NEW YORK--(BUSINESS WIRE)--Sept. 20, 2005--The New York Times
Company announced today that it plans to undertake staff reductions
that will affect approximately 500 employees, about four percent of
its total workforce. It plans to begin the staff reductions in October
and implement them over the course of the next six to nine months.
The Company expects that about 250 positions at The New York Times
Media Group will be affected, including approximately 45 newsroom
positions at The Times newspaper. At The New England Media Group
approximately 160 positions, including about 35 newsroom positions at
the Boston Globe, will be affected. The Company's regional newspapers,
its broadcast properties and its corporate staff will also be
affected.
This represents a continuation of the initiatives the Company
began earlier this year to find ways to operate more efficiently. As a
result of these efforts, the Company identified areas where it could
function effectively with fewer people. Earlier this year the Company
reduced its staff by approximately 200 positions or about two percent.
The Company plans to manage the staff reductions in such a way
that it continues to provide journalism of the highest quality, to
function smoothly on a day-to-day basis and to achieve its long-term
strategic goals.
Because the details of the staff reductions have not yet been
determined, the Company is not able to provide the estimated cost at
this time. It plans to provide an update in the fourth quarter.
Except for the historical information contained herein, the
matters discussed in this press release are forward-looking statements
that involve risks and uncertainties that could cause actual results
to differ materially from those predicted by such forward-looking
statements. These risks and uncertainties include national and local
conditions, as well as competition, that could influence the levels
(rate and volume) of retail, national and classified advertising and
circulation generated by the Company's various markets and material
increases in newsprint prices. They also include other risks detailed
from time to time in the Company's publicly-filed documents, including
the Company's Annual Report on Form 10-K for the year ended December
26, 2004. The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
The New York Times Company (NYSE: NYT), a leading media company
with 2004 revenues of $3.3 billion, includes The New York Times, the
International Herald Tribune, The Boston Globe, 15 other daily
newspapers, eight network-affiliated television stations, two New York
City radio stations and 35 Web sites, including NYTimes.com,
Boston.com and About.com. For the fifth consecutive year, the Company
was ranked No. 1 in the publishing industry in Fortune's 2005 list of
America's Most Admired Companies. The Company's core purpose is to
enhance society by creating, collecting and distributing high-quality
news, information and entertainment.
This press release can be downloaded from www.nytco.com
CONTACT: The New York Times Company
Catherine Mathis, 212-556-1981
E-mail: mathis@nytimes.com
Toby Usnik, 212-556-4425
E-mail: unikt@nytimes.com
SOURCE: The New York Times Company
