Business description of THE-NEW-YORK-TIMES-COMPANY from last 10-k form

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Includes shares of Class A Common Stock to be issued upon exercise of outstanding stock options granted under the Company’s 1991 Executive Stock Incentive Plan (the “1991 Incentive Plan”), as well as its Non-Employee Directors’ Stock Option Plan or Non-Employee Directors’ Stock Incentive Plan (together, the “Directors’ Plans”). Includes shares of Class A Common Stock to be issued upon conversion of stock-settled restricted stock units under the 1991 Incentive Plan.

Includes shares of Class A stock available for future stock options to be granted under the Company’s 2010 Incentive Compensation Plan (the “2010 Incentive Plan”) and the Directors’ Plan. The 2010 Incentive Plan has 8,000,000 shares remaining for issuance upon the grant, exercise or other settlement of share-based awards. The Directors’ Plan provides for the issuance of up to 496,000 shares of Class A Common Stock in the form of stock options or restricted stock units. The amount reported for stock options includes the aggregate number of securities remaining (approximately 252,000 as of December 26, 2010) for future issuances under that plan. Stock options granted under the 1991 Incentive Plan, 2010 Incentive Plan and the Directors’ Plan must provide for an exercise price of 100% of the fair market value on the date of grant and, except in the case of the 2010 Incentive Plan (which does not specify a maximum term), a maximum term of 10 years.

Includes shares of Class A Common Stock available for future issuance under the Company’s Employee Stock Purchase Plan.

On April 13, 2004, our Board of Directors authorized repurchases in an amount up to $400 million. During the fourth quarter of 2010, we did not purchase any shares of Class A Common Stock pursuant to our publicly announced share repurchase program. As of February 15, 2011, we had authorization from our Board of Directors to repurchase an amount of up to approximately $91 million of our Class A Common Stock. Our Board of Directors has authorized us to purchase shares from time to time as market conditions permit. There is no expiration date with respect to this authorization.

The current assets to current liabilities ratio is higher in 2010 because of a higher cash balance.

In 2009, 2008 and 2006, earnings were inadequate to cover fixed charges by approximately $16 million, $56 million and $579 million, respectively, due to certain charges in each year.

Short-term debt includes the current portion of capital lease obligations. Long-term debt includes the long-term portion of capital lease obligations.

Includes estimated interest payments on long-term debt. See Note 8 of the Notes to the Consolidated Financial Statements for additional information related to our long-term debt.

See Note 20 of the Notes to the Consolidated Financial Statements for additional information related to our capital and operating leases.

Includes estimated benefit payments, net of plan participant contributions, under our Company-sponsored pension and other postretirement benefits plans. Payments for these plans have been estimated over a 10-year period; therefore the amounts included in the “Later Years” column only include payments for the period of 2016-2020. While benefit payments under these plans are expected to continue beyond 2020, we believe that an estimate beyond this period is impracticable. Benefit plans in the table above also include estimated payments for multiemployer pension plan withdrawal liabilities. See Notes 11 and 12 of the Notes to the Consolidated Financial Statements for additional information related to our pension benefits and other postretirement benefits plans.

JANET L. ROBINSON

JAMES M. FOLLO

The “Pension benefits obligation” in our Consolidated Balance Sheet includes the noncurrent liabilities related to the qualified and non-qualified plans as well as pension withdrawal liabilities under multiemployer pension plans. The pension withdrawal liabilities under multiemployer pension plans were approximately $94 million as of December 26, 2010 and approximately $80 million as of December 27, 2009.

The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value of the underlying funds.

Represents investments that are not backed by the full faith and credit of the United States government.

The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value of the underlying funds.

Represents investments that are not backed by the full faith and credit of the United States government.

Includes write-offs, net of recoveries.

THE NEW YORK TIMES COMPANY

(Registrant)

/S/ KENNETH A. RICHIERI