The New York Times Company Announces Plan to Sell Seven Small Daily and Non-Daily Newspapers

Posted on February 25, 2000

The New York Times Company has announced that it plans to sell seven of its smaller daily and non-daily newspapers, and all nine of its telephone directories, which are part of its Regional Newspaper Group. In total, the newspapers and directories being sold account for approximately $52.7 million, or 2 percent, of the Company's 1999 revenues.

``The decision to sell these smaller newspapers and directories is a result of a review of the business portfolio of our Regional Newspaper Group,'' said Russell T. Lewis, president and CEO of the Times Company. ``We believe our shareholders will be better served by focusing our regional newspaper efforts on larger newspapers, such as the Worcester Telegram & Gazette, which we acquired last month.''

The daily regional newspapers being sold (with the following twelve-month average circulation) are: Santa Barbara News-Press in Santa Barbara, Calif. (45,300 copies daily); Daily World in Opelousas, La. (12,100); Daily News in Palatka, Fla. (11,800); and the Lake City Reporter in Lake City, Fla. (9,700). The non-daily newspapers, all in Florida, being sold are: The News-Sun in Sebring/Avon Park (12,600); The News-Leader in Fernandina Beach (10,100); and the Marco Island Eagle in Marco Island (9,700).

The New York Times Company, which had 1999 revenues of $3.1 billion, publishes The New York Times, The Boston Globe and 22 other newspapers; publishes three magazines, including Golf Digest; and operates eight network-affiliated television stations and 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, Times Company Digital, operates Internet properties such as NYTimes.com, Boston.com and WineToday.com. The Company holds interests in one newsprint mill, one supercalendered paper mill and the International Herald Tribune S.A.S.