NEW YORK--(BUSINESS WIRE)--October 23, 2008--The New York Times Company announced today a preliminary third-quarter loss per share from continuing operations of $.01, including $.07 per share for severance costs, compared with $.10 earnings per share (EPS) in the third quarter last year, which included $.02 per share for severance costs.

Preliminary third-quarter operating profit decreased to $10.0 million from $28.1 million in the third quarter of 2007, while preliminary operating profit excluding depreciation and amortization decreased to $43.9 million from $79.9 million in the third quarter last year.

Preliminary results do not include an anticipated non-cash charge for impairment of goodwill and long-lived assets. Due to the continued softening of business conditions driven by the secular forces affecting the newspaper industry, the Company is testing the assets of its New England Media Group for impairment in the 2008 third quarter. While the results have not yet been finalized, the Company currently estimates a non-cash impairment charge of $100 to $150 million. The Company will record the charge in its financial statements when it files its third-quarter Form 10-Q with the Securities and Exchange Commission. The charge will affect EPS for the third quarter but will not affect the Company’s operating cash flow.

“The impairment charge reflects the decrease in print advertising revenues stemming from the secular changes in the media industry,” said Janet L. Robinson, president and CEO. “It does not, however, affect our cash flow or our long-term strategy of becoming an increasingly digital organization.

“The decline in print advertising revenues this quarter accelerated as the economy slowed. The U.S. presidential election and the turmoil in the world’s financial markets have again demonstrated the need for the high-quality journalism we provide in print and online. The continued strength of our brands is evident in our ability to raise home-delivery and newsstand prices, which resulted in an increase in our circulation revenues. It is also reflected in the strong growth in traffic to our Web sites, which increased 15 percent in September. Online advertising grew 10.2 percent in the quarter, in part due to the introduction of new ad formats. In total, our online revenues now account for 12.4 percent of the Company’s revenues.

“As we continued our drive to reduce expenses, operating costs decreased 6.8 percent compared with the same quarter last year, despite a more than 20 percent increase in the price of newsprint. Given the adverse economic conditions, we will continue our strict cost discipline.

“In this difficult environment, we are reviewing our uses of cash. We have reduced our estimate for capital expenditures in 2008. Next year we expect they will decline from their 2008 level and be approximately $80 million. In addition, our Board of Directors plans to review our dividend policy before the end of this year to determine what is most prudent in light of the overall market conditions.

“As part of our analysis of our uses of cash, we are evaluating future financing arrangements. Based on the conversations we have had with lenders, we expect that we will be able to manage our debt and credit obligations as they mature. Going forward, we plan to continue to explore opportunities to reduce our debt levels.

“As we move into the fourth quarter, our visibility on advertising revenues is limited. To date in October, print advertising revenue declines are similar to those in September but we are seeing slowing in digital advertising revenues, mainly because of less display advertising. We remain committed to executing our strategy of developing new revenue streams for both our print and online products, reducing costs, making full use of our R & D capability and rebalancing our portfolio of businesses.”

All comparisons are for the third quarter of 2008 to the third quarter of 2007. The results of the Broadcast Media Group, which was sold in the second quarter of 2007, are reported within discontinued operations. Net income from discontinued operations of $8.6 million ($.06 per share) in the third quarter of 2008 was due to a reduction in income taxes on the gain on the sale, and the net loss from discontinued operations of $0.7 million ($.01 per share) in the third quarter of 2007 was due to post-closing adjustments to the gain.

This release includes non-GAAP financial measures, and the exhibits include a discussion of management’s use of these non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures.

Total revenues decreased 8.9 percent to $687.0 million from $754.4 million. Advertising revenues decreased 14.4 percent; circulation revenues increased 1.0 percent; and other revenues declined 4.2 percent. Revenues decreased mainly due to lower print advertising.

Operating costs decreased 6.8 percent to $677.1 million from $726.3 million. Depreciation and amortization decreased 34.6 percent to $33.9 million from $51.8 million last year, when accelerated depreciation totaled $11.7 million ($6.7 million after tax, or $.05 per share) for assets at the Edison, N.J., printing plant, which the Company closed earlier this year. There was no accelerated depreciation in the third quarter of 2008.

Excluding depreciation and amortization and severance costs, operating costs decreased 6.6 percent to $625.1 million from $669.6 million, mainly due to lower compensation costs and benefits expense. Compensation costs declined primarily as a result of lower incentive compensation and a reduced workforce in the third quarter of 2008 compared with the same period last year. Benefits expense decreased due in part to lower workers’ compensation expense and lower pension and other postretirement expense.

Newsprint expense increased 2.1 percent, stemming from a 22.1 percent increase in prices, offset in part by a 20.0 percent decrease in consumption.

Severance costs were $18.1 million ($10.3 million after tax, or $.07 per share), about half of which was for the shutdown of City & Suburban (C & S), the Company’s retail and newsstand distribution subsidiary, which operates in the New York metropolitan area. The closure of C & S is expected to be completed in January 2009, and additional severance costs may be recorded before it is closed. In the third quarter of last year, the Company had $4.9 million ($2.8 million after tax, or $.02 per share) in severance costs.

Total News Media Group revenues decreased 9.8 percent to $658.3 million from $729.6 million.

Advertising revenues decreased 15.9 percent due to weakness in print advertising at all of the Company’s major properties. In particular, classified advertising revenues decreased across the News Media Group.

Circulation revenues increased 1.0 percent, mainly because of higher prices for The New York Times, partially offset by volume declines. In July and August, The New York Times announced newsstand and home-delivery price increases.

Other revenues decreased 5.4 percent to $61.0 million from $64.5 million primarily because of the elimination of subscription revenues for TimesSelect, an online product offering that was discontinued in September 2007.

Total News Media Group operating costs decreased 6.5 percent to $651.2 million from $696.5 million. Excluding depreciation and amortization and severance costs, operating costs decreased 6.5 percent to $604.1 million from $646.0 million, mainly as a result of the items noted in the operating costs section above.

Operating profit for the News Media Group decreased 78.6 percent to $7.1 million from $33.1 million. Excluding depreciation and amortization, operating profit for the News Media Group decreased 53.9 percent to $36.5 million from $79.2 million.

Total About Group revenues increased 16.1 percent to $28.7 million from $24.7 million due to increased cost-per-click and display advertising.

Total About Group operating costs decreased 2.8 percent to $17.9 million from $18.4 million. Excluding depreciation and amortization, operating costs increased 5.6 percent to $15.3 million from $14.5 million, mainly because of investments in new revenue initiatives that resulted in higher professional fees. Depreciation and amortization was lower, primarily because an asset reached the end of its amortization period in the second quarter of 2008.

Operating profit grew 71.4 percent to $10.8 million from $6.3 million. The operating profit margin improved significantly because of increased advertising as noted above and lower depreciation and amortization. Operating profit before depreciation and amortization rose 31.0 percent to $13.4 million from $10.2 million, mainly due to higher revenues.

Corporate costs decreased 30.3 percent to $7.9 million compared with $11.3 million in the prior-year third quarter mainly due to lower professional fees and compensation costs.

In the third quarter, the Company’s Internet revenues increased 6.7 percent to $85.1 million from $79.7 million in the third quarter of 2007, and Internet advertising revenues grew 10.2 percent to $74.4 million from $67.5 million. Internet businesses include NYTimes.com, About.com, Boston.com and other company Web sites. In total, Internet businesses accounted for 12.4 percent of the Company’s revenues in the third quarter versus 10.6 percent in the 2007 third quarter.

Net income from joint ventures was $12.5 million compared with $5.4 million. Higher earnings resulted from stronger performance at most of the properties in which the Company has equity interests.

Interest expense-net increased to $11.7 million from $10.5 million, as a result of less capitalized interest.

The Company's income tax expense of $12.8 million was larger than pre-tax income of $10.8 million in the third quarter. Income taxes were unfavorably affected by non-deductible losses on investments in corporate-owned life insurance policies and a change in Massachusetts state tax law. The effective income tax rate in the third quarter of last year was 39.0 percent.

At the end of the quarter, cash and cash equivalents were approximately $46 million and total debt was approximately $1.1 billion. The Company’s current source of short-term funding is its revolving credit agreements under which it had approximately $398 million in borrowings outstanding at the end of the quarter.

In the third quarter, total capital expenditures were approximately $27 million. Year to date, capital expenditures totaled approximately $95 million.

The Company’s third-quarter earnings conference call will be held on Thursday, October 23, at 11:00 a.m. E.T. To access the call, dial 877-741-4245 (in the U.S.) and 719-325-4830 (international callers). Participants should dial into the conference approximately 10 minutes before the start time. Online listeners can link to the live webcast at www.nytco.com/investors.

An archive of the webcast will be available beginning two hours after the call at www.nytco.com/investors, and a transcript of the call will also be posted. The archive and transcript will be available for one quarter.

An audio replay will be available at 888-203-1112 (in the U.S.) and 719-457-0820 (international callers) beginning approximately two hours after the call until 5 p.m. E.T. on Friday, October 24. The access code is 4044846.

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 our 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 30, 2007. 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 2007 revenues of $3.2 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, 16 other daily newspapers, WQXR-FM and more than 50 Web sites, including NYTimes.com, Boston.com and About.com. The Company’s core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment.


THE NEW YORK TIMES COMPANY
^(a) PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars and shares in thousands, except per share data)

		Third Quarter								Nine Months
		2008			2007		% Change			2008			2007	% Change
Revenues
Advertising	$	398,196		$	465,043		-14.4	%	$	1,310,912		$	1,478,425	-11.3	%
Circulation		225,689			223,420		1.0	%		676,486			664,538	1.8	%
Other ^(b)		63,157			65,896		-4.2	%		189,404			186,359	1.6	%
Total		687,042			754,359		-8.9	%		2,176,802			2,329,322	-6.5	%

Operating costs
Production costs		331,447			331,962		-0.2	%		996,410			1,002,909	-0.6	%
Selling, general and administrative costs		311,728			342,503		-9.0	%		997,191			1,029,045	-3.1	%
Depreciation and amortization		33,881			51,789		-34.6	%		108,454			142,871	-24.1	%
Total		677,056			726,254		-6.8	%		2,102,055			2,174,825	-3.3	%

Write-down of assets ^(c)		-			-		N/A			18,291			-	N/A

Net loss on sale of assets ^(d)		-			-		N/A			-			68,156	N/A

Gain on sale of WQEW-AM		-			-		N/A			-			39,578	N/A

Operating profit		9,986			28,105		-64.5	%		56,456			125,919	-55.2	%

Net income from joint ventures		12,492			5,412		*			20,864			8,004	*

Interest expense - net		11,658			10,470		11.3	%		35,507			28,924	22.8	%

Income from continuing operations before income taxes and minority interest		10,820			23,047		-53.1	%		41,813			104,999	-60.2	%

Income tax expense		12,848			8,991		42.9	%		22,407			48,741	-54.0	%

Minority interest in net (income)/loss of subsidiaries		(54	)		54		*			(371	)		39	*

(Loss)/income from continuing operations		(2,082	)		14,110		*			19,035			56,297	-66.2	%

Discontinued operations, Broadcast Media Group: ^(e)
Income from discontinued operations,
net of income taxes		-			-		N/A			-			5,753	N/A
Gain/(loss) on sale,
net of income taxes		8,611			(671	)	*			8,300			93,659	-91.1	%
Discontinued operations,
net of income taxes		8,611			(671	)	*			8,300			99,412	-91.7	%

Net income	$	6,529		$	13,439		-51.4	%	$	27,335		$	155,709	-82.4	%

Average Number of Common Shares Outstanding:
Basic		143,782			143,902		-0.1	%		143,773			143,901	-0.1	%
Diluted		143,782			144,112		-0.2	%		144,146			144,057	0.1	%

Basic Earnings Per Share:
(Loss)/income from continuing operations	$	(0.01	)	$	0.10		*		$	0.13		$	0.39	-66.7	%
Discontinued operations, net of income taxes		0.06			(0.01	)	*			0.06			0.69	-91.3	%
Net income	$	0.05		$	0.09		-44.4	%	$	0.19		$	1.08	-82.4	%

Diluted Earnings Per Share:
(Loss)/income from continuing operations	$	(0.01	)	$	0.10		*		$	0.13		$	0.39	-66.7	%
Discontinued operations, net of income taxes		0.06			(0.01	)	*			0.06			0.69	-91.3	%
Net income	$	0.05		$	0.09		-44.4	%	$	0.19		$	1.08	-82.4	%

Dividends Per Share	$	0.230		$	0.230		0.0	%	$	0.690		$	0.635	8.7	%

* Represents an increase or decrease in excess of 100%.


See footnotes page for additional information.


THE NEW YORK TIMES COMPANY
^(a) PRELIMINARY SEGMENT INFORMATION
(Dollars in thousands)

		Third Quarter								Nine Months
		2008			2007		% Change			2008			2007		% Change

Revenues
News Media Group	$	658,336		$	729,635		-9.8	%	$	2,091,314		$	2,257,350		-7.4	%
About Group		28,706			24,724		16.1	%		85,488			71,972		18.8	%
Total	$	687,042		$	754,359		-8.9	%	$	2,176,802		$	2,329,322		-6.5	%

Operating Profit(Loss)
News Media Group	$	7,090		$	33,136		-78.6	%	$	64,847		$	139,418		-53.5	%
About Group		10,784			6,291		71.4	%		29,421			23,132		27.2	%
Corporate		(7,888	)		(11,322	)	-30.3	%		(37,812	)		(36,631	)	3.2	%
Total	$	9,986		$	28,105		-64.5	%	$	56,456		$	125,919		-55.2	%

Operating Profit(Loss) Before Depreciation & Amortization and Special Items^(f)
News Media Group	$	36,549		$	79,223		-53.9	%	$	177,020		$	295,245		-40.0	%
About Group		13,420			10,247		31.0	%		38,459			33,639		14.3	%
Corporate		(6,102	)		(9,576	)	-36.3	%		(32,278	)		(31,516	)	2.4	%
Total	$	43,867		$	79,894		-45.1	%	$	183,201		$	297,368		-38.4	%




See footnotes page for additional information.


THE NEW YORK TIMES COMPANY
NEWS MEDIA GROUP REVENUES BY OPERATING SEGMENT
(Dollars in thousands)

		2008
		Third Quarter	% Change vs. 2007			Nine Months	% Change vs. 2007

The New York Times Media Group
Advertising	$	234,001	-13.7	%	$	781,607	-9.9	%
Circulation		165,993	1.9	%		496,866	3.2	%
Other		43,800	-7.6	%		130,587	-2.3	%
Total	$	443,794	-7.8	%	$	1,409,060	-5.0	%

New England Media Group
Advertising	$	74,060	-19.4	%	$	240,591	-16.9	%
Circulation		38,797	-2.4	%		114,060	-3.0	%
Other		12,683	10.3	%		38,029	20.5	%
Total	$	125,540	-12.3	%	$	392,680	-10.4	%

Regional Media Group
Advertising	$	63,547	-19.2	%	$	209,212	-17.3	%
Circulation		20,899	0.6	%		65,560	0.0	%
Other		4,556	-19.3	%		14,802	-15.2	%
Total	$	89,002	-15.3	%	$	289,574	-13.8	%

Total News Media Group
Advertising	$	371,608	-15.9	%	$	1,231,410	-12.7	%
Circulation		225,689	1.0	%		676,486	1.8	%
Other^(b)		61,039	-5.4	%		183,418	0.4	%
Total	$	658,336	-9.8	%	$	2,091,314	-7.4	%




See footnotes page for additional information.


THE NEW YORK TIMES COMPANY
FOOTNOTES
(Dollars in thousands)

^(a)	Preliminary results do not include an anticipated non-cash charge for impairment of goodwill and long-lived assets. Due to the continued softening of business conditions driven by the secular forces affecting the newspaper industry, the Company is testing the assets of its New England Media Group for impairment in the 2008 third quarter. While the results have not yet been finalized, the Company currently estimates a non-cash impairment charge of $100 to $150 million. The Company will record the charge in its financial statements when it files its third-quarter Form 10-Q with the Securities and Exchange Commission. The charge will affect EPS for the third quarter but will not affect the Company’s operating cash flow.

^(b)	Other revenues consist primarily of revenues from wholesale delivery operations, news services/syndication, commercial printing, digital archives, direct mail advertising services and rental income.

^(c)	Represents a non-cash charge for the write-down of assets for a systems project. To decrease capital spending, the Company reduced the scope of a major advertising and circulation project, which resulted in the write-down of previously capitalized costs in the first quarter of 2008.

^(d)	In 2006 the Company announced plans to consolidate the printing operations of a facility it leased in Edison, N.J., into its newest facility in College Point, Queens. As part of the consolidation, the Company originally planned to sublease the Edison facility through 2018, the end of the then-existing lease term. After evaluating the options with respect to the lease, the Company decided it was financially prudent to purchase the Edison facility and sell it, with two adjacent properties it already owned, to a third party. The purchase and sale of the Edison facility closed in the second quarter of 2007, relieving the Company of rental terms that were above market as well as restoration obligations under the original lease. As a result of the sale, the Company recognized a pre-tax loss of $68.2 million in the second quarter of 2007.

^(e)	On May 7, 2007, the Company sold the Broadcast Media Group, consisting of nine network-affiliated television stations, their related Web sites and the digital operating center, for $575 million. Under Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, the Broadcast Media Group is treated as a discontinued operation. The Company has made reclassifications in all periods presented to reflect this change.

	Results for the Broadcast Media Group, included within discontinued operations, for the third quarter and first nine months of 2008 and 2007 are below. Net income from discontinued operations of $8.6 million in the third quarter of 2008 was due to a reduction in income taxes on the gain on the sale, and the net loss from discontinued operations of $0.7 million in the third quarter of 2007 was due to post-closing adjustments to the gain. The first nine months of 2008 also included post-closing adjustments to the gain on the sale.


			Third Quarter					Nine Months

		2008		2007			2008			2007

	Revenues	$	-	$	-		$		-	$	46,702

	Pre-tax income	$	-	$	-		$		-	$	9,848

	Income tax expense		-		-				-		(4,095	)

	Income from discontinued operations, net of income taxes - Broadcast Media Group		-		-				-		5,753

	Gain/(loss) on sale of Broadcast Media Group, net of income taxes		8,611		(671	)			8,300		93,659

	Net income/(loss)	$	8,611	$	(671	)	$	8,300		$	99,412


^(f)	See "Preliminary Reconciliation of Non-GAAP Information" for reconciliations of operating profit(loss) to operating profit(loss) before depreciation & amortization and excluding special items. There were no such special items in the third quarters of 2008 and 2007; there were special items in the first nine months of 2008 and 2007.


THE NEW YORK TIMES COMPANY
PRELIMINARY RECONCILIATION OF NON-GAAP INFORMATION
(Dollars in thousands, except per share data)

In this release, the Company has included non-GAAP financial information with respect to preliminary operating profit(loss) before depreciation and amortization and excluding special items and operating costs before depreciation and amortization, severance and raw materials. The Company has included these non-GAAP financial measures because management reviews them on a regular basis and uses them to evaluate and manage the performance of the operations. Management believes that, for the reasons outlined below, these non-GAAP financial measures provide useful information to investors as a supplement to reported operating profit(loss) and operating costs. However, these measures should be evaluated only in conjunction with the comparable GAAP financial measures and should not be viewed as alternative or superior measures of GAAP results.

Operating profit(loss) before depreciation and amortization and excluding special items is useful in evaluating the Company’s ongoing cash-generating ability as it excludes the significant non-cash impact of depreciation and amortization as well as items, if any, not indicative of ongoing operating activities. Total operating costs include depreciation and amortization, severance and raw materials. Total operating costs excluding depreciation and amortization, severance and raw materials provide investors with helpful supplemental information on the Company’s underlying operating costs that is used by management in its financial and operational decision-making.

Reconciliations of these non-GAAP financial measures from, respectively, preliminary operating profit(loss) and operating costs, the most directly comparable GAAP items, are set out in the tables below.

Reconciliation of preliminary operating profit(loss) before depreciation & amortization

		Third Quarter 2008
		News Media			About						Total
		Group			Group			Corporate			Company

Operating profit(loss)	$	7,090		$	10,784		$	(7,888	)	$	9,986

Add:
Depreciation & amortization		29,459			2,636			1,786			33,881

Operating profit(loss) before depreciation & amortization	$	36,549		$	13,420		$	(6,102	)	$	43,867

		Third Quarter 2007
		News Media			About						Total
		Group			Group			Corporate			Company

Operating profit(loss)	$	33,136		$	6,291		$	(11,322	)	$	28,105

Add:

Depreciation & amortization		46,087			3,956			1,746			51,789

Operating profit(loss) before depreciation & amortization	$	79,223		$	10,247		$	(9,576	)	$	79,894

		% Change
		News Media			About						Total
		Group			Group			Corporate			Company

Operating profit(loss)		-78.6	%		71.4	%		-30.3	%		-64.5	%

Add:

Depreciation & amortization		-36.1	%		-33.4	%		2.3	%		-34.6	%

Operating profit(loss) before depreciation & amortization		-53.9	%		31.0	%		-36.3	%		-45.1	%


THE NEW YORK TIMES COMPANY
PRELIMINARY RECONCILIATION OF NON-GAAP INFORMATION (continued)
(Dollars in thousands)

Reconciliation of preliminary operating profit(loss) before depreciation & amortization and special items

		Nine Months 2008
		News Media			About						Total
		Group			Group			Corporate			Company

Operating profit(loss)	$	64,847		$	29,421		$	(37,812	)	$	56,456

Add:

Depreciation & amortization		93,882			9,038			5,534			108,454

Write-down of assets		18,291			-			-			18,291

Operating profit(loss) before depreciation & amortization and special items	$	177,020		$	38,459		$	(32,278	)	$	183,201

		Nine Months 2007
		News Media			About						Total
		Group			Group			Corporate			Company

Operating profit(loss)	$	139,418		$	23,132		$	(36,631	)	$	125,919

Add:

Depreciation & amortization		127,249			10,507			5,115			142,871

Net loss on sale of assets		68,156			-			-			68,156

Gain on sale of WQEW-AM		(39,578	)		-			-			(39,578	)

Operating profit(loss) before depreciation & amortization and special items	$	295,245		$	33,639		$	(31,516	)	$	297,368

		% Change
		News Media			About						Total
		Group			Group			Corporate			Company

Operating profit(loss)		-53.5	%		27.2	%		3.2	%		-55.2	%

Add:

Depreciation & amortization		-26.2	%		-14.0	%		8.2	%		-24.1	%

Write-down of assets		N/A			N/A			N/A			N/A

Net loss on sale of assets		N/A			N/A			N/A			N/A

Gain on sale of WQEW-AM		N/A			N/A			N/A			N/A

Operating profit(loss) before depreciation & amortization and special items		-40.0	%		14.3	%		2.4	%		-38.4	%


THE NEW YORK TIMES COMPANY
PRELIMINARY RECONCILIATION OF NON-GAAP INFORMATION (continued)
(Dollars in thousands)


Reconciliation of total Company operating costs before depreciation & amortization, severance and raw materials

		Third Quarter						Nine Months
	2008		2007		% Change			2008	2007		% Change

Total Company

Operating costs	$	677,056	$	726,254	-6.8	%	$	2,102,055	$	2,174,825	-3.3	%

Less:

Depreciation & amortization		33,881		51,789				108,454		142,871

Severance		18,081		4,869				56,887		17,630

Operating costs before depreciation & amortization and severance		625,094		669,596	-6.6	%		1,936,714		2,014,324	-3.9	%

Less:

Raw materials		62,645		58,643				182,006		196,678


Operating costs before depreciation & amortization, severance and raw materials	$	562,449	$	610,953	-7.9	%	$	1,754,708	$	1,817,646	-3.5	%

CONTACT:
The New York Times Company
Catherine J. Mathis, 212-556-1981
mathis@nytimes.com
or
Paula Schwartz, 212-556-5224
paula.schwartz@nytimes.com


Exhibits:			Preliminary Condensed Consolidated Statements of Income
			Preliminary Segment Information
			News Media Group Revenues by Operating Segment
			Footnotes
			Preliminary Reconciliation of Non-GAAP Information

Reconciliation of News Media Group operating costs before depreciation & amortization and severance

		Third Quarter
	2008		2007		% Change

News Media Group

Operating costs	$	651,246	$	696,499	-6.5	%

Less:
Depreciation & amortization		29,459		46,087

Severance		17,732		4,367

Operating costs before depreciation &
amortization and severance	$	604,055	$	646,045	-6.5	%

Reconciliation of About Group operating costs before depreciation & amortization

		Third Quarter
	2008		2007		% Change

About Group

Operating costs	$	17,922	$	18,433	-2.8	%

Less:

Depreciation & amortization		2,636		3,956

Operating costs before depreciation &
amortization	$	15,286	$	14,477	5.6	%