SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 12, 1994
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THE NEW YORK TIMES COMPANY
(Exact name of registrant as specified in its charter)
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New York 1-5837 13-1102020
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
229 West 43d Street, New York, New York 10036
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 556-1234
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ITEM 5. Other Events
On December 12, 1994, the Registrant announced the divestiture of its
minority interest in Gaspesia Pulp & Paper Company, a newsprint mill in Canada.
A copy of the Registrant's press release is filed herewith as Exhibit 99.
ITEM 7. Financial Statements and Exhibits
Exhibit 99. Press Release dated December 12, 1994.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE NEW YORK TIMES COMPANY
Date: January 6, 1995 By: Laura J. Corwin
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Laura J. Corwin
Secretary and Corporate Counsel
Exhibit 99
NEWS ABOUT THE NEW YORK TIMES COMPANY
229 West 43d Street, New York, NY 10036
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For Immediate Release
Contact: Nancy Nielsen (212) 556-7078
THE NEW YORK TIMES COMPANY
DIVESTS MINORITY INTEREST IN
GASPESIA PULP & PAPER COMPANY
New York, Dec. 12 - The New York Times Company today announced the divestiture
of its minority interest in Gaspesia Pulp & Paper Company, a newsprint mill in
Canada. The interest was transferred to Abitibi-Price Inc., the majority owner.
In addition, the Times Company also announced that it has entered into a new
long-term agreement to purchase newsprint from Abitibi-Price.
In connection with the divestiture, the Times Company will take a fourth-
quarter pre-tax charge of approximately $3.2 million as part of the transfer of
its 49 percent interest in Gaspesia to Abitibi-Price. The Company will include
this charge in the amount to be reported with the dispositions of the Company's
Women's Magazines Division and its U.K. golf publications. Accordingly, the
Company will report a net pre-tax gain from 1994 divestitures of approximately
$200.8 million, or $.99 per share.
In 1993 the Times Company reported a write-off of $.56 per share to reflect
its investment in Gaspesia at its expected net realizable value. Tax benefits
associated with the write-down could not be recognized in 1993 because of the
uncertainty of their utilization. The utilization of these tax benefits in the
fourth quarter of 1994 will result in a lower effective tax rate. This will not
change the Company's previously announced earnings estimate for 1994 of $.95 to
$1.05 per share.
The Company has no current plans to change its minority interest in its two
other paper mills, Madison Paper Industries, a supercalendered mill in Madison,
Maine, and Donohue Malbaie Inc., a newsprint mill in Clermont, Quebec. The
Company previously announced that equity in earnings of the Forest Products
Group (an after-tax amount) for 1994 is expected to be in the range of $2
million to $3 million, compared with a loss of $4 million in 1993, which does
not include the $.56 per share referred to above.
The New York Times Company is a diversified media company with revenues in
excess of $2 billion and has the following lines of business: newspapers,
magazines, broadcasting, information services and forest products. The Company
publishes The New York Times, The Boston Globe and 28 regional newspapers and
owns a one-half interest in the International Herald Tribune, publishes 10
sports/leisure magazines; operates five network-affiliated television stations,
two radio stations, a news service and other information services and has
minority interests in one newsprint mill and one supercalendered paper mill.
December 12, 1994
