046cvr 3/8/05 2:15 PM Page 1 The New York Times Company Times York The New The New York Times Company Annual Report 2004 Annual Report 2004 229 West 43rd Street New York, NY 10036 tel 212.556.1234 www.nytco.com 046cvr 3/8/05 2:15 PM Page 2 Shareholder Information Shareholder Information The New York Times Company The New York Times Neediest Annual Meeting Online Foundation, Inc. Cases Fund, administered by the The Annual Meeting of The New York Times Company includes The New York www.nytco.com Jack Rosenthal, President Foundation, raised more than $7 Stockholders will be held on Visit our Web site for information 229 West 43rd St. million in its 2004-2005 campaign. Tuesday, April 26, 2005, at 10 a.m. about the Company, including our New York, NY 10036 Times newspaper, the International Herald Tribune, Code of Ethics for our chairman, (212) 556-1091 For the second year, using It will take place at: CEO, vice chairman and senior income from the Neediest Cases New Amsterdam Theatre financial officers and our Business The New York Times Company Fund endowment, the Foundation 214 West 42nd Street The Boston Globe, 16 other newspapers, eight Ethics Policy; a print copy is Foundation launched three initiatives supported nearly 1,000 emergency New York, NY 10036 available upon request. in 2004. One was the creation of summer jobs for low-income leadership institutes for New York teenagers in New York City. Certifications network-affiliated television stations and two Office of the Secretary City school superintendents and After the 2005 Annual Meeting of (212) 556-7127 principals to demonstrate how best The Foundation’s annual Stockholders, the Company intends to preserve arts education along report is available at to file with the New York Stock New York radio stations. It has more than 40 Web Corporate Communications with mandatory English and math. www.nytco.com/foundation Exchange the CEO certification & Investor Relations or by mail on request. confirming its compliance with the Catherine J. Mathis, Vice President The Foundation produced The Next NYSE's corporate governance sites, including NYTimes.com and Boston.com. Corporate Communications Step, a pocket guide and online The Boston Globe Foundation listing standards as required by (212) 556-4317 directory of benefits available to Alfred S. Larkin Jr., President NYSE Listing Company Manual veterans returning from Iraq and P.O. Box 2378 Section 303A.12. Last year, the Stock Listing Afghanistan. Boston, MA 01207-2378 Company filed this CEO certification The New York Times Company (617) 929-2895 with the NYSE on April 15, 2004. Class A Common Stock is listed At the end of 2004, the Foundation on the New York Stock Exchange. created a two-part response to the In 2004 The Boston Globe A Special Offer for Being Core Purpose Ticker symbol: NYT tsunami catastrophe in Southeast Foundation made grants totaling a Valued Shareholder Asia. In addition to the Foundation’s $1.08 million. The Foundation’s The core purpose of Auditors immediate contribution of $250,000 priority funding areas include for relief and reconstruction, it The New York Times Company Deloitte & Touche LLP readers and writers; arts and Two World Financial Center created a special matching gift culture; civic participation, and is to enhance society by creating, New York, NY 10281 category: for every dollar donated support for organizations in its by employees, retirees and collecting and distributing immediate neighborhood. Registrar, Stock Transfer and directors, the Foundation high-quality news, information Dividend Disbursing Agent contributes $1.50. In addition Globe Santa, a holiday toy the Company established a distribution program administered and entertainment. If you are a registered shareholder The Rivals and have a question about your special payroll deduction, and to by the Foundation, raised A photo-filled inside history of the account, or would like to report a encourage long-term support that $1.3 million in donations from the most heated rivalry in baseball, if change in your name or address, and the matching gift arrangement public. More information can be not all professional sports – the Red please contact: will continue through 2005. found at the Globe’s Web site at Sox versus the Yankees. $19.50 Core Values www.bostonglobe.com/foundation. plus shipping charges. To order, Mellon Investor Services LLC The Foundation’s ongoing programs please call (617) 929-7722 and P.O. Box 3315 included $4.25 million in grants Our core values, those that are essential Career Opportunities mention code NYT. South Hackensack, NJ 07606-1915 for education, culture, service, Employment applicants to the way we do business, are: (800) 240-0345 the environment and journalism. should apply online at For the hearing impaired: Included in this total are the grants www.nytco.com/careers. ■ content of the highest quality and integrity — (800) 231-5469 (TTDY) made by The Boston Globe The Company is committed www.melloninvestor.com Foundation, which comes under the this is the basis for our reputation and the to a policy of providing equal umbrella of The Times Foundation. employment opportunities without means by which we fulfill the public trust Automatic Dividend regard to race, color, religion, Reinvestment Plan The year’s five Times Institutes – and our customers’ expectations; national origin, gender, age, Italy: The Best Travel Writing The Company offers shareholders immersion courses for journalists marital status, sexual orientation From The New York Times a plan for automatic reinvestment from around the country – included ■ or disability. It includes more than 40 stylishly fair treatment of employees based on respect, of dividends in its Class A emerging news subjects like Islam written, informative articles by well- accountability and standards of excellence; Common Stock for additional in America. known writers as well as special shares. For information, current new essays on Italian wines and ■ creation of long-term shareholder value shareholders should contact The New York Times College food. $35 (Regularly $50) plus Mellon Investor Services. Scholarship Program, now in its shipping charges. To order, please through investment and constancy of sixth year, is funded by the call (800) 671-4332 and mention purpose; and Foundation and donations from code ITALIA. the public. The program assists ■ good corporate citizenship. Design: talented but needy New York City Taylor & Ives, Inc., NYC students who have overcome Executive Photography great adversity. Fred R. Conrad The New York Times Printing Sandy Alexander Copyright 2005 The New York Times Company All rights reserved NYT Annual Report 2004 1 o Our Shareholders: Every great enterprise is rooted in Consequently, we have had to adapt to a new one fundamental and transcending set of operating premises in our businesses as we idea. Henry Raymond and have closely re-examined every part of our operations, George Jones, who published the identified new revenue sources, controlled expenses, first issue of The New York Times expanded our reach and developed new tactics to on September 18, 1851, embraced enhance shareholder value. the basic premise that long-term business success could be achieved by Positioned for Growth While our earnings consistently providing quality journalism to a demanding per share declined slightly in 2004, to $1.96 from $1.98, audience. History has repeatedly taught us that these we believe that the journalistic and business initiatives two visionaries were absolutely correct. we have been carrying out throughout 2004 and early 2005 have positioned us for long-term growth. Investment, Innovation and As in previous years, we have been guided by a Reinvention Our founders, and each successive disciplined commitment to our long-term strategy, which generation of Times Company leadership, have also is to operate the leading news and advertising media in understood the critical importance of staying ahead the national and global “quality audience” market served of change, and over the past 12 months, we carried by The New York Times, and in each of our local markets. on this valuable legacy by engaging in a productive process of investment, innovation and reinvention. Relaunching Our Flagship An appropriate We did all this in a very challenging environment. place to begin a review of 2004 is by focusing on the Beginning with 2001, the media industry in general and advertising and circulation achievements of The New The New York Times Company in particular have been York Times newspaper: coping with the collapse of the technology bubble, the September 11 terrorist attacks and continued unsettled • Our flagship property reported more than $1 billion economic conditions. We also contended with an uneven in ad revenue for the seventh straight year. No other advertising market, which has continued in 2005. newspaper or magazine has matched this record. Annual Report 2004 We believe that the journalistic and NYT business initiatives we have been carrying out 2 position us for long-term growth. • The Times’s September 2004 Statement to the Audit millions of people who would like access to our quality Bureau of Circulations marked the third consecutive journalism, whether it is in print, online or broadcast. period of daily and Sunday circulation growth, the 11th In 2004 NYTimes.com, the world’s most popular positive daily result in the last 12 ABC periods, and the newspaper-owned Web site, relaunched its Travel, 10th such result for Sunday over the same time frame. Theater, Personal Technology and Real Estate sections, offered streamlined navigation and integrated Over the past year, The Times relaunched its user-generated content and more multimedia features. Sunday Business, Real Estate, Book Review, Culture, In 2004 NYTimes.com averaged 1.6 million unique Travel and special Sunday Magazine sections, rebranded visitors a day, worldwide. as “T.” This year we will be redesigning the Main News The Discovery Times Channel, our digital television section, Business Day and Sports.