NEW YORK--(BUSINESS WIRE)--April 12, 2001--The New York Times Company announced today that it will begin a staff reduction program at all of its business units.

"Given the slowdown in advertising and the cloudy economic outlook for the remainder of the year, we believe that it is prudent to accelerate our ongoing cost control efforts, including a reduction in staffing levels," said Russell T. Lewis, president and CEO. "The reduction will be accomplished, where possible through a voluntary buyout program, but it will also include layoffs in certain areas where the size of a business unit or other factors make the buyout program impractical.

"Staff reductions will be carefully managed so that they do not negatively affect the quality of our journalism, the smooth functioning of our daily operations or our ability to achieve our long-term strategic goals. Once the economic clouds dissipate, we expect to emerge stronger than ever."

It will take the Company approximately two to three months to complete the buyout program due to certain legally required waiting periods. Due to the nature of a voluntary buyout program, the Company cannot estimate in advance, with any degree of certainty, how many individuals the staff reduction program will ultimately affect.

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 period ended December 31, 2000. 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) is a diversified media company including newspapers, television and radio stations, and electronic information and publishing. The Company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment. In 2001 the Company was ranked No. 1 in the publishing industry in Fortune's list of America's Most Admired Companies. In October 2000 the Company was ranked No. 1 in the publishing industry in Fortune's survey of the Global Most Admired Companies and was ranked first among all companies in the survey for the quality of its products and services.

The Company, which had 2000 revenues of $3.5 billion, publishes The New York Times, The Boston Globe and 15 other newspapers; operates eight network-affiliated television stations and owns two New York City radio stations. It also operates news, photo and graphics services as well as news and feature syndicates. A division of the Company, New York Times Digital, operates Internet properties such as NYTimes.com, Boston.com and newyorktoday.com. The Company holds interests in one newsprint mill, one supercalendered paper mill and the International Herald Tribune S.A.S.

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