299,747202,222Cumulative effect of a change in accounting principle,netof income taxes(5,852)Discontinued operations,
311、net of income taxes MagazineGroup242,450Net income259,753292,557302,655299,747444,672BALANCE SHEET DATAProperty,plant and equipment net$1,468,403$1,367,384$1,275,128$1,233,658$1,181,221Total assets4,533,0373,949,8573,801,7163,633,8423,438,684Total debt,including commercial paper and capital leaseobl
312、igations1,396,3801,058,847955,302958,249759,537Common stockholders equity1,516,2481,400,5421,392,2421,269,3071,149,653PER SHARE OF COMMON STOCKBasic earnings per shareIncome from continuing operations$1.83$1.98$2.01$1.98$1.29Cumulative effect of a change in accounting principle,net of income taxes(.
313、04)Discontinued operations,net of income taxes Magazine Group1.54Net income$1.79$1.98$2.01$1.98$2.83Diluted earnings per shareIncome from continuing operations$1.82$1.96$1.98$1.94$1.26Cumulative effect of a change in accounting principle,net of income taxes(.04)Discontinued operations,net of income
314、taxes MagazineGroup1.52Net income$1.78$1.96$1.98$1.94$2.78Dividends per share$.65$.61$.57$.53$.49Common stockholders equity per share$10.39$9.38$9.11$8.20$7.18Average Basic Shares Outstanding145,440147,567150,285151,563157,082Average Diluted Shares Outstanding145,877149,357152,840154,805160,081KEY R
315、ATIOSOperating profit to revenues14%15%17%18%12%Return on average common stockholders equity18%21%23%25%37%Return on average total assets6%8%8%8%13%Total debt to total capitalization48%43%41%43%40%Current assets to current liabilities.62.55.79.77.66Ratio of earnings to fixed charges6.668.779.249.266
316、.37FULL-TIME EQUIVALENT EMPLOYEES11,96512,30012,40012,15012,050?The Selected Financial Data of the New York Times Company(the Company)should be read in conjunction with Managements Discussionand Analysis of Financial Condition and Results of Operation and the Consolidated Financial Statements and th
317、e related Notes included inthis Annual Report on Form 10-K.?See page F-2 for certain items included in Selected Financial Data.All earnings per share amounts for the items on page F-2 are on a dilutedbasis.F-2The items below are included in the Selected2004Financial Data.There were no items of the t
318、ype discussed here in2004.2005The items below increased net income by$5.2 million2003or$.04 per share.The item below increased net income by$8.5 millionor$.06 per share.?a$122.9 million pre-tax gain resulting from the?a$14.1 million pre-tax gain related to asales of the Companys current headquarters
319、reimbursement of remediation expenses at one of($63.3 million after tax,or$.43 per share)as wellthe Companys printing plants.as property in Florida($5.0 million after tax,or$.03 per share).2002The item below reduced net income by$7.7 million?a$57.8 million pre-tax charge($35.3 millionor$.05 per shar
320、e.after tax,or$.23 per share)for staff reductions.?a$12.6 million pre-tax charge for staff reductions.?a$32.2 million pre-tax charge($21.9 million2001after tax,or$.15 per share)related to stock-basedThe items below increased net income bycompensation expense.The expense in 2005 is$150.6 million or$.
321、94 per share.significantly higher than in prior years due to theCompanys adoption of Financial Accounting?a$412.0 million pre-tax gain($241.3 millionStandards Board Statement of Financialafter tax,or$1.51 per share)resulting from theAccounting Standards(FAS)No.123(revisedsale of Golf Digest,Golf Dig
322、est Woman,Golf2004),Share-Based Payment,in 2005.World and Golf World Business(MagazineGroup).?a$10.5 million pre-tax charge($5.9 million after?a$90.4 million pre-tax charge($53.8 milliontax,or$.04 per share)for costs associated withafter tax,or$.34 per share)for staff reductions.the cumulative effec
323、t of a change in accounting?$42.8 million in amortization expenseprinciple related to the adoption of FASB($36.9 million after tax,or$.23 per share)thatInterpretation No.(FIN)47,Accounting forwould not have been expensed if FAS No.142,Conditional Asset Retirement ObligationsanGoodwill and Other Inta
324、ngible Assets,had beeninterpretation of FASB Statement No.143.adopted at the beginning of 2001.7FEB2006213416157FEB200621341942F-3MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATIONSThe business model for each of our segments isEXECUTIVE OVERVIEWsummarized below:Our Bu
325、sinessThe News Media Group(consisting of The New YorkWe are a leading media company with a portfolio ofTimes Media Group,which includes The New Yorkproperties that serve our customers in print,inTimes(The Times),NYT,the Internationalbroadcast and online.Our core purpose is to enhanceHerald Tribune(t
326、he IHT)and two New York Citysociety by creating,collecting and distributingradio stations(see below);the New England Mediahigh-quality news,information and entertainment.WeGroup,which includes The Boston Globe(the Globe),fulfill our mission to be a leader in media byB and the Worcester Telegram&Gaze
327、tte;andmaintaining the highest journalistic standards,bringingpeople together in communities of shared interest andthe Regional Media Group,which includes 15 dailyadhering to our core principles of integrity,customernewspapers and their related print and digital businesses).focus,innovation,collabor
328、ation and economic vitality.The News Media Group derives advertising revenuesOur strategy is to build a lean,agile and disciplinedby offering advertisers a means to promote theirorganization that will invigorate growth across ourbrands,products and services to the buying public inexisting businesses
329、 and platforms,create lines ofprint,online and through radio.The News Mediaproducts in key content areas across multiple mediumsGroup also derives circulation revenues by offering theand develop and institutionalize a forward-lookingpublic timely news and editorial materials andresearch and developm
330、ent capability.We areadvertisements.Other revenues,which make up thecommitted to focusing our efforts on strengtheningremainder of revenues,primarily consist of revenuesour multiple platforms,creating targeted new productsfrom wholesale delivery operations,news services andand transforming our adver
331、tising and editorialdirect marketing.News Media Group revenues in 2005processes to maximize revenue growth.We also remainby category and percentage share are mitted to reducing costs and making ouroperations more efficient.In 2005 we made acquisitions and an investment tostrengthen our multiple plat
332、forms(see the 2005Events section below).Our revenues were$3.4 billion in 2005.Thepercentage of revenues contributed by segment isbelow.OtherRevenues7%AdvertisingRevenues66%CirculationRevenues27%BroadcastMediaGroup4%A1%NewsMediaGroup95%F-4The News Media Groups main operating expenses are2005 Highligh
333、tsemployee-related costs and raw materials,primarilyBelow are highlights for 2005.See the remainingnewsprint.portion of this discussion for more details on the itemsdiscussed below.Beginning in 2005,the results of our two New YorkCity radio stations,WQXR-FM and WQEW-AM,?Advertising revenues grew approximately 4%informerly part of the Broadcast Media Group,are2005 over 2004,in part due to the acqui
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