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<SEC-DOCUMENT>/in/edgar/work/20000809/0001005477-00-005579/0001005477-00-005579.txt : 20000921
<SEC-HEADER>0001005477-00-005579.hdr.sgml : 20000921
ACCESSION NUMBER:		0001005477-00-005579
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20000625
FILED AS OF DATE:		20000809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW YORK TIMES CO
		CENTRAL INDEX KEY:			0000071691
		STANDARD INDUSTRIAL CLASSIFICATION:	 [2711
]		IRS NUMBER:				131102020
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		10-Q
			SEC ACT:		
			SEC FILE NUMBER:	001-05837
			FILM NUMBER:		689893
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		229 W 43RD ST
				CITY:			NEW YORK
				STATE:			NY
				ZIP:			10036
				BUSINESS PHONE:		2125561234
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 1:		229 W 43RD STREET
					CITY:			NEW YORK
					STATE:			NY
					ZIP:			10036
</MAIL-ADDRESS>
</FILER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>FORM 10-Q
<TEXT>


                                    FORM 10-Q

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                   QUARTERLY REPORT UNDER SECTION 13 or 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934.

For Quarter Ended             June 25, 2000
                              -------------

Commission file number            1-5837
                              -------------

                           THE NEW YORK TIMES COMPANY
                           --------------------------
             (Exact name of registrant as specified in its charter)

           NEW YORK                                           13-1102020
- -------------------------------                            ----------------
(State or other jurisdiction of                            (I.R.S. Employer
 incorporation or organization)                            Identification No.)

                    229 WEST 43RD STREET, NEW YORK, NEW YORK
                    ----------------------------------------
                    (Address of principal executive offices)

                                     10036
                                   ----------
                                   (Zip Code)

Registrant's telephone number, including area code 212-556-1234
                                                   ------------

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 filing requirements
for the past 90 days. Yes |X|  No |_|.

Number of shares of each class of the registrant's common stock outstanding as
of August 4, 2000 (exclusive of treasury shares):

     Class A Common Stock       166,125,783 shares
     Class B Common Stock           847,158 shares

<PAGE>

                          PART I. FINANCIAL INFORMATION

                          Item 1. Financial Statements

                           THE NEW YORK TIMES COMPANY

                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (Unaudited)
            (Dollars and shares in thousands, except per share data)

<TABLE>
<CAPTION>
                                                          Three Months Ended                  Six Months Ended
                                                    ----------------------------        ----------------------------
                                                     June 25,           June 27,         June 25,          June 27,
                                                       2000               1999             2000              1999
                                                    ----------------------------        ----------------------------
                                                             (13 Weeks)                         (26 Weeks)
<S>                                                 <C>               <C>               <C>               <C>
Revenues
  Advertising ..............................        $  658,320        $  562,170        $1,275,073        $1,085,056
  Circulation ..............................           180,185           172,801           360,609           344,857
  Other ....................................            47,083            44,414            92,838            88,530
                                                    ----------        ----------        ----------        ----------
     Total .................................           885,588           779,385         1,728,520         1,518,443
                                                    ----------        ----------        ----------        ----------

Production costs
  Raw materials ............................            87,915            82,468           173,504           169,760
  Wages and benefits .......................           163,950           159,173           329,407           310,395
  Other ....................................           113,106           104,904           222,821           209,514
                                                    ----------        ----------        ----------        ----------
     Total .................................           364,971           346,545           725,732           689,669

Selling, general and administrative expenses           334,739           277,979           661,977           558,672
                                                    ----------        ----------        ----------        ----------

     Total .................................           699,710           624,524         1,387,709         1,248,341
                                                    ----------        ----------        ----------        ----------

Operating profit ...........................           185,878           154,861           340,811           270,102

Income from joint ventures .................             3,622             3,265             7,249             7,468

Interest expense - net .....................            15,190            12,841            30,532            24,737
                                                    ----------        ----------        ----------        ----------

Income before income taxes .................           174,310           145,285           317,528           252,833

Income taxes ...............................            72,572            61,822           132,727           107,960
                                                    ----------        ----------        ----------        ----------

Net income .................................        $  101,738        $   83,463        $  184,801        $  144,873
                                                    ==========        ==========        ==========        ==========

Average number of common shares outstanding
  Basic ....................................           169,501           176,083           171,233           177,885
  Diluted ..................................           173,047           179,331           175,110           181,225

Per share of common stock
  Basic earnings ...........................        $      .60        $      .47        $     1.08        $      .81
                                                    ==========        ==========        ==========        ==========

  Diluted earnings .........................        $      .59        $      .47        $     1.06        $      .80
                                                    ==========        ==========        ==========        ==========

  Dividends ................................        $     .115        $     .105        $     .220        $     .200
                                                    ==========        ==========        ==========        ==========
</TABLE>

            See Notes to Condensed Consolidated Financial Statements.


                                       2
<PAGE>

                           THE NEW YORK TIMES COMPANY

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)

<TABLE>
<CAPTION>
                                                            June 25,      December 26,
                                                                2000              1999
                                                          ----------      ------------
ASSETS                                                    (Unaudited)
<S>                                                       <C>               <C>
Current Assets

   Cash and cash equivalents .....................        $   37,549        $   63,861

   Accounts receivable-net .......................           370,613           366,754

   Inventories
      Newsprint and magazine paper ...............            26,866            23,666
      Work-in-process and other ..................             5,429             4,984
                                                          ----------        ----------
         Total inventories .......................            32,295            28,650

   Deferred income taxes .........................            53,611            53,611

   Assets held for sale ..........................            36,581            37,796

   Other current assets ..........................            66,818            64,236
                                                          ----------        ----------

         Total current assets ....................           597,467           614,908
                                                          ----------        ----------

Other Assets

   Investments in joint ventures .................           121,216           121,940

   Property, plant and equipment (less accumulated
     depreciation of $1,038,025 in 2000
     and $976,767 in 1999) .......................         1,216,475         1,218,396

   Intangible assets acquired
     Cost in excess of net assets acquired (less
     accumulated amortization of $292,898
     in 2000 and $270,235 in 1999) ...............         1,090,633           953,709

     Other intangible assets acquired (less
     accumulated amortization of $96,151
     in 2000 and $85,365 in 1999) ................           441,023           351,309

   Miscellaneous assets ..........................           240,863           235,540
                                                          ----------        ----------

TOTAL ASSETS .....................................        $3,707,677        $3,495,802
                                                          ==========        ==========
</TABLE>

            See Notes to Condensed Consolidated Financial Statements.


                                       3
<PAGE>

                           THE NEW YORK TIMES COMPANY

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)

<TABLE>
<CAPTION>
                                                                               June 25,        December 26,
                                                                                   2000                1999
                                                                            -----------        ------------
LIABILITIES AND STOCKHOLDERS' EQUITY                                        (Unaudited)
<S>                                                                         <C>                 <C>
Current Liabilities

   Commercial paper outstanding ....................................        $   363,480         $        --
   Accounts payable ................................................            194,973             191,706
   Accrued payroll and other related liabilities ...................             93,262             105,257
   Accrued expenses ................................................            203,044             193,553
   Unexpired subscriptions .........................................             81,369              80,161
   Current portion of long-term debt and
       capital lease obligations ...................................              2,593             102,837
                                                                            -----------         -----------

       Total current liabilities ...................................            938,721             673,514
                                                                            -----------         -----------

Other Liabilities

   Long-term debt ..................................................            553,009             512,627
   Capital lease obligations .......................................             84,433              85,700
   Deferred income taxes ...........................................            125,946             141,033
   Other ...........................................................            663,160             634,270
                                                                            -----------         -----------

       Total other liabilities .....................................          1,426,548           1,373,630
                                                                            -----------         -----------

       Total liabilities ...........................................          2,365,269           2,047,144
                                                                            -----------         -----------

Stockholders' Equity

   Capital stock of $.10 par value
     Class A - authorized 300,000,000 shares; issued: 2000 -
         179,019,788; 1999 - 177,971,194 (including treasury shares:
         2000 - 11,592,263; 1999 - 5,000,000) ......................             17,902              17,797
     Class B - convertible - authorized 847,158 shares; issued:
         2000 - 847,158; 1999 - 847,240 ............................                 85                  85

   Additional paid-in capital ......................................             27,055                  --
   Accumulated other comprehensive (loss) income ...................             (4,442)              3,170
   Retained earnings ...............................................          1,752,819           1,600,743
   Common stock held in treasury, at cost ..........................           (451,011)           (173,137)
                                                                            -----------         -----------

     Total stockholders' equity ....................................          1,342,408           1,448,658
                                                                            -----------         -----------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY .........................        $ 3,707,677         $ 3,495,802
                                                                            ===========         ===========
</TABLE>

            See Notes to Condensed Consolidated Financial Statements.


                                       4
<PAGE>

                           THE NEW YORK TIMES COMPANY

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                             (Dollars in thousands)

<TABLE>
<CAPTION>
                                                                    Six Months Ended
                                                              ---------------------------
                                                               June 25,          June 27,
                                                                   2000              1999
                                                              ---------------------------
                                                                      (26 Weeks)
<S>                                                           <C>               <C>
OPERATING ACTIVITIES

Net cash provided by operating activities ............        $ 299,140         $ 228,290
                                                              ---------         ---------

INVESTING ACTIVITIES

Additions to property, plant and equipment ...........          (28,157)          (29,291)

Business acquired ....................................         (296,278)               --

Net proceeds from dispositions .......................               --            11,434
Other-net ............................................           (9,634)          (10,238)
                                                              ---------         ---------

Net cash used in investing activities ................         (334,069)          (28,095)
                                                              ---------         ---------

FINANCING ACTIVITIES

Commercial paper borrowings ..........................          363,480            82,530
Long-term debt
    Proceeds .........................................           40,000                --
    Payments .........................................         (101,433)             (684)
Capital shares
    Issuances ........................................           23,329             7,447
    Repurchases ......................................         (279,160)         (257,965)
Dividends paid to stockholders .......................          (37,599)          (35,602)
                                                              ---------         ---------

Net cash provided by/(used in) financing activities ..            8,617          (204,274)
                                                              ---------         ---------

Decrease in cash and cash equivalents ................          (26,312)           (4,079)

Cash and cash equivalents at the beginning of the year           63,861            35,991
                                                              ---------         ---------
Cash and cash equivalents at the end of the quarter ..        $  37,549         $  31,912
                                                              =========         =========
</TABLE>

SUPPLEMENTAL CASH FLOW INFORMATION

NONCASH FINANCING AND INVESTING TRANSACTIONS

      In 1999 the Company purchased a minority interest in TheStreet.com for
      $15.6 million, of which $3.6 million was in cash and $12.0 million
      represents an irrevocable credit for services to be used by TheStreet.com
      through February 2003. Investment and deferred revenue accounts were
      increased by $12.0 million accordingly. As of June 25, 2000, approximately
      $2.3 million of advertising credits have been utilized.

BUSINESS ACQUIRED

      In January of 2000 the Company acquired certain assets ($313.8 million)
      and assumed certain liabilities ($17.5 million) of a newspaper, the
      Worcester Telegram & Gazette, for $296.3 million in cash (see Note 3).

OTHER

      Amounts in these statements of cash flows are presented on a cash basis
      and may differ from those shown in other sections of the financial
      statements.

           See Notes to Condensed Consolidated Financial Statements.


                                       5
<PAGE>

                           THE NEW YORK TIMES COMPANY

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

1. General

      The accompanying Notes to Condensed Consolidated Financial Statements
should be read in conjunction with the Consolidated Financial Statements
included in the annual report on Form 10-K for the year ended December 26, 1999,
for The New York Times Company (the "Company") filed with the Securities and
Exchange Commission (the "SEC"). In the opinion of management, all adjustments
necessary for a fair presentation of the financial position and results of
operations, as of and for the interim period ended, have been included. Due to
the seasonal nature of the Company's business, results for the interim periods
are not necessarily indicative of a full year's operations. The fiscal periods
included herein comprise 13 weeks for the three-month periods and 26 weeks for
the six-month periods.

      Certain reclassifications have been made to the 1999 Condensed
Consolidated Financial Statements to conform with classifications used at June
25, 2000.

2. Proposed Tracking Stock

      On January 20, 2000, the Board of Directors of the Company authorized,
subject to shareholder approval, the issuance of a new class of stock ("Class C
Stock"). On January 28, 2000, the Company filed a registration statement with
the SEC on Form S-3 (the "Form S-3") related to a proposed initial public
offering of Class C Stock, which is intended to track the performance of the
Company's Internet business division, New York Times Digital ("NYTD group"). At
the Annual Meeting of Stockholders held on May 23, 2000, stockholders authorized
the filing of an amendment to the Company's certificate of incorporation to
create this new class of stock. As of the date of this report, the Form S-3 has
not become effective and the amendment to the certificate of incorporation has
not been filed with the Secretary of State. The Company is currently evaluating
market conditions.

      The Company separates for financial reporting purposes the NYT group and
the NYTD group (see Note 11). The NYT group includes all of the other business
segments of the Company: Newspaper, Broadcast and Magazine, except for the
businesses of the NYTD group. The NYT group also includes a retained interest in
the NYTD group, which is currently 100%. This retained interest will decline
upon any issuance of Class C Stock. The NYTD group includes NYTimes.com,
NYToday.com, Boston.com, WineToday.com, GolfDigest.com and Abuzz. The NYTD
group's operating results as presented in the financial statements included in
Note 11 of the Notes to Condensed Consolidated Financial Statements reflect the
effect of various inter-group arrangements and policies for license fees,
inter-group services and income taxes.

      Beginning in 2000, and coinciding with the effective date of these various
arrangements (January 1, 2000), the Company's management determined that its
reportable segments consist of newspapers, broadcast, magazines and the NYTD
group. These segments will be evaluated regularly by key management in assessing
performance and allocating resources.


                                       6
<PAGE>

3. Acquisitions/Dispositions

      On January 7, 2000, the Company acquired certain assets and assumed
certain liabilities of a newspaper, the Worcester Telegram & Gazette ("T&G"), in
Worcester, Mass., for $296.3 million in cash. The cost of this acquisition was
funded through the Company's commercial paper program. This transaction was
accounted for as a purchase and, accordingly, the T&G has been included in the
Company's Condensed Consolidated Financial Statements (as of January 7, 2000). A
portion of the purchase price was allocated to goodwill ($163.2 million), a
portion to other intangibles ($100.5 million) (principally advertising and
subscriber relationships) and the remainder to other assets acquired net of
liabilities assumed. The amount allocated to goodwill will be amortized over a
40-year period and the amount allocated to other intangibles will be amortized
over an average of 19 years. The purchase price allocation is preliminary and
further adjustments are possible based on the completion of a final valuation.
If this acquisition had occurred in the beginning of 1999, it would not have had
a material impact on the results of operations for periods presented herein.

      On February 17, 2000, the Company made a decision to offer for sale the
Santa Barbara News-Press in Santa Barbara, Calif., the Daily World in Opelousas,
La., the Daily News in Palatka, Fla., the Lake City Reporter in Lake City, Fla.,
The News-Sun in Sebring/Avon Park, Fla., The News-Leader in Fernandina Beach,
Fla., the Marco Island Eagle in Marco Island, Fla., and the operations of all
nine of its telephone directories, which were a part of the Regional Newspaper
Group. The net assets of these newspapers and telephone directory operations
have been included in the caption "Assets held for sale" in the Company's
Condensed Consolidated Balance Sheets at their carrying value of $36.6 million
at June 25, 2000, and $37.8 million at December 26, 1999. The sales are expected
to be completed by December 31, 2000. The operations of these newspapers and
telephone directories are not material to the Company.

      On June 26, 2000, the Company agreed to sell to TransWestern Publishing
Company, LLC, all nine telephone directories. This transaction closed on July
18, 2000. On July 7, 2000, the Company agreed to sell the Santa Barbara
News-Press to Ampersand Publishing, LLC. This sale, which is subject to
regulatory approval, is expected to close in the third quarter of 2000.

4. Income Taxes

      Reconciliations between the effective rate on income before income taxes
and the federal statutory rate are as follows:

<TABLE>
<CAPTION>
                                                                      Three Months Ended                Six Months Ended
- ------------------------------------------------------------------------------------------------------------------------------------
                                                          June 25, 2000        June 27, 1999     June 25, 2000     June 27, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                  % of                 % of                % of               % of
(Dollars in thousands)                                  Amount   Pre-tax    Amount    Pre-tax   Amount    Pre-tax   Amount   Pre-tax
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                   <C>         <C>     <C>          <C>     <C>         <C>     <C>        <C>
Tax at the federal statutory rate .................   $  61,009   35.0%   $  50,850    35.0%   $ 111,135   35.0%   $  88,492  35.0%

State and local income taxes-net of federal benefit       8,572    4.9%       8,378     5.8%      16,266    5.1%      15,045   6.0%

Amortization of nondeductible intangible
assets acquired ...................................       3,156    1.8%       2,594     1.8%       5,734    1.8%       4,572   1.8%

Other-net .........................................        (165)  -0.1%          --      --         (408)  -0.1%        (149) -0.1%
                                                      ------------------------------------------------------------------------------

Income tax expense ................................   $  72,572   41.6%   $  61,822    42.6%   $ 132,727   41.8%   $ 107,960  42.7%
                                                      ==============================================================================
</TABLE>


                                       7
<PAGE>

5. Debt Obligations

      In June 2000 total available funds under revolving credit agreements were
increased to $600.0 million from $400.0 million. The Company's one-year
agreement was renewed and increased to $300.0 million from $200.0 million and
will now mature in June 2001. The Company's multi-year agreement was renewed and
increased to $300.0 million from $200.0 million and will now mature in June
2005.

      The revolving credit agreements require, among other provisions, specified
levels of stockholders' equity. Approximately $356.7 million of stockholders'
equity was unrestricted under these agreements as of June 25, 2000, and $509.2
million was unrestricted at December 26, 1999. The decline in the level of
unrestricted stockholders' equity was primarily due to stock repurchases.

      As of June 25, 2000, the amount outstanding under the Company's commercial
paper program, which is supported by these revolving credit agreements, was
$363.5 million. The amount available under these facilities was $236.5 million
as of June 25, 2000. No amounts were outstanding under the Company's revolving
credit agreements as of June 25, 2000.

      In March 2000 the Company issued $40.0 million of 7% subordinated notes
due March 21, 2003, to three venture capital firms. After the consummation of
the proposed initial public offering of Class C stock, this debt will be
convertible, at the election of the venture capital firms, into shares of Class
C stock intended to represent approximately 6.7% of the pre-offering equity of
the NYTD group. If there is no offering, this debt will not be convertible. The
Company has agreed to give the venture capital firms piggyback and demand
registration rights for Class C stock issued upon conversion.

      As of June 25, 2000, and December 26, 1999, the Company had outstanding
$1.0 billion and $701.2 million in total debt including commercial paper and
capital leases. The increase is primarily attributable to higher levels of
commercial paper outstanding. On April 28, 2000, the Company repaid $100.0
million due on its six and one-half year senior notes. The remainder of the
Company's debt and capital leases generally mature between March 2003 and March
2025.

6. Stock Repurchase Program

      During the first six months of 2000, the Company repurchased 6.6 million
shares of Class A Common Stock at a cost of $279.2 million. The average price of
these repurchases was $42 per share. As of August 4, 2000, the remaining amount
of repurchase authorization from the Company's Board of Directors was $97.7
million.

7. Voluntary Staff Reductions

      No charges for work force reductions were recorded for the first six
months of 2000 or for the first quarter of 1999. A $4.0 million work force
reduction charge was recorded in the second quarter of 1999. Work force
reduction accruals are included in "Accrued expenses" on the Company's Condensed
Consolidated Balance Sheets and amounted to $10.8 million at June 25, 2000, and
$20.0 million at December 26, 1999. Most of the accruals outstanding at June 25,
2000, will be paid within one year.


                                       8
<PAGE>

8. Comprehensive Income

      Comprehensive income for the Company principally includes unrealized
gains/(losses) on available-for-sale securities, as defined under SFAS No. 115,
"Accounting for Certain Investments in Debt and Equity Securities," foreign
currency translation adjustments, as well as net income reported in the
Company's Condensed Consolidated Statements of Income.

Comprehensive income for 2000 and 1999 was as follows:

<TABLE>
<CAPTION>
            ------------------------------------------------------------------------------------------------------------------------
                                                                                Three Months Ended              Six Months Ended
            ------------------------------------------------------------------------------------------------------------------------
                                                                              June 25,       June 27,       June 25,       June 27,
            (Dollars in thousands)                                                2000           1999           2000           1999
            ------------------------------------------------------------------------------------------------------------------------
            <S>                                                              <C>            <C>            <C>            <C>
            Net Income                                                       $ 101,738      $  83,463      $ 184,801      $ 144,873
            Foreign currency translation gains                                   1,127            825            888          1,443
            Change in unrealized (losses)/gains on marketable securities        (8,539)        24,968        (15,768)        24,968

            Income tax benefit/(charge)                                          4,035        (11,587)         7,268        (11,852)
            ------------------------------------------------------------------------------------------------------------------------
            Comprehensive income                                             $  98,361      $  97,669      $ 177,189      $ 159,432
            ------------------------------------------------------------------------------------------------------------------------
</TABLE>

      The Accumulated other comprehensive (loss) income on the Company's
Condensed Consolidated Balance Sheets was net of a deferred income tax asset of
$4.7 million as of June 25, 2000, and net of a deferred income tax liability of
$2.6 million as of December 26, 1999.

9. Dividend Rate Increase

      On April 27, 2000, the Board of Directors authorized a $.01 per share
increase in the quarterly dividend on its Class A and Class B Common Stock from
$.105 per share to $.115 per share, effective with the June 2000 dividend.


                                       9
<PAGE>

10. Segment Statements of Income

<TABLE>
<CAPTION>
      -----------------------------------------------------------------------------------------------------
                                                   Three Months Ended                 Six Months Ended
      -----------------------------------------------------------------------------------------------------
                                                June 25,         June 27,         June 25,         June 27,
      (Dollars in thousands)                        2000             1999             2000             1999
      -----------------------------------------------------------------------------------------------------
      <S>                                    <C>              <C>              <C>              <C>
      REVENUES
      Newspapers .......................     $   798,203      $   701,900      $ 1,568,808      $ 1,377,060
      Broadcast ........................          41,322           40,804           75,673           73,897
      Magazines ........................          35,583           32,584           64,491           60,299
      New York Times Digital ...........          13,464            5,009           25,033            8,832
      Intersegment eliminations (A)               (2,984)            (912)          (5,485)          (1,645)
                                             --------------------------------------------------------------
      Total ............................     $   885,588      $   779,385      $ 1,728,520      $ 1,518,443
                                             ==============================================================

      OPERATING PROFIT (LOSS)
      Newspapers .......................     $   187,673      $   148,568      $   350,742      $   265,968
      Broadcast ........................          13,625           14,705           21,010           21,691
      Magazines ........................           9,592            8,191           14,097           12,722
      New York Times Digital ...........         (15,472)          (4,619)         (25,521)          (9,719)
      Unallocated corporate expensess...          (9,540)         (11,984)         (19,517)         (20,560)
                                             --------------------------------------------------------------
      Total ............................         185,878          154,861          340,811          270,102

      Income from joint ventures .......           3,622            3,265            7,249            7,468
      Interest expense, net ............          15,190           12,841           30,532           24,737
                                             --------------------------------------------------------------
      Income before income taxes .......         174,310          145,285          317,528          252,833
      Income taxes .....................          72,572           61,822          132,727          107,960
                                             --------------------------------------------------------------
      NET INCOME .......................     $   101,738      $    83,463      $ 184,801 $          144,873
                                             ==============================================================
</TABLE>

      See Management's Discussion and Analysis of Financial Condition and
Results of Operations in this Form 10-Q for more information on the Company's
reportable operating segments.

(A) Intersegment eliminations primarily include revenues between New York Times
Digital and other segments.


                                       10
<PAGE>

11. Consolidating Information

      Below is the consolidating financial information of the NYT group and the
NYTD group. The financial information reflects the businesses of the NYT group
and the NYTD group, including the allocation of revenues and expenses between
the NYT group and the NYTD group in accordance with the Company's allocation
policies. The NYT group presented below excludes its retained interest in the
NYTD group, which is currently 100%. This retained interest will decline upon
any issuance of Class C Stock.

      The allocations are as follows: a) Inter-group advertising revenues
between the NYT and NYTD groups, b) a portion of classified advertising revenues
from the NYT group to the NYTD group, c) license fees charged by the NYT group
to the NYTD group for the electronic use of the trademarks and copyrights owned
by the NYT group, d) a portion of NYT group expenses for general and
administrative services and shared processing services from the NYT group to the
NYTD group. Additionally, the income tax benefit relating to the operations of
the NYTD group, which could be utilized on a consolidated basis, were allocated
to the NYTD group. The Company believes that the aforementioned allocations were
made on a reasonable basis.


                                       11
<PAGE>

                  CONDENSED CONSOLIDATING STATEMENTS OF INCOME

<TABLE>
<CAPTION>
                                               Three Months Ended June 25, 2000            Three Months Ended June 27, 1999
- -------------------------------------------------------------------------------------  --------------------------------------------
                                                                            The New                                       The New
                                        The NYT    The NYTD     Elimina-   York Times  The NYT     The NYTD    Elimina-  York Times
(In thousands)                           Group       Group        tions     Company     Group        Group      tions      Company
- -------------------------------------------------------------------------------------  --------------------------------------------
<S>                                    <C>         <C>         <C>         <C>        <C>          <C>         <C>          <C>
REVENUES
External non-internet revenues       $   872,057   $      --   $      --   $ 872,057  $ 773,835    $      --   $    --    $ 773,835
External internet revenues                   785      12,746          --      13,531        541        5,009        --        5,550
Inter-group revenue                        2,266         718      (2,984)         --        912           --      (912)          --
- -------------------------------------------------------------------------------------  --------------------------------------------
Total                                    875,108      13,464      (2,984)    885,588    775,288        5,009      (912)     779,385
- -------------------------------------------------------------------------------------  --------------------------------------------
COSTS AND EXPENSES
Production costs:
  External expenses                      357,878       7,093          --     364,971    342,822        3,723        --      346,545
  Inter-group expense                        219       1,310      (1,529)         --         --          912      (912)          --
Selling, general and administrative
  expenses:
  External expenses                      315,572      19,167          --     334,739    273,564        4,415        --      277,979
  Inter-group allocated expenses              89       1,366      (1,455)         --       (578)         578        --           --
- -------------------------------------------------------------------------------------  --------------------------------------------
Total                                    673,758      28,936      (2,984)    699,710    615,808        9,628      (912)     624,524
- -------------------------------------------------------------------------------------  --------------------------------------------
OPERATING PROFIT (LOSS)                  201,350     (15,472)         --     185,878    159,480       (4,619)       --      154,861
Income from joint ventures                 3,622          --          --       3,622      3,265           --        --        3,265
Interest expense, net                     15,048         142          --      15,190     12,841           --        --       12,841
- -------------------------------------------------------------------------------------  --------------------------------------------
Income (loss) before income taxes        189,924     (15,614)         --     174,310    149,904       (4,619)       --      145,285
- -------------------------------------------------------------------------------------  --------------------------------------------
Income tax expense (benefit)              79,130      (6,558)         --      72,572     63,804       (1,982)       --       61,822
- -------------------------------------------------------------------------------------  --------------------------------------------
NET INCOME/(LOSS)                    $   110,794   $  (9,056)  $      --   $ 101,738  $  86,100    $  (2,637)  $    --    $  83,463
</TABLE>

<TABLE>
<CAPTION>
                                                 Six Months Ended June 25, 2000             Six Months Ended June 27, 1999
- -------------------------------------------------------------------------------------  --------------------------------------------
                                                                            The New                                       The New
                                        The NYT    The NYTD     Elimina-   York Times  The NYT     The NYTD    Elimina-  York Times
(In thousands)                           Group       Group        tions     Company     Group        Group      tions     Company
- -------------------------------------------------------------------------------------  --------------------------------------------
<S>                                    <C>         <C>         <C>         <C>        <C>          <C>         <C>          <C>
REVENUES
External non-internet revenues      $ 1,703,513   $      --   $     --   $ 1,703,513  $1,508,597    $     --   $     --  $1,508,597
External internet revenues                1,502      23,505         --        25,007       1,014       8,832         --       9,846
Inter-group revenue                       3,957       1,528     (5,485)           --       1,645          --     (1,645)         --
- -------------------------------------------------------------------------------------  --------------------------------------------
Total                                 1,708,972      25,033     (5,485)    1,728,520   1,511,256       8,832     (1,645)  1,518,443
- -------------------------------------------------------------------------------------  --------------------------------------------
COSTS AND EXPENSES
Production costs:
  External expenses                     712,608      13,124         --       725,732     682,648       7,021         --     689,669
  Inter-group expense                       433       2,340     (2,773)           --          --       1,645     (1,645)         --
Selling, general and administrative
    expenses:
  External expenses                     629,324      32,653         --       661,977     549,946       8,726         --     558,672
  Inter-group allocated expenses            275       2,437     (2,712)           --      (1,159)      1,159         --          --
- -------------------------------------------------------------------------------------  --------------------------------------------
Total                                 1,342,640      50,554     (5,485)    1,387,709   1,231,435      18,551     (1,645)  1,248,341
- -------------------------------------------------------------------------------------  --------------------------------------------
OPERATING PROFIT (LOSS)                 366,332     (25,521)        --       340,811     279,821      (9,719)        --     270,102
Income from joint ventures                7,249          --         --         7,249       7,468          --         --       7,468
Interest expense, net                    30,390         142         --        30,532      24,737          --         --      24,737
- -------------------------------------------------------------------------------------  --------------------------------------------
Income (loss) before income taxes       343,191     (25,663)        --       317,528     262,552      (9,719)        --     252,833
- -------------------------------------------------------------------------------------  --------------------------------------------
Income tax expense (benefit)            143,505     (10,778)        --       132,727     112,130      (4,170)        --     107,960
- -------------------------------------------------------------------------------------  --------------------------------------------
NET INCOME/(LOSS)                   $   199,686   $ (14,885)  $     --   $   184,801  $  150,422    $ (5,549)  $     --  $  144,873
- -------------------------------------------------------------------------------------  --------------------------------------------
</TABLE>


                                       12
<PAGE>

                     CONDENSED CONSOLIDATING BALANCE SHEETS

<TABLE>
<CAPTION>
                                                June 25, 2000                                         December 26, 1999
                              -------------------------------------------------     ------------------------------------------------
                                                      Reclassifi-      The New                              Reclassifi-    The New
                                The NYT    The NYTD     cations/     York Times      The NYT     The NYTD     cations/    York Times
(In thousands)                   Group       Group    Eliminations     Company        Group        Group    Eliminations   Company
- -------------------------------------------------------------------------------     ------------------------------------------------
<S>                           <C>          <C>         <C>           <C>            <C>          <C>         <C>         <C>
ASSETS
Current assets                $  588,595   $   8,872   $      --     $  597,467     $  605,350   $   9,558   $      --   $  614,908
Investments in joint
  ventures                       121,216          --          --        121,216        121,940          --          --      121,940
Funds allocated to the
    NYTD group, net               46,363          --     (46,363)            --         80,440          --     (80,440)          --
Property plant
  & equipment, net             1,204,955      11,520          --      1,216,475      1,208,601       9,795          --    1,218,396
Intangible assets
  acquired, net                1,505,895      25,761          --      1,531,656      1,276,134      28,884          --    1,305,018

Miscellaneous assets             239,663       1,200          --        240,863        235,052         488          --      235,540
- -------------------------------------------------------------------------------     ------------------------------------------------
Total                         $3,706,687   $  47,353   $ (46,363)    $3,707,677     $3,527,517   $  48,725   $ (80,440)  $3,495,802
- -------------------------------------------------------------------------------     ------------------------------------------------
LIABILITIES AND
  STOCKHOLDERS' EQUITY
Current liabilities           $  918,351   $  20,370   $      --     $  938,721     $  660,978   $  12,536   $      --   $  673,514

Other liabilities              1,385,035      41,513          --      1,426,548      1,371,873       1,757          --    1,373,630
Funds allocated from the
  NYT group, net                      --      46,363     (46,363)            --             --      80,440     (80,440)          --

Common stock                      17,987          --          --         17,987         17,882          --          --       17,882

Additional paid-in capital        27,055          --          --         27,055             --          --          --           --
Retained earnings
  (accumulated losses)         1,813,712     (60,893)         --      1,752,819      1,646,751     (46,008)         --    1,600,743
Common stock held
  in treasury, at cost,
  and other                     (455,453)         --          --       (455,453)      (169,967)         --          --     (169,967)
- -------------------------------------------------------------------------------     ------------------------------------------------
Total                         $3,706,687   $  47,353   $ (46,363)    $3,707,677     $3,527,517   $  48,725   $ (80,440)  $3,495,802
- -------------------------------------------------------------------------------     ------------------------------------------------
</TABLE>


                                       13
<PAGE>

SUPPLEMENTAL INFORMATION TO THE CONDENSED CONSOLIDATING BALANCE SHEETS

FUNDS ALLOCATED TO/FROM THE NYTD GROUP

<TABLE>
<CAPTION>
                                                                               Debt            Funds
                                                              Funds          proceeds        allocated
                                                            allocated      advanced to      to/from the
                                                          from the NYT       the NYT         NYT group,
       (In thousands)                                         group           group             net
                                                          ---------------------------------------------
      <S>                                                   <C>             <C>              <C>
      Balance at December 26, 1999 .................        $ 80,440        $     --         $ 80,440

         Funds allocated from the NYT group ........           2,446           3,477            5,923

         Debt proceeds advanced to the NYT group (A)              --         (40,000)         (40,000)
                                                          ---------------------------------------------
      Balance at June 25, 2000 .....................        $ 82,886        $(36,523)        $ 46,363
                                                          ===========================================
</TABLE>

(A) The Company will make the proceeds of this debt (see Note 5) available to
the NYTD group as they are needed and as such the NYTD group will accrue
interest income on the amount of proceeds still available to the NYTD group at
the Company's short-term interest rate.

Advertising Credits

On March 3, 2000, the NYT group committed to provide $30.0 million in
advertising credits to the NYTD group to be utilized in any of the NYT group's
print publications. It is the NYTD group's current intention to use these
credits as consideration to effect strategic alliances, investments and
acquisitions.

The advertising credits will be recorded on the NYTD group's financial
statements as they are committed to independent third parties. The fair market
value of what is received or the value of the advertising given up, whichever is
more readily determinable, will be recorded as an asset with a corresponding
amount recorded as funds allocated from the NYT group to the NYTD group, in the
NYTD group's financial statements. As of June 25, 2000, none of the advertising
credits have been utilized.


                                       14
<PAGE>

                CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                         Six Months Ended June 25, 2000                     Six Months Ended June 27, 1999
                                  ---------------------------------------------    -----------------------------------------------
                                                                       The New                                           The New
                                   The NYT     The NYTD   Elimina-   York Times     The NYT    The NYTD      Elimina-   York Times
(In thousands)                      Group       Group      tions       Company       Group       Group        tions      Company
- -------------------------------------------------------------------------------    -----------------------------------------------
<S>                               <C>         <C>         <C>         <C>          <C>         <C>           <C>        <C>
OPERATING ACTIVITIES

Net cash provided by/(used in)
  operating activities            $ 300,191   $  (1,051)  $     --    $ 299,140    $ 228,080   $     210     $    --    $ 228,290
- -------------------------------------------------------------------------------    -----------------------------------------------

INVESTING ACTIVITIES

Additions to property, plant
  and equipment                     (24,246)     (3,911)        --      (28,157)     (28,053)     (1,238)         --      (29,291)
Business acquired                  (296,278)         --         --     (296,278)          --          --          --           --
Net proceeds from dispositions           --          --         --           --       11,434          --          --       11,434
Other-net                            (9,634)         --         --       (9,634)     (10,238)         --          --      (10,238)
- -------------------------------------------------------------------------------    -----------------------------------------------
Net cash used in investing
  activities                       (330,158)     (3,911)        --     (334,069)     (26,857)     (1,238)         --      (28,095)
- -------------------------------------------------------------------------------    -----------------------------------------------

FINANCING ACTIVITIES

Commercial paper borrowings         363,480          --         --      363,480       82,530          --          --       82,530
Long-term debt
   Proceeds                              --      40,000         --       40,000           --          --          --           --
   Payments                        (100,850)       (583)        --     (101,433)        (684)         --          --         (684)
Capital shares
  Issuances                          23,329          --         --       23,329        7,447          --          --        7,447
  Repurchases                      (279,160)         --         --     (279,160)    (257,965)         --          --     (257,965)
Dividends paid to stockholders      (37,599)         --         --      (37,599)     (35,602)         --          --      (35,602)
Funds allocated between the NYT
   group and the NYTD group, net     34,569     (34,569)        --           --         (807)        807          --           --
- -------------------------------------------------------------------------------    -----------------------------------------------
Net cash provided by/(used in)
   financing activities               3,769       4,848         --        8,617     (205,081)        807          --     (204,274)
- -------------------------------------------------------------------------------    -----------------------------------------------

Net (decrease) increase in cash
  and short-term investments        (26,198)       (114)        --      (26,312)      (3,858)       (221)         --       (4,079)
Cash and cash equivalents
  at the beginning of the year       63,677         184         --       63,861       35,950          41          --       35,991
- -------------------------------------------------------------------------------    -----------------------------------------------

Cash and cash equivalents
  at the end of the quarter       $  37,479   $      70   $     --    $  37,549    $  32,092   $    (180)    $    --    $  31,912
- -------------------------------------------------------------------------------    -----------------------------------------------
</TABLE>


                                       15
<PAGE>

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

      Advertising revenues accounted for approximately 74% and circulation
revenues accounted for 21% of the Company's revenues in the second quarter and
for the first six months of 2000. Advertising revenues influence the pattern of
the Company's consolidated revenues because they are seasonal in nature.
Traditionally, second-quarter and fourth-quarter advertising volume is higher
than that which occurs in the first and third quarters when economic activity
tends to be lower after the holiday season and in the summer period. Quarterly
trends are also affected by the overall economy and economic conditions that may
exist in specific markets served by each of the Company's business segments.

      Newsprint is the major component of the Company's cost of raw materials.
Newsprint market prices began increasing in the second quarter of 2000 over 1999
levels and for the remainder of the year are expected to continue to rise over
1999 levels.

      The Company's consolidated financial results for the quarter and six
months ended June 25, 2000, compared with the quarter and six months ended June
27, 1999, were as follows:

<TABLE>
<CAPTION>
      ---------------------------------------------------------------------------------------------------------------------------
                                                                     Three Months Ended                 Six Months Ended
      ---------------------------------------------------------------------------------------------------------------------------
                                                             June 25,    June 27,                June 25,     June 27,
      (Dollars in thousands, except per share data)              2000        1999    % Change        2000         1999   % Change
      ---------------------------------------------------------------------------------------------------------------------------
      <S>                                                    <C>         <C>           <C>     <C>          <C>            <C>
      Revenues                                               $885,588    $779,385      13.6%   $1,728,520   $1,518,443     13.8%
      ---------------------------------------------------------------------------------------------------------------------------
      Operating profit                                       $185,878    $154,861      20.0%   $  340,811   $  270,102     26.2%
      ---------------------------------------------------------------------------------------------------------------------------
      Net Income before special items                        $101,738    $ 85,755      18.6%   $  184,801   $  147,165     25.6%

      Special items                                                --      (2,292)      N/A            --       (2,292)     N/A
      ---------------------------------------------------------------------------------------------------------------------------
      Net Income                                             $101,738    $ 83,463      21.9%   $  184,801   $  144,873     27.6%
      ---------------------------------------------------------------------------------------------------------------------------
      Diluted earnings per share:                            $   0.59    $   0.48      22.9%   $     1.06   $     0.81     30.9%
      Net Income before special items
      Special items                                                --       (0.01)      N/A            --        (0.01)     N/A
      ---------------------------------------------------------------------------------------------------------------------------
      Diluted earnings per share                             $   0.59    $   0.47      25.5%   $     1.06   $     0.80     32.5%
      ---------------------------------------------------------------------------------------------------------------------------
</TABLE>

      The 2000 second-quarter net income increased 18.6% compared with the
second quarter of 1999, excluding special items. For the first six months of
2000, net income increased 25.6% compared with the first six months of 1999,
excluding special items.

      Including special items, the 2000 second-quarter net income increased
21.9% compared with the second quarter of 1999. For the first six months of 2000
net income, including special items, increased 27.6% compared with the first six
months of 1999.

      Revenues for the second quarter of 2000 were $885.6 million, a 13.6%
increase over 1999 second-quarter revenues of $779.4 million. Revenues for the
first six months of 2000 were $1,728.5 million, a 13.8% increase from $1,518.4
million for the same period in 1999. Excluding revenues from the Worcester
Telegram & Gazette (T&G), which was acquired on January 7, 2000, total revenues
in the second quarter of 2000 grew 10.9% and advertising revenues grew 14.3%
over the second quarter of 1999. In the first six months of 2000 total revenues
grew 11.3% and advertising revenues grew 14.9% compared with the same period a
year ago, excluding the T&G. The increase was primarily due to strong national
and help-wanted advertising at the Newspaper Group with the largest increases at
The New York Times and The Boston Globe.


                                       16
<PAGE>

      Operating profit in the second quarter of 2000 increased 17.0% to $185.9
million from $158.9 million, excluding special items. On the same basis,
operating profit for the first half of the year rose 24.3% to $340.8 million
from $274.1 million in the corresponding period of 1999. The operating profit
increases were principally from strong revenue growth.

      Operating profit increased to 20.0% in the second quarter of 2000
including special items. On the same basis, for the first six months of 2000
operating profit increased 26.2% from the corresponding period of 1999.

      There were no special items in the first half of 2000 or in the first
quarter of 1999. Special items in the second quarter of 1999 included a $4.0
million pre-tax charge ($.01 diluted earnings per share) for work force
reduction expenses at The Boston Globe.

      Excluding special items, EBITDA (earnings before interest, taxes,
depreciation and amortization) in the second quarter of 2000 rose to $241.9
million from $210.7 million in the 1999 second quarter. On the same basis,
EBITDA for the first six months of 2000 was $452.2 million compared with $378.7
million in the same period of 1999. EBITDA in the 2000 second quarter rose to
$241.9 million from $206.7 million in the second quarter of 1999, including
special items. On the same basis, EBITDA for the first six months of 2000 was
$452.2 million compared with $374.7 million in the same period of 1999.

      EBITDA is presented since it is a widely accepted indicator of funds
available to service debt, although it is not a measure of liquidity or of
financial performance under generally accepted accounting principles ("GAAP").
The EBITDA presented may not be comparable to similarly titled measures reported
by other companies. The Company believes that EBITDA, while providing useful
information, should not be considered in isolation or as an alternative to net
income or cash flows as determined under GAAP.

      Consolidated operating expenses for the second quarter and first half of
2000 and 1999 were as follows:

<TABLE>
<CAPTION>
      ----------------------------------------------------------------------------------------------------
                                             Three Months Ended                   Six Months Ended
      ----------------------------------------------------------------------------------------------------
                                     June 25,     June 27,                 June 25,     June 27,
      (Dollars in thousands)             2000         1999   % Change          2000         1999  % Change
      ----------------------------------------------------------------------------------------------------
      <S>                          <C>          <C>             <C>      <C>          <C>            <C>
      Production costs
         Raw materials             $   87,915   $   82,468      6.6%     $  173,504   $  169,760     2.2%
         Wages and benefits           163,950      159,173      3.0%        329,407      310,395     6.1%
         Other                        113,106      104,904      7.8%        222,821      209,514     6.4%
      ----------------------------------------------------------------------------------------------------
      Total production costs          364,971      346,545      5.3%        725,732      689,669     5.2%

      Selling, general and
         administrative expenses      334,739      277,979     20.4%        661,977      558,672    18.5%
      ----------------------------------------------------------------------------------------------------
      Total expenses               $  699,710   $  624,524     12.0%     $1,387,709   $1,248,341    11.2%
      ----------------------------------------------------------------------------------------------------
</TABLE>

      Production costs for the second quarter of 2000 increased 5.3% from the
second quarter of 1999 and for the first six months of 2000 production costs
increased 5.2% from the comparable period in 1999. Excluding the T&G, production
costs for the second quarter and for the first six months of 2000 increased 2.9%
and 3.0%.

      In the second quarter of 2000, the Company's newsprint expense rose 4.6%
compared with the 1999 second quarter, excluding the T&G. Of this increase, 0.6%
resulted from an increase in the average cost of newsprint and 4.0% resulted
from an increase in consumption. For the first six months of 2000 compared with
the first six months of 1999, excluding the T&G, the Company's newsprint expense
declined by 0.8%. This decline resulted from a decrease in the average cost of
newsprint of 5.8%, offset by an increase in consumption of 5.0%.


                                       17
<PAGE>

      Selling, general and administrative expenses ("SGA expenses") in the
second quarter and the first six months of 2000 increased 20.4% and 18.5%,
compared with the corresponding periods in the prior year. Excluding the T&G,
SGA expenses increased 17.2% and 15.4% for the same periods. The higher level of
SGA expenses, excluding the addition of the T&G, is partly attributable to the
continuing national expansion of The New York Times newspaper, increased costs
for the expansion of New York Times Digital and higher incentive pay linked to
strong performance. SGA expenses for the second quarter and the first six months
of 1999 include a $4.0 million work force reduction charge for The Boston Globe.

      The Company currently expects growth in its total expenses, excluding the
effects of newsprint, New York Times Digital and the T&G, to be in the range of
four to six percent for 2000.

Other Items

      Interest expense-net increased to $15.2 million in the 2000 second quarter
and $30.5 million in the first six months of 2000 compared with $12.8 million
and $24.7 million in the comparable 1999 periods principally due to additional
borrowings to fund the purchase of the T&G and the Company's share repurchase
program.

      The effective income tax rate for the second quarter of 2000 was 41.6%
compared with 42.6% in the 1999 second quarter. For the first six months of 2000
the effective income tax rate was 41.8% compared with 42.7% in the first six
months of 1999. The decreases for both the quarter and for the first six months
of 2000 were primarily due to lower state and local income taxes.


                                       18
<PAGE>

      Consolidated revenues, EBITDA, depreciation and amortization and operating
profit by business segment were as follows:

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
                                                     Three Months Ended                           Six Months Ended
                                    ------------------------------------------------------------------------------------------
                                       June 25,          June 27,                      June 25,          June 27,
(Dollars in thousands)                     2000              1999     % Change             2000              1999     % Change
- ------------------------------------------------------------------------------------------------------------------------------
<S>                                 <C>               <C>                <C>        <C>               <C>                <C>
REVENUES

Newspapers ...................      $   798,203       $   701,900        13.7%      $ 1,568,808       $ 1,377,060        13.9%
Broadcast ....................           41,322            40,804         1.3%           75,673            73,897         2.4%
Magazines ....................           35,583            32,584         9.2%           64,491            60,299         7.0%
New York Times Digital .......           13,464             5,009       168.8%           25,033             8,832       183.4%
Intersegment eliminations (A)            (2,984)             (912)      -227.2%          (5,485          )(1,645)      -233.4%
                                    ------------------------------------------------------------------------------------------
   Total .....................      $   885,588       $   779,385        13.6%      $ 1,728,520       $ 1,518,443        13.8%
                                    ==========================================================================================

EBITDA

Newspapers ...................      $   229,727       $   189,303        21.4%      $   434,692       $   347,586        25.1%
Broadcast ....................           17,926            19,068       -6.0%            29,612            30,423        -2.7%
Magazines ....................            9,911             8,555        15.9%           14,745            13,434         9.8%
New York Times Digital .......          (12,594)           (4,318)      -191.7%         (20,226)           (9,117)     -121.9%
Unallocated corporate expenses           (6,745)           (9,227)       26.9%          (14,000)          (15,311)        8.6%
Joint ventures ...............            3,710             3,353        10.7%            7,337             7,644        -4.0%
                                    ------------------------------------------------------------------------------------------
   Total .....................      $   241,935       $   206,734        17.0%      $   452,160       $   374,659        20.7%
                                    ==========================================================================================

DEPRECIATION AND AMORTIZATION

Newspapers ...................      $    42,054       $    40,735         3.2%      $    83,950       $    81,616         2.9%
Broadcast ....................            4,301             4,362       -1.4%             8,602             8,732        -1.5%
Magazines ....................              318               364       -12.6%              648               712        -9.0%
New York Times Digital .......            2,878               301       856.2%            5,296               603       778.3%
Corporate ....................            2,795             2,756         1.4%            5,428             5,051         7.5%
Joint ventures ...............               88                88         N/A               175               175          N/A
                                    ------------------------------------------------------------------------------------------
   Total .....................      $    52,434       $    48,606         7.9%      $   104,099       $    96,889         7.4%
                                    ==========================================================================================

OPERATING PROFIT (LOSS)

Newspapers ...................      $   187,673       $   148,568        26.3%      $   350,742       $   265,968        31.9%
Broadcast ....................           13,625            14,705       -7.3%            21,010            21,691        -3.1%
Magazines ....................            9,592             8,191        17.1%           14,097            12,722        10.8%
New York Times Digital .......          (15,472)           (4,619)      -235.0%         (25,521)           (9,719)     -162.6%
Unallocated corporate expenses           (9,540)          (11,984)       20.4%          (19,517)          (20,560)        5.1%
                                    ------------------------------------------------------------------------------------------
   Total .....................      $   185,878       $   154,861        20.0%      $   340,811       $   270,102        26.2%
                                    ==========================================================================================
</TABLE>

(A) Intersegment eliminations primarily include revenues between New York Times
Digital and other segments.

Newspaper Group: The Newspaper Group consists of The New York Times ("The
Times"), The Boston Globe ("The Globe"), 22 other newspapers, newspaper
distributors, a news service, a features syndicate, TimesFax, licensing
operations of the New York Times databases and microfilm.

<TABLE>
<CAPTION>
      -----------------------------------------------------------------------------------------------------------
                                              Three Months Ended                     Six Months Ended
                                 --------------------------------------------------------------------------------
                                   June 25,        June 27,                   June 25,        June 27,
      (Dollars in thousands)           2000            1999     % Change          2000            1999   % Change
      -----------------------------------------------------------------------------------------------------------
      <S>                         <C>             <C>               <C>      <C>             <C>             <C>
      Revenues                   $  798,203      $  701,900        13.7%    $1,568,808      $1,377,060      13.9%
      -----------------------------------------------------------------------------------------------------------
      EBITDA                     $  229,727      $  189,303        21.4%    $  434,692      $  347,586      25.1%
      -----------------------------------------------------------------------------------------------------------
      Operating profit           $  187,673      $  148,568        26.3%    $  350,742      $  265,968      31.9%
      -----------------------------------------------------------------------------------------------------------
</TABLE>


                                       19
<PAGE>

      Total Newspaper Group revenues in the second quarter and the first six
months of 2000 increased 13.7% and 13.9%, over the comparable periods in 1999.
Excluding the T&G, total Newspaper Group revenues increased 10.7% and 11.2% for
the quarter and the first six months of 2000. Performance was strongest at The
Times and The Globe where advertising revenues increased 16.5% and 14.8% for the
second quarter of 2000 and 18.2% and 14.1% in the first six months of 2000. Both
newspapers benefited from increased national and help-wanted advertising.

      Second-quarter operating profit for the Newspaper Group increased 23.0%
compared to the 1999 second quarter, excluding special items. For the first half
of the year, operating profit increased 29.9% from the comparable 1999 period,
excluding special items. Excluding the T&G, total Newspaper Group operating
profit increased 23.8% and 29.7% for the second quarter and the first six months
of 2000.

      The Company currently expects advertising revenue growth in the Newspaper
Group, excluding the T&G, to be in the range of seven to nine percent for 2000.


                                       20
<PAGE>

      Advertising, circulation and other revenue, by major product of the
Newspaper Group, were as follows:

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
                                                     Three Months Ended                            Six Months Ended
                                             -------------------------------------  -------------------------------------
                                               June 25,        June 27,               June 25,        June 27,
(Dollars in thousands)                             2000            1999   % Change        2000            1999   % Change
- ----------------------------------------------------------------------------------  -------------------------------------
<S>                                          <C>             <C>             <C>    <C>             <C>             <C>
The New York Times
    Advertising                              $  337,731      $  289,878      16.5%  $  665,578      $  563,307      18.2%
    Circulation                                 117,123         114,148       2.6%     234,251         227,594       2.9%
    Other                                        36,873          33,993       8.5%      73,064          68,415       6.8%
- ----------------------------------------------------------------------------------  -------------------------------------
    Total                                    $  491,727      $  438,019      12.3%  $  972,893      $  859,316      13.2%
- ----------------------------------------------------------------------------------  -------------------------------------
New England Newspaper Group
     The Boston Globe
     Advertising                             $  132,043      $  115,013      14.8%  $  253,529      $  222,266      14.1%
     Circulation                                 33,057          33,578      -1.6%      65,785          65,904      -0.2%
     Other                                        2,997           2,448      22.4%       5,578           4,763      17.1%
- ----------------------------------------------------------------------------------  -------------------------------------
     Subtotal                                $  168,097      $  151,039      11.3%  $  324,892      $  292,933      10.9%
- ----------------------------------------------------------------------------------  -------------------------------------
     Worcester Telegram & Gazette
     Advertising                             $   15,851             N/A       N/A   $   28,357             N/A       N/A
     Circulation                                  4,943             N/A       N/A        9,339             N/A       N/A
     Other                                          287             N/A       N/A          468             N/A       N/A
- ----------------------------------------------------------------------------------  -------------------------------------
     Subtotal                                $   21,081             N/A       N/A   $   38,164             N/A       N/A
- ----------------------------------------------------------------------------------  -------------------------------------
Total New England Newspaper
  Group
    Advertising                              $  147,894      $  115,013      28.6%  $  281,886      $  222,266      26.8%
    Circulation                                  38,000          33,578      13.2%      75,124          65,904      14.0%
    Other                                         3,284           2,448      34.1%       6,046           4,763      26.9%
- ----------------------------------------------------------------------------------  -------------------------------------
    Total                                    $  189,178      $  151,039      25.3%  $  363,056      $  292,933      23.9%
- ----------------------------------------------------------------------------------  -------------------------------------
Regional Newspapers
    Advertising                              $   94,328      $   89,767       5.1%  $  185,447      $  177,658       4.4%
    Circulation                                  18,913          19,112      -1.0%      39,199          39,347      -0.4%
    Other                                         4,057           3,963       2.4%       8,213           7,806       5.2%
- ----------------------------------------------------------------------------------  -------------------------------------
    Total                                    $  117,298      $  112,842       3.9%  $  232,859      $  224,811       3.6%
- ----------------------------------------------------------------------------------  -------------------------------------
Total Newspaper Group
    Advertising                              $  579,953      $  494,658      17.2%  $1,132,911      $  963,231      17.6%
    Circulation                                 174,036         166,838       4.3%     348,574         332,845       4.7%
    Other                                        44,214          40,404       9.4%      87,323          80,984       7.8%
- ----------------------------------------------------------------------------------  -------------------------------------
    Total                                    $  798,203      $  701,900      13.7%  $1,568,808      $1,377,060      13.9%
- ----------------------------------------------------------------------------------  -------------------------------------
</TABLE>


                                       21
<PAGE>

Advertising volume was as follows:

<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
                                                                       Three Months Ended                Six Months Ended
                                                             --------------------------------------------------------------------
(Inches in thousands, preprints in thousands of copies)      June 25,     June 27,                June 25,    June 27,
                                                                 2000         1999   % Change         2000        1999   % Change
- ---------------------------------------------------------------------------------------------------------------------------------
<S>                                                           <C>          <C>           <C>       <C>         <C>          <C>
The New York Times
    Retail                                                      142.7        137.1       4.1%        268.1       262.2       2.3%
    National                                                    426.5        380.5      12.1%        837.4       731.5      14.5%
    Classified                                                  255.0        260.3      -2.0%        506.9       513.1      -1.2%
    Zoned                                                       275.5        279.9      -1.6%        523.2       505.9       3.4%
- ---------------------------------------------------------------------------------------------------------------------------------
    Total                                                     1,099.7      1,057.8       4.0%      2,135.6     2,012.7       6.1%
- ---------------------------------------------------------------------------------------------------------------------------------
    Preprints                                                 104,760       96,547       8.5%      203,015     193,056       5.2%
- ---------------------------------------------------------------------------------------------------------------------------------
New England Newspaper Group
    The Boston Globe
    Retail                                                      156.0        156.7      -0.5%        281.4       295.3      -4.7%
    National                                                    210.1        180.9      16.2%        401.6       354.1      13.4%
    Classified                                                  358.1        357.3       0.2%        703.6       694.7       1.3%
    Zoned                                                        71.6         75.1      -4.5%        127.8       130.8      -2.2%
- ---------------------------------------------------------------------------------------------------------------------------------
    Total                                                       795.8        770.0       3.4%      1,514.4     1,474.9       2.7%
- ---------------------------------------------------------------------------------------------------------------------------------
    Preprints                                                 199,536      190,836       4.6%      385,041    377,198        2.1%
- ---------------------------------------------------------------------------------------------------------------------------------
    Worcester Telegram & Gazette
    Retail                                                       86.9          N/A        N/A        150.5         N/A        N/A
    National                                                     23.1          N/A        N/A         35.4         N/A        N/A
    Classified                                                  144.4          N/A        N/A        270.5         N/A        N/A
    Zoned                                                       145.1          N/A        N/A        243.0         N/A        N/A
- ---------------------------------------------------------------------------------------------------------------------------------
    Total                                                       399.5          N/A        N/A        699.4         N/A        N/A
- ---------------------------------------------------------------------------------------------------------------------------------
    Preprints                                                  49,637          N/A        N/A       91,884         N/A        N/A
- ---------------------------------------------------------------------------------------------------------------------------------
Regional Newspapers
    Retail                                                    1,834.7      1,857.2      -1.2%      3,653.8     3,706.0      -1.4%
    National                                                     76.4         72.4       5.5%        149.0       140.9       5.8%
    Classified                                                2,053.7      2,037.0       0.8%      4,023.2     3,954.8       1.7%
    Legal                                                       248.3        189.4      31.1%        334.3       273.4      22.3%
- ---------------------------------------------------------------------------------------------------------------------------------
    Total                                                     4,213.1      4,156.0       1.4%      8,160.3     8,075.1       1.1%
- ---------------------------------------------------------------------------------------------------------------------------------
    Preprints                                                 279,327      269,634       3.6%      552,977     539,856       2.4%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                       22
<PAGE>

Average circulation for The Times, The Globe, the T&G and the Regional
Newspapers (excluding non-dailies) for the quarter and six months ended June 25,
2000, compared with the second quarter and six months ended June 27, 1999, was
as follows:

<TABLE>
<CAPTION>
           ------------------------------------------------------------------------------------
                                                                Three Months Ended
                                                                  June 25, 2000
           ------------------------------------------------------------------------------------
           (Copies in thousands)                  Weekday      % Change    Sunday      % Change
           ------------------------------------------------------------------------------------
           <S>                                    <C>             <C>     <C>              <C>
           Average Net Paid Circulation
           The New York Times                     1,093.7        -0.8%    1,689.4          1.1%
           New England Newspaper Group
               The Boston Globe                     461.6        -0.1%      714.9         -1.1%
               Worcester Telegram & Gazette         105.9          N/A      130.1           N/A
           Regional Newspapers                      710.0        -2.0%      751.9         -1.8%
           ------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
           ------------------------------------------------------------------------------------
                                                                Six Months Ended
                                                                  June 25, 2000
           ------------------------------------------------------------------------------------
           (Copies in thousands)                  Weekday      % Change    Sunday      % Change
           ------------------------------------------------------------------------------------
           <S>                                    <C>             <C>     <C>              <C>
           Average Net Paid Circulation
           The New York Times                     1,124.1         0.8%    1,707.6          1.1%
           New England Newspaper Group
                The Boston Globe                    464.0         0.4%      716.4         -1.1%
                Worcester Telegram & Gazette        105.1          N/A      129.7           N/A
           Regional Newspapers                      737.8        -1.6%      784.0         -1.5%
           ------------------------------------------------------------------------------------
</TABLE>

      For the first six months of 2000 circulation growth for The Times was
primarily due to additional availability and promotion in major markets across
the nation combined with programs to improve the quality and levels of its home
delivery circulation base. Additionally, The Times and The Globe are continuing
to make improvements in delivery and customer service to attract new readers and
retain existing ones.

Broadcast Group: The Broadcast Group is comprised of eight network-affiliated
television stations and two radio stations.

<TABLE>
<CAPTION>
       -----------------------------------------------------------------------------------------------
                                          Three Months Ended                  Six Months Ended
                                 ---------------------------------------------------------------------
                                 June 25,     June 27,                June 25,     June 27,
       (Dollars in thousands)        2000         1999   % Change         2000         1999   % Change
       -----------------------------------------------------------------------------------------------
       <S>                        <C>          <C>           <C>       <C>          <C>           <C>
       Revenues                   $41,322      $40,804       1.3%      $75,673      $73,897       2.4%
       -----------------------------------------------------------------------------------------------
       EBITDA                     $17,926      $19,068      -6.0%      $29,612      $30,423      -2.7%
       -----------------------------------------------------------------------------------------------
       Operating Profit           $13,625      $14,705      -7.3%      $21,010      $21,691      -3.1%
       -----------------------------------------------------------------------------------------------
</TABLE>


      Revenues increased 1.3% in the 2000 second quarter to $41.3 million from
$40.8 million in the 1999 second quarter, while operating profit decreased 7.3%
to $13.6 million from $14.7 million in the second quarter of last year. For the
first half of 2000, revenues and operating profit totaled $75.7 million (a 2.4%
increase) and $21.0 million (a 3.1% decrease) compared with $73.9 million and
$21.7 million in the same period of 1999. Operating profit decreased mainly due
to higher personnel costs.

      Magazine Group: The Magazine Group is comprised of four golf publications
and related activities in the golf field.

<TABLE>
<CAPTION>
       -----------------------------------------------------------------------------------------------
                                          Three Months Ended                  Six Months Ended
                                 ---------------------------------------------------------------------
                                 June 25,     June 27,                June 25,     June 27,
       (Dollars in thousands)        2000         1999   % Change         2000         1999   % Change
       -----------------------------------------------------------------------------------------------
       <S>                        <C>          <C>          <C>        <C>          <C>           <C>
       Revenues                   $35,583      $32,584       9.2%      $64,491      $60,299       7.0%
       -----------------------------------------------------------------------------------------------
       EBITDA                     $ 9,911      $ 8,555      15.9%      $14,745      $13,434       9.8%
       -----------------------------------------------------------------------------------------------
       Operating Profit           $ 9,592      $ 8,191      17.1%      $14,097      $12,722      10.8%
       -----------------------------------------------------------------------------------------------
</TABLE>


                                       23
<PAGE>

      Second-quarter 2000 revenues increased 9.2% to $35.6 million from $32.6
million in the 1999 second quarter. Operating profit in the 2000 second quarter
increased 17.1% to $9.6 million from $8.2 million in the second quarter of 1999.
For the first half of 2000, revenues and operating profit were $64.5 million (a
7.0% increase) and $14.1 million (a 10.8% increase) compared with $60.3 million
and $12.7 million in the first half of 1999. Revenues rose primarily due to the
50th Anniversary issue of Golf Digest magazine.

      New York Times Digital: New York Times Digital ("NYTD group") is the
Company's Internet business division, which consists of NYTimes.com, Boston.com,
NYToday.com, WineToday.com, GolfDigest.com and Abuzz. Abuzz develops and deploys
technology to enable online communities to share knowledge, interests and
experience.

<TABLE>
<CAPTION>
       -------------------------------------------------------------------------------------------------
                                          Three Months Ended                   Six Months Ended
                                 -----------------------------------------------------------------------
                                 June 25,    June 27,                 June 25,    June 27,
       (Dollars in thousands)        2000        1999     % Change        2000        1999     % Change
       -------------------------------------------------------------------------------------------------
       <S>                       <C>          <C>           <C>       <C>          <C>           <C>
       Revenues                  $ 13,464     $ 5,009       168.8%    $ 25,033     $ 8,832       183.4%
       -------------------------------------------------------------------------------------------------
       EBITDA                    $(12,594)    $(4,318)     -191.7%    $(20,226)    $(9,117)     -121.9%
       -------------------------------------------------------------------------------------------------
       Operating loss            $(15,472)    $(4,619)     -235.0%    $(25,521)    $(9,719)     -162.6%
       -------------------------------------------------------------------------------------------------
</TABLE>

      NYTD group revenues for the second quarter of 2000 increased 168.8%
compared with the second quarter of 1999. For the first half of 2000, revenues
increased 183.4% compared with the first half of 1999. These increases were
primarily due to increased growth in advertising volume. Advertising revenue
accounted for 88% of NYTD group total revenues for the first six months of 2000.

      Operating losses for the second quarter and for the first six months of
2000 were 235.0% and 162.6% higher than the second quarter and the first six
months of 1999. Higher operating losses were mainly due to increased staffing,
promotion, advertising and costs associated with the operations of Abuzz
Technologies, Inc., which was acquired in July 1999. Operating losses in the
second quarter of 2000 were higher than those in the first quarter of the year
as NYTD group, late in the second quarter, increased staffing and initiated
advertising and promotional campaigns. These campaigns will continue into the
third quarter, when advertisers traditionally place fewer advertisements, as
well as the fourth quarter, a seasonally strong advertising period.

Liquidity and Capital Resources

      Net cash provided by operating activities was $299.1 million for the first
six months of 2000 compared with $228.3 million for the first six months of
1999. The increase of $70.9 million was primarily due to improved earnings. Net
cash used in investing activities was $334.1 million for the first six months of
2000 compared with $28.1 million for the first six months of 1999. The increase
in cash utilized of $306.0 million was primarily due to the acquisition of the
T&G. Net cash provided by financing activities was $8.6 million for the first
six months of 2000 compared with $204.3 million used in financing activities for
the first six months of 1999. This change was primarily related to increases in
commercial paper borrowings mostly used to fund the T&G acquisition partially
offset by the repayment of $100.0 million in debt in 2000. In both periods, the
repurchase of shares was a use of cash in financing activities.


                                       24
<PAGE>

      The Company believes that cash generated from its operations and the
availability of funds from external sources should be adequate to cover all cash
requirements, including working capital needs, stock repurchases, planned
capital expenditures and acquisitions, and dividend payments to stockholders.
The ratio of current assets to current liabilities was 63.7% at June 25, 2000,
and 74.8% at June 27, 1999. This decrease is principally due to an increase in
commercial paper outstanding at June 25, 2000, mostly resulting from the funding
of the T&G acquisition. The ratio of long-term debt and capital lease
obligations as a percentage of total capitalization was 32.2% at June 25, 2000,
compared with 29.8% at June 27, 1999. This increase is principally the result of
financing repurchases and the acquisition of the T&G under the Company's
commercial paper program.

Financing: The Company's total debt, including commercial paper and capital
leases, was $1.0 billion at June 25, 2000, and $805.9 million at June 27, 1999.
The increase in total debt was primarily from an increase in commercial paper
outstanding. On April 28, 2000, $100.0 million of the Company's six and one-half
year senior notes was repaid; the remainder of the Company's debt and capital
leases generally mature between March 2003 and March 2025. In June 2000 total
available funds under the revolving credit agreements were increased to $600.0
million from $400.0 million. The Company's one-year agreement was renewed and
increased to $300.0 million from $200.0 million and will now mature in June
2001. The Company's multi-year agreement was renewed and increased to $300.0
million from $200.0 million and will now mature in June 2005.

      The Company's revolving credit agreements require, among other provisions,
specified levels of stockholders' equity. Approximately $356.7 million of
stockholders' equity was unrestricted under these agreements at June 25, 2000,
and $564.0 million was unrestricted at June 27, 1999. The decline in the level
of unrestricted stockholders' equity was primarily due to stock repurchases.

      The Company had $363.5 million in commercial paper outstanding at June 25,
2000, and $206.6 million at June 27, 1999. These obligations are supported by
the revolving credit agreements, and no amounts are outstanding under these
revolving credit agreements as of June 25, 2000. The amount available under
these facilities was $236.5 million as of June 25, 2000, and $93.4 million as of
June 27, 1999.

      In March 2000 the Company issued $40.0 million of 7% subordinated notes
due March 21, 2003, to three venture capital firms. After the consummation of a
proposed initial public offering of a new class of stock, this debt will be
convertible, at the election of the venture capital firms, into shares of a new
class of stock intended to represent approximately 6.7% of the pre-offering
equity of the NYTD group. If there is no offering, this debt will not be
convertible. The Company has agreed to give the venture capital firms piggyback
and demand registration rights for the new class of stock issued upon conversion
(see Proposed Tracking Stock below).

      Capital Expenditures: The Company currently estimates that capital
expenditures for 2000 will range from $100.0 million to $120.0 million. The
Company currently anticipates that depreciation and amortization expense for
2000 will be in the range of $210.0 million to $215.0 million compared with
$197.5 million in 1999.


                                       25
<PAGE>

Proposed Tracking Stock

      On January 20, 2000, the Board of Directors of the Company authorized,
subject to shareholder approval, the issuance of a new class of stock ("Class C
Stock"). On January 28, 2000, the Company filed a registration statement with
the SEC on Form S-3 (the "Form S-3") related to a proposed initial public
offering of Class C Stock, which is intended to track the performance of the
Company's Internet business division, the NYTD group. At the Annual Meeting of
Stockholders held on May 23, 2000, stockholders authorized the filing of an
amendment to the Company's certificate of incorporation to create this new class
of stock. As of the date of this report, the Form S-3 has not become effective
and the amendment to the certificate of incorporation has not been filed with
the Secretary of State. The Company is currently evaluating market conditions.

      The Company separates for financial reporting purposes the NYT group and
the NYTD group (see Note 11 of the Notes to Condensed Consolidated Financial
Statements). The NYT group includes all of the other business segments of the
Company: Newspaper, Broadcast and Magazine, except for the businesses of the
NYTD group. The NYT group also includes a retained interest in the NYTD group,
which is currently 100%. This retained interest will decline upon any issuance
of Class C Stock. The NYTD group includes NYTimes.com, NYToday.com, Boston.com,
WineToday.com, GolfDigest.com and Abuzz. The NYTD group's operating results as
presented in the financial statements included in Note 11 of the Notes to
Condensed Consolidated Financial Statements reflect the effect of various
inter-group arrangements and policies for license fees, inter-group services and
income taxes.

      Beginning in 2000, and coinciding with the effective date of these various
arrangements (January 1, 2000), the Company's management has determined that its
reportable segments consist of newspapers, broadcast, magazines and the NYTD
group. These segments will be evaluated regularly by key management in assessing
performance and allocating resources.

Factors That Could Affect Operating Results

      Except for the historical information contained herein, the matters
discussed in this quarterly report 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 and magazine paper 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 period
ended December 26, 1999.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

      The Company's quantitative and qualitative market risk is principally
associated with market interest rate fluctuations related to its debt
obligations. The Company does not consider such market risk significant.


                                       26
<PAGE>

Item 4. Submission of Matters to a Vote of Security-Holders

      (a)   The Company's annual meeting of stockholders was held on May 23,
            2000.

      (b)   The following matters were voted on at the annual meeting:

      1. The stockholders (with Class A and Class B stockholders voting
separately) elected all of management's nominees for election as Class A
Directors and Class B Directors. The results of the vote taken were as follows:

          Class A Directors              For                Withheld
          -----------------              ---                --------
          Raul E. Cesan                  144,175,222        1,077,570
          Robert A. Lawrence             144,050,167        1,202,625
          Charles H. Price II            144,150,813        1,101,979
          Henry B. Schacht               144,127,495        1,125,297
          Donald M. Stewart              144,167,901        1,084,891

          Class B. Directors
          ------------------
          John F. Akers                  839,644            0
          Brenda C. Barnes               839,644            0
          Jacqueline H. Dryfoos          839,644            0
          Richard L. Gelb                839,644            0
          Michael Golden                 839,644            0
          Russell T. Lewis               839,644            0
          David E. Liddle                839,644            0
          Ellen R. Marram                839,644            0
          Arthur Ochs Sulzberger         839,644            0
          Arthur Sulzberger, Jr.         839,644            0

      2. The stockholders (with Class A and Class B stockholders voting
together) ratified the amendments to the Company's 1991 Executive Cash Bonus
Plan and 1991 Executive Stock Incentive Plan described in Proposal 2 in the
Company's 2000 Proxy Statement. The result of the vote taken was as follows:

             For:                                              107,971,171
             Against:                                           23,364,683
             Abstain:                                              960,835
             Broker Non-Vote:                                   13,795,747
             Total Against, Abstain and Broker Non-Vote*:       38,121,265

      3. The stockholders (with Class A and Class B stockholders voting
together) ratified the amendment to the Company's 1991 Executive Stock Incentive
Plan described in Proposal 3 in the Company's 2000 Proxy Statement. The result
of the vote taken was as follows:

             For:                                               94,648,784
             Against:                                           36,875,379
             Abstain:                                              772,526
             Broker Non-Vote:                                   13,795,747
             Total Against, Abstain and Broker Non-Vote*:       51,443,652

- --------
      * An abstention had the same effect as a vote against this matter.


                                       27
<PAGE>

      4. The stockholders (with Class A and Class B stockholders voting
together) reapproved the material terms of the performance goals for annual and
long-term performance awards contained in the Company's 1991 Executive Cash
Bonus Plan and 1991 Executive Stock Incentive Plan and described in Proposal 4
of the Company's 2000 Proxy Statement. The result of the vote taken was as
follows:

             For:                                             141,465,421
             Against:                                           3,604,274
             Abstain:                                           1,022,741
             Total Against and Abstain*:                        4,627,015

           5. The stockholders (with Class A and Class B stockholders voting
together) ratified the amendment of the Company's Non-Employee Directors' Stock
Option Plan described in Proposal 5 in the Company's 2000 Proxy Statement. The
result of the vote taken was as follows:

             For:                                             109,731,479
             Against:                                          21,715,335
             Abstain:                                             849,875
             Broker Non-Vote:                                  13,795,747
             Total Against, Abstain and Broker Non-Vote*:      36,360,957

           6. The stockholders (with Class A and Class B stockholders voting
together) ratified the selection, by the Audit Committee of the Board of
Directors, of Deloitte & Touche LLP, independent certified public accountants,
as auditors of the Company for the year ending December 31, 2000. The result of
the vote taken was as follows:

             For:                                             142,660,852
             Against:                                           2,977,845
             Abstain:                                             453,739
             Total Against and Abstain*:                        3,431,584

- --------
      * An abstention had the same effect as a vote against this matter.


                                       28
<PAGE>

      7. The stockholders (with Class A and Class B stockholders voting
separately) ratified the Company's Amended and Restated Certificate of
Incorporation substantially in the form annexed to the Company's 2000 Proxy
Statement. The result of the vote taken was as follows:

           Class A Stockholders
           --------------------
            For:                                               103,318,744
            Against:                                            27,308,321
            Abstain:                                               842,868
            Broker Non-Vote:                                    13,782,859
            Total Against, Abstain and Broker Non-Vote*:        41,934,048

           Class B Stockholders
           --------------------
            For:                                                   826,756
            Against:                                                     0
            Abstain:                                                     0
            Broker Non-Vote:                                        12,888
            Total Against, Abstain and Broker Non-Vote*:            12,888

      8. The stockholders (with Class A and Class B stockholders voting
together) ratified the New York Times Digital Stock Incentive Plan,
substantially in the form annexed to the Company's 2000 Proxy Statement. The
result of the vote taken was as follows:

            For:                                                97,691,812
            Against:                                            33,918,213
            Abstain:                                               686,664
            Broker Non-Vote:                                    13,795,747
            Total Against, Abstain and Broker Non-Vote*:        48,400,624

- --------
      * An abstention had the same effect as a vote against this matter.


                                       29
<PAGE>

                           PART II. OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

      (a)   Exhibits

            10.18     The New York Times Company Deferred Executive Compensation
                      Plan, as amended on March 2, 2000

            12        Ratio of Earnings to Fixed Charges

            27        Financial Data Schedule

      (b)   Reports on Form 8-K

            No reports on Form 8-K have been filed during the period for which
            this report is filed.

                                       30
<PAGE>

                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                              THE NEW YORK TIMES COMPANY
                                              --------------------------
                                                     (Registrant)


Date: August 9, 2000                              /s/ John M. O'Brien
      -------------------                     ----------------------------------
                                                      John M. O'Brien
                                                  Senior Vice President and
                                                   Chief Financial Officer
                                              (Principal Financial Officer)


                                       31
<PAGE>

                   Exhibit Index to Quarterly Report Form 10-Q
                           Quarter Ended June 25, 2000

Exhibit No.

      (a)   Exhibit

            10.18     The New York Times Company Deferred Executive Compensation
                      Plan, as amended on March 2, 2000

            12        Ratio of Earnings to Fixed Charges

            27        Financial Data Schedule

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.18
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>DEFERRED EXECUTIVE COMPENSATION PLAN
<TEXT>


                           THE NEW YORK TIMES COMPANY
                      DEFERRED EXECUTIVE COMPENSATION PLAN

                             Effective July 1, 1994

                                                        Amended January 1, 1999
                                                        Amended December 8, 1999
                                                        Amended March 2, 2000

<PAGE>

                                    ARTICLE I

                                  Introduction

1.1   Purpose Of Plan

      The Employer has adopted the Plan set forth herein to provide a means by
      which certain employees may elect to defer receipt of designated
      percentages or amounts of their Compensation.

1.2   Status Of Plan

      The Plan is intended to be "a plan which is unfunded and is maintained by
      an employer primarily for the purpose of providing deferred compensation
      for a select group of management or highly compensated employees" within
      the meaning of Sections 201(2) and 301(a)(3) of the Employee Retirement
      Income Security Act of 1974 ("ERISA"), and shall be interpreted and
      administered to the extent possible in a manner consistent with that
      intent.

1.2   History Of Plan

      The Plan was first effective on July 1, 1994.

      Thereafter, the Plan was amended effective January 1, 1999, to change the
      deferral periods under the Plan and the method of distribution thereunder.

      Effective December 8, 1999, the Plan was amended to change the eligibility
      for participation in the Plan and the definition of Compensation
      thereunder for year following 1999. Effective December 8, 1999, The New
      York Times Designated Employees Deferred Earnings Plan was merged into the
      Plan, as amended.

      Effective March 2, 2000, the Plan was amended to limit the deferral of
      annual bonus to 85% thereof for deferrals of Compensation for years
      following 2000.


                                      -1-
<PAGE>

                                   ARTICLE II

                                   Definitions

Wherever used herein, the following terms have the meanings set forth below,
unless a different meaning is clearly required by the context:

2.1   Account means, for each Participant, the account established for his or
      her benefit under Section 5.1. Such Account shall include both salary and
      bonus deferrals.

2.2   Change Of Control means:

      (a)   any individual, partnership, corporation (including a business
            trust), joint stock company, trust, unincorporated association,
            joint venture or other entity, or a government or any political
            subdivision or agency thereof (a "Person") (or two or more Persons
            acting in concert), other than any descendent (or any spouse
            thereof) of Iphigene Ochs Sulzberger (a "Family Member") or a
            beneficiary or trustee (as the same may change from time to time) of
            a trust over 50% of the individual beneficiaries of which are Family
            Members, acquiring the power to elect a majority of the directors of
            The New York Times Company (the "Company") in a transaction or
            series of transactions not approved in advance by a vote of at least
            three quarters of the Continuing Directors (as defined below); or

      (b)   individuals who, as of the date hereof, constitute the Board of
            Directors of the Company (as of the date hereof the "Continuing
            Directors") ceasing for any reason to constitute at least a majority
            of the Board of Directors, provided that any person becoming a
            director subsequent to the date hereof whose election, or a
            nomination for election by the Company's shareholders, was approved
            in advance by a vote of at least three quarters of the Continuing
            Directors (other than a nomination of an individual whose initial
            assumption of office is in connection with an actual or threatened
            solicitation with respect to the election or removal of the
            directors of the Company, as such terms are used in Rule 14a-11 of
            the Regulation 14A promulgated under the Exchange Act) shall be, for
            purposes of this Agreement, considered as though such person were a
            Continuing Director; or

      (c)   approval by the stockholders of the Company of a reorganization,
            merger, consolidation, liquidation or dissolution of the Company or
            of the sale (in one transaction or a series of related transactions)
            of all or substantially all of the assets of the Company other than
            a reorganization, merger, consolidation, liquidation, dissolution or
            sale approved in advance by three quarters of the Continuing
            Directors.

2.3   Code means the Internal Revenue Code of 1986, as amended from time to
      time. Reference to any section or subsection of the Code includes
      reference to any comparable or succeeding provisions of any legislation
      which amends, supplements or replaces such section or subsection.


                                      -2-
<PAGE>

2.4   Compensation means the annual bonus, amounts paid under The Advertising
      and Circulation Sales Incentive Plan, the Long-Term Performance Awards
      under The New York Times Company 1991 Executive Cash Bonus Plan and the
      base salary of a Participant, as well as any discretionary cash bonus
      awarded to the Participant for a particular year. The ERISA Management
      Committee, in its sole discretion, shall designate from time to time the
      maximum percentage of each component of Compensation that can be deferred
      under the Plan. Such designation shall be listed in Appendix A. For
      purposes of the Plan, Compensation shall be determined before giving
      effect to Elective Deferrals and other salary reduction amounts which are
      not included in the Participant's gross income under Code Sections 125,
      401(k), 402(h) or 403(b).

2.5   Effective Date means July 1, 1994.

2.6   Election Form means the participation election form as approved and
      prescribed by the Plan Administrator.

2.7   Elective Deferral means the portion of Compensation which is deferred by a
      Participant under Article IV.

2.8   Eligible Employee means, for the Plan Year 2000 and Plan Years thereafter,
      each employee of the Employer whose annual base salary on October 1 of the
      year prior to the year for which such employee defers any Compensation
      under the Plan is at least $110,000, who is not covered under a collective
      bargaining agreement, who is not eligible to participate in any other
      non-qualified deferred compensation plan sponsored by the Employer and/or
      its subsidiaries and affiliates while deferring Compensation under this
      Plan, and who consents to the purchase of Corporate Owned Life Insurance
      by the Employer. The $110,000 limit on annual base salary shall be
      adjusted by the ERISA Management Committee from time to time at its sole
      discretion and without the need for an amendment to the Plan. An employee
      who participated in this Plan or The New York Times Designated Employees
      Deferred Earnings Plan prior to 2000, and who no longer meets the
      definition of an Eligible Employee shall continue to be an Eligible
      Employee hereunder.

2.9   Employer means The New York Times Company, any successor to all or a major
      portion of the Employer's assets or business which assumes the obligations
      of the Employer, and each other entity that is affiliated with the
      Employer whose employees, with the consent of the Company, are eligible,
      as provided under Section 2.8, to participate in the Plan.

2.10  ERISA means the Employee Retirement Income Security Act of 1974, as
      amended from time to time. Reference to any section or subsection of ERISA
      includes reference to any comparable or succeeding provisions of any
      legislation which amends, supplements or replaces such section or
      subsection.


                                      -3-
<PAGE>

2.11  ERISA Board Committee means a committee of the Board of Directors of The
      New York Times Company.

2.12  ERISA Management Committee means a committee appointed by the ERISA Board
      Committee.

2.13  Insolvency means either (i) the Company is unable to pay its debts as they
      become due, or (ii) the Company is subject to a pending proceeding as a
      debtor under the United States Bankruptcy Code.

2.14  Participant means any Eligible Employee who participates in the Plan in
      accordance with Article III.

2.15  Plan means The New York Times Company Deferred Executive Compensation Plan
      and all amendments thereto.

2.16  Plan Administrator means the person, persons or entity designated by the
      Employer under Article VIII to oversee the administration of the Plan. If
      no such person or entity is so serving at any time, the Employer shall be
      the Plan Administrator.

2.17  Plan Year means the 12-month period beginning on January 1 and ending on
      December 31 of each year, except for the first plan year which begins on
      July 1, 1994, and ends on December 31, 1994.

2.18  Recordkeeper means the person(s) or entity appointed or hired by the ERISA
      Management Committee under Section 8.1.

2.19  Total And Permanent Disability means the inability of a Participant to
      engage in any substantial gainful activity by reason of any medically
      determinable physical or mental impairment which can be expected to result
      in death or which has lasted or can be expected to last for a continuous
      period of not less than 12 months, and the permanence and degree of which
      shall be supported by medical evidence satisfactory to the Plan
      Administrator.

2.20  Trust means the trust established by the Employer that identifies the Plan
      as a plan with respect to which assets are to be held by the Trustee. Plan
      assets in the trust are subject to the general creditors of The New York
      Times Company in the event of bankruptcy or Insolvency.

2.21  Trustee means the trustee or trustees under the Trust.

2.22  Valuation Option means the performance of the investment funds listed in
      Appendix B of the Plan.


                                      -4-
<PAGE>

                                   ARTICLE III

                                  Participation

3.1   Commencement Of Participation

      Any Eligible Employee who elects to defer part of his or her Compensation
      in accordance with Article IV shall become a Participant in the Plan as of
      the date such deferrals commence in accordance with such Article.

3.2   Continued Participation

      A Participant in the Plan shall continue to be a Participant so long as
      any amount remains credited to his or her Account. However, future
      deferrals under the Plan may be made only if such Participant continues to
      be an Eligible Employee under the Plan.


                                      -5-
<PAGE>

                                   ARTICLE IV

                               Elective Deferrals

4.1   Elective Deferrals

      Except as provided in Appendix A, an individual who is an Eligible
      Employee on the Effective Date may, by completing an Election Form and
      filing it with the Plan Administrator by the end of the first month
      following the Effective Date, elect to defer the receipt of a portion of
      one or more payments of Compensation for a period of at least three Plan
      Years and on such terms as the ERISA Management Committee may permit.
      Thereafter, any Eligible Employee may elect to defer the receipt of a
      percentage or dollar amount of one or more payments of Compensation for a
      period of a least three Plan Years and on such terms as the ERISA
      Management Committee may permit, commencing with Compensation paid in the
      next succeeding Plan Year, by completing an Election Form during the
      annual enrollment period for the Plan as determined by the Plan
      Administrator.

      Except as Provided in Appendix A, effective January 1, 1999, with respect
      to Elective Deferrals made for the Plan Year 1999 and thereafter,
      deferrals will mature at the end of a three-year cycle. An individual who
      is an Eligible Employee may elect to defer the receipt of a portion of one
      or more payments of Compensation during the first year of the deferral
      cycle for a period of three Plan Years and on such terms as the ERISA
      Management Committee may permit; an individual who is an Eligible Employee
      may elect to defer the receipt of a portion of one or more payments of
      Compensation during the second year of the deferral cycle for a period of
      two Plan Years and on such terms as the ERISA Management Committee may
      permit; and an individual who is an Eligible Employee may elect to defer
      the receipt of a portion of one or more payments of Compensation during
      the last year of a deferral cycle for a period of one Plan Year and on
      such terms as the ERISA Management Committee may permit. All deferrals
      made during a three-year cycle will mature at the end of the third Plan
      Year in that cycle. A new three-year cycle will commence after the
      expiration of each three-year cycle.

      No Participant may defer more than the portion of his or her Compensation
      designated by the ERISA Management Committee in Appendix A. A
      Participant's Compensation shall be reduced in accordance with the
      Participant's election hereunder and amounts deferred hereunder shall be
      paid by the Employer to the Trust as soon as administratively feasible and
      credited to the Participant's Account as of the date the amounts are
      received by the Trustee.

4.2   Investment Election

      An individual who is an Eligible Employee and elects to defer Compensation
      under this Plan shall elect to have his or her Account valued based on the
      Valuation Option represented by the performance of one or more of the
      investment funds listed in Appendix B of the Plan. Such Appendix B may be
      amended at any time by an action of the ERISA


                                      -6-
<PAGE>

      Management Committee. If a Participant does not elect a Valuation Option
      for his or her Account, the Account shall be valued based on the Valuation
      Option represented by the performance of Fund A. A participant may change
      his or her selection of Valuation Options on any date.


                                      -7-
<PAGE>

                                    ARTICLE V

                                    Accounts

5.1   Accounts

      The Plan Administrator and/or the Recordkeeper shall establish an Account
      for each Participant reflecting his or her Elective Deferrals made for the
      Participant's benefit together with any adjustments for income, gain or
      loss and any payments from the Account. The Plan Administrator and/or the
      Recordkeeper shall establish sub-accounts for each Participant that has
      more than one election in effect under Section 7.1 and such other
      sub-accounts as are necessary for the proper administration of the Plan.
      As of the last business day of each calendar quarter, the Plan
      Administrator shall provide, or cause to be provided, the Participant with
      a statement of his or her Account reflecting the income, gains and losses
      (realized and unrealized), amounts of deferrals, fund transfers and
      distributions of such Account since the prior statement.

5.2   Investments

      The assets of the Trust shall be invested in such investments as the
      Trustee shall determine. The Trustee may (but is not required to) consider
      the Employer's or a Participant's investment preferences when investing
      the assets attributable to a Participant's Account.


                                      -8-
<PAGE>

                                   ARTICLE VI

                                     Vesting

6.1   Vesting

      A Participant shall be immediately vested in, i.e., shall have a
      nonforfeitable right to, all Elective Deferrals, and all income and gain
      attributable thereto, credited to his or her Account.


                                      -9-
<PAGE>

                                   ARTICLE VII

                                    Payments

7.1   Election As To Form Of Payment

      Payments to Participants shall be made in annual installments over a
      period of 10 years commencing between January 2 and March 15 immediately
      following the end of each deferral period. The amount of each installment
      payment will equal the balance of a Participant's Account immediately
      prior to the installment payment divided by the number of installment
      payments remaining to be made.

      The above notwithstanding, a Participant may elect in writing to receive
      the value of his or her Account in one lump sum, in annual installments
      over a period of five years, or in annual installments over a period of
      fifteen years, so long as such election is made at least 13 months prior
      to the end of the deferral period. Additionally, effective January 1,
      1999, a Participant may elect in writing to receive the value of his or
      her account in a partial lump sum where the Participant may choose the
      percent of an expiring deferral to be paid in a lump sum with the balance
      in annual installments over the remainder of the 5, 10 or 15
      year-installment period; provided, however, that such election is made at
      least 13 months prior to the end of the deferral period.

      Effective January 1, 1999, for (i) Elective Deferrals made for Plan Year
      1999 and thereafter, and (ii) for Elective Deferrals made prior to January
      1, 1999 which are subject to a Participant's election after January 1,
      1999 to renew the deferral, a Participant's election as to the form of
      payment as set forth in this Section 7.1 shall apply to the Participant's
      entire Account. If the Participant begins to receive distributions of his
      or her Account pursuant to this Section 7.l, a subsequent election to
      defer additional Compensation shall be subject to a new election under
      this Section 7.1 and shall not affect the payment stream established by
      the prior distribution election.

7.2   Extension Of Deferral Periods

      A Participant may make an election in writing to extend any deferral
      period for three to ten additional Plan Years so long as such Participant
      makes an election therefor at least 13 months prior to the expiration of
      the deferral period.

      Effective January 1, 1999, elections to extend a deferral period must be
      made for a three-year cycle. A new three-year cycle will commence at the
      end of every third Plan Year. An election to extend a deferral period must
      be made by the Participant in writing at least 13 months prior to the end
      of a deferral period. If a deferral period will expire during the course
      of a three-year cycle, the Participant's election is limited to an
      election to extend the deferral period until the end of such three-year
      cycle. A Participant may elect to renew deferral periods for additional
      three year cycles an unlimited number of times.


                                      -10-
<PAGE>

      Effective January 1, 1999, terminated Participants will not be permitted
      to renew their deferral elections. Payments to terminated Participants
      will begin at the expiration of their current deferral period in
      accordance with the method selected under Section 7.1 (unless the
      Participant retired under a Company pension plan, or had attained age 55
      and completed at least ten years of service as of his or her date of
      termination, or is Totally and Permanently Disabled, in which case
      additional elections to defer are permitted).

7.3   Change Of Control

      As soon as possible following a Change Of Control of the Employer, each
      Participant shall be paid his or her entire Account balance in a single
      lump sum.

7.4   Termination Of Employment

      Upon termination of a Participant's employment for any reason other than
      death, the Participant's Account shall be paid to the Participant in the
      form of payment in effect at the time the termination of employment occurs
      and after the expiration of the deferral period. The above
      notwithstanding, the Plan Administrator, in its sole discretion, may: (a)
      pay out a Participant's Account balance in one lump sum at any time prior
      to the expiration of each deferral period; (b) accelerate the beginning of
      payments of deferrals to any time prior to the expiration of a deferral
      period; and (c) revoke the deferral elections of a Participant for the
      year of the termination of his/her employment.

7.5   Death

      If a Participant dies prior to the complete distribution of his or her
      Account, the balance of the Account shall be paid as soon as practicable
      to the Participant's designated beneficiary or beneficiaries, in the form
      elected by the Participant at the time of his or her death, provided,
      however, that the ERISA Management Committee and/or the Plan Administrator
      may, in their sole discretion, pay out the balance of such Participant's
      Account in one lump sum.

      Any designation of beneficiary shall be made by the Participant on a
      Beneficiary Designation Form filed with the Plan Administrator and may be
      changed by the Participant at any time by filing another Beneficiary
      Designation Form containing the revised instructions. If no beneficiary is
      designated or no designated beneficiary survives the Participant, payment
      shall be made to the Participant's surviving spouse or, if none, to
      his/her issue per stirpes, in a single payment. If no spouse or issue
      survives the Participant, payment shall be made in a single lump sum to
      the Participant's estate. The most recent Beneficiary Designation Form
      executed by the Participant prior to his/her death shall apply to all
      Election Deferrals credited to the Participant's Account at the date of
      his/her death.

7.6   Taxes


                                      -11-
<PAGE>

      All federal, state or local taxes that the Plan Administrator determines
      are required to be withheld from any payments made pursuant to this
      Article VII shall be withheld.


                                      -12-
<PAGE>

                                  ARTICLE VIII

                               Plan Administration

8.1   Plan Administration And Interpretation.

      The ERISA Management Committee (the "Committee") shall oversee the
      administration of the Plan, shall serve as the agent of the Company with
      respect to the trust, and shall appoint a Plan Administrator and/or
      Recordkeeper for the day-to-day operations of the Plan. Such Plan
      Administrator and/or Recordkeeper shall be listed in Appendix C to this
      Plan. The Committee shall have complete control and authority to determine
      the rights and benefits under all claims, demands and actions arising out
      of the provisions of the Plan of any Participant, beneficiary, deceased
      Participant, or other person having or claiming to have any interest under
      the Plan. The Committee shall have complete discretion to interpret the
      Plan and to decide all matters under the Plan. Such interpretation and
      decision shall be final, conclusive and binding on all Participants and
      any person claiming under or through any Participant. Any individual(s)
      serving on the Committee who is a Participant will not vote or act on any
      matter relating solely to himself or herself.

8.2   Committee Powers, Duties, Procedures, Etc.

      The Committee shall have such powers and duties, may adopt such rules and
      regulations, may act in accordance with such procedures, may appoint such
      agents, may delegate such powers and duties, may receive such
      reimbursements and compensation, and shall follow such claims and appeal
      procedures with respect to the Plan as it may establish.

8.3   Plan Administrator's Duties

      The Plan Administrator shall be responsible for the day-to-day operations
      of the Plan. His or her duties shall include, but not be limited to, the
      following:

      (a)   Keeping track of employees eligible to participate in the Plan and
            the date each employee becomes eligible to participate.

      (b)   Maintaining, or causing to be maintained by the Recordkeeper,
            Participants' Accounts, including all sub-accounts required for
            different contribution types and payment elections made by
            Participants under the Plan and any other relevant information.

      (c)   Transmitting, or causing to be transmitted by the Recordkeeper,
            various communications to Participants and obtaining information
            from Participants such as changes in investment selections.

      (d)   Filing reports required by various governmental agencies. When
            making a determination or calculation, the Plan Administrator and
            the Recordkeeper shall be


                                      -13-
<PAGE>

            entitled to rely on information furnished by a Participant, a
            beneficiary, the Employer or the Trustee. The Plan Administrator
            shall have the responsibility for complying with any reporting and
            disclosure requirements of ERISA.

8.4   Information

      To enable the Plan Administrator and/or Recordkeeper to perform their
      functions, the Employer shall supply full and timely information to the
      Plan Administrator and/or Recordkeeper on all matters relating to the
      compensation of Participants, their employment, retirement, death,
      termination of employment, and such other pertinent facts as the Plan
      Administrator and/or Recordkeeper may require.

8.5   Indemnification Of Committee And Plan Administrator

      The Employer agrees to indemnify and to defend to the fullest extent
      permitted by law any officer(s) or employee(s) who serve on the Committee
      or as Plan Administrator (including any such individual who formerly
      served on the Committee or as Plan Administrator) against all liabilities,
      damages, costs and expenses (including attorneys' fees and amounts paid in
      settlement of any claims approved by the Employer) occasioned by any act
      or omission to act in connection with the Plan, if such act or omission is
      in good faith.


                                      -14-
<PAGE>

                                   ARTICLE IX

                            Amendment And Termination

9.1   Amendments

      The Employer shall have the right to amend the Plan from time to time,
      subject to Section 9.3, by an action of the ERISA Management Committee.

9.2   Termination Of Plan

      This Plan is strictly a voluntary undertaking on the part of the Employer
      and shall not be deemed to constitute a contract between the Employer and
      any Eligible Employee (or any other employee) or a consideration for, or
      an inducement or condition of employment for, the performance of the
      services by any Eligible Employee (or other employee). The Employer
      reserves the right to terminate the Plan at any time, subject to Section
      9.3, by an action of the ERISA Management Committee. Upon termination, the
      Employer may (a) elect to continue to maintain the Trust to pay benefits
      hereunder as they become due as if the Plan had not terminated or (b)
      direct the Trustee to pay promptly to Participants (or their
      beneficiaries) the vested balance of their Accounts.

9.3   Existing Rights

      No amendment or termination of the Plan shall adversely affect the rights
      of any Participant with respect to amounts that have been credited to his
      or her Account prior to the date of such amendment or termination.


                                      -15-
<PAGE>

                                    ARTICLE X

                                  Miscellaneous

10.1  No Funding

      The Plan constitutes a mere promise by the Employer to make payments in
      accordance with the terms of the Plan and Participants and beneficiaries
      shall have the status of general unsecured creditors of the Employer.
      Nothing in the Plan will be construed to give any employee or any other
      person rights to any specific assets of the Employer or of any other
      person. In all events, it is the intent of the Employer that the Plan be
      treated as unfunded for tax purposes and for purposes of Title I of ERISA.

10.2  Non-Assignability

      None of the benefits, payments, proceeds or claims of any Participant or
      beneficiary shall be subject to any claim of any creditor of any
      Participant or beneficiary and, in particular, the same shall not be
      subject to attachment or garnishment or other legal process by any
      creditor of such Participant or beneficiary, nor shall any Participant or
      beneficiary have any right to alienate, anticipate, commute, pledge,
      encumber or assign any of the benefits or payments or proceeds which he or
      she may expect to receive, contingently or otherwise, under the Plan.

10.3  Limitation Of Participants' Rights

      Nothing contained in the Plan shall confer upon any person a right to be
      employed or to continue in the employ of the Employer, or interfere in any
      way with the right of the Employer to terminate the employment of a
      Participant in the Plan at any time, with or without cause.

10.4  Participants Bound

      Any action with respect to the Plan taken by the Plan Administrator or the
      Employer or the Trustee or any action authorized by or taken at the
      direction of the Plan Administrator, the Employer or the Trustee shall be
      conclusive upon all Participants and beneficiaries entitled to benefits
      under the Plan.

10.5  Receipt And Release

      Any payment to any Participant or beneficiary in accordance with the
      provisions of the Plan shall, to the extent thereof, be in full
      satisfaction of all claims against the Employer, the Plan Administrator
      and the Trustee under the Plan, and the Plan Administrator may require
      such Participant or beneficiary, as a condition precedent to such payment,
      to execute a receipt and release to such effect. If any Participant or
      beneficiary is determined by the Plan Administrator to be incompetent by
      reason of physical or mental disability


                                      -16-
<PAGE>

      (including minority) to give a valid receipt and release, the Plan
      Administrator may cause the payment or payments becoming due to such
      person to be made to another person for his or her benefit without
      responsibility on the part of the Plan Administrator, the Employer or the
      Trustee to follow the application of such funds.

10.6  Governing Law

      The Plan shall be construed, administered, and governed in all respects
      under and by the laws of the State of New York. If any provision shall be
      held by a court of competent jurisdiction to be invalid or unenforceable,
      the remaining provisions hereof shall continue to be fully effective.

10.7  Headings And Subheadings

      Heading and subheadings in this Plan are inserted for convenience only and
      are not to be considered in the construction of the provisions hereof.


                                      -17-
<PAGE>

                                   APPENDIX A

                           Limit on Elective Deferrals

For the 1994 and 1995 Plan Years, a Participant may defer up to 100% of his/her
annual bonus and no portion of his/her salary.

For the 1996 Plan Year and until changed by the Committee, a Participant may
defer up to 100% of his/her annual bonus and up to 33% of his/her base salary.

For the 2000 Plan Year and until changed by the Committee, a Participant may
defer up to 100% of his/her annual bonus, up to 100% of amounts paid under The
Advertising and Circulation Sales Incentive Plan, up to 100% of his/her
Long-Term Performance Awards under The New York Times Company 1991 Executive
Cash Bonus Plan and up to 33% of his/her base salary. In addition, a Participant
who is a "covered employee" within the meaning of Code Section 162(m) (a
"Covered Employee") may defer his/her entire discretionary bonus, if any,
payable in a Plan Year. Deferral of such discretionary bonus shall continue
without further action by the Participant until such time as the ERISA
Management Committee determines that the Participant is no longer a Covered
Employee. The Participant shall be permitted to extend the deferral period
beyond the time he/she ceases to be a Covered Employee for a three-year cycle
(and for subsequent three-year cycles) in the manner provided in Section 7.2 of
the Plan.

For the 2001 Plan Year and until changed by the Committee, a Participant may
defer up to 85% of his/her annual bonus, up to 85% of amounts paid under The
Advertising and Circulation Sales Incentive Plan, up to 85% of his/her Long-Term
Performance Awards under The New York Times Company 1991 Executive Cash Bonus
Plan and up to 33% of his/her base salary. In addition, a Participant
who is a Covered Employee may defer his/her entire discretionary bonus, if any,
payable in a Plan Year. Deferral of such discretionary bonus shall continue
without further action by the Participant until such time as the ERISA
Management Committee determines that the Participant is no longer a Covered
Employee. The Participant shall be permitted to extend the deferral period
beyond the time he/she ceases to be a Covered Employee for a three-year cycle
(and for subsequent three-year cycles) in the manner provided in Section 7.2 of
the Plan.


                                      -18-
<PAGE>

                                   APPENDIX B

                                Valuation Options

For 1994 and until changed by the ERISA Management Committee, each Participant
may elect to value his or her account based on the performance of one or more of
the following funds:

1.    Fund A: AIM Limited Maturity Treasury

2.    Fund B: AIM Aggressive Growth

3.    Fund C: AIM Value

4.    Fund D: Merrill Lynch Federal Securities

5.    Fund E: Merrill Lynch Capital

6.    Fund F: Templeton Foreign

7.    Fund G: Merrill Lynch Global Allocation

For 1999 and until changed by the ERISA Management Committee, each Participant
may elect to value his or her account based on the performance of one or more of
the following funds:

1.    Fund A: Vanguard Short Term Federal Fund

2.    Fund B: Vanguard Total Bond Market Index Fund

3.    Fund C: Vanguard Asset Allocation Fund

4.    Fund D: Vanguard Growth and Income Fund

5.    Fund E: Frank Russell Equity I Fund

6.    Fund F: Frank Russell Equity II Fund

7.    Fund G: AIM Aggressive Growth Fund

8.    Fund H: Putnam International Growth Fund

9.    Fund I: Putnam Asset Allocation Fund - Balanced Portfolio


                                      -19-
<PAGE>

                                   APPENDIX C

                      Plan Administrator And Record Keeper

1.1   Plan Administrator

For the Plan Year 1995, and until removed, the Plan Administrator shall be Phil
Ryan. For the Plan Year 1997, and until removed, the Plan Administrator shall be
Diane Zubalsky.

1.2   Recordkeeper

For the Plan Year 1994, and until removed, the Recordkeeper shall be Actuarial
Information Management Systems. From June 1, 1996, and thereafter until removed,
the Recordkeeper shall be Merrill Lynch.

Effective December 28, 1998, and until removed by the ERISA Management
Committee, the Recordkeeper shall be The Vanguard Group.

Effective July 17, 1999, and until removed by the ERISA Management Committee, in
addition to The Vanguard Group, TBG Financial shall be a Recordkeeper for the
Plan.


                                      -20-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>3
<FILENAME>0003.txt
<DESCRIPTION>RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>

                                                                      Exhibit 12

                           THE NEW YORK TIMES COMPANY

                       Ratio of Earnings to Fixed Charges
                      (Dollars in thousands, except ratio)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                     For the Three Months Ended          For the Six Months Ended
                                                                    ------------------------------     -----------------------------
                                                                    June 25, 2000    June 27, 1999     June 25, 2000   June 27, 1999
                                                                    -------------    -------------     -------------   -------------
<S>                                                                   <C>               <C>               <C>             <C>
Earnings from continuing operations before fixed charges

Income before income taxes and income from joint ventures             $170,688          $142,020          $310,279        $245,365
Distributed earnings from less than fifty percent owned affiliates       4,642             2,000             7,345           3,475
                                                                      --------          --------          --------        --------
Adjusted pre-tax earnings from continuing operations                   175,330           144,020           317,624         248,840
Fixed charges                                                           21,715            16,011            40,127          30,851
                                                                      --------          --------          --------        --------
Earnings from continuing operations before fixed charges              $197,045          $160,031          $357,751        $279,691
                                                                      ========          ========          ========        ========


Fixed charges

Interest expense                                                      $ 18,331          $ 13,387          $ 34,189        $ 25,723
Portion of rentals representative of interest factor                     3,384             2,624             5,938           5,128
                                                                      --------          --------          --------        --------
Total fixed charges                                                   $ 21,715          $ 16,011          $ 40,127        $ 30,851
                                                                      ========          ========          ========        ========

Ratio of earnings to fixed charges                                        9.07             10.00              8.92            9.07
                                                                      ========          ========          ========        ========

</TABLE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-27
<SEQUENCE>4
<FILENAME>0004.txt
<DESCRIPTION>FINANCIAL DATA SCHEDULE
<TEXT>

<TABLE> <S> <C>


<ARTICLE>                     5
<LEGEND>
This schedule contains summary financial information extracted from the
Consolidated Condensed Financial Statement as of and for the quarter ended June
25, 2000 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<MULTIPLIER>                                     1,000

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-2000
<PERIOD-START>                             DEC-27-1999
<PERIOD-END>                               JUN-25-2000
<CASH>                                          37,549
<SECURITIES>                                         0
<RECEIVABLES>                                  415,640
<ALLOWANCES>                                    45,027
<INVENTORY>                                     32,295
<CURRENT-ASSETS>                               597,467
<PP&E>                                       2,254,500
<DEPRECIATION>                               1,038,025
<TOTAL-ASSETS>                               3,707,677
<CURRENT-LIABILITIES>                          938,721
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        17,987
<OTHER-SE>                                   1,324,421
<TOTAL-LIABILITY-AND-EQUITY>                 3,707,677
<SALES>                                              0
<TOTAL-REVENUES>                             1,728,520
<CGS>                                                0
<TOTAL-COSTS>                                  725,732
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              30,532
<INCOME-PRETAX>                                317,528
<INCOME-TAX>                                   132,727
<INCOME-CONTINUING>                            184,801
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   184,801
<EPS-BASIC>                                       1.08
<EPS-DILUTED>                                     1.06



</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
