The New York Times Company Announces Targeted Staff Reduction Program

Business Wire, May 25, 2005

NEW YORK -- The New York Times Company announced today that it plans to undertake a targeted staff reduction program that will include approximately 190 employees at The New York Times and the New England Media Group, which includes The Boston Globe.

The staff reduction represents less than 2% of the Company's total workforce and the Company expects to implement the program by the end of August 2005 in accordance with certain contractual waiting periods. Approximately two thirds of the total reduction will occur at The New York Times newspaper, with fewer than two dozen of that number coming from The Times's newsroom, where a voluntary reduction program will be in effect. Staff reductions will be carefully managed so that they do not adversely affect journalistic quality, the smooth functioning of the Company's daily operations and the ability to achieve its long-term strategic goals.

While the Company indicated it anticipates taking a charge against earnings at some future point related to this reduction, it is not possible to quantify the charge at this time. It is anticipated that an update will be provided publicly at the Mid-Year Media Review in June and the Company's third-quarter earnings conference call.

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. These risks and uncertainties include national and local conditions, as well as competition, that could influence the levels (rate and volume) of retail, national and classified advertising and circulation generated by the Company's various markets and material increases in newsprint prices. They also include other risks detailed from time to time in the Company's publicly-filed documents, including the Company's Annual Report on Form 10-K for the year ended December 26, 2004. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

The New York Times Company (NYSE: NYT), a leading media company with 2004 revenues of $3.3 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, 16 other newspapers, eight network-affiliated television stations, two New York City radio stations and more than 40 Web sites, including NYTimes.com, Boston.com and About.com. For the fifth consecutive year, the Company was ranked No. 1 in the publishing industry in Fortune's 2005 list of America's Most Admired Companies. The Company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment.

This press release can be downloaded from www.nytco.com