Well hello! The New York Times reported its third-quarter results today, and the press release contains this little sleeper bomb: The company expects to realize $14 million to $16 million in staff reduction costs in the fourth quarter. (Gawker noticed it first.) "This range can vary significantly based on seniority and the timing of implementation," notes the release.

Would that be staff reduction as in "lots of people who had jobs not having them anymore?" That's certainly what it sounds like, but a Times spokeswoman says it's really just business as usual.

"We have buyouts every quarter," she says. "It's not unusual, and this is by no means the largest buyout we've had. It varies from quarter to quarter depending on the programs we have in place."

And there you have it. Here's the release.

Update, 2:36 p.m.: The Times spokeswoman clarifies further: "The buyouts in the fourth quarter are associated with the consolidation of our two New York-area printing plants."

Press Release
THE NEW YORK TIMES COMPANY REPORTS

2007 THIRD-QUARTER RESULTS

NEW YORK, October 23, 2007 - The New York Times Company announced today
third-quarter earnings per share (EPS) from continuing operations of $.10,
compared with $.06 in the third quarter last year. Excluding the special
items noted below, EPS from continuing operations was $.15 compared with
$.09 in the third quarter last year. Operating profit increased 57.1
percent to $28.1 million from $17.9 million in the third quarter of 2006
while operating profit excluding depreciation and amortization increased
46.4 percent to $79.9 million from $54.6 million in the third quarter of
2006.

Included in the results from continuing operations are the following
special items:
Accelerated depreciation expense of $11.7 million ($6.7 million after
tax, or $.05 per share) in the third quarter of 2007 for assets at
the Company's Edison, N.J., printing plant, which is in the process
of being closed.

A loss of $7.8 million ($4.3 million after tax, or $.03 per share) in
the third quarter of 2006 from the sale of the Company's 50 percent
investment in the Discovery Times Channel (DTC), a digital cable
channel.

"Our very strong earnings growth was driven by increased national
advertising, higher circulation revenues and our continued focus on cost
controls," said Janet L. Robinson, president and CEO. "Revenues benefited
from new products both in print and online. National advertising grew
significantly, up 10.9 percent, as a result of improvement in categories
such as entertainment, international fashion and corporate. Circulation
revenues rose 3.9 percent. Our digital properties again posted very
healthy revenue growth, up 26.5 percent in the quarter.

"We continued to concentrate on controlling costs. This past quarter our
operating costs were on par with the same quarter last year, and, excluding
depreciation and amortization, decreased 1.5 percent, as we maintained our
expense discipline. We believe that reducing our cost structure in
innovative ways, while making prudent investments across platforms, is an
important part of our ongoing efforts to successfully manage our business
during a challenging time in the media marketplace.

"While September was a strong month, with ad revenues up 5.5 percent,
visibility on the fourth quarter remains limited. To date in October,
advertising is not as strong as it was in September, although it is
performing better than in the first half of the year. We continue to stay
focused on our strategy of introducing new products, building our
innovation capability, rebalancing our portfolio of businesses and
stringently managing costs."

Third-Quarter Results from Continuing Operations

All comparisons are for the third quarter of 2007 to the third quarter of
2006 and exclude the results of the Broadcast Media Group, which was sold
in May 2007.

This release includes non-GAAP financial measures, and the exhibits include
a discussion of management's use of these non-GAAP financial measures and
reconciliations to the most comparable GAAP financial measures.

Revenues
Total revenues increased 2.0 percent to $754.4 million from $739.6 million.
Advertising revenues decreased 0.1 percent; circulation revenues increased
3.9 percent; and other revenues rose 11.5 percent.

Operating Costs
Operating costs increased 0.6 percent to $726.3 million from $721.7
million. Depreciation and amortization increased 41.2 percent to $51.8
million from $36.7 million primarily due to the accelerated depreciation
for assets at the Edison printing plant and depreciation on the Company's
new headquarters. Excluding depreciation and amortization, operating costs
decreased 1.5 percent to $674.5 million from $685.0 million, mainly as a
result of lower newsprint expense partially offset by higher professional
fees. Newsprint expense decreased 22.2 percent, with 13.4 percent of the
decrease resulting from lower newsprint prices and 8.8 percent resulting
from lower consumption. Professional fees increased primarily due to costs
associated with the Company's new headquarters and expense reduction
initiatives.

Staff reduction costs were $4.9 million ($2.8 million after tax, or $.02
per share) compared with $7.4 million ($4.3 million after tax, or $.03 per
share) in the third quarter last year.

Operating Profit
Operating profit increased 57.1 percent to $28.1 million from $17.9
million. Excluding depreciation and amortization, operating profit
increased 46.4 percent to $79.9 million from $54.6 million.

Third-Quarter Business Segment Results

News Media Group
Total News Media Group revenues increased 1.2 percent to $729.6 million
from $721.3 million. Advertising revenues decreased 1.4 percent due to
weakness in advertising at the New England and Regional Media Groups,
partially offset by increased advertising at The New York Times Media
Group. In particular, classified advertising revenues decreased across the
News Media Group, principally due to softness in real estate advertising.

Circulation revenues increased 3.9 percent, mainly because of higher prices
for The New York Times partially offset by volume declines. In the fourth
quarter of 2006, The New York Times raised the newsstand price of the
Northeast edition of the Sunday Times and increased home-delivery prices.
In the third quarter of 2007, The Times raised the newsstand price of the
Sunday Times in the greater New York metropolitan area and the daily
newsstand price nationwide, and increased home-delivery prices.

Other revenues increased 10.8 percent to $64.5 million from $58.2 million
primarily because of rental income from the Company's lease of five floors
in its new headquarters, increased wholesale delivery operation revenues,
and revenues from Baseline StudioSystems, which was acquired in August
2006.

Total News Media Group operating costs decreased 0.2 percent to $696.5
million from $698.1 million. Excluding depreciation and amortization,
operating costs decreased 2.3 percent to $650.4 million from $665.9
million, mainly as a result of lower newsprint expense.

Operating profit for the News Media Group increased 42.9 percent to $33.1
million from $23.2 million. Excluding depreciation and amortization,
operating profit for the News Media Group increased 43.0 percent to $79.2
million from $55.4 million.

About Group
Total About Group revenues increased 34.9 percent to $24.7 million from
$18.3 million due to increased display and cost-per-click advertising as
well as revenues associated with the acquisition of ConsumerSearch.com, a
leading online publisher that analyzes product reviews, in May 2007.

Total About Group operating costs increased 54.8 percent to $18.4 million
from $11.9 million because of higher compensation costs; investments in new
revenue initiatives; costs related to the acquisition of
ConsumerSearch.com, including increased content costs; and higher
amortization expense.

Operating profit decreased 2.0 percent to $6.3 million from $6.4 million.
The operating profit margin declined mainly because of investments in new
business initiatives that are expected to contribute to future revenues,
one-time restructuring costs for the About Group's sales organization, and
higher compensation and content costs. Operating profit before
depreciation and amortization rose 9.3 percent to $10.2 million from $9.4
million, due to higher revenues. In the fourth quarter, both the operating
profit and margin are expected to increase above those of the third
quarter, mainly because of higher seasonal revenues and the absence of the
one-time restructuring costs.

Corporate
Corporate costs were $11.3 million compared with $11.7 million in the prior
year third quarter.

Other Financial Data

Internet Revenues
In the third quarter, the Company's Internet revenues increased 26.5
percent to $79.7 million from $63.0 million in the third quarter of 2006.
Internet businesses include digital archives, NYTimes.com, Boston.com,
About.com and other Company Web sites. In total, Internet businesses
accounted for 10.6 percent of the Company's revenues in the third quarter
versus 8.5 percent in the 2006 third quarter.

Joint Ventures
Net income from joint ventures was $5.4 million compared with $7.3 million.
Lower earnings resulted from weaker performance at all of the properties in
which the Company has equity interests. Included in the third quarter last
year is the loss of $7.8 million on the sale of the Company's interest in
DTC in October 2006.

Interest Expense-net
Interest expense-net decreased to $10.5 million from $13.3 million
primarily due to lower levels of short-term debt partially offset by lower
capitalized interest.

Income Taxes
The effective income tax rate increased to 39.0 percent in the third
quarter from 32.8 percent in the same period last year when a favorable tax
adjustment lowered the tax rate.

Cash and Total Debt
At the end of the quarter, cash and cash equivalents were approximately $53
million and total debt was approximately $1 billion.

Capital Expenditures
In the third quarter, total capital expenditures were approximately $71
million, which included approximately $18 million for the Company's new
headquarters.

Expectations
The following expectations are for the fourth quarter of 2007 with the
exception of cost savings and productivity gains, which are for 2008 and
2009.
Cost savings and productivity gains - The Company believes that it
can achieve a reduction in costs from its year-end 2007 cost base of
a total of approximately $230 million in 2008 and 2009, excluding the
effects of inflation and certain one-time costs. About $130 million
of these savings are expected in 2008.
Staff reduction costs - $14 to $16 million. This range can vary
significantly based on seniority and the timing of implementation.
Depreciation and amortization - $48 to $50 million, which includes $6
to $7 million of accelerated depreciation expense associated with the
plant consolidation project, mainly presses.
Income from joint ventures - Loss of $3 to $5 million.
Interest expense - $11 to $13 million.
Capital expenditures - $50 to $80 million.
Income tax rate - Approximately 41 percent.

The fourth quarter of 2006 included an extra week that resulted in $50.8
million in revenues, $36.8 million in costs and $.06 of earnings per share.

Conference Call Information
The Company's third-quarter earnings conference call will be held on
Tuesday, October 23, at 10:30 a.m. E.T. To access the call, dial
877-704-5386 (in the U.S.) and 913-312-1302 (international callers).
Participants should dial into the conference approximately 10 minutes
before the start time. Online listeners can link to the live webcast at
www.nytco.com/investors.

An audio replay will be available at 888-203-1112 (in the U.S.) and
719-457-0820 (international callers) beginning approximately two hours
after the call until 5 p.m. E.T. on Wednesday, October 24. The access code
is 5871164. An archive of the webcast will be available beginning two
hours after the call at www.nytco.com/investors. In addition, an MP3 file
of the call can be downloaded from the Company's site. The archive and a
transcript of the call will be available for one quarter.

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 year ended December 31, 2006. 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), a leading media company with 2006
revenues of $3.3 billion, includes The New York Times, the International
Herald Tribune, The Boston Globe, 15 other daily newspapers, WQXR-FM and
more than 30 Web sites, including NYTimes.com, Boston.com and About.com.
The Company's core purpose is to enhance society by creating, collecting
and distributing high-quality news, information and entertainment.

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