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Press release from Business Wire

The New York Times Company and Halifax Media Holdings LLC Complete Regional Media Group Transaction

Friday, January 06, 2012

The New York Times Company and Halifax Media Holdings LLC Complete Regional Media Group Transaction14:45 EST Friday, January 06, 2012 NEW YORK (Business Wire) -- The New York Times Company (NYSE: NYT) and Halifax Media Holdings LLC today announced the closing of the sale of The New York Times Company Regional Media Group to Halifax Media Holdings LLC for $143 million in cash, subject to certain adjustments. The Times Company will record an after-tax gain on the sale in the first quarter of 2012 and estimates the net after-tax proceeds from the sale, including a tax benefit, will be approximately $150 million. The Times Company will use the net sale proceeds for general corporate purposes. 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 various markets, material increases in newsprint prices and the development of digital businesses. They also include risk factors detailed from time to time in The New York Times Company's publicly filed documents, including its Annual Report on Form 10-K for the year ended December 26, 2010. The New York Times Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. About The New York Times Company The New York Times Company (NYSE: NYT), a leading global, multimedia news and information company with 2010 revenues of $2.4 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, NYTimes.com, BostonGlobe.com, Boston.com, About.com and related properties. The Company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment. About Halifax Media Holdings LLC Founded in 2010, Halifax Media is headquartered in Daytona Beach, Florida. The company's investment group includes Stephens Capital Partners LLC, Jaarsss Media, and Redding Investments. Halifax's strategy is to invest long-term capital in quality companies positioned in strong markets that are closely connected to the community. This press release can be downloaded from www.nytco.comFor The New York Times CompanyMedia:Robert H. Christie, 212-556-1981; robert.christie@nytimes.comAbbe Serphos, 212-556-4425; serphos@nytimes.comInvestors:Paula Schwartz, 212-556-5224; paula.schwartz@nytimes.comAndrea Passalacqua, 212-556-7354; andrea.passalacqua@nytimes.comorFor Halifax Media Holdings LLCMedia:Michael Redding, 386-265-6840; michael.redding@halifaxmediagroup.comLori Catron, 386-265-6830; lori.catron@halifaxmediagroup.com