NEW YORK TIMES CO, DEF 14A, 1999-03-10

NEW YORK TIMES CO
DEF 14A, 1999-03-10
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Notice of 1999
Annual Meeting
and Proxy Statement

[LOGO]

The New York Times Company

229 West 43d Street, New York, NY 10036
212 556-1234
<PAGE>

[LOGO] The New York Times Company
229 West 43d Street, New York, NY 10036 (212) 556-1234

March 10, 1999

To Our Stockholders:

Our 1999 Annual Meeting of Stockholders will be held on Thursday, April
15, at 10:00 A.M., local time, at Town Hall, 123 West 43d Street, New York, NY
10036.

The accompanying Notice of Annual Meeting and Proxy Statement set forth
the business intended to be transacted. Time will be made available for a
discussion of these items as well as for other questions about the business
affairs of the Company. As usual, all stockholders will be sent a report of the
meeting.

George L. Shinn and William O. Taylor will be retiring from our Board of
Directors next month and are not nominees for election at this year's Annual
Meeting. They have served on our Board since 1978 and 1993 respectively. We are
grateful for their immense contributions to the success of the Company, and we
wish them well.

We also note with sadness the death late last year of our Board member, A.
Leon Higginbotham, Jr. Judge Higginbotham brought his formidable intelligence,
sound judgment, profound integrity, personal warmth and welcome humor to his
Board service. We will miss him.

Raul E. Cesan and Henry B. Schacht are new nominees for election this
year. We believe that their international business and general management
experience will be valuable assets as the communications industry expands
dramatically worldwide.

It is important that your shares be represented at the meeting, whether or
not you are personally able to attend. This year, registered stockholders can
vote their shares by using a toll-free telephone number or the Internet.
Instructions for using these convenient new services are set forth on the
enclosed proxy card. Of course, you may still vote your shares by marking your
votes on the proxy card, signing and dating it, and mailing it in the return
envelope as promptly as possible. Your cooperation in this regard will be very
much appreciated.

Sincerely yours,

ARTHUR SULZBERGER, JR.
Chairman of the Board
<PAGE>

[LOGO] The New York Times Company
229 West 43d Street, New York, NY 10036 (212) 556-1234

Notice of Annual Meeting of Stockholders
To be held April 15, 1999

To The Holders of Class A and Class B Common Stock of The New York Times
Company:

The Annual Meeting of the holders of the Class A and Class B Common Stock
of The New York Times Company (the "Company") will be held at Town Hall, 123
West 43d Street, New York, NY 10036, on Thursday, April 15, 1999, at 10:00 A.M.,
local time, for the following purposes:

1. To elect a Board of 14 members;

2. To consider and act upon a proposal to approve amendments to
the Company's 1991 Executive Stock Incentive Plan and 1991
Executive Cash Bonus Plan to preserve the tax deductibility of
certain compensation paid thereunder;

3. To ratify the selection of Deloitte & Touche LLP, independent
certified public accountants, as auditors for the fiscal year
ending December 26, 1999; and

4. To transact such other business as may properly come before
the meeting.

Holders of the Class A and Class B Common Stock of record at the close of
business on February 24, 1999, are entitled to notice of and to vote at this
meeting as set forth in the Proxy Statement. Class A stockholders are entitled
to vote for the election of five of the 14 directors. Class A and Class B
stockholders, voting together as a single class, are entitled to vote on the
proposal to approve the amendments to the 1991 Executive Stock Incentive Plan
and 1991 Executive Cash Bonus Plan, and for the ratification of the selection of
Deloitte & Touche LLP as auditors for 1999. Class B stockholders are entitled to
vote for the election of nine of the 14 directors and on all other matters
presented to the meeting.

New York, NY
March 10, 1999

By Order of the Board of Directors

LAURA J. CORWIN
Vice President and Secretary

WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING IN PERSON, PLEASE VOTE AS PROMPTLY
AS POSSIBLE BY TELEPHONE, ON THE INTERNET OR BY COMPLETING AND RETURNING THE
ENCLOSED PROXY CARD. THIS IS IMPORTANT FOR THE PURPOSE OF INSURING A QUORUM AT
THE MEETING.
<PAGE>

[LOGO]

The New York Times Company

PROXY STATEMENT

TABLE OF CONTENTS

Page
----

Solicitation of Proxies.................................................. 1
Voting Securities of the Company....................................... 1
Principal Holders of Common Stock...................................... 2
Security Ownership of Management....................................... 5
Section 16(a) Beneficial Ownership Reporting Compliance................ 7
The 1997 Trust......................................................... 7
Globe Voting Trust..................................................... 8
Proposal Number 1: Election of Directors................................. 9
Class A Directors...................................................... 9
Class B Directors...................................................... 11
Interest of Directors in Certain Transactions of the Company........... 12
Certain Information about the Board of Directors....................... 13
Compensation of Directors; Liability and Reimbursement Insurance....... 15
Compensation of Executive Officers....................................... 16
Summary Compensation Table............................................. 16
Option Grants in Last Fiscal Year...................................... 17
Aggregated Option Exercises in Last Fiscal Year, and FY-End
Option Values........................................................ 17
Long-Term Incentive Plan Awards in Last Fiscal Year.................... 18
Pension Plan Table..................................................... 18
Performance Presentation............................................... 19
Compensation Committee Report.......................................... 20
Proposal Number 2: Approval of Amendments to 1991 Executive Stock
Incentive and 1991 Executive Cash Bonus Plans........................ 22
Purpose of Amendments.................................................. 22
Summary of Plans....................................................... 22
Material Changes Effected by the Amendments............................ 23
New Benefits........................................................... 23
Amendments; Non-Exclusivity............................................ 23
Recommendation and Vote Required....................................... 24
Proposal Number 3: Selection of Auditors................................. 24
Other Matters............................................................ 25
Discretionary Authority to Vote Proxy.................................. 25
Annual Report; Annual Report on Form 10-K.............................. 25
Submission of Stockholder Proposals.................................... 25
<PAGE>

The New York Times Company
Proxy Statement

1999 Annual Meeting of Stockholders

- --------------------------------------------------------------------------------
Solicitation of Proxies
- --------------------------------------------------------------------------------

The Board of Directors of the Company is soliciting the enclosed proxy for
use at the Annual Meeting of Stockholders to be held April 15, 1999, and at any
adjournment or adjournments thereof. Each valid proxy received in time will be
voted at the meeting, and, if a choice is specified, it will be voted in
accordance with such specification. If no choice is specified, the shares will
be voted as recommended by the Directors. The Company is sending this Proxy
Statement and the proxies solicited hereby to its stockholders beginning on or
about March 10, 1999. The Company will bear the cost of soliciting proxies,
including the reimbursement to banks and brokers for reasonable expenses of
sending proxy material to their principals. The Company has engaged Georgeson &
Company Inc. to assist in the solicitation of proxies from brokers, banks,
institutions and other fiduciaries by mail, telephone, telegraph and facsimile
for a fee of $6,500 plus out-of-pocket expenses. In addition, officers of the
Company may solicit proxies in person or by mail, telephone or facsimile.

This year registered stockholders can simplify their voting and save the
Company expense by calling 1-800-OK2-VOTE (1-800-652-8683) or voting via the
Internet at http://www.vote-by-net.com. Telephone and Internet voting is
available 24 hours a day. Telephone and Internet voting information is provided
on the proxy card. Control Numbers, located above stockholders' names and
addresses on the lower left of their proxy cards, are designed to verify
stockholders' identities and allow them to vote their shares and confirm that
their voting instructions have been properly recorded. The Company has been
advised by its counsel that the procedures which have been put in place are
consistent with the requirements of applicable state law.

If a bank or broker holds a stockholder's shares, the stockholder should
follow the voting instructions on the form he or she receives. The availability
of telephone or Internet voting will depend on the bank's or broker's voting
processes.

If stockholders do not choose to vote by telephone or Internet, they may
return their proxy cards, properly signed, and their shares will be voted in
accordance with their instructions. If stockholders vote by telephone or
Internet, they should not return their proxy cards by mail.

Stockholders may revoke their proxies at any time before they are voted at
the meeting by executing a later-voted proxy by telephone, Internet or mail or
by voting by ballot at the meeting.

Beginning in 2000, the Company may decide to send to stockholders its
proxy statement, annual report and proxy card via the Internet instead of by
mail. If stockholders vote their proxies this year via the Internet, they will
be asked to complete a form, indicating whether they would like to take part in
this paperless process in future years.

Voting Securities of the Company

The Company has two classes of outstanding voting securities, the Class A
Common Stock, 10 cents par value, and the Class B Common Stock, 10 cents par
value. On June 17, 1998, the Company effected a two-for-one stock split of both
the Class A and Class B Common Stock in the form of a stock dividend. As of
February 24, 1999, there were outstanding 178,874,315 shares of Class A Common
Stock and 849,520 shares of Class B Common Stock. Only holders of record of the
Class A or Class B Common Stock at the close of business on February 24, 1999,
may vote at the meeting.

Each share of stock is entitled to one vote. The Class A stockholders have
limited voting rights and may vote for the election of five of the 14 directors.
Class A and Class B stockholders, voting together as a single class, may vote on
the proposal to approve the amendments to the 1991 Executive Stock Incentive
Plan and 1991 Executive Cash Bonus Plan, and for the ratification of the
selection of Deloitte & Touche LLP as auditors for the fiscal year ending
December 26, 1999. The Class B stockholders may vote for the election of nine of
the 14 directors and on all other matters presented to the meeting.
<PAGE>
2

Principal Holders of Common Stock

The following table sets forth the only persons who, to the knowledge of
management, owned beneficially on February 24, 1999, more than 5% of the
outstanding shares of either Class A or Class B Common Stock:

Name and Address Shares (%)
- ----------------------------------------- -----------------------------------
Class A Class B
--------- ---------

1997 Trust(1),(2)....................... 2,138,810 (1.2%) 738,810 (87.0%)
229 West 43d Street
New York, NY 10036

Lynn G. Dolnick1,(2),(3)................ 2,182,612 (1.2%) 739,928 (87.1%)
229 West 43d Street
New York, NY 10036

Marian S. Heiskell(1),(2),(4),(5)....... 12,267,630 (6.8%) 741,780 (87.3%)
229 West 43d Street
New York, NY 10036

Ruth S. Holmberg(1),(2),(4),(6)......... 13,566,214 (7.6%) 741,180 (87.2%)
100 East 10th Street
Chattanooga, TN 37402

Judith P. Sulzberger(1),(2),(4),(7)..... 13,670,504 (7.6%) 741,180 (87.2%)
229 West 43d Street
New York, NY 10036

Arthur Ochs Sulzberger(1),(2),(4),(8)... 15,449,554 (8.6%) 742,380 (87.4%)
229 West 43d Street
New York, NY 10036

Globe Voting Trust(9)................... 10,675,505 (6.0%) 0
William O. Taylor, Charles H. Taylor,
Benjamin B. Taylor, Benjamin Beale Baker
and Nancy B. Soulette, Trustees
c/o Bingham Dana & Gould
150 Federal Street
Boston, MA 02110

William O. Taylor(9),(10)............... 11,004,951 (6.1%) 0
3 School Street
Boston, MA 02108

Charles H. Taylor(9),(11)............... 10,680,325 (6.0%) 0
Globe Voting Trust
c/o Bingham Dana & Gould
150 Federal Street
Boston, MA 02110

Benjamin B. Taylor(9),(12).............. 11,184,284 (6.2%) 0
135 Morrissey Boulevard
Boston, MA 02107
<PAGE>
3

Name and Address Shares (%)
- ----------------------------------------- -----------------------------------
Class A Class B
--------- ---------

Nancy B. Soulette(9),(13)............... 10,712,423 (6.0%) 0
Globe Voting Trust
c/o Bingham Dana & Gould
150 Federal Street
Boston, MA 02110

Benjamin Beale Baker(9),(14)............ 10,675,505 (6.0%) 0
Globe Voting Trust
c/o Bingham Dana & Gould
150 Federal Street
Boston, MA 02110

- ----------
1. Each of Dr. Dolnick, Mrs. Heiskell, Mrs. Holmberg, Dr. Sulzberger and Mr.
Sulzberger, as trustees of the 1997 Trust (as defined and described below
in the "The 1997 Trust"), share voting and investment power with respect
to the shares owned by the 1997 Trust. Thus, under Securities and Exchange
Commission ("SEC") regulations, each may be deemed a beneficial owner of
the shares held by the 1997 Trust. Such shares are therefore included in
the amounts listed in this table for each of them. As a result of this
presentation, there are substantial duplications in the number of shares
and percentages shown in the table. By virtue of their being co-trustees
of the 1997 Trust, Dr. Dolnick, Mrs. Heiskell, Mrs. Holmberg, Dr.
Sulzberger and Mr. Sulzberger could be deemed to comprise a "group" within
the meaning of SEC regulations. Such group is the beneficial owner in the
aggregate of 31,421,460 shares of Class A Common Stock, representing
approximately 17.4% of the outstanding shares of Class A Common Stock,
which shares include 751,208 shares issuable upon the conversion of
751,208 shares of Class B Common Stock and 709,116 shares issuable upon
the exercise of options granted under the Company's stock option plans.

2. Class B Common Stock is convertible into Class A Common Stock on a
share-for-share basis. Ownership of Class B Common Stock is therefore
deemed to be beneficial ownership of Class A Common Stock under SEC
regulations. For purposes of the table of Class A ownership, it has been
assumed that each person listed therein as holding Class B Common Stock
has converted into Class A Common Stock all shares of Class B Common Stock
of which that person is deemed the beneficial owner. Thus all shares of
Class B Common Stock held by the 1997 Trust and by Dr. Dolnick, Mrs.
Heiskell, Mrs. Holmberg, Dr. Sulzberger and Mr. Sulzberger have been
included in the calculation of the total amount of Class A Common Stock
owned by each such person as well as in the calculation of the total
amount of Class B Common Stock owned by each such person. As a result of
this presentation, there are substantial duplications in the number of
shares and percentages shown in the table.

3. In addition to the amounts of Class A and Class B Common Stock described
in notes 1 and 2, the holdings reported for Dr. Dolnick include (a) 13,072
shares of Class A Common Stock and 1,118 shares of Class B Common Stock
held jointly with her husband, (b) 928 shares of Class A Common Stock held
by the Golden Family Charitable Fund, Inc., as to which Dr. Dolnick has
sole voting and no investment power and (c) 28,684 shares of Class A
Common Stock held by two trusts of which Dr. Dolnick is the sole trustee.
These trusts were created by Dr. Dolnick's brother, Michael Golden, for
the benefit of his daughters. Dr. Dolnick disclaims beneficial ownership
of these shares.

4. The holdings of Class A Common Stock reported for Mrs. Heiskell, Mrs.
Holmberg, Dr. Sulzberger and Mr. Sulzberger include a total of 5,260,300
shares of Class A Common Stock held in approximately equal amounts by four
limited partnerships. Each individual has established one such limited
partnership for estate planning purposes. The limited partnerships are
managed, and thus, under SEC rules, beneficial ownership of these shares
is held, by a limited liability company. Because control of this company
is shared equally by its members, Mrs. Heiskell, Mrs. Holmberg, Dr.
Sulzberger and Mr. Sulzberger, the shares held by all four limited
partnerships are included in the table as owned by each of them. The
holdings of Class A Common Stock reported for Mrs. Heiskell, Mrs.
Holmberg, Mr. Sulzberger and Dr. Sulzberger also include 450,036 shares of
Class A Common Stock held by The Sulzberger Foundation, Inc., a private
foundation of which they are officers and directors. As a result of this
presentation, there are substantial duplications in the number of shares
and percentages shown in the table for these individuals.

(Footnotes continue on following page)
<PAGE>
4

(Footnotes continued from preceding page)

5. In addition to the amounts of Class A and Class B Common Stock described
in notes 1, 2 and 4, the holdings reported for Mrs. Heiskell include
4,378,708 shares of Class A Common Stock and 2,970 shares of Class B
Common Stock held directly, 8,000 shares of Class A Common Stock which
could be acquired within 60 days pursuant to options granted under the
Company's Non-Employee Directors' Stock Option Plan, and 28,806 shares of
Class A Common Stock held by a trust created by Mrs. Heiskell's mother for
a child of Mr. Sulzberger. Mrs. Heiskell is a trustee of this trust.

6. In addition to the amounts of Class A and Class B Common Stock described
in notes 1, 2 and 4, the holdings reported for Mrs. Holmberg include
5,692,618 shares of Class A Common Stock and 2,370 shares of Class B
Common Stock held directly, 12,000 shares of Class A Common Stock which
could be acquired within 60 days pursuant to options granted under the
Company's Non-Employee Directors' Stock Option Plan, and 10,080 shares of
Class A Common Stock held by three trusts created by Mr. Holmberg for his
children. Mrs. Holmberg is a trustee of these trusts.

7. In addition to the amounts of Class A and Class B Common Stock described
in notes 1, 2 and 4, the holdings reported by Dr. Sulzberger include
5,802,988 shares of Class A Common Stock, 2,370 shares of Class B Common
Stock held directly, and 16,000 shares of Class A Common Stock which could
be acquired within 60 days pursuant to options granted under the Company's
Non-Employee Directors' Stock Option Plan.

8. In addition to the amounts of Class A and Class B Common Stock described
in notes 1, 2 and 4, the holdings reported for Mr. Sulzberger include
5,394,916 shares of Class A Common Stock and 3,570 shares of Class B
Common Stock held directly, 28,806 shares of Class A Common Stock held by
a trust of which Mr. Sulzberger is a trustee, which was created by his
mother for a child of Mr. Sulzberger, 1,500,000 shares of Class A Common
Stock held by a trust created by Mrs. Heiskell of which Mr. Sulzberger is
the trustee, and 673,116 shares of Class A Common Stock which could be
acquired within 60 days pursuant to options granted under the Company's
Executive Incentive Compensation Plan and the Company's 1991 Executive
Stock Incentive Plan (the "Plans") and the Company's Non-Employee
Directors' Stock Option Plan. The holdings of Class A Common Stock
reported for Mr. Sulzberger exclude 6,675 shares of Class A Common Stock
owned by his wife as her separate property.

9. Messrs. Taylor, Ms. Soulette and Mr. Baker, as trustees of the Globe
Voting Trust (as described below in "Globe Voting Trust"), share voting
power with respect to the 10,675,505 shares of Class A Common Stock held
by the Globe Voting Trust. Except as set forth in this note 9 and below in
notes 10-14, Messrs. Taylor, Ms. Soulette and Mr. Baker have no economic
interest in these shares and have no beneficial interest in the Globe
Voting Trust. Because Messrs. Taylor, Ms. Soulette and Mr. Baker have the
power to vote these shares, SEC rules require inclusion of such shares in
the table as beneficially owned by each such person. As a result of this
presentation, there are substantial duplications in the number of shares
and percentages shown in the table.

10. The holdings reported for Mr. William O. Taylor include the following
329,947 shares of Class A Common Stock in which Mr. Taylor has an economic
interest: (a) 248,573 shares held through ownership of units in the Globe
Voting Trust by a trust of which Mr. Taylor is a co-trustee and sole
beneficiary, (b) 1,260 shares held by Mr. Taylor's wife and (c) 80,114
shares of Class A Common Stock which could be acquired within 60 days
pursuant to options granted under the Plans. The holdings reported for Mr.
Taylor also include 248,072 shares of Class A Common Stock held by three
trusts of which Mr. Taylor is a co-trustee. Mr. Taylor has no economic
interest in these shares and is not a beneficiary of such trusts with
respect to such shares. Because Mr. Taylor shares the power to vote, and
in some cases, to dispose of or direct the disposition of, these shares,
SEC rules require inclusion of such shares in the table as beneficially
owned by Mr. Taylor.

11. The holdings reported for Mr. Charles H. Taylor include the following
579,820 shares in which Mr. Taylor has an economic interest: (a) 4,820
shares held directly, (b) 117,000 shares held through ownership of units
in the Globe Voting Trust by Mr. Taylor, and (c) 458,000 shares held
through ownership of units in the Globe Voting Trust by a trust of which
Mr. Taylor is a co-trustee and a co-beneficiary as to income. The holdings
reported for Mr. Taylor also include 399,312 shares of Class A Common
Stock held through ownership of units in the Globe Voting Trust by a trust
of which Mr. Taylor is a co-trustee. Mr. Taylor is a contingent
beneficiary with respect to such shares.

12. The holdings reported for Mr. Benjamin B. Taylor include the following
617,571 shares in which Mr. Taylor has an economic interest: (a) 4,175
shares held directly, (b) 344,230 shares held through ownership of units
in the Globe Voting Trust by a trust of which Mr. Taylor is a co-trustee
and sole beneficiary, (c) 75,000 shares held through ownership of units in
the Globe Voting Trust by a trust of which Mr. Taylor's wife is a
co-trustee and his descendants are the sole beneficiaries, (d) 10,686
shares held through ownership of units in the Globe Voting Trust by Mr.
Taylor as

(Footnotes continue on following page)
<PAGE>
5

(Footnotes continued from preceding page)

custodian for the benefit of his children, (e) 2,676 shares held through
ownership of units in the Globe Voting Trust by a trust of which Mr.
Taylor's wife is a co-trustee and sole beneficiary, and (f) 180,804 shares
which could be acquired pursuant to options granted under the Plans (of
which 10,653 options have been transferred to the trust of which Mr.
Taylor's wife is a co-trustee and his descendants are the sole
beneficiaries) or pursuant to options granted under stock option plans of
Affiliated Publications, Inc., former parent company of The Boston Globe
("API") (these options were converted into options to purchase Class A
Common Stock upon the acquisition of API by the Company). The holdings
reported for Mr. Taylor also include 323,800 shares of Class A Common
Stock held through two trusts (other than the Globe Voting Trust) of which
Mr. Taylor is co-trustee. Mr. Taylor has no economic interest in these
shares and is not a beneficiary of either trust with respect to such
shares. Because Mr. Taylor shares the power to vote and, in some cases, to
dispose or direct the disposition of these shares, SEC rules require the
inclusion of such shares in the table as beneficially owned by Mr. Taylor.

13. The shares reported for Ms. Soulette include the following 184,438 shares
in which Ms. Soulette has an economic interest: (a) 36,918 shares held
directly, and (b) 147,520 shares held through ownership of units in the
Globe Voting Trust by a trust of which Ms. Soulette is a co-trustee and
sole beneficiary.

14. The shares reported for Mr. Baker include 553,314 shares in which Mr.
Baker has an economic interest, which shares are held through ownership of
units in the Globe Voting Trust by Mr. Baker.

Security Ownership of Management

The following table shows the beneficial ownership, reported to the
Company as of February 24, 1999, of Class A and Class B Common Stock, including
shares as to which a right to acquire ownership exists (by the exercise of stock
options or the conversion of Class B Common Stock into Class A Common Stock)
within the meaning of Rule 13d-3(d)(1) under the Securities Exchange Act of
1934, as amended, of each director, each nominee, the chief executive officer
and the four other most highly compensated executive officers of the Company
during 1998 and all directors, nominees and executive officers of the Company,
as a group. A portion of the shares reported below are held by the 1997 Trust
and the Globe Voting Trust, whose trustees share voting and, in some cases,
investment power with respect thereto. See "The 1997 Trust" and "Globe Voting
Trust."

- ----------

Class A Class B
-------- --------
John F. Akers(1)......................... 22,030 (*) 0
Director

Brenda C. Barnes(2)...................... 6,000 (*) 0
Director

Raul E. Cesan............................ 0 0
Nominee for Director

Richard L. Gelb(3)....................... 38,000 (*) 0
Director

Michael Golden(4),(5).................... 121,897 (*) 1,120 (*)
Vice Chairman,
Senior Vice President and Director

Robert A. Lawrence(1).................... 49,996 (*) 0
Director

Russell T. Lewis(6)...................... 96,348 (*) 0
President, Chief Executive Officer
and Director

Ellen R. Marram(2)....................... 8,000 (*) 0
Director

John M. O'Brien(7)....................... 44,591 (*) 0
Senior Vice President and
Chief Financial Officer

Charles H. Price II(3)................... 22,000 (*) 0
Director
<PAGE>
6

Janet L. Robinson(8)..................... 162,897 (*) 0
President and General Manager
of The New York Times

Henry B. Schacht......................... 0 0
Nominee for Director

George L. Shinn(9)....................... 20,000 (*) 0
Director

Donald M. Stewart(9)..................... 21,233 (*) 0
Director

Arthur Ochs Sulzberger(5),(10)........... 15,449,554 (8.6%) 742,380 (87.4%)
Chairman Emeritus and Director

Arthur Sulzberger, Jr.(5),(11)........... 194,907 (*) 960 (*)
Chairman of the Board and
Publisher of The New York Times

Judith P. Sulzberger(5),(10)............. 13,670,504 (7.6%) 741,180 (87.2%)
Director

William O. Taylor(12).................... 11,004,951 (6.1%) 0
Chairman Emeritus of Globe
Newspaper Company, Inc. and Director

All Directors, Nominees and Executive
Officers(5) (28 individuals)........... 33,896,161 (18.7%) 747,948 (88.0%)

- ----------
* Less than 1%.

1. The amount reported for this director includes 14,000 shares of Class A
Common Stock which could be acquired within 60 days pursuant to options
under the Company's Non-Employee Directors' Stock Option Plan.

2. The amount reported for this director includes 4,000 shares of Class A
Common Stock which could be acquired within 60 days pursuant to options
under the Company's Non-Employee Directors' Stock Option Plan.

3. The amount reported for this director includes 20,000 shares of Class A
Common Stock which could be acquired within 60 days pursuant to options
under the Company's Non-Employee Directors' Stock Option Plan.

4. The amount reported for Mr. Golden includes 32,630 shares of Class A
Common Stock held directly; 832 shares held by the Golden Family
Charitable Fund Inc., as to which Mr. Golden has sole voting and no
investment power, and of which Mr. Golden disclaims beneficial ownership;
87,315 shares which could be acquired within 60 days pursuant to options
under the Plans (of which 28,305 options have been transferred to a family
limited partnership); and 1,120 shares which could be acquired upon
conversion of Mr. Golden's 1,120 shares of Class B Common Stock. The
holdings of Class A Common Stock reported for Mr. Golden exclude 700
shares held by Mr. Golden's wife.

5. Class B Common Stock is convertible into Class A Common Stock on a
share-for-share basis. Ownership of Class B Common Stock is therefore
deemed to be beneficial ownership of Class A Common Stock under SEC
regulations. For purposes of the presentation of ownership of Class A
Common Stock in this table, it has been assumed that each director,
nominee and executive officer has converted into Class A Common Stock all
shares of Class B Common Stock of which that person is deemed the
beneficial owner. Thus all shares of Class B Common Stock held by the
directors, nominees and executive officers, including shares held by the
1997 Trust, have been included in the calculation of the total amount of
Class A Common Stock owned by such persons as well as in the calculation
of the total amount of Class B Common Stock owned by such persons.

6. The amount reported for Mr. Lewis includes 92,168 shares of Class A Common
Stock which could be acquired within 60 days pursuant to options under the
Plans (of which 29,673 options have been transferred to his two children).

7. The amount reported for Mr. O'Brien includes 38,187 shares of Class A
Common Stock which could be acquired within 60 days pursuant to options
under the Plans.

8. The amount reported for Ms. Robinson includes 149,791 shares of Class A
Common Stock which could be acquired within 60 days pursuant to options
under the Plans.

(Footnotes continue on following page)
<PAGE>
7

(Footnotes continued from preceding page)

9. The amount reported for this director includes 16,000 shares of Class A
Common Stock which could be acquired within 60 days pursuant to options
under the Company's Non-Employee Directors' Stock Option Plan.

10. See "Principal Holders of Common Stock" and "The 1997 Trust" for a
discussion of this director's holdings.

11. The amount reported for Mr. Sulzberger, Jr. includes 41,138 shares of
Class A Common Stock held directly; 18,338 shares held by trusts of which
Mr. Sulzberger, Jr. is a trustee, which were created by Mr. Sulzberger,
Jr.'s cousin for the benefit of the latter's children and of which Mr.
Sulzberger, Jr. disclaims beneficial ownership; 134,471 shares which could
be acquired within 60 days pursuant to options under the Plans (of which
70,126 options have been transferred to a family limited partnership); and
960 shares which could be acquired upon conversion of Mr. Sulzberger,
Jr.'s 960 shares of Class B Common Stock. The holdings of Class A Common
Stock reported for Mr. Sulzberger, Jr. exclude 21,010 shares held by Mr.
Sulzberger, Jr.'s wife as custodian for their minor children.

12. See "Principal Holders of Common Stock" and "Globe Voting Trust" for a
discussion of Mr. Taylor's holdings.

Section 16(a) Beneficial Ownership Reporting Compliance

The Company's directors and executive officers and the beneficial holders
of more than 10% of the Class A Common Stock are required to file reports with
the SEC of changes in their ownership of Company stock. Based on its review of
such reports, the Company believes that all such filing requirements were met
during 1998 except that John F. Akers filed a late report respecting the sale of
15 shares, Leonard P. Forman filed a late report respecting the sale of shares
and the exercise of stock options, and James W. FitzGerald, former executive
officer, filed a late report respecting the exercise of options and the sale of
shares.

The 1997 Trust

Mrs. Heiskell, Mrs. Holmberg, Dr. Sulzberger and Mr. Sulzberger (the
"grantors") (see "Principal Holders of Common Stock") have executed an indenture
creating a trust (the "1997 Trust") for the benefit of each of the grantors and
his or her family. The grantors transferred to the 1997 Trust all shares of
Class A and Class B Common Stock previously held by four separate trusts (the
"1986 Trusts"), one for the benefit of each of the grantors and his or her
family. The 1986 Trusts were terminated by unanimous vote by the trustees
thereof on June 24, 1997, and on July 11, 1997, the assets of each 1986 Trust
were transferred back to its grantor. As a result of the two-for-one stock split
effected on June 17, 1998, the 1997 Trust currently holds 738,810 shares of
Class B Common Stock and 1,400,000 shares of Class A Common Stock. The four
grantors and Lynn G. Dolnick, daughter of Mrs. Holmberg, are the initial
trustees of the 1997 Trust.

The 1997 Trust will continue in existence until the expiration of 21 years
after the death of the survivor of all descendants of the mother of the
grantors, Mrs. Iphigene Ochs Sulzberger ("Mrs. Sulzberger"), living on June 24,
1997. The Indenture of Trust is subject to the terms and provisions of a
shareholders agreement (the "Shareholders Agreement") among the grantors, their
children and the Company, which restricts the transfer of Class B Common Stock
transferred to the 1997 Trust by requiring, prior to any sale or transfer, the
offering of those shares among the other family shareholders (including the 1997
Trust) and then to the Company at the Class A Common Stock market price then
prevailing (or if the Company is the purchaser, at the option of the selling
shareholder, in exchange for Class A Common Stock on a share-for-share basis),
and the conversion of such shares into Class A Common Stock if such purchase
rights are not exercised and the shares are to be transferred to a person or
persons other than family shareholders or the Company. There are certain
exceptions for gifts and other transfers within the family of Adolph S. Ochs
provided that the recipients become parties to the Shareholders Agreement.

In addition, the Shareholders Agreement provides that if the Company is a
party to a merger (other than a merger solely to change the Company's
jurisdiction of incorporation), consolidation or plan of liquidation in which
the Class B Common Stock is exchanged for cash, stock, securities or any other
property of the Company or of any other corporation or entity, each signing
shareholder will convert his or her shares of Class B Common Stock into Class A
Common Stock prior to the effective date of such transaction so that a holder of
such shares will receive the same cash, stock or other consideration that a
holder of Class A Common Stock would receive in such a transaction. Except for
the foregoing, each signing
<PAGE>
8

shareholder has agreed not to convert any shares of Class B Common Stock
received from a trust created under the will of Adolph S. Ochs into Class A
Common Stock. The Shareholders Agreement will terminate upon the expiration of
21 years after the death of the survivor of all descendants of Mrs. Sulzberger
living on August 5, 1986.

The trustees of the 1997 Trust, subject to the limited exceptions
described below, are directed to retain the Class B Common Stock held in the
1997 Trust and not to sell, distribute or convert such shares into Class A
Common Stock and to vote such Class B Common Stock against any merger, sale of
assets or other transaction pursuant to which control of The New York Times
passes from the trustees unless they unanimously determine that the primary
objective of the 1997 Trust, which is to maintain the editorial independence and
integrity of The New York Times and to continue it as an independent newspaper,
entirely fearless, free of ulterior influence and unselfishly devoted to the
public welfare, can be achieved better by the sale, distribution or conversion
of such stock or by the implementation of such transaction. If upon such
determination any Class B Common Stock is distributed to the beneficiaries of
the 1997 Trust, it must be distributed only to descendants of Mrs. Sulzberger,
subject to the provisions of the Shareholders Agreement. Similarly, any sale by
the 1997 Trust of Class B Common Stock upon such determination can be made only
in compliance with the Shareholders Agreement.

The trustees of the 1997 Trust are granted various powers and rights,
including among others: (i) to vote all of the shares of Class A and Class B
Common Stock held by the 1997 Trust; (ii) to fill any vacancy in the office of
trustee; (iii) to amend certain provisions of the Trust Indenture, but not the
provisions relating to retaining the Class B Common Stock or the manner in which
such shares may be distributed, sold or converted. The trustees act by the
affirmative vote of four trustees, except that prior to any sale or distribution
of Class B Common Stock outside of the 1997 Trust, any conversion of Class B
Common Stock or a vote to approve a merger, sale of assets or other transaction
pursuant to which control of The New York Times passes from the trustees, the
trustees must unanimously determine that the primary purpose of the 1997 Trust
as described above is best achieved by such sale or distribution, conversion or
other transaction. Unanimity is also required for the amendment of those
provisions of the Trust Indenture which may be amended. None of the grantors may
be removed as trustee of the 1997 Trust unless the remaining four trustees
determine that such individual is physically or mentally incapable of performing
adequately as a trustee. A trustee who is not one of the grantors may be removed
by the unanimous agreement of the other four trustees. A trustee who is not a
grantor shall serve for a term of five years. When a vacancy in the position of
trustee occurs, a new trustee shall be elected by the beneficiaries of the 1997
Trust.

Upon the termination of the 1997 Trust at the end of the stated term
thereof, the shares of Class A and Class B Common Stock held by such trust will
be distributed to the descendants then living of Mrs. Sulzberger.

Globe Voting Trust

The Globe Voting Trust was established on October 1, 1954, and amended on
October 1, 1993, the effective date of the Company's acquisition of API, then
the parent company of The Boston Globe (the "API Acquisition"). As of February
24, 1999, units in the Globe Voting Trust represented 10,675,505 shares of Class
A Common Stock received pursuant to the API Acquisition, principally by
descendants of the two founders of The Boston Globe or by trusts for their
benefit.

The trustees of the Globe Voting Trust have the sole power to exercise all
voting rights of stockholders with respect to shares of the Company's Class A
Common Stock deposited therein. Holders of Globe Voting Trust units, subject to
certain disposition restrictions contained in the Globe Voting Trust, have the
power to dispose, or to direct the disposition, of Globe Voting Trust units or
the underlying shares of the Company's Class A Common Stock. The Globe Voting
Trust restricts the number of shares of Class A Common Stock subject thereto
that can be sold by any one person in a year, restricts sales to broker's
transactions and sales to the Company, and requires that the trustees of the
Globe Voting Trust give notice to the Company if any holder of Globe Voting
Trust units withdraws from the Globe Voting Trust more than 10,000 shares in the
aggregate in any calendar year. Such restrictions and requirements do not apply
to the sale or gift to another beneficiary of such trust or a descendant of the
two founders of The Boston Globe; however, in such case the transferee shall be
subject to the terms of the Globe Voting Trust. The Globe Voting Trust
terminates on September 30, 2003. Each of William O. Taylor and Benjamin B.
Taylor is one of the five trustees of the Globe Voting Trust.

The Globe Voting Trust is not the beneficial owner of any of the shares of
Class B Common Stock of the Company.
<PAGE>
9

- --------------------------------------------------------------------------------
Proposal Number 1
Election of Directors
- --------------------------------------------------------------------------------

The persons named as proxies intend (unless authority is withheld) to vote
for the election as directors of the persons hereinafter named (the "Nominees"),
upon their nomination for such office at the Annual Meeting. Directors so
elected will hold office until the next Annual Meeting and until their
successors are elected and qualified.

The Certificate of Incorporation of the Company provides that Class A
stockholders have the right to vote for the election of 30% of the Board of
Directors, or the nearest larger whole number, if such percentage is not a whole
number. Accordingly, the Class A stockholders will elect five of the 14
directors, and Class B stockholders will elect nine directors. Directors are
elected by a plurality of the votes cast.

The five Nominees for election as directors by the Class A stockholders
are Raul E. Cesan, Robert A. Lawrence, Charles H. Price II, Henry B. Schacht and
Donald M. Stewart. The nine Nominees for election as directors by the Class B
stockholders are John F. Akers, Brenda C. Barnes, Richard L. Gelb, Michael
Golden, Russell T. Lewis, Ellen R. Marram, Arthur Ochs Sulzberger, Arthur
Sulzberger, Jr. and Judith P. Sulzberger. Arthur Ochs Sulzberger and Judith P.
Sulzberger are siblings. Arthur Sulzberger, Jr. is the son of Arthur Ochs
Sulzberger. Michael Golden is the nephew of Arthur Ochs Sulzberger and Judith P.
Sulzberger. All of the Nominees other than Mr. Cesan and Mr. Schacht are
currently directors of the Company and were elected at the Annual Meeting of
Stockholders held on April 16, 1998, for which proxies were solicited. In
accordance with the Company's policy with respect to the retirement of
directors, George L. Shinn and William O. Taylor, currently directors, are not
standing for election at this year's Annual Meeting.

Messrs. Taylor and Lawrence were initially elected directors by the Board
and appointed to the Finance and Compensation Committees, respectively, in
October 1993, immediately following the consummation of the API Acquisition. Mr.
Taylor was formerly Chairman of the Board of API, and Mr. Lawrence was a
director of API. Their election to the Company's board and Committee memberships
were required through 1998 by the Agreement and Plan of Merger, dated as of June
11, 1993, as amended as of August 12, 1993, among the Company, its subsidiary,
Sphere, Inc., and API.

If any of the Nominees should become unavailable for election, all
uninstructed proxies will be voted for the election of such other person or
persons as may be designated by the Board, but the Board has no reason to
anticipate that this will occur. The following information is furnished with
respect to each of the Nominees and is based on information submitted by the
person named:

- --------------------------------------------------------------------------------
Name, Principal Occupation, and Other Information
- --------------------------------------------------------------------------------

Class A Directors

[PHOTO OMITTED]

RAUL E. CESAN

President and Chief Operating Officer of Schering-Plough Corporation, from 1998

Executive Vice President of Schering-Plough Corporation and President of
Schering-Plough Pharmaceuticals (from 1994 to 1998), President of Schering
Laboratories (from 1992 to 1994), President of Schering-Plough International
(from 1988 to 1992)

Director of Schering-Plough Corporation and Frontier Corporation

Age: 51
<PAGE>
10

[PHOTO OMITTED]

ROBERT A. LAWRENCE

Director of various corporations and not-for-profit entities

Partner, Saltonstall & Co. (family trust and investment office), from 1984 to
1996

Director or Trustee of 28 funds managed by Metropolitan Life Insurance Co.,
State Street Research and Management Co. and affiliates; Director of Fifty
Associates (a real estate investment trust)

Director Since: 1993

Committee Memberships: Nominating (Chairman), Compensation and ERISA

Age: 72

[PHOTO OMITTED]

THE HONORABLE CHARLES H. PRICE II

Director of various corporations and not-for-profit entities

Chairman, Mercantile Bank of Kansas City, from 1992 to 1996, and Director,
Mercantile Bancorp (bank holding company), from 1992 to 1996

Director of Hanson PLC, Texaco Inc. and U.S. Industries, Inc.

United States Ambassador to the United Kingdom of Great Britain and Northern
Ireland from 1983 to 1989

Director Since: 1989

Committee Memberships: Compensation and Employee Stock Purchase Plan ("ESPP")

Age: 67

[PHOTO OMITTED]

HENRY B. SCHACHT

Director and Senior Advisor, E.M. Warburg, Pincus & Co., LLC, from 1999

Senior Advisor (from 1998 to 1999), Chairman (from 1996 to 1998) and Chief
Executive Officer (from 1996 to 1997), Lucent Technologies Inc.

Chairman (from 1977 to 1995) and Chief Executive Officer (from 1973 to 1994),
Cummins Engine Company, Inc.

Director of Aluminum Company of America (Alcoa), Chase Manhattan Corporation and
The Chase Manhattan Bank, Cummins Engine Company, Inc., Johnson & Johnson,
Knoll, Inc. and Lucent Technologies Inc.

Age: 64

[PHOTO OMITTED]

DONALD M. STEWART

President of The College Board (association of high schools and colleges,
sponsor of Scholastic Assessment Tests and other academic activities), from 1987

Director of Principal Financial Group (Bankers Life of Iowa Insurance Company)
and Campbell Soup Company, Trustee of Educational Broadcasting Corporation
(Thirteen/ WNET-TV)

Director Since: 1986

Committee Memberships: ERISA (Chairman), Audit and Nominating

Age: 60

<PAGE>
11

Class B Directors

[PHOTO OMITTED]

JOHN F. AKERS

Director of various corporations

Chairman (from 1986 to 1993), Director (from 1983 to 1993), Chief Executive
Officer (from 1985 to 1993), and President (from 1983 to 1989), International
Business Machines Corporation

Director of PepsiCo, Inc., Springs Industries, Inc., Zurich Insurance
Company-U.S., Lehman Brothers Holdings, Inc., Hallmark Cards, Inc. and W.R.
Grace & Co.

Director Since: 1985

Committee Memberships: Finance (Chairman), Compensation and Nominating

Age: 64

[PHOTO OMITTED]

BRENDA C. BARNES

Director of various corporations

President and Chief Executive Officer (from 1996 to 1997) and Chief Operating
Officer (from 1993 to 1996), Pepsi-Cola North America; President (1992),
Pepsi-Cola South

Director of Sears, Roebuck and Co., Avon Products, Inc., Starwood Hotels &
Resorts, LucasArts Entertainment Company LLC and LucasDigital Ltd.

Director Since: 1998

Committee Memberships: Finance and ERISA

Age: 45

[PHOTO OMITTED]

RICHARD L. GELB

Consultant and Director of various corporations and not-for-profit entities

Chairman Emeritus (from 1995), Chairman (from 1976 to 1995), President (from
1967 to 1976), Chief Executive Officer (from 1972 to 1994) and Director (from
1960), Bristol-Myers Squibb Company (a diversified worldwide health and personal
care company)

Director Since: 1974

Committee Memberships: Compensation (Chairman), Finance and Nominating

Age: 74

[PHOTO OMITTED]

MICHAEL GOLDEN

Vice Chairman and Senior Vice President of the Company, from 1997

Vice President, Operations Development, of the Company (from 1996 to 1997);
Executive Vice President, NYT Sports/Leisure Magazines and Vice President and
Publisher, Tennis magazine (from 1995 to 1996) and Executive Vice President and
General Manager (from 1994 to 1995) and Senior Vice President and General
Manager (from 1993 to 1994), NYT Women's Magazines

Director Since: 1997

Age: 49

[PHOTO OMITTED]

RUSSELL T. LEWIS

President (from 1996) and Chief Executive Officer (from 1997) of the Company

Chief Operating Officer of the Company (from 1996 to 1997), President and
General Manager (from 1993 to 1996), Deputy General Manager (from 1991 to 1993),
Senior Vice President, Production (from 1988 to 1991) and Senior Vice President,
Circulation (from 1984 to 1988), The New York Times

Director Since: 1997

Age: 51
<PAGE>
12

[PHOTO OMITTED]

ELLEN R. MARRAM

Director of various corporations and not-for-profit entities

President (from 1993 to 1998) and Chief Executive Officer (from 1997 to 1998),
Tropicana Beverage Group, and Executive Vice President, The Seagram Company Ltd.
and Joseph E. Seagram & Sons Inc., from 1993 to 1998

Senior Vice President, Nabisco Foods Group, and President and Chief Executive
Officer, Nabisco Biscuit Company, from 1988 to 1993

Director of Ford Motor Company

Director Since: 1998

Committee Memberships: Audit and Nominating

Age: 52

[PHOTO OMITTED]

ARTHUR OCHS SULZBERGER

Chairman Emeritus, from 1997

Chairman and Chief Executive Officer of the Company, from 1973 to 1997;
Publisher, The New York Times, from 1963 to 1992

Director Since: 1959

Committee Membership: Nominating

Age: 73

[PHOTO OMITTED]

ARTHUR SULZBERGER, JR.

Chairman of the Company, from 1997, and Publisher, The New York Times, from 1992

Deputy Publisher (from 1988 to 1992) and Assistant Publisher (from 1987 to
1988), The New York Times

Director Since: 1997

Committee Membership: Nominating

Age: 47

[PHOTO OMITTED]

JUDITH P. SULZBERGER

Physician, Columbia College of Physicians & Surgeons, from 1992 (Genome Center,
from 1996)

Director Since: 1974

Committee Memberships: Finance and ESPP

Age: 75

Interest of Directors in Certain Transactions of the Company

1. In the ordinary course of business, the Company and its subsidiaries
from time to time engage in transactions with other corporations or financial
institutions whose officers or directors are also directors of the Company. Such
transactions are conducted on an arm's length basis and may not come to the
attention of the directors or officers of the Company or of the other
corporations or financial institutions involved.

2. During 1998, Arthur Sulzberger, Jr., Arthur Ochs Sulzberger's son, was
employed as Chairman of the Company and Publisher of The New York Times; Michael
Golden, Ruth S. Holmberg's son, was employed as Vice Chairman and Senior Vice
President of the Company; Stephen Golden, Mrs. Holmberg's son, was employed as
Vice President, Forest Products, Health, Safety and Environmental Affairs, of
the Company and President of the Company's Forest Product Group; Daniel Cohen,
Judith P. Sulzberger's son, was employed as Senior Vice President, Advertising,
in the Advertising

<PAGE>
13

Department of The New York Times (Effective March 21, 1999, Mr. Cohen will
resign this position and become a television programming consultant to The Times
for one year.); and Susan W. Dryfoos, Marian S. Heiskell's daughter, was
employed as Director, Times History Productions. With respect to services
performed for the Company in 1998, Mr. Stephen Golden earned $251,845 and a
bonus of $102,297; Mr. Cohen earned $243,000 and a bonus of $91,195; and Ms.
Dryfoos earned $130,000 and a bonus of $32,508. See "Compensation of Executive
Officers" for a description of Mr. Sulzberger, Jr.'s and Mr. Michael Golden's
compensation.

3. During 1998, Globe Newspaper Company (which is the Company's subsidiary
that owns The Boston Globe) employed Mr. Taylor pursuant to an employment
agreement that was entered into in connection with the API Acquisition. This
employment agreement expired upon Mr. Taylor's retirement on October 1, 1998.

Certain Information about the Board of Directors

The Company has standing Audit, Compensation, Employee Retirement Income
Security Act ("ERISA"), Employee Stock Purchase Plan ("ESPP"), Finance and
Nominating Committees.

During 1998, the Board of Directors had seven meetings. In addition, its
standing committees, Audit, Compensation, ERISA, ESPP, Finance and Nominating,
held a total of 18 meetings. All directors of the Company attended 75% or more
of the total meetings of the Board and committees of the Board of which they are
members, except for Arthur Ochs Sulzberger who, due to a prior commitment
outside the country, attended only 70% of the meetings.
<PAGE>
14

In summary, the functions performed by these committees, their number of
meetings and memberships are as follows:

- --------------------------------------------------------------------------------
Name of Committee Functions of the Committee Meetings in
and Members 1998
- --------------------------------------------------------------------------------

Audit o selects the independent auditors for the 3
Company, subject to ratification by the
George L. Shinn, stockholders
Chairman o reviews the scope and results of the
Ellen R. Marram annual audit
Donald M. Stewart o approves the services to be performed by
the independent auditors
o reviews the independence of the auditors
o reviews the performance and fees of the
independent auditors
o reviews the adequacy of the system of
internal accounting controls
o reviews the scope and results of internal
auditing procedures
- --------------------------------------------------------------------------------
Compensation o adopts and oversees the administration of 4
compensation plans for executive officers
Richard L. Gelb, and senior management of the Company
Chairman o determines awards granted senior
John F. Akers management under such plans
Robert A. Lawrence o approves remuneration arrangements for
Charles H. Price II senior management, including all executive
officers of the Company
o reviews the reasonableness of all such
compensation
- --------------------------------------------------------------------------------
ERISA o appoints the members of the employee 2
benefits committee of the Company
Donald M. Stewart, o appoints and reviews the performance of
Chairman the trustees and investment managers of
Brenda C. Barnes the Company's pension plans and related
Robert A. Lawrence trusts
George L. Shinn
- --------------------------------------------------------------------------------
ESPP o oversees the administration of the 1
Employee Stock Purchase Plan for eligible
George L. Shinn, employees of the Company and its
Chairman subsidiaries
Charles H. Price II o has authority to adopt, administer and
Judith P. Sulzberger interpret such rules and regulations
concerning the ESPP and offerings
thereunder as it deems advisable
- --------------------------------------------------------------------------------
Finance o reviews the financial policies of the 5
Company, including, without limitation,
John F. Akers, dividend policy, repurchase of the
Chairman Company's stock, short- and long-term
Brenda C. Barnes financing, material acquisitions and
Richard L. Gelb dispositions and capital expenditures
Judith P. Sulzberger
William O. Taylor
- --------------------------------------------------------------------------------
Nominating o screens and recommends candidates to fill 3
vacancies on the Board of Directors
Robert A. Lawrence,
Chairman
John F. Akers
Richard L. Gelb
Ellen R. Marram
Donald M. Stewart
Arthur Ochs
Sulzberger
Arthur Sulzberger,
Jr.
- --------------------------------------------------------------------------------

Stockholders wishing to recommend director candidates for consideration by
the Nominating Committee may do so by writing to the Secretary of the Company,
giving the recommended nominee's name, biographical data and qualifications,
accompanied by the written consent of the recommended nominee.
<PAGE>
15

Compensation of Directors; Liability and Reimbursement Insurance

Under the By-Laws, the directors do not receive a salary for their
services, but may receive an annual retainer and a fixed sum for attendance at
Board and committee meetings. Pursuant to resolutions of the Board, non-employee
directors receive an annual retainer of $25,000, payable in quarterly
installments of $6,250 and a fee of $1,000 for attendance at each Board and
committee meeting. In addition, they are paid their expenses of attendance. For
1998, the Company paid $452,413 in the form of retainers, meeting fees and
expenses of attendance. In addition, in 1991 each non-employee director began
receiving options annually to purchase 1,000 shares of the Company's Class A
Common Stock pursuant to the Company's Non-Employee Directors' Stock Option
Plan. In 1997, the annual grant was increased to 2,000 options. As a result of
the two-for-one stock split effected on June 17, 1998, the annual grant
currently is 4,000 options. Such options, which are granted each year on the
date of the Company's annual stockholders meeting with an exercise price equal
to the market value of the Class A Common Stock on such date, become exercisable
on the date of the next succeeding annual meeting and remain exercisable for ten
years from the date of grant.

Each director may participate in the Company's Matching Gifts Program,
pursuant to which the Company will match 150% of charitable contributions made
by such directors to colleges, schools, cultural or environmental organizations,
up to a maximum Company contribution of $4,500 per person per year.

The Company maintains life insurance on the life of each director who is
not also an employee of the Company in the amount of $100,000. The income
required by the Internal Revenue Service to be imputed in 1998 to non-employee
directors because of the life insurance coverage was $4,401 in the aggregate.
The Company also maintains life insurance in the amount of $25,000 on the life
of each non-employee director who retired after 1991.

The Company purchased combined insurance including directors and officers'
liability insurance, effective December 21, 1998, for a period of three years.
The aggregate limit for the combined insurance is $200 million for the
three-year term and the total cost to the Company is $2,990,000. If the $200
million limit of liability is exhausted in covering claims not involving
directors and officers' liability, there is a separate $50 million side limit
available for directors and officers' liability. The insurance carriers are
Continental Casualty Company, Great Lakes (UK) PLC, Gulf Insurance Company,
Reliance Insurance Company, Federal Insurance Company, Liberty Mutual Insurance
Company, St. Paul Fire & Marine Insurance Company and Starr Excess Liability
Insurance Company Ltd.
<PAGE>
16

- --------------------------------------------------------------------------------
Compensation of Executive Officers
- --------------------------------------------------------------------------------

The following tables and discussion summarize the compensation for the
fiscal year ended December 27, 1998, of the chief executive officer of the
Company and each of the four other most highly compensated executive officers of
the Company.

Summary Compensation Table

<TABLE>
<CAPTION>
Long-Term
Compensation
------------

Annual Compensation Awards
--------------------------------------- ------
(a) (b) (c) (d) (e) (f) (g)
Other
Annual
Salary(1) Bonus Compensation(2) Stock Options(3) Compensation(4)
Name and Principal Position Year ($) ($) ($) (#) ($)
- --------------------------- ---- --------- ----- --------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Arthur Sulzberger, Jr............ 1998 575,000 530,319 2,335 150,000 3,500
Chairman of the Board 1997 485,833 510,200 0 151,680(5) 3,500
and Publisher of The New 1996 450,000 510,200 0 80,114 3,500
York Times

Russell T. Lewis................. 1998 570,000 503,100 11,807 150,000 4,800
President and Chief Executive 1997 497,500 665,800 6,888 118,694 4,800
Officer 1996 418,785 463,450 7,108 97,654 4,500

Michael Golden .................. 1998 366,000 255,420 351 80,000 4,800
Vice Chairman and 1997 282,667 198,166 1,097 69,028 4,800
Senior Vice President 1996 250,000 158,600 0 22,096 4,500

John M. O'Brien.................. 1998 392,700 307,943 8,399 80,000 4,800
Senior Vice President and 1997 374,000 353,400 6,888 54,562 6,545
Chief Financial Officer 1996 338,410 318,016 6,888 54,562 4,500

Janet L. Robinson(6) ............ 1998 395,100 233,244 0 70,000 4,800
President & General Manager,
The New York Times
</TABLE>

- ----------

1. Salaries are generally set and paid on a calendar year basis.

2. Amounts shown in column (e) represent tax payment reimbursements.

3. Adjusted for June 1998 two-for-one stock split.

4. Amounts shown in column (g) represent amounts contributed by the Company
as 50% matching contributions for the first 6% of earnings contributed by
or on behalf of the named individuals to the Company's Supplemental
Retirement and Investment Plan.

5. At Mr. Sulzberger, Jr.'s request, 31,400 of such options were canceled in
connection with a restructuring of executive compensation and the grant of
Long-Term Performance Awards.

6. Ms. Robinson became an executive officer of the Company in 1998. Amounts
shown for 1998 include all compensation earned in 1998.
<PAGE>
17

Option Grants In Last Fiscal Year

<TABLE>
<CAPTION>
Grant Date
Individual Grants(1)(#) Value(2)
- ----------------------------------------------------------------------------------------------------------------------------
(a) (b) (c) (d) (e) (f)
% of Total
Options
Granted to Exercise or
Options Employees in Base Price Expiration Grant Date
Name Granted (#) Fiscal Year ($/SH) Date Present Value ($)
----- ------- ----------- ---------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
Arthur Sulzberger, Jr.............. 150,000 3.36 34.3438 12/17/2008 1,392,000
Russell T. Lewis................... 150,000 3.36 34.3438 12/17/2008 1,392,000
Michael Golden..................... 80,000 1.79 34.3438 12/17/2008 742,400
John M. O'Brien.................... 80,000 1.79 34.3438 12/17/2008 742,400
Janet L. Robinson.................. 70,000 1.57 34.3438 12/17/2008 649,600
</TABLE>

- ----------
1. The options granted to the named individuals in 1998 become exercisable in
installments of 25% of the original grant on each of the first through
fourth anniversaries of the grant date. All options are for Class A Common
Stock and have an exercise price equal to the market value of the stock on
the grant date.

2. In accordance with the rules of the SEC, "Grant Date Value" has been
calculated using the Black-Scholes model of option valuation, adjusted to
reflect an option term of 4.99 years, which represents the weighted
average (by number of options) over the past 10 years of the length of
time between the grant date of options under the Company's plans and their
exercise date for all option exercises by the named executive officers and
six others who were named executive officers during that period. The model
also assumes: (a) an interest rate of 4.34% that represents the interest
rate on a U.S. Treasury Bond with a maturity date corresponding to that of
the adjusted option term of 4.99 years; (b) volatility of 24.9% calculated
using weekly stock prices for the five years (260 weeks) prior to the
grant date; and (c) dividends at the rate of $.38 per share, which was the
annualized rate of dividends on a share of Class A Common Stock as of the
grant date. Based on this model, the calculated value of the options on
the December 17, 1998, grant date was determined to be $9.28 per option.

Aggregated Option Exercises in Last Fiscal Year, and FY-End Option Values1

<TABLE>
<CAPTION>
(a) (b) (c-1) (c-2) (d) (e)
Value of
Number of Unexercised
Unexercised In-the-Money
Options at Options at
Shares Aggregate Annualized FY-End (#) FY-End ($)
Acquired Value Value Exercisable/ Exercisable/
Name On Exercise (#) Realized ($)(3) Realized ($)(3) Unexercisable(4) Unexercisable(5)
---- --------------- --------------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
Arthur Sulzberger, Jr....... 44,334 1,070,267 288,132 134,471/300,297 2,134,383/1,461,511
Russell T. Lewis............ 0 N/A N/A 92,168/305,106 1,332,270/1,542,545
Michael Golden.............. 61,926 1,541,123 239,082 87,315/148,343 1,552,669/518,659
John M. O'Brien............. 0 N/A N/A 51,826/158,858 810,745/853,240
Janet L. Robinson........... 4,000 90,375 12,801 149,791/164,645 2,846,388/944,590
</TABLE>

- ----------

1. All options are for Class A Common Stock.

2. Market value of underlying securities at exercise minus the exercise
price.

3. Aggregate Value Realized upon exercise (column c-1) divided by the number
of years executive held applicable option before exercise.

4. Options granted to these executives under the Company's 1991 Executive
Stock Incentive Plan become exercisable in four equal installments over a
period of four years from the date of grant.

5. Market value of underlying securities at December 27, 1998 ($35.3125),
minus the option exercise price.
<PAGE>
18

Long-Term Incentive Plan Awards in Last Fiscal Year

In 1998, the Company began a new long-term performance award program for
senior executives. As shown in the following table, two grants were made in
1998: one early in the year for the 1998-2000 cycle and one in December for the
1999-2001 cycle. The Company anticipates that in the future, one grant will be
made each year in December for the three-year cycle commencing in the following
January. The actual amount paid at the end of each of the 1998-2000 and the
1999-2001 cycles will range from the threshold to the maximum amount, or be $0,
depending on the total return to holders of Class A Common Stock relative to the
total return to holders of stock in the companies comprising the "peer group"
described under "Performance Presentation" during such three-year periods.

<TABLE>
<CAPTION>
Estimated Future Payouts Under Non-Stock
----------------------------------------
Price-Based Plans
-----------------
(a) (b) (c) (d) (e) (f)
Number of Shares, Performance or Other
Units or Other Period Until Threshold Maximum
Name Rights (#) Maturation or Payout ($ amt) Target ($ amt) ($ amt)
- ---- ---------- -------------------- ------- -------------- -------
<S> <C> <C> <C> <C> <C>
Arthur Sulzberger, Jr......... 1 3 years (1998-2000) 100,000 400,000 700,000
1 3 years (1999-2001) 100,000 400,000 700,000

Russell T. Lewis.............. 1 3 years (1998-2000) 100,000 400,000 700,000
1 3 years (1999-2001) 100,000 400,000 700,000

Michael Golden................ 1 3 years (1998-2000) 50,000 200,000 350,000
1 3 years (1999-2001) 50,000 200,000 350,000

John M. O' Brien.............. 1 3 years (1998-2000) 25,000 100,000 175,000
1 3 years (1999-2001) 50,000 200,000 350,000

Janet L. Robinson............. 1 3 years (1998-2000) 25,000 100,000 175,000
1 3 years (1999-2001) 25,000 100,000 175,000
</TABLE>

Pension Plan Table

The following table shows the annual estimated benefits payable under the
Company's defined benefit retirement plans upon retirement to employees in
specified covered compensation and years of credited service classifications.
The maximum annual benefit payable under the plans which cover the executive
officers is 50% of average annual covered compensation for the five highest paid
consecutive years out of the most recent 10 years. The maximum annual benefit is
payable with 20 years of credited service and is prorated for less than 20
years. The amount of estimated annual benefit is based upon the assumption that
the nonqualified supplemental executive retirement plan will continue in force
in its present form.

Highest Estimated Annual Pension For
Five-Year Representative Years of Credited Service
Average Annual ----------------------------------------------------
Compensation 10 15 20
- ------------- ---------- ---------- ----------
$ 500,000 $125,000 $187,500 $250,000
750,000 187,500 281,250 375,000
1,000,000 250,000 375,000 500,000
1,250,000 312,500 468,750 625,000
1,500,000 375,000 562,500 750,000

The benefits described in the table above are calculated on a
straight-life annuity basis and are not subject to any reduction for Social
Security or other offset amounts.

For named executive officers, annual covered compensation for 1998 is the
sum of (i) the amount shown for 1998 in column (c) of the Summary Compensation
Table above, (ii) the annual bonus earned for 1997 and (iii) any portion of a
bonus earned for 1998 which was paid in 1998. Annual covered compensation for
1998 was $1,085,200 for Arthur Sulzberger, Jr.,
<PAGE>
19

$1,235,800 for Russell T. Lewis, $564,166 for Michael Golden, $826,100 for John
M. O'Brien and $791,100 for Janet L. Robinson.

The named executive officers had the following full years of credited
service as of December 27, 1998: Arthur Sulzberger, Jr.: 20; Russell T. Lewis:
27; Michael Golden: 14; John M. O'Brien: 35; and Janet L. Robinson: 15.

Performance Presentation

The following graph shows the annual cumulative total shareholder return
for the five years ending December 31, 1998, on an assumed investment of $100 on
December 31, 1993, in the Company, the Standard & Poor's S&P 500 Stock Index and
an index of a peer group of communications companies. The peer group returns are
weighted by market capitalization at the beginning of each year. The peer group
is comprised of the common stocks of the Company and the following other
communications companies: Dow Jones & Company, Inc., Gannett Co., Inc., Knight
Ridder, Media General, Inc., The Times Mirror Company, Tribune Company and The
Washington Post Company. Shareholder return is measured by dividing (a) the sum
of (i) the cumulative amount of dividends declared for the measurement period,
assuming monthly reinvestment of dividends and (ii) the difference between the
issuer's share price at the end and the beginning of the measurement period by
(b) the share price at the beginning of the measurement period.

Stock Performance Comparison Between S&P 500, The New York Times
Company's Class A Common Stock and Peer Group Common Stock

[The following table was represented as a line chart in the printed material.]

NYT Peer Group S&P 500
--- ---------- -------
12/31/93 $ 100 $ 100 $ 100
12/31/94 $ 93 $ 86 $ 101
12/31/95 $ 119 $ 118 $ 139
12/31/96 $ 154 $ 146 $ 171
12/31/97 $ 272 $ 225 $ 229
12/31/98 $ 288 $ 235 $ 294
<PAGE>
20

Compensation Committee Report

The Compensation Committee has furnished the following report on executive
compensation for inclusion in this Proxy Statement:

To the Stockholders of The New York Times Company:

In order to effectively serve the interests of the Company and its
stockholders, compensation for the Company's executive officers, including
the Chairman and the Chief Executive Officer, is designed to create
incentives for high levels of individual and Company performance and to
reward such performance. Annual and long-term bonuses are paid only if
financial targets are achieved. These targets are set by the Committee in
advance and in conjunction with its review of the Company's strategic and
operating plans. The Committee grants stock options as part of executive
compensation because it views stock options as a means of motivating
superior performance and directly linking the interests of executives with
those of stockholders. Stock options produce value for executives only if
the Company's stock price increases over the option price, which is set at
the market price on the date of grant.

In 1997, the Committee, which consists solely of outside
non-employee directors of the Company, structured 1998 compensation for
executive officers to consist of salary, an annual bonus potential and
stock options. It also set (in February 1998) potential long-term
performance awards for the three-year period 1998-2000 and (in December
1998) potential awards for the three-year period 1999-2001 for most
executive officers, including Arthur Sulzberger, Jr. and Russell T. Lewis.
As noted above, annual bonus amounts actually paid were based largely on
the Company's financial performance. A substantial portion of total
potential cash compensation for executive officers depended on annual
bonus potentials and thus was tied to Company performance. The more
responsible the executive officer's position, the greater the portion of
potential total cash compensation that depended on annual bonus
potentials.

Prior to the Committee's determination of salaries and annual bonus
potentials for the Company's executive officers, management reported to
the Committee on its review of survey data assembled by outside
compensation consultants. Management analyzed total actual annual cash
compensation and long-term awards for comparable executive positions at
United States companies with comparable revenues. Management also reviewed
similar data from media companies, including those companies in the peer
group described under "Performance Presentation" in this proxy statement.
The companies surveyed had annual revenues ranging from approximately $532
million to $13.1 billion, with an average of $4.7 billion and a median of
$2.2 billion. The consultants' analyses took into account the effect of
revenue size on the compensation practices of individual companies. The
data were used to set target annual cash compensation for executive
officers slightly above the mid-range of companies surveyed and to
allocate a significant portion of such compensation to performance-based
annual bonus potentials.

Salaries for executive officers are generally reviewed annually and
were set for 1998 in late 1997. Increases in salary range midpoints over
1997, including increases for the named executive officers, were based on
a review of the competitive data described above. The 1998 salary
midpoints for the Company's executive officers were generally within the
mid-range of practices for companies surveyed, taking into account the
Company's revenue size. In setting compensation for individual executive
officers, the Committee considered individual performance and
responsibilities, the performance of the executive's operating unit, where
applicable, and the performance of the Company as a whole. The Committee
believes these salaries are appropriate in light of salaries paid for
comparable positions at other companies and the individual performance and
responsibilities of the executives.

The Committee increased salaries for Messrs. Sulzberger, Jr. and
Lewis on their appointment to their current positions in late 1997 and
continued their salaries at those levels through 1998. Prior to setting
these salary levels, the Committee reviewed data assembled by outside
compensation consultants concerning the compensation for similar positions
at other companies of comparable size.

Annual bonus potentials for 1998 were set for executive officers in
late 1997. The amounts actually paid depended principally on the level of
achievement of performance against financial targets which were set by the
Committee at the same time in 1997 and, to a lesser extent, an
individual's performance and contribution to other
<PAGE>
21

operating unit and corporate goals. These targets were largely based on
operating earnings of the Company or of the person's operating unit and
were generally slightly exceeded for 1998.

The number of stock options granted to each executive officer in
1998 depended on the degree of responsibility of the executive officer's
position. The number was based on a review of survey data supplied by
outside compensation consultants of stock option grants and other
long-term compensation paid to executives at comparable salary and
responsibility levels at other companies surveyed to analyze salary and
annual bonus compensation. In granting options, the Company's goals are to
attract, retain and motivate the highest caliber of executives by offering
a competitive combination of annual and long-term compensation and to link
a significant portion of executives' total compensation to the interests
of stockholders. To implement these goals, the Company's grants were
generally made slightly above the mid-range for option grants made by
media companies in the survey. All stock options have an exercise price
equal to the average of the highest and lowest market price of the Class A
Common Stock reported on the date of grant. In order to assure the
retention of high level executives and to tie the compensation of those
executives to the creation of long-term value for stockholders, the
Committee provided that these stock options become exercisable in equal
portions over a four-year period. The number of options previously granted
that remain outstanding was not considered in making option grants in
1998.

The Internal Revenue Code has set certain limitations on the
deductibility of compensation paid to a public company's five most highly
compensated executive officers. In 1995 and 1998, stockholders of the
Company approved amendments to the Company's 1991 Executive Cash Bonus
Plan and 1991 Executive Stock Incentive Plan to ensure that compensation
paid by the Company to executive officers pursuant to these plans would be
deductible by the Company for federal income tax purposes. All
compensation paid to the Company's executive officers in 1998 was
deductible by the Company in accordance with such provisions of the
Internal Revenue Code. To enable the Committee to provide an additional
basis for performance targets for its bonus awards, the Committee has
recommended certain amendments to the plans that will ensure that bonuses
paid to executive officers under the new structure will be deductible by
the Company for federal income tax purposes.

In 1996 and 1997 the earnings per share targets and operating unit
targets set for the annual bonuses for Mr. Sulzberger, Jr. and Mr. Lewis
were substantially exceeded, resulting in bonus payouts at the maximum
amounts permitted under the plan. In 1998 the earnings per share targets
set for their annual bonuses were exceeded slightly, resulting in bonus
payouts less than the maximum amounts permitted. Annual bonuses for 1998
represented approximately the following percentages of total cash
compensation for 1998 for each of them: Mr. Sulzberger, Jr., 48%; and Mr.
Lewis, 46%.

The Committee based 1998 compensation for Mr. Sulzberger, Jr. and
Mr. Lewis on several different factors and criteria. The Committee
believes that it structured Mr. Sulzberger, Jr.'s and Mr. Lewis's 1998
compensation package to contain significant incentives tying the amount of
their compensation to the Company's performance. Stock options produce
value in direct proportion to the value realized by all stockholders from
price appreciation; annual bonuses are based on the achievement of
specified financial performance targets; and long-term bonuses (first
granted in 1998 and payable commencing in 2000) will be payable based upon
the relative performance of the Company's stock and the stock of the
companies described under "Performance Presentation" in this proxy
statement. Thus, 1998 compensation was based to a large degree on three
types of performance measures, which taken together, closely link Company
performance and Messrs. Sulzberger, Jr.'s and Lewis's compensation. Other
important factors the Committee considered in the determination of
compensation for Mr. Sulzberger, Jr. and Mr. Lewis include their role in
focusing and refining the Company's strategy in a challenging advertising
environment and establishing a strong management succession program.

Richard L. Gelb, Chairman
John F. Akers
Robert A. Lawrence
Charles H. Price II
<PAGE>
22

- --------------------------------------------------------------------------------
Proposal Number 2
Approval of Amendments to 1991 Executive Stock Incentive
and 1991 Executive Cash Bonus Plans
- --------------------------------------------------------------------------------

Purpose of Amendments

The Company is proposing amendments (the "Amendments") to the Company's
1991 Executive Stock Incentive Plan (the "Stock Plan") and 1991 Executive Cash
Bonus Plan (the "Cash Plan," and the Stock Plan and Cash Plan being collectively
referred to as the "Plans" and individually as a "Plan") for approval by the
holders of the Class A and Class B Common Stock. The Board of Directors, acting
on the recommendation of the Compensation Committee, has approved the Amendments
subject to such stockholder approval.

Adoption of the Amendments is required to insure that all incentive
compensation paid by the Company will be deductible by the Company for federal
income tax purposes under Section 162(m) of the Internal Revenue Code of 1986,
as amended (the "Code") and the regulations issued thereunder by the Internal
Revenue Service (the "Regulations"). A publicly held corporation, such as the
Company, must satisfy certain conditions in order to retain its federal income
tax deduction for compensation in excess of $1 million per year paid to its
chief executive officer or any of the four other officers whose compensation is
required to be disclosed in its annual proxy statement ("Affected Officers").
The Plans currently allow the Company to pay incentive compensation based on the
achievement of specified annual performance criteria, and such compensation
satisfies Section 162(m)'s conditions for deductibility. The Amendments will
modify two of the performance-related criteria specified in the Plans and add
two additional criteria.

Summary of Plans

Under the Plans, the Compensation Committee may authorize incentive
compensation awards ("Awards") to executives and other key employees. The
aggregate amount of Awards under the Plans is limited to 4% of Income Before
Income Taxes (as defined in the Plans and subject to adjustments for
extraordinary events), with unused amounts being available in subsequent years.
All executive officers and employee directors (15 individuals) and seven
additional employees are eligible to receive Awards.

The Compensation Committee may make Awards of cash or Class A Common
Stock, which may be delivered immediately, in installments or on a deferred
date, and which may be subject to vesting requirements and other conditions;
"Annual Performance Awards," which entitle Affected Officers to receive stock or
cash in an amount which depends on the achievement of annual targets established
by the Compensation Committee under one or more specified Performance Goals; or
"Long-Term Performance Awards," which entitle Affected Officers to receive stock
or cash in an amount which depends upon the achievement of performance targets
measured over a period in excess of one year established by the Compensation
Committee under one or more specified Long-Term Performance Goals. Awards under
the Cash Plan may be paid only in cash. Awards under the Stock Plan may be in
stock, stock equivalents or cash. The maximum number of shares of the Class A
Common Stock available under the Stock Plan for Awards is 2,000,000 shares (of
which 1,933,040 remained available for future grants as of February 24, 1999)
subject to adjustment in the case of a stock split, stock dividend,
reclassification or certain other events.

In addition to Awards, the Stock Plan provides for the granting of stock
options ("Options"). All executive officers and employee directors and
approximately 535 additional employees are eligible for Option grants. The
maximum number of shares of Class A Common Stock that may be issued pursuant to
Options is 40,000,000 (of which 11,001,609 remained available for future grants
as of February 24, 1999), subject to adjustment in the case of a stock split,
stock dividend, reclassification or certain other events. The Amendments do not
affect the provisions of the Stock Plan pertaining to Options.
<PAGE>
23

Material Changes Effected by the Amendments

For the purposes of Annual Performance Awards, the Performance Goals are
defined as the attainment of an annual target or targets based on one or more of
the following: (i) increase in stockholder value; (ii) earnings per share; (iii)
net income; (iv) return on assets; (v) return on stockholders' equity; (vi)
operating cash flow (of the Company or division or subsidiary); or (vii)
operating profit (of the Company or division or subsidiary). Long-Term
Performance Goals are defined as the attainment over a period in excess of one
year of a target or targets based on one or more of the same criteria. The
Amendments will change the goal specified in (vi) above to "cash flow of the
Company or a division, subsidiary or group thereof" and the goal specified in
(vii) above to "operating profit or operating margins of the Company or a
division, subsidiary or group therof." In addition, the Amendments will permit
Annual Performance Awards and/or Long-Term Performance Awards to be based on the
attainment of specified goals pertaining to (i) the improved use of capital
and/or assets and (ii) revenue growth, in either case, of the Company or a
division, subsidiary or group thereof.

New Benefits

The Compensation Committee has determined to base the 1999 Annual
Performance Awards on the attainment of targeted earnings per share and, if the
Amendments are approved, the improved use of capital. The following table sets
forth information regarding such Awards payable for 1999 to the two named
individuals if targets are achieved. Twenty other individuals are eligible to
receive annual bonus Awards based on the same or similar criteria.

Name and Position Annual Performance Award(1)
- ----------------- ------------------------
Arthur Sulzberger, Jr.
Chairman of the Board and Publisher
of The New York Times $ 418,600
Russell T. Lewis
President and Chief Executive Officer $ 591,500

All executive officers as a group (2) $1,010,100

- ---------------
1. Performance Awards for 1999 have been based on the attainment of targeted
earnings per share and the improved use of capital as measured against
pre-established targets. The actual amount of the earnings-based bonus
will range from $0 to 200% of the stated amount depending on the extent to
which earnings per share targets are partially met or exceeded. Subject to
approval of the Amendments, individual bonus amounts will be increased or
decreased based upon the improved use of capital of the Company or a
division, subsidiary or group thereof, as measured against pre-established
targets. However, no officer's bonus may exceed 200% of the amount
specified by the Committee for him.

2. Certain annual bonus Awards are designed as Annual Performance Awards to
preserve full tax deductibility for these payments. The two named
individuals are the only individuals eligible for Annual Performance
Awards in 1999 because no such design is required to preserve tax
deductibility for other individuals whose bonuses are based on the same
criteria.

Amendments; Non-exclusivity

The Board may, in its discretion, amend the Plans at any time; provided,
however, that no amendment that would materially affect the limitation on the
annual accrual of available amounts for Awards under the Plans may be made
unless such amendment is approved by the holders of a majority of the
outstanding shares of Class A and Class B Common Stock entitled to vote on such
amendment, voting as a single class. In addition, the Board may make no change
that would prevent incentive stock options granted under the Stock Plan from
being incentive stock options without the consent of the optionees concerned,
and the Board may not make any amendment to the Stock Plan which (1) changes the
class of persons eligible for incentive stock options, (2) increases the total
number of shares for which Options may be granted, or (3) increases the total
number of shares authorized for stock Awards, without the approval of the
holders of a majority of the outstanding shares of Class A and Class B Common
Stock entitled to vote thereon, voting together as one class.

Participation in the Plans is not exclusive and does not prevent a Plan
participant from participating in any other compensation plan of the Company or
from receiving any other compensation from the Company. Plan participants may
receive more than one type of Award under the Plans.
<PAGE>
24

The Compensation Committee believes that bonuses are an important part of
overall compensation. If the Amendments are not approved by the stockholders,
the Compensation Committee will retain the right to adjust each individual's
earnings-based bonus amount based on such criteria as may be established by the
Committee. In such event, a portion of such bonus may not be deductible by the
Company for federal income tax purposes.

Recommendation and Vote Required

The Board of Directors recommends a vote FOR the following resolution
which will be presented to the Annual Meeting:

RESOLVED, that the Amendments to the 1991 Executive Stock
Incentive Plan and the 1991 Executive Cash Bonus Plan described in
the Company's 1999 Proxy Statement, be, and the same hereby are,
ratified, confirmed and approved.

The approval of the Amendments will be voted on as one proposal. The
affirmative vote of the holders of a majority of the outstanding shares of Class
A and Class B Common Stock entitled to vote thereon at the Annual Meeting, in
person or by proxy, voting together as a single class, is required for approval
of this resolution. As a result, abstentions and broker non-votes will have the
same effect as a vote against the proposal.

- --------------------------------------------------------------------------------
Proposal Number 3
Selection of Auditors
- --------------------------------------------------------------------------------

The Company has an Audit Committee of the Board of Directors, whose
members are appointed annually by the Board. The Audit Committee currently
consists of George L. Shinn, Chairman, Ellen R. Marram, and Donald M. Stewart,
none of whom is an employee of the Company.

The Audit Committee has selected the firm of Deloitte & Touche LLP,
independent certified public accountants, as auditors of the Company for the
fiscal year ending December 26, 1999, subject to ratification of such selection
by the Class A and Class B stockholders of the Company voting together as one
class. Deloitte & Touche LLP has audited the financial statements of the Company
for many years.

The Company has been informed by Deloitte & Touche LLP that such firm has
no direct financial interest nor any material indirect financial interest in the
Company or any of its affiliated companies. Deloitte & Touche LLP has not had
any connection during the past five years with the Company or any of its
affiliated companies in the capacity of promoter, underwriter, voting trustee,
director, officer or employee.

A representative of Deloitte & Touche LLP will be present at the Annual
Meeting and will be afforded the opportunity to make a statement if he decides
to do so. Such representative will also be available to respond to appropriate
questions from stockholders at the Annual Meeting.

The Board of Directors recommends a vote FOR the following resolution
which will be presented to the meeting:

RESOLVED, that the selection, by the Audit Committee of the
Board of Directors, of Deloitte & Touche LLP, independent certified
public accountants, as auditors of the Company for the fiscal year
ending December 26, 1999, is hereby ratified, confirmed and
approved.

The affirmative vote of the holders of a majority of the shares of Class A
and Class B Common Stock represented at the Annual Meeting, in person or by
proxy, voting together as one class, is required for approval of this
resolution. As a result, an abstention or a broker non-vote will have the same
effect as a vote against the foregoing resolution.
<PAGE>
25

- --------------------------------------------------------------------------------
Other Matters
- --------------------------------------------------------------------------------

Discretionary Authority to Vote Proxy

Management does not know of any other matters to be considered at the
Annual Meeting. If any other matters do properly come before the meeting, the
Proxy will be voted in respect thereof in accordance with the best judgment of
the persons authorized therein, and the discretionary authority to do so is
included in the Proxy.

Annual Report; Annual Report on Form 10-K

The Annual Report of the Company for the year 1998 accompanies this Proxy
Statement. The Company's 1998 Annual Report on Form 10-K, as filed with the SEC,
which includes audited financial statements, is included in the Company's Annual
Report.

Stockholders who would like an additional copy of the Company's 1998
Annual Report on Form 10-K may obtain it, free of charge, upon request to the
Secretary of the Company.

Submission of Stockholder Proposals

Stockholders who intend to present proposals at the 2000 Annual Meeting
must insure that such proposals are received by the Secretary of the Company not
later than November 11, 1999. Such proposals must meet the requirements of the
SEC to be eligible for inclusion in the Company's 2000 proxy materials.

By Order of the Board of Directors.

LAURA J. CORWIN
Vice President and Secretary
New York, NY
March 10, 1999
<PAGE>

THE NEW YORK TIMES COMPANY CLASS A
Proxy Solicited on Behalf of the Board of Directors of
the Company for Annual Meeting on April 15, 1999

P The undersigned hereby constitutes and appoints Arthur Sulzberger, Jr.,
R Laura J. Corwin and Solomon B. Watson IV, and each of them, as proxies
O with full power of substitution in each, to represent the undersigned at
X the Annual Meeting of Stockholders of THE NEW YORK TIMES COMPANY to be
Y held at 10:00 A.M., local time, at Town Hall, 123 West 43d Street, New
York, New York 10036, on Thursday, April 15, 1999, or at any adjournments
thereof, and to vote on all matters coming before said meeting including
the proposals indicated on the reverse side hereof.

Election of Class A Directors. Nominees: Change of Address

1. Raul E. Cesan 2. Robert A. Lawrence ___________________________
3. Charles H. Price II 4. Henry B. Schacht ___________________________
5. Donald M. Stewart ___________________________
___________________________

(If you have written in the
above space, please mark
the corresponding box on
the reverse side of this
card)

You are encouraged to specify your choices by marking the appropriate boxes-SEE
REVERSE SIDE-but you need not mark any boxes if you wish to vote in accordance
with the Board of Directors' recommendations. Your shares cannot be voted unless
you sign and return this card.

-----------
SEE REVERSE
SIDE
-----------
................................................................................
^ FOLD AND DETACH HERE IF YOU ARE RETURNING YOUR VOTED PROXY CARD BY MAIL ^

The New York Times Company

Annual Meeting of Stockholders

April 15, 1999
10:00 A.M.
Town Hall
123 West 43d Street
New York, New York 10036
<PAGE>

0473
|X| Please mark your votes as in this example.

This proxy when properly executed will be voted in the manner directed
herein. If no direction is given, this proxy will be voted FOR the election of
Class A directors and FOR proposals 2 and 3.

- --------------------------------------------------------------------------------
The Board of Directors recommends a vote FOR proposals 1, 2 and 3.
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
FOR WITHHELD FOR AGAINST ABSTAIN FOR AGAINST ABSTAIN
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1. Election of |_| |_| 2. Approval of amendments |_| |_| |_| 3. Ratification of |_| |_| |_|
Class A Directors to the 1991 Executive selection of
(see reverse) Stock Incentive Plan Deloitte & Touche
and 1991 Executive LLP as auditors
Cash Bonus Plan
</TABLE>

For, except vote withheld from the following nominee(s)

- -------------------------------------------------------

This proxy is solicited on behalf of the
Board of Directors for the Annual
Meeting on April 15, 1999.

Your signature on the proxy is your
acknowledgment of receipt of the Notice
of Meeting and Proxy Statement, both
dated March 10, 1999.

The signer hereby revokes all proxies
heretofore given by the signer to vote
at said meeting or at any adjournment
thereof.

Change of address on Reverse Side |_|

SIGNATURE(S)_____________________________________ DATE _________________________

NOTE: Please sign exactly as name appears hereon. Joint owners should each sign.
When signing as attorney, executor, administrator, trustee or guardian,
please give full title as such. If signing as a corporation, please give
full corporate name by authorized officer.

................................................................................
^ FOLD AND DETACH HERE IF YOU ARE RETURNING YOUR VOTED PROXY CARD BY MAIL ^
<PAGE>

The New York Times Company

Dear Stockholder:

The New York Times Company encourages you to take advantage of new and
convenient ways by which you can vote your shares. You can vote your shares
electronically through the Internet or by telephone. This eliminates the need to
return your proxy card.

To vote your shares electronically, you must use the control number printed in
the box above, just below the perforation. The series of numbers that appear in
the box above must be used to access the system.

1. To vote over the Internet:
o Log on to the Internet and go to the web site
http://www.vote-by-net.com.

2. To vote by telephone:
o On a touch-tone telephone, call 1-800-0K2-VOTE (1-800-652-8683) 24
hours a day, 7 days a week.

Your electronic vote authorizes the named proxies in the same manner as if you
marked, signed, dated and returned the proxy card.

If you choose to vote your shares electronically, there is no need to mail back
your proxy card.

Your vote is important. Thank you for voting.
<PAGE>

THE NEW YORK TIMES COMPANY CLASS B

Proxy Solicited on Behalf of the Board of Directors of
the Company for Annual Meeting on April 15, 1999

<TABLE>
<CAPTION>
Election of Class B Directors. Nominees: Change of Address

<S> <C> <C> <C>
1. John F. Akers 2. Brenda C. Barnes 3. Richard L. Gelb ___________________________
4. Michael Golden 5. Russell T. Lewis 6. Ellen R. Marram ___________________________
7. Arthur Ochs Sulzberger 8. Arthur Sulzberger, Jr. 9. Judith P. Sulzberger ___________________________
___________________________

(If you have written in the
above space, please mark
the corresponding box on
the reverse side of this
card)
</TABLE>

-----------
SEE REVERSE
SIDE
-----------
................................................................................
^ FOLD AND DETACH HERE IF YOU ARE RETURNING YOUR VOTED PROXY CARD BY MAIL ^

The New York Times Company

Annual Meeting of Stockholders

April 15, 1999
10:00 A.M.
Town Hall
123 West 43d Street
New York, New York 10036
<PAGE>

2553
|X| Please mark your votes as in this example.

This proxy when properly executed will be voted in the manner directed
herein. If no direction is given, this proxy will be voted FOR the election of
Class B directors and FOR proposals 2 and 3.

<TABLE>
<CAPTION>
FOR WITHHELD FOR AGAINST ABSTAIN FOR AGAINST ABSTAIN
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1. Election of |_| |_| 2. Approval of amendments |_| |_| |_| 3. Ratification of |_| |_| |_|
Class B Directors to the 1991 Executive selection of
(see reverse) Stock Incentive Plan Deloitte & Touche
and 1991 Executive LLP as auditors
Cash Bonus Plan
</TABLE>

For, except vote withheld from the following nominee(s)

- --------------------------------------------------------

This proxy is solicited on behalf of the
Board of Directors for the Annual
Meeting on April 15, 1999.

Your signature on the proxy is your
acknowledgment of receipt of the Notice
of Meeting and Proxy Statement, both
dated March 10, 1999.

The signer hereby revokes all proxies
heretofore given by the signer to vote
at said meeting or at any adjournment
thereof.

Change of address on Reverse Side |_|

SIGNATURE(S)_____________________________________ DATE _________________________

................................................................................
^ FOLD AND DETACH HERE IF YOU ARE RETURNING YOUR VOTED PROXY CARD BY MAIL ^
<PAGE>

The New York Times Company

Dear Stockholder:

1. To vote over the Internet:
o Log on to the Internet and go to the web site
http://www.vote-by-net.com.

2. To vote by telephone:
o On a touch-tone telephone, call 1-800-0K2-VOTE (1-800-652-8683) 24
hours a day, 7 days a week.

Your electronic vote authorizes the named proxies in the same manner as if you
marked, signed, dated and returned the proxy card.

If you choose to vote your shares electronically, there is no need to mail back
your proxy card.

Your vote is important. Thank you for voting.
<PAGE>

Please return this card ONLY
IF YOU PLAN TO ATTEND. / / I plan to attend the Meeting.*

The New York Times Company
Annual Meeting of Stockholders Please type or print clearly.
10:00 A.M., Thursday, April 15, 1999

Town Hall
123 West 43rd Street _________________________________
New York, New York 10036 Name of Stockholder

[LOGO] _________________________________
Street Address

_________________________________
City State Zip

*To faciliate counting,
please forward your proxy
to the Transfer Agent
even if you are planning
to attend. You can always
revoke it at the meeting
if you wish.

SECRETARY'S OFFICE

-------------
NO POSTAGE
NECESSARY
IF MAILED
IN THE
UNITED STATES
-------------

- --------------------------------------------
BUSINESS REPLY MAIL
FIRST CLASS MAIL PERMIT NO 289 NEW YORK NY
- --------------------------------------------
POSTAGE WILL BE PAID BY ADDRESSEE

THE NEW YORK TIMES COMPANY
229 WEST 43D STREET
NEW YORK NY 10109-0225

THE NEW YORK TIMES COMPANY
1991 EXECUTIVE STOCK INCENTIVE PLAN
AS AMENDED

1. NAME AND GENERAL PURPOSE

The name of this plan is The New York Times Company 1991 Executive Stock
Incentive Plan (hereinafter called the "Plan"). The purpose of the Plan is to
enable the Company (as hereinafter defined) to retain and attract executives who
enhance its tradition and contribute to its success by their ability, ingenuity
and industry, and to enable them to participate in the long-term success and
growth of the Company.

2. DEFINITIONS

(a) "Awards"--has the meaning specified in Section 12 hereof.

(b) "Board"--means the Board of Directors of the Company.

(d) "Code"--means the Internal Revenue Code of 1986, as amended.

(e) "Committee"--means the Committee referred to in Section 3 of the Plan.
If at any time no Committee shall be in office then the functions of the
Committee specified in the Plan shall be exercised by those members of the Board
who are Non-Employee Directors.

(f) "Common Stock"--means shares of the Class A Common Stock of the
Company.

(g) "Company"--means The New York Times Company, a corporation organized
under the laws of the State of New York (or any successor corporation), and,
unless the context otherwise requires, its subsidiaries (as hereinafter defined)
and other non-corporate entities in which it owns directly or indirectly 20% or
more of the equity interests. A "subsidiary" means any corporation in which the
Company possesses directly or indirectly 50% or more of the combined voting
power of all classes of stock.

(h) "Consolidated Statement of Income"--means the consolidated statement
of income (or any comparable statement, however designated) of the Company,
audited by the independent certified public accountants of the Company and
contained in the Company's annual report to stockholders or proxy statement.

(i) "Disability"--means total disability as defined under the Company's
long-term disability plan, whether or not the Participant is covered by such
plan, as determined by the Committee.

(j) "Fair Market Value"--means the arithmetic mean of the highest and
lowest sales prices of the Common Stock as reported in the Consolidated
Transactions of the American Stock Exchange ("AMSE") (or such other national
securities exchange on which the Common Stock may be listed at the time of
determination, and if the Common Stock is listed on more than one exchange, then
on the one located in New York or if the Common Stock is listed only on the
National Association of Securities Dealers Automated Quotations System
("NASDAQ"), then on such system) on the date of the grant or other date on which
the Common Stock is to be valued hereunder. If no sale shall have been made on
the AMSE, such other exchange or the NASDAQ on such date or if the Common Stock
is not then listed on any exchange or on the NASDAQ, Fair Market Value shall be
determined by the Committee in accordance with Treasury Regulations applicable
to incentive stock options.

(k) "Income Before Income Taxes"--means the amount designated as Income
Before Income Taxes for the applicable year and shown separately on the
Consolidated Statement of Income for such year.

1
<PAGE>

(l) "Non-Employee Director"--means any Director of the Company who at the
time of acting is a "Non-Employee Director" under Rule 16b-3 or any successor
rule ("Rule 16b-3") under the Securities Exchange Act of 1934, as amended (the
"Exchange Act").

(m) "Participant"--means a key employee of the Company who is selected by
the Committee to participate in any one or more parts of the Plan from among
persons who in the judgment of the Committee are key employees of the Company.
In general, key employees are those employees who have principal responsibility
for, or who contribute substantially to, the management efficiency, editorial
achievement or financial success of the Company. Only employees of The New York
Times Company, its subsidiaries and other non-corporate entities in which it
owns directly or indirectly 40% or more of the equity interests are eligible to
participate in the Plan.

(n) "Retirement"--means retirement as defined by the terms of "The New
York Times Companies Pension Plan" which became effective December 31, 1988, or
any successor retirement plan, whether or not the Participant is a member of
such retirement plan, and, in the case of employees of Affiliated Publications,
Inc., or any subsidiary thereof, who retire under the terms of the Globe
Newspaper Company Retirement Plan, which became effective January 1, 1994 (the
"Globe Pension Plan") or any successor retirement plan, "Retirement" shall also
mean retirement as defined by the terms of the Globe Pension Plan or any
successor plan.

3. ADMINISTRATION OF THE PLAN

The Plan shall be administered by the Board or the Committee appointed by
it and composed of two or more directors all of whom shall be Non-Employee
Directors. The membership of the Committee shall be constituted so as to comply
at all times with the applicable requirements of Rule 16b-3, and with the
administration requirements of Section 162(m)(4)(C) of the Code. The Committee
shall serve at the pleasure of the Board and shall have such powers as the Board
may from time to time confer upon it.

4. OPTIONS AND AWARDS UNDER THE PLAN

Options, which include "Non-Qualified Options" and "Incentive Stock
Options" or combinations thereof, are rights to purchase Common Stock.
Non-Qualified Options and Incentive Stock Options are subject to the terms,
conditions and restrictions provided in Part I of the Plan.

Awards under the Plan may include one or more of the following types,
either alone or in any combination thereof: (i) "Stock Awards," (ii) "Restricted
Stock Awards," (iii) "Retirement Unit Awards," (iv) "Annual Performance Awards,"
(v) "Performance Awards" or "Other Awards" and (vi) "Long-Term Performance
Awards."

Stock Awards are granted under Part IIA of the Plan. Restricted Stock
Awards are granted under Part IIB of the Plan. Retirement Unit Awards are
granted under Part IIC of the Plan. Annual Performance Awards are granted under
Part IID of the Plan. Performance Awards or Other Awards are granted under Part
IIE of the Plan. Awards are subject to the terms, conditions and restrictions
provided in the respective subparts of Part II of the Plan. Annual Performance
Awards will be based exclusively on the criteria set forth in Section 27A.
Long-Term Performance Awards are granted under Part IIF of the Plan. Long-Term
Performance Awards will be based exclusively on the criteria set forth in
Section 28A.

PART I STOCK OPTIONS

5. PURPOSE

The purpose of the Stock Option portion of the Plan is to provide an added
incentive for effective service and high levels of performance to Participants
by affording them an opportunity, under the terms of the Plan, to acquire Common
Stock and thereby to increase their proprietary interest in the continued
progress and success of the Company.

2
<PAGE>

6. DETERMINATION OF OPTIONEES; SHARES SUBJECT TO OPTIONS

(a) The Committee may grant options to purchase Common Stock ("Options")
to Participants in such amounts as the Committee may determine, subject to the
conditions and limitations set forth in the Plan. Options may be granted in
combination with Awards made under the Plan, and Options may be granted to any
Participant whether or not he or she was eligible for, or received, an Award.

(b) The number of shares of Common Stock with respect to which Options may
be granted to any key employee during any calendar year shall not exceed 200,000
(subject to adjustment as provided in Sections 28 and 29 hereof).

(c) There may be issued under the Plan pursuant to the exercise of
Options, an aggregate of not more than 20,000,000 shares of Common Stock,
subject to adjustment as provided in Sections 28 and 29 hereof. Shares of Common
Stock issued pursuant to Options may be either authorized but unissued shares,
treasury shares, reacquired shares, or any combination thereof. Any shares
subject to an Option which expires without being exercised shall be available
for issuance under new Options.

7. OPTION PRICE

The exercise price of Common Stock subject to Options granted pursuant to
the Plan shall be the Fair Market Value thereof at the time the Option is
granted. If a Participant owns or is deemed to be the owner of, by reason of the
attribution rules under Section 425(d) of the Code, more than 10% of the
combined voting power of all classes of the stock of the Company or any
subsidiary of the Company and an Option granted to such Participant is intended
to qualify as an Incentive Stock Option within the meaning of Section 422 of the
Code, the option price shall be no less than 110% of the Fair Market Value of
the Common Stock on the date the Option is granted.

8. PAYMENT OF OPTION PRICE

The purchase price is to be paid in full when the Option is exercised and
stock certificates will be delivered only against such payment. Such purchase
price may be paid in such form as the Committee may determine. Payment of the
option price may be made (i) in cash, (ii) by delivering a properly executed
exercise notice to the Company together with a copy of irrevocable instructions
to a broker to deliver promptly to the Company the amount of sale or loan
proceeds to pay the purchase price, (iii) by delivering to the Company shares of
Common Stock previously owned, (iv) by electing to have the Company retain
Common Stock which would be otherwise issued on exercise of the Option, or (v)
any combination of the foregoing forms, all subject to the approval of the
Committee and to such rules as the Committee may adopt. In determining the
number of shares of Common Stock necessary to be delivered to or retained by the
Company, such Common Stock shall be valued at Fair Market Value.

9. TYPES OF STOCK OPTIONS

(a) Options granted under the Plan may be two types, an incentive stock
option ("Incentive Stock Option") and a non-qualified stock option
("Non-Qualified Option"). It is intended that Incentive Stock Options granted
hereunder shall constitute incentive stock options within the meaning of Section
422 of the Code. Anything in the Plan to the contrary notwithstanding, (i) no
provision of this Plan relating to Incentive Stock Options shall be interpreted,
amended or altered, nor shall any discretion or authority granted under the Plan
be so exercised, so as to disqualify either the Plan or any Incentive Stock
Option granted under such provisions of the Code, and (ii) no Option designated
by the Committee as a Non-Qualified Option shall constitute an Incentive Stock
Option. In furtherance of the foregoing and not by way of limitation, no
Incentive Stock Option shall be granted to a Participant who is not an employee
of The New York Times Company or one of its subsidiaries.

(b) If the aggregate Fair Market Value of the Common Stock (determined as
of the date of grant) for which any optionee may for the first time exercise
Incentive Stock Options in any calendar year under the

3
<PAGE>

Plan and any other stock option plan of the Company, considered in the
aggregate, exceeds $100,000, such excess Incentive Stock Options will be treated
as Non-Qualified Options.

10. TERMS OF STOCK OPTIONS

(a) Each Option will be for a term of not more than ten years from the
date of grant, except that if a Participant owns or is deemed to be the owner
of, by reason of the attribution rules of Section 425(d) of the Code, more than
10% of the combined voting power of all classes of stock of the Company or any
subsidiary of the Company and an Incentive Stock Option is granted to such
Participant, the term of such Option shall be no more than five years from the
date of grant.

(b) An Option may not be exercised within one year after the date of grant
except in the case of the death of the optionee or upon termination of active
employment with the Company by reason of the Disability or Retirement of the
optionee during such period. Thereafter, an Option shall be exercisable in such
installments, if any, as the Committee may specify, and shall be exercisable
during the optionee's lifetime only by the optionee (or, if the optionee is
disabled, by any guardian or other legal representative appointed to represent
him or her) and, except as provided in subsections (c) and (d) below, shall not
be exercisable by the optionee unless at the time of exercise such optionee is
an employee of the Company.

(c) Upon termination of active employment with the Company by reason of
Disability or Retirement, an optionee (or, if the optionee is disabled, any
guardian or legal representative appointed to represent him or her) may exercise
all Options otherwise exercisable by him or her at the time of such termination
of employment (subject to the provisions of subsection (e) below) until the
expiration thereof. In the event an optionee dies while employed by the Company
or after termination of employment by reason of Disability or Retirement, the
person who acquired the right to exercise his or her Options by reason of the
death of the optionee, as provided in Section 30 hereof, may exercise such
Options otherwise exercisable at the time of death (subject to the provisions of
subsection (e) below) at any time until the expiration thereof.

(d) Upon termination of employment with the Company for any reason other
than death, Retirement or Disability, the optionee may exercise all Options
otherwise exercisable by him or her at the time of such termination of
employment for an additional one year after such termination of employment. In
the event such optionee dies within such one-year period, the person who
acquired the right to exercise his or her Options by reason of the death of the
optionee, as provided in Section 30 hereof, may exercise such Options at any
time within the period of the greater of (i) the remainder of the one-year
period described in the foregoing sentence, or (ii) three months from the date
of the optionee's death. For purposes of this Section 10(d), in the event that
any optionee is rehired by the Company within one year of such optionee's
termination of employment with the Company, such optionee shall be deemed not to
have terminated employment for purposes of determining the expiration date of
all unexpired non-qualified stock options held by such individual on the date of
rehire, with the effect that such options shall continue to be exercisable at
any time until the expiration thereof (subject to the terms thereof and the
provisions of this Section 10).

(e) Notwithstanding any of the foregoing, no Option shall be exercisable
in whole or in part after the expiration date provided in the Option. In the
event of the death of the optionee while employed by the Company, or the
Disability or Retirement of the optionee, the Committee shall have the
discretion to provide for the acceleration of the exercisability of Options
exercisable over a period of time, or alternatively, to provide for all or any
part of such Options to continue to become exercisable in such installments as
originally specified by the Committee, or such revised installments as specified
by the Committee at the time of termination of employment (but in no event
beyond the original expiration date), in either case subject to such conditions
as determined by the Committee in its discretion.

(f) No Option shall be transferable otherwise than by will or by the laws
of descent and distribution. Notwithstanding the foregoing sentence, the
Committee may determine that Options granted to a Participant or a specified
group of Participants may be transferred by the Participant to one or more

4
<PAGE>

members of the Participant's immediate family, to a partnership or limited
liability company whose only partners or members are members of the
Participant's immediate family, or to a trust established by the Participant for
the benefit of one or more members of the Participant's immediate family;
provided, however, that no Incentive Stock Options may become transferable if
inconsistent with Section 422 of the Code, unless the Participant consents. For
this purpose, "immediate family" means the Participant's spouse, parents,
children (including adopted and step-children), grandchildren and the spouses of
such parents, children (including adopted and step-children) and grandchildren.
A transferee described in this subsection may not further transfer an Option. An
Option transferred pursuant to this subsection shall remain subject to the
provisions of the Plan and shall be subject to such other rules as the Committee
shall determine.

11. OPTION AGREEMENTS

In consideration of any Options granted to a Participant under the Plan,
if requested by the Committee, such Participant shall enter into an Option
Agreement with the Company providing, in addition to such other terms as the
Committee may deem advisable, that the optionee must remain in the employ of the
Company for one year before such optionee will be entitled to exercise the
Option, except as provided in Section 10 hereof with respect to death,
Disability and Retirement, and specifying the installments, if any, in which
such Option shall become exercisable.

PART II AWARDS

12. FORM OF AWARDS

The Award portion of the Plan is designed to provide incentives for
Participants by the making of awards of supplemental compensation ("Awards").
The Committee, subject to the terms and conditions hereof, may make Awards to a
Participant in any one, or in any combination, of the following forms:

(a) Common Stock as provided in Part IIA of the Plan ("Stock
Awards");

(b) Restricted Stock as provided in Part IIB of the Plan
("Restricted Stock Awards");

(d) Annual Performance Awards as provided in Part IID of the Plan
("Annual Performance Awards");

(e) Performance Awards ("Performance Awards") or other forms of
Awards ("Other Awards"), as provided in Part IIE of the Plan; and

(f) Long-Term Performance Awards as provided in Part IIF of the Plan
("Long-Term Performance Awards").

Awards may be made to a Participant whether or not he or she is receiving an
Option grant under Part I of the Plan for the year and whether or not he or she
receives an award under the Cash Plan.

Awards will be based on a Participant's performance in those areas for
which the Participant is directly responsible. Performance for this purpose may
be measured by the achievement of specific management goals such as, but not
limited to, an increase in earnings or the operating cash flow of the Company,
outstanding initiative or achievement in any department of the Company, or any
other standards specified by the Committee. Annual Performance Awards will be
based exclusively on the criteria set forth in Section 27A. Long-Term
Performance Awards will be based exclusively on the criteria set forth in
Section 28A.

13. MAXIMUM AMOUNT AVAILABLE FOR THE ACCRUAL OF AWARDS UNDER PART II OF THE PLAN
FOR ANY YEAR

(a) No accrual for Awards shall be made hereunder (or under the Cash Plan)
for any year unless cash dividends of not less than ten cents ($.10) per share
(subject to adjustment as provided in Sections 28 and

5
<PAGE>

29 hereof) have been declared on the outstanding Class A and Class B Common
Stock of the Company during such year.

(b) In the event that the above condition is met for any year during the
continuance of this Plan, the maximum aggregate amount that may be accrued for
Awards under the Plan and the Cash Plan for such year shall be 4% of Income
Before Income Taxes. The Committee, in its sole discretion, may make adjustments
in Income Before Income Taxes to take account of extraordinary, unusual or
infrequently occurring events and transactions, changes in accounting principles
that substantially affect the foregoing, or such other circumstances as the
Committee may determine warrant such adjustment.

(c) As soon as feasible after the close of each year, the independent
certified public accountants of the Company shall report the maximum amount that
may be accrued for Awards for such year under the formula described in Section
13(b), subject to the second sentence of such Section.

(d) If amounts are accrued in any year under the formula described in this
Section 13 and are not awarded in full in such year under the Plan and the Cash
Plan, such unawarded amounts may, in the discretion of the Committee, be carried
forward and be available for Awards under the Plan and under the Cash Plan in
any future year without regard to the provisions of Sections 13(a) or (b) of the
Plan applicable to Awards made in such year.

(e) Awards under the Plan for any year may not exceed the sum of (i) the
amount accrued for such year under Section 13(b) above plus (ii) unawarded
accrued amounts carried forward from previous years under Section 13(d) above
plus (iii) amounts that may become available for Awards pursuant to the last
sentence of Sections 15(c) and 27A hereof, minus (x) the amount of interest or
dividend equivalents set aside during such year pursuant to Sections 15(c) and
27A hereof and the amount of dividend equivalents allocated to Retirement Unit
Accounts during such year pursuant to Section 24 hereof, and minus (y) the
amount of awards made for such year under the Cash Plan (and any interest
equivalents allocated during such year pursuant to Section 10(b), 11(f) and
12(b) thereof). For this purpose, the amount of Awards of Common Stock under the
Plan shall be based on the Fair Market Value of the Common Stock subject to
Awards as of the date of grant of such Awards.

(f) Subject to Sections 28 and 29 hereof, the aggregate number of shares
of Common Stock for which Stock, Restricted Stock, Retirement Units, Annual
Performance Awards, and Performance and Other Awards may be made under the Plan
shall not exceed 1,000,000 shares, which shall be treasury shares reserved for
issuance of Awards under the Plan. Shares of Common Stock subject to, but not
issued under, any deferred Award which has been discontinued by the Committee
pursuant to the provisions hereof or any Restricted Stock which is forfeited by
any Participant shall again be available for Awards under the Plan.

14. DETERMINATION OF AWARDS AND PARTICIPANTS

(a) As promptly as practicable after the end of each year, the Committee
may make Awards (other than Annual Performance Awards and Long-Term Performance
Awards, which are to be made exclusively as set forth in Sections 27A and 28A,
respectively) for such year and determine the amounts to be carried forward for
Awards in future years. The Committee may also, in its discretion, make Awards
(other than Annual Performance Awards and Long-Term Performance Awards, which
are to be made exclusively as set forth in Sections 27A and 28A, respectively)
prior to the end of the year based on the amounts available under clauses (ii)
and (iii) of Section 13(e) and reasonable estimates of the accrual for the year
in question.

(b) The Committee shall have absolute discretion to determine the key
employees who are to receive Awards (other than Annual Performance Awards, which
are to be made exclusively as set forth in Sections 27A and 28A, respectively)
under the Plan for any year and to determine the amount of such Awards based on
such criteria and factors as the Committee in its sole discretion may determine,
such as the Company's operating cash flow and overall financial performance.
Recommendations as to the key employees who are to receive Awards (including
Annual Performance Awards and Long-Term Performance Awards) under

6
<PAGE>

the Plan for any year and as to the amount and form of such Awards shall,
however, be made to the Committee by the chief executive officer of the Company.
The fact that an employee is selected as eligible for an Award shall not mean,
however, that such employee will necessarily receive an Award.

(c) A person whose employment terminates during the year or who is granted
a leave of absence during the year may, in the discretion of the Committee and
under such rules as the Committee may from time to time prescribe, be given an
Award with respect to the period of such person's service during such year.

15. METHOD AND TIME OF PAYMENT OF AWARDS

(a) Awards shall be paid in full as soon as practicable after the Award is
made; provided, however, that the payment of Annual Performance Awards and
Long-Term Performance Awards shall be subject to the provisions of Sections 27A
and 28A, respectively, and provided further, that the payment of any or all
Awards may be deferred, divided into annual installments, or made subject to
such other conditions as the Committee in its sole discretion may authorize
under such rules and regulations as may be adopted from time to time by the
Committee.

(b) The Committee's rules and regulations may include procedures by which
a Participant expresses a preference to the Committee as to the form of Award or
method of payment of an Award but the final determination as to the form and the
terms and conditions of any Award shall rest solely with the Committee.

(c) Awards deferred under the Plan shall become payable to the Participant
or, in the event of the Participant's death, as specified in Section 30 hereof,
in such manner, at such time or times (which may be either before or after
Retirement or other termination of service), and subject to such conditions as
the Committee in its sole discretion shall determine. In any year the Committee
shall have the discretion to set aside, for payment in such year or any future
year, interest on any deferred Award payable partly in cash, and amounts
equivalent to dividends on any deferred Award payable wholly or partly in stock;
provided, however, that the total amount of such interest and dividend
equivalents shall be deducted from the maximum amount available for Awards under
Section 13(e) of the Plan. Any forfeited deferred Awards (including any
forfeited stock at its Award value) shall be carried forward and be available
for Awards in any future year without regard to the provisions of Sections 13(a)
or (b) of the Plan.

16. INDIVIDUAL AGREEMENTS

(a) The Committee may in its discretion require that each Participant
receiving an Award enter into an agreement with the Company which shall contain
such terms and conditions as the Committee in its discretion may require.

(b) The Committee may cancel any unexpired, unpaid or deferred Award at
any time if the Participant is not in compliance with all applicable provisions
of the agreement referred to above, if any, and the Plan.

17. STATUS OF PARTICIPANTS

No Participant in this Plan shall be deemed to be a stockholder of the
Company, or to have any interest in any stock or any specific assets of the
Company by reason of the fact that deferred Stock Awards, Retirement Unit
Awards, Annual Performance Awards, Long-Term Performance Awards, Performance
Awards, Other Awards or dollar credits are to be recorded as being held for such
Participant's account to be paid in installments in the future. The interest of
all Participants shall derive from and be determined solely by the terms and
provisions of the Plan set forth herein.

7
<PAGE>

18. [Intentionally Left Blank]

PART IIA STOCK AWARDS

19. DETERMINATION OF STOCK AWARDS

(a) Each year the Committee shall designate those Participants who shall
receive Stock Awards under this part of the Plan. Stock Awards are made in the
form of grants of Common Stock, which may be delivered immediately, in
installments or on a deferred date, as the Committee, in its discretion, may
provide.

(b) If the Committee determines that some portion of a Stock Award to a
Participant shall be treated as a deferred Stock Award and payable in annual or
other periodic installments, then the Participant will be notified in writing
when such deferred Stock Awards shall be paid and over what period of time. As
soon as feasible after the granting of such a Stock Award, there shall be
reserved out of the treasury shares of the Company, a number (which may include
a fraction) of shares of Common Stock equal to the number of shares of Common
Stock so awarded. In each year at the discretion of the Committee there may also
be allocated or credited to each Participant a dollar amount equal to the cash
dividends declared and paid by the Company on its Common Stock which the
Participant would have received had such Participant been the owner of the
number of shares of any Common Stock deferred for future payment. Any amounts
provided for pursuant to the preceding sentence shall become payable in such
manner, at such time or times, and subject to such conditions (which may include
provision for an amount equivalent to interest on such dividend equivalents at
rates fixed by the Committee) as the Committee in its sole discretion shall
determine; provided, however, that the total value of such dividend equivalents
(and any interest thereon) shall be deducted from the amount available for
Awards under the provisions of Section 13(e) of the Plan. The Committee in its
discretion may make appropriate equitable adjustments to such deferred Stock
Award to account for any dividends of property (other than cash) declared and
paid by the Company on its Common Stock, or to account for any other event
described in Sections 28 and 29 hereof.

PART IIB RESTRICTED STOCK AWARDS

20. DETERMINATION OF RESTRICTED STOCK AWARDS

Each year the Committee shall designate the Participants who shall receive
Restricted Stock Awards. Shares awarded under this part of the Plan, while
subject to the restrictions hereinafter set forth, are referred to as
"Restricted Stock."

21. TERMS OF RESTRICTED STOCK AWARDS

Any Award of Restricted Stock shall be subject to the following terms and
conditions and to any other terms and conditions not inconsistent with the Plan
as shall be prescribed by the Committee in its sole discretion and which may be
contained in the agreement, if any, referred to in Section 16 above (or in any
amendment thereto):

(a) DELIVERY OF RESTRICTED STOCK. Unless otherwise determined by the
Committee, the Company shall transfer treasury shares to each Participant
to whom an Award of Restricted Stock has been made equal to the number of
shares of Restricted Stock specified in the Award, and hold the
certificates representing such shares of Restricted Stock for the
Participant for the period of time during which such shares shall remain
subject to the restrictions set forth in the Award (the "Restricted
Period"). Shares of Restricted Stock may not be sold, assigned,
transferred, pledged, hypothecated or otherwise encumbered by a
Participant during the Restricted Period, except as hereinafter provided.
Except for the restrictions set forth herein and unless otherwise
determined by the Committee, a Participant shall have all the rights of a
stockholder with respect to the shares of Restricted Stock comprising his
or her Award, including, but not limited to, the right to vote and the

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<PAGE>

right to receive dividends (which if in shares of Common Stock shall be
Restricted Stock under the same terms and conditions).

(b) LAPSE OF RESTRICTED PERIOD. The Restricted Period shall commence
upon the date of the Award (which unless otherwise specified by the
Committee shall be the date the Restricted Stock is transferred to the
Participant) and, unless sooner terminated as otherwise provided herein,
shall continue for such period of time as specified by the Committee in
the Award, which shall in no event be less than one year, and thereafter
shall lapse in such installments, if any, as provided by the Committee in
the Award.

(c) LEGEND. Each certificate issued in respect of shares of
Restricted Stock transferred or issued to a Participant under an Award
shall be registered in the name of the Participant and shall bear the
following (or a similar) legend:

"THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY
ARE SUBJECT TO THE TERMS AND CONDITIONS CONTAINED IN THE NEW
YORK TIMES COMPANY 1991 EXECUTIVE STOCK INCENTIVE PLAN (THE
"PLAN") APPLICABLE TO RESTRICTED STOCK AND TO THE RESTRICTED
STOCK AGREEMENT DATED (THE "AGREEMENT"), AND MAY NOT BE
SOLD, PLEDGED, TRANSFERRED, ASSIGNED, HYPOTHECATED, OR
OTHERWISE DISPOSED OF OR ENCUMBERED IN ANY MANNER DURING THE
RESTRICTED PERIOD SPECIFIED IN SUCH AGREEMENT. COPIES OF SUCH
PLAN AND AGREEMENT ARE ON FILE WITH THE SECRETARY OF THE
COMPANY."

(d) DEATH OR DISABILITY. Unless the Committee shall otherwise
determine in the Award, if a Participant ceases to be employed by the
Company by reason of death or Disability, the Restricted Period covering
all shares of Restricted Stock transferred or issued to such Participant
under the Plan shall immediately lapse.

(e) RETIREMENT. Unless the Committee shall otherwise determine in
the Award, the Restricted Period covering all shares of Restricted Stock
transferred to a Participant under the Plan shall immediately lapse upon
such Participant's Retirement, whether early or not.

(f) TERMINATION OF EMPLOYMENT. Unless the Committee shall otherwise
determine in the Award or otherwise determine at or after the date of
grant, if a Participant ceases to be employed by the Company other than
due to a condition described in Sections 21(d) or (e) above, all shares of
Restricted Stock owned by such Participant for which the Restricted Period
has not lapsed shall revert back to the Company upon such termination.
Authorized leave of absence or absence in military service shall
constitute employment for the purposes of this Section 21(f). Whether
absence in government service may constitute employment for the purposes
of the Plan shall be conclusively determined by the Committee.

(g) WAIVER OF FORFEITURE PROVISIONS. The Committee, in its sole and
absolute discretion, may waive the forfeiture provisions in respect of all
or some of the Restricted Stock awarded to a Participant.

(h) ISSUANCE OF NEW CERTIFICATES. Upon the lapse of the Restricted
Period with respect to any shares of Restricted Stock, such shares shall
no longer be subject to the restrictions imposed in the Award and shall no
longer be considered Restricted Stock for the purposes of the Award and
the Plan, and the Company shall issue new share certificates respecting
such shares registered in the name of the Participant without the legend
described in Section 21(c) in exchange for those previously issued.

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<PAGE>

PART IIC RETIREMENT UNIT AWARDS

22. DETERMINATION OF RETIREMENT UNIT AWARDS

Each year the Committee shall designate those Participants who shall
receive Retirement Unit Awards under the Plan. The Company shall create and
maintain appropriate records of account for each Participant which shall be
designated as the Participant's Retirement Unit Account.

23. CREDITS TO RETIREMENT UNIT ACCOUNTS

The Committee shall allocate to each Participant selected to receive a
Retirement Unit Award for that year such dollar amount as the Committee shall
determine, taking into account the value of the Participant's services to the
Company. Such dollar amount shall thereupon be converted into Retirement Units
or fractions of Units and credited to each such Participant's Retirement Unit
Account in a number equal to the quotient obtained by dividing such allocated
dollar amount by the Fair Market Value of one share of Common Stock as of the
date the allocation is made.

24. DIVIDEND CREDITS

At the discretion of the Committee there may also be allocated in each
year to each Participant a dollar amount equal to the cash dividends declared
and paid by the Company on the Common Stock which the Participant would have
received had such Participant been the owner of the number of shares of Common
Stock equal to the number of the whole Retirement Units (but not fractional
Units) credited to the Participant's Retirement Unit Account; provided, however,
that the total value of such dividend equivalents shall be deducted from the
amount available for Awards under Section 13 of the Plan. The dollar amounts
allocated shall be converted into and credited to the Participant's Retirement
Unit Account as Retirement Units or fractions thereof as set forth in Section 23
above as of the date on which such dividends were paid by the Company. No
interest shall be paid on the dollar amount so allocated to the Retirement Unit
Account of any Participant. The Committee in its discretion may make appropriate
equitable adjustments to such Retirement Unit Accounts to account for any
dividends of property (other than cash) declared and paid by the Company on its
Common Stock, or to account for any other event described in Sections 28 and 29
hereof.

25. RESERVATION OF STOCK AND ACCOUNTING RECORDS

The Company shall keep records of the Participant's Retirement Unit
Account. At the time of any allocation to a Participant's account under Sections
23 or 24 hereof, there shall be reserved out of treasury shares of the Company a
number (which may include a fraction) of shares of Common Stock equal to the
number of Units or fraction thereof so allocated.

26. MATURITY AND PAYMENT AFTER MATURITY

(a) The Retirement Unit Account of each Participant shall mature upon such
Participant's death, Retirement or other termination of employment.

(b) After maturity, the Company shall deliver to the Participant (or in
the event of the death of the Participant, as specified in Section 30 hereof) in
ten approximately equal annual installments, shares of Common Stock equal in the
aggregate to the number of Retirement Units credited to the Participant's
Retirement Unit Account. Any fraction of a Unit credited to the Participant's
account at maturity shall be paid in cash with the first installment, the
fractional Unit being converted into cash at the Fair Market Value of the Common
Stock on such first payment date. The first such installment shall be paid
within 90 days after maturity. However, the Committee in its discretion at or
any time after maturity may, with the consent of the Participant (or the
beneficiary of a deceased Participant as specified in Section 30 hereof), (i)
defer the commencement of such distribution or defer any installment, (ii)
deliver full payment of the shares of Common Stock equal to the aggregate number
of Retirement Units credited to the Participant's

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<PAGE>

Retirement Unit Account and the dollar amount credited thereto, or (iii) reduce
or increase the number of annual installments in which the payments are to be
made.

(c) So long as Retirement Units remain credited to the Retirement Unit
Account of a Participant subsequent to maturity, such account shall be credited
with the dollar amount allocated to the account as dividends as provided for in
Section 24 hereof. Any dollar amount so credited may be paid in cash with the
next succeeding annual installment made under Section 26(b) above, or in such
manner, at such time or times, and subject to such conditions as the Committee
in its sole discretion shall determine; provided, however, that in the case of
any dollar amount credited to an account after maturity in respect of a dividend
declared prior to maturity, such dollar amounts shall be converted to Retirement
Units as of the date of payment and the remaining installments of Common Stock
shall be increased accordingly.

PART IID ANNUAL PERFORMANCE AWARDS

27A. DETERMINATION OF ANNUAL PERFORMANCE AWARDS

(a) GENERAL. Each year the Committee may make Annual Performance Awards
under this part of the Plan; provided that no Participant may be eligible to
receive an Annual Performance Award hereunder and under the Cash Plan in the
same year.

(b) CERTAIN DEFINITIONS. For the purposes of this Section 27A, the
following terms shall have the meanings specified:

"Affected Officers" shall mean those executive officers of the
Company whose compensation is required to be disclosed in the Company's
annual proxy statement relating to the election of directors.

"Code Section 162(m)" shall mean Section 162(m) of the Code (or any
successor provision), and "Regulations" shall mean the regulations
promulgated thereunder, as from time to time in effect.

"Eligible Participants" shall have the meaning set forth in
subsection (c) below.

"Performance Adjustment" means, for any year, a factor ranging from
0% to 200%, based upon the achievement of Performance Goal Targets
established by the Committee, that, when multiplied by an Eligible
Participant's Target Award, determines the amount of such Eligible
Participant's Annual Performance Award for such year.

"Performance Goal" means, for any year, the business criteria
selected by the Committee to measure the performance during such year of
the Company (or of a division, subsidiary or group thereof) from one or
more of the following:

(i) earnings per share of the Company for the year;

(ii) net income of the Company for the year;

(iii) return on assets of the Company for the year (net income
of the Company for the year divided by average total assets during
such year);

(iv) return on stockholder's equity of the Company for the
year (net income of the Company for the year divided by average
stockholder's equity during such year);

(v) operating profit or operating margins of the Company or of
a division, subsidiary or group thereof for the year;

(vi) cash flow of the Company or of a division, subsidiary or
group thereof for the year;

(vii) increase in shareholder value as determined at the end
of each year;

(viii) revenue growth of the Company or of a division,
subsidiary or group thereof for the year; and

(ix) improved use of capital and/or assets of the Company or
of a division, subsidiary or group thereof for the year.

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<PAGE>

"Performance Goal Target" means, for any Performance Goal, the
levels of performance during a year under such Performance Goal
established by the Committee to determine the Performance Adjustment to an
Eligible Participant's Target Award for such year.

"Target Award" means, for any year, with respect to an Eligible
Participant, the dollar amount set by the Committee that, when multiplied
by the applicable Performance Adjustment, determines the dollar amount of
such Eligible Participant's Annual Performance Award.

(c) ELIGIBILITY. Annual Performance Awards are available each year only to
Plan Participants who are designated by the Committee, prior to March 31 of such
year (or prior to such later date as permitted by Code Section 162(m) and the
Regulations), as likely to be Affected Officers for such year, whose annual
salary and bonus for such year are expected to exceed $1,000,000 and who are not
designated by the Committee as eligible for an annual performance award under
the Cash Plan for such year ("Eligible Participants").

(d) DETERMINATION OF ANNUAL PERFORMANCE AWARDS. Prior to March 31 of each
year (or prior to such later date as permitted by Code Section 162(m) and the
Regulations), the Committee will determine the Eligible Participants for such
year, will designate those Eligible Participants who will be entitled to earn an
Annual Performance Award for such year under this Plan, and will establish for
each such Eligible Participant for such year: (i) a Target Award, (ii) one or
more Performance Goals, and (iii) for each such Performance Goal, a Performance
Goal Target, the method by which achievement thereof will be measured and a
schedule of Performance Adjustment factors corresponding to varying levels of
Performance Goal Target achievement. In the event more than one Performance Goal
is established for any Eligible Participant, the Committee shall at the same
time establish the weighting of each such Performance Goal in determining such
Eligible Participant's Annual Performance Award. Notwithstanding anything in
this Section 27A to the contrary, the Annual Performance Award payable to any
Eligible Participant in any year may not exceed $1.5 million.

(e) PAYMENT OF ANNUAL PERFORMANCE AWARDS. Subject to subsection (f) below,
Annual Performance Awards will be paid as soon as practicable after the end of
the year to which it relates and after the Committee certifies the extent to
which the Performance Goal Target or Targets under the Performance Goal or Goals
have been met or exceeded. In the discretion of the Committee, an Annual
Performance Award may be paid in cash, shares of Common Stock, shares of
Restricted Stock (subject to the provisions of Section 21 hereof), Retirement
Units (subject to the provisions of Sections 23-26 hereof) or any combination
thereof. For this purpose, shares of Common Stock shall be valued at Fair Market
Value, and Restricted Stock and Retirement Units shall be deemed to have a value
equal to the Fair Market Value of the underlying Common Stock, in each case as
of the date of the Committee's determination to pay such Annual Performance
Award in such form or forms. If permitted by the Regulations and Code Section
162(m), the Committee may determine to pay a portion of an Annual Performance
Award in December of the year to which it relates. The Committee may not
increase the amount of an Annual Performance Award that would otherwise be
payable upon achievement of the Performance Target or Targets, but it may reduce
any Eligible Participant's Annual Performance Award in its discretion. Subject
to Section 14(c) above, no Annual Performance Award will be payable to any
Eligible Participant who is not an employee of the Company on the last day of
the year to which such Annual Performance Award relates.

(f) DEFERRAL OF ANNUAL PERFORMANCE AWARDS. If the Committee determines
that some portion of an Annual Performance Award to an Eligible Participant
shall be treated as a deferred Annual Performance Award and be payable in annual
or other periodic installments, the Eligible Participant will be notified in
writing when such deferred Annual Performance Award shall be paid and over what
period of time. A deferred Award in the form of shares of Common Stock shall be
subject to the provisions of Section 19(b) hereof. In the case of a deferred
Award in the form of cash, in each year the Committee shall have the discretion
to provide for the payment of an amount equivalent to interest, at such rate or
rates fixed by the Committee, on such deferred cash Annual Performance Award.
Any amounts provided for pursuant to the preceding sentence shall become payable
in such a manner, at such time or times, and subject to such

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<PAGE>

conditions as the Committee shall in its sole discretion determine; provided,
however, that the total amount of such interest shall be deducted from the
maximum amount available for Awards under the formula described in Section 13 of
the Plan.

(g) CODE SECTION 162(m). It is the intent of the Company that Annual
Performance Awards satisfy, and this Section 27A be interpreted in a manner that
satisfies, the applicable requirements of Code Section 162(m) and the
Regulations so that the Company's tax deduction for Annual Performance Awards to
Affected Officers is not disallowed in whole or in part by operation of Code
Section 162(m). If any provision of this Plan or of any Annual Performance Award
would otherwise frustrate or conflict with such intent, that provision shall be
interpreted and deemed amended so as to avoid such conflict. To the extent of
any irreconcilable conflict with such intent, such provision shall be deemed
void as applicable to Eligible Participants.

PART IIE PERFORMANCE OR OTHER AWARDS

27. DETERMINATION OF PERFORMANCE AND OTHER AWARDS

(a) Each year the Committee in its sole discretion may authorize other
forms of Awards such as, but not limited to, Performance Awards, if the
Committee deems it appropriate to do so in order to further the purposes of the
Plan.

(b) A "Performance Award" shall mean an Award which entitles the
Participant to receive Common Stock, Restricted Stock, Retirement Units, Options
under Part I of the Plan or other compensation (which may include cash), or any
combination thereof, in an amount which depends upon the financial performance
of the Company during a stated period of more than one year. Performance for
this purpose may be measured by the growth in book value of the Common Stock, an
increase in per share earnings of the Company, an increase in operating cash
flow, or any other indicators specified by the Committee. The Committee shall
also fix the period during which such performance is to be measured, the value
of a Performance Award for purposes of providing for the accrual pursuant to
Section 13 of the Plan and the form of payment to be made in respect of the
Performance Award.

PART IIF LONG-TERM PERFORMANCE AWARDS

28A. DETERMINATION OF LONG-TERM PERFORMANCE AWARDS

(a) GENERAL. Each year the Committee shall designate those Participants
who shall be eligible to receive Long-Term Performance Awards under this part of
the Plan.

(b) CERTAIN DEFINITIONS. For purposes of this Section 28A, the following
terms shall have the meanings specified:

"Code Section 162(m)" shall mean Section 162(m) of the Internal
Revenue Code of 1986, as amended (or any successor provision), and
"Regulations" shall mean the regulations promulgated thereunder, as from
time to time in effect.

"Eligible Participants" shall mean certain key business leaders and
senior management of the Company as determined in the discretion of the
Committee.

"Long-Term Performance Goal" means, for any Performance Period, the
business criteria selected by the Committee to measure the performance
during such Performance Period of the Company (or of a division,
subsidiary or group thereof) from one or more of the following:

(i) earnings per share of the Company for the Performance
Period;

(ii) net income of the Company for the Performance Period;

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<PAGE>

(iii) return on assets of the Company for the Performance
Period (net income of the Company for the Performance Period divided
by average total assets for such Performance Period);

(iv) return on stockholder's equity of the Company for the
Performance Period (net income of the Company for the Performance
Period divided by average stockholder's equity for such Performance
Period);

(v) operating profit or operating margins of the Company or of
a division, subsidiary or group thereof for the Performance Period;

(vi) cash flow of the Company or of a division, subsidiary or
group thereof for the Performance Period;

(vii) increase in shareholder value as determined at the end
of the Performance Period;

(viii) revenue growth of the Company or of a division,
subsidiary or group thereof for the Performance Period; and

(ix) improved use of capital and/or assets of the Company or
of a division, subsidiary or group thereof for the Performance
Period.

"Long-Term Performance Goal Target" means, for any Long-Term
Performance Goal, the levels of performance during a Performance Period
under such Long-Term Performance Goal established by the Committee to
determine an Eligible Participant's maximum Long-Term Performance Award.

"Performance Period" means the period in excess of one year
commencing on January 1 of the year in which the Committee makes the
Long-Term Performance Award to an Eligible Participant.

(c) ELIGIBILITY. Long-Term Performance Awards are available each year to
Eligible Participants who are designated by the Committee, prior to March 31 of
such year (or prior to such later date as permitted by Code Section 162(m) and
the Regulations).

(d) DETERMINATION OF LONG-TERM PERFORMANCE AWARDS. Prior to March 31 of
each year (or prior to such later date as permitted by Code Section 162(m) and
the Regulations), the Committee will designate the Eligible Participants who
will be entitled to earn a Long-Term Performance Award for such Performance
Period under this Plan, and will establish for each such Eligible Participant
for such Performance Period (i) one or more Long-Term Performance Goals, and
(ii) for each such Long-Term Performance Goal, a Long-Term Performance Goal
Target and the method by which achievement thereof will be measured. In the
event that more than one Long-Term Performance Goal is established for any
Eligible Participant, the Committee shall at the same time establish the
weighting of each such Long-Term Performance Goal in determining such Eligible
Participant's Long-Term Performance Award. Notwithstanding anything in this
Section 28A to the contrary, the Long-Term Performance Award payable to any
Eligible Participant in any Performance Period may not exceed $1.5 million.

(e) PAYMENT OF LONG TERM PERFORMANCE AWARDS. Subject to subsection (g)
below, Long-Term Performance Awards will be paid in cash as soon as practicable
after the end of the Performance Period to which it relates and after the
Committee certifies the extent to which the Long-Term Performance Goal Target or
Targets under the Long-Term Performance Goal or Goals have been met or exceeded.
If permitted by the Regulations and Code Section 162(m), the Committee may
determine to pay a portion of a Long-Term Performance Award in December of the
last year of the Performance Period to which it relates. The Committee may not
increase the amount of a Long-Term Performance Award that would otherwise be
payable upon the achievement of the Long-Term Performance Goal Target or
Targets, but it may reduce any Eligible Participant's Long-Term Performance
Award in its discretion. Subject to Sections 14(c) and 28A(g), no Long-Term
Performance Award will be payable to any Eligible Participant who is not an
employee of the Company on the last day of the Performance Period to which such
Long-Term Performance Award relates.

(f) TERMINATION OF EMPLOYMENT BECAUSE OF DEATH, DISABILITY OR RETIREMENT.
In the event that an Eligible Participant terminates employment because of
death, Disability or Retirement, such Eligible Participant, or in the event of
death such person as determined in accordance with Section 30, shall be paid a
pro rata portion of such Eligible Participant's Long-Term Performance Award that
would otherwise be payable upon the achievement of the Long-Term Performance
Goal Target or Targets had the Participant continued

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<PAGE>

employment until the end of the Performance Period. Such pro rata Long-Term
Performance Award shall not be paid until the end of the Performance Period to
which such Long-Term Award relates.

(g) DEFERRAL AND ALTERNATIVE FORM OF PAYMENT OF LONG-TERM PERFORMANCE
AWARDS. If the Committee determines that some portion of a Long-Term Performance
Award to an Eligible Participant shall be treated as a deferred Long-Term
Performance Award and payable in annual or other periodic installments, the
Eligible Participant will be notified in writing when such deferred Long-Term
Performance Award shall be paid and over what period of time. In each year the
Committee shall have the discretion to provide for the payment of an amount
equivalent to interest, at such rate or rates fixed by the Committee, on any
deferred Long-Term Performance Award. Any amounts provided for pursuant to the
preceding sentence shall become payable in such manner, at such time or times,
and subject to such conditions as the Committee shall in its sole discretion
determine; provided, however, that the total amount of such interest shall be
deducted from the maximum amount available for Awards under the formula
described in Section 5 of the Plan. Furthermore, the Committee may, in its sole
discretion, determine that such Long-Term Performance Award shall be paid in
shares of Common Stock or in the form of Retirement Units (subject to the
provisions of Sections 23-26 hereof). For this purpose, shares of Common Stock
shall be valued at Fair Market Value, and Retirement Units shall be deemed to
have a value equal to the Fair Market Value of the underlying Common Stock, in
each case as of the date of the Committee's determination to pay such Long-Term
Performance Award in such form.

(h) CODE SECTION 162(m). It is the intent of the Company that Long-Term
Performance Awards satisfy, and this Section 28A be interpreted in a manner that
satisfies, the applicable requirement of Code Section 162(m) and the Regulations
so that the Company's tax deduction for Long-Term Performance Awards to Eligible
Participants is not disallowed in whole or in part by operation of Code Section
162(m). If any provision of this Plan or of any Long-Term Performance Award
would otherwise frustrate or conflict with such intent, that provision shall be
interpreted and deemed amended so as to avoid such conflict. To the extent of
any irreconcilable conflict with such intent, such provision shall be deemed
void as applicable to any Participant whose compensation is subject to Code
Section 162(m).

PART III GENERAL PROVISIONS

28. STOCK DIVIDEND OR STOCK SPLIT

If at any time the Company shall take any action whether by stock
dividend, stock split, combination of shares, or otherwise, which results in a
proportionate increase or decrease in the number of shares of Common Stock
theretofore issued and outstanding, (i) the number of shares of Common Stock
then subject to deferred Awards, credited to Retirement Unit Accounts (matured
or unmatured) or set aside for Performance or Other Awards, (ii) the number of
outstanding Options, the number of shares of Common Stock for which such Options
are exercisable and the exercise price thereof, (iii) the number of shares of
Common Stock reserved for Awards, (iv) the number of shares of Common Stock
reserved for Options, and (v) the maximum number of shares with respect to which
Options may be granted to any key employee in any calendar year under Section
6(b), shall be increased or decreased in the same proportion. The Committee
shall make an appropriate equitable adjustment to the provisions of Section
13(a) to take account of such increase or decrease in issued and outstanding
shares. The Committee in its discretion may make appropriate equitable
adjustments respecting deferred Stock Awards, Retirement Units, Annual
Performance Awards, Long-Term Performance Awards, Performance or Other Awards
and outstanding Options to take account of a dividend by the Company of property
other than cash. All such adjustments shall be made by the Committee whose
determination shall be conclusive and binding upon all Participants and any
person claiming under or through any Participant.

29. RECLASSIFICATION OR MERGER

If at any time the Company reclassifies or otherwise changes its issued
and outstanding Common Stock (other than in par value) or the Company and one or
more corporations merge and the Company is

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<PAGE>

the surviving corporation of such merger, then each Stock Award, Retirement Unit
(matured or unmatured), Annual Performance Award, Performance or Other Award
which at the time of such reclassification or merger is credited as a Stock
Award, Retirement Unit, Annual Performance Award, Long-Term Performance Award,
Performance or Other Award shall thereafter be deemed to be the equivalent of
(and all Units thereafter credited to a Retirement Unit Account shall be
computed with reference to), and outstanding Options shall be exercisable for,
the shares of stock or other securities of the Company which pursuant to the
terms of such reclassification or merger are issued with respect to each share
of Common Stock. The Committee shall also make an appropriate equitable
adjustment to the provisions of Sections 6(b) and 13(a) to take account of such
event. All such adjustments shall be made by the Committee whose determination
shall be conclusive and binding upon all Participants and any person claiming
under or through any Participant.

30. NON-ALIENATION OF BENEFITS

Except as herein specifically provided, no right or unpaid benefit under
this Plan shall be subject to alienation, assignment, pledge or charge and any
attempt to alienate, assign, pledge or charge the same shall be void. If any
Participant or person entitled to the benefits hereunder should attempt to
alienate, assign, pledge or charge any benefit hereunder, then such benefit
shall, in the discretion of the Committee, cease. Notwithstanding the foregoing,
rights and benefits hereunder shall pass by will or the laws of descent and
distribution in the following order: (i) to beneficiaries so designated by the
Participant; if none, then (ii) to a legal representative of the Participant; if
none, then (iii) to the persons entitled thereto as determined by a court of
competent jurisdiction. Awards so passing shall be made at such times and in
such manner as if the Participant were living.

31. WITHHOLDING OR DEDUCTION FOR TAXES

If at any time specified herein for the making of any payment or delivery
of any Common Stock to any Participant or beneficiary, any law or regulation of
any governmental authority having jurisdiction in the premises shall require the
Company to withhold, or to make any deduction for, any taxes or take any other
action in connection with the payment or delivery then to be made, such payment
or delivery shall be deferred until such withholding or deduction shall have
been provided for by the Participant or beneficiary, or other appropriate action
shall have been taken. The Participant or beneficiary may satisfy the obligation
for such withholding or deduction in whole or in part by electing to deliver
shares of Common Stock already owned or to have the Company retain from the
distribution shares of Common Stock, in each case having a Fair Market Value
equal to the amount to be withheld or deducted.

32. ADMINISTRATION EXPENSES

The entire expense of administering this Plan shall be borne by the
Company.

33. GENERAL CONDITIONS

(a) The Board in its discretion may from time to time amend, suspend or
terminate any or all of the provisions of this Plan, provided that no change may
be made which would prevent Incentive Stock Options granted under the Plan from
being Incentive Stock Options as described therein without the consent of the
optionees concerned, and further provided that the Board may not make any
amendment which (1) changes the class of persons eligible for Incentive Stock
Options, or (2) increases the total number of shares for which Options may be
granted under Section 6(b), or (3) materially affects the provisions of Sections
13(a) or (b) of the Plan, or (4) increases the total number of shares authorized
under Section 13(f) for which Awards may be granted, without the consent and
approval of the holders of a majority of the outstanding shares of Class A and
Class B Common Stock of the Company entitled to vote thereon, voting together as
one class. The foregoing provisions shall not be construed to prevent the
Committee from exercising its discretion, or to limit such discretion, to
increase the total number of shares for which Options may be granted under
Section 6(b) or the total number of shares authorized under Section 13(f) for
which Awards may be granted, as expressly permitted by Sections 28 and 29
hereof, or to

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adjust the provisions of Sections 13(a) and (b) hereof as expressly permitted by
Sections 13(b), 28 and 29 hereof, or otherwise to exercise any discretion to the
extent expressly authorized hereunder.

(b) Nothing contained in the Plan shall prohibit the Company from
establishing incentive compensation arrangements in addition to this Plan and
the Cash Plan. Payments made under any such separate arrangements shall not be
included in or considered a part of the maximum dollar amount available for
Awards under the Plan and Cash Plan, or number of shares available for Awards or
Options under the Plan, and shall not be charged against the dollar or share
amounts available for Awards under the Plan and Cash Plan or Options under the
Plan. In the discretion of the Committee, employees shall be eligible to
participate in such other arrangements, as well as the Plan and Cash Plan, in
the same year.

(c) Nothing in this Plan shall be deemed to limit in any way the right of
the Company to terminate a Participant's employment with the Company at any
time.

(d) The Committee may promulgate rules and regulations relating to the
administration and interpretation of, and procedures under, the Plan. Any
decision or action taken by the Company, the Board or the Committee arising out
of or in connection with the construction, administration, interpretation and
effect of the Plan shall be conclusive and binding upon all Participants and any
person claiming under or through any Participant.

(e) No member of the Board or of the Committee shall be liable for any act
or action, whether of commission or omission, taken by any other member or by
any officer, agent or employee, nor for anything done or omitted to be done by
such Director except in circumstances involving actual bad faith.

(f) Notwithstanding any other provision of this Plan, the Company shall
not be obligated to make any Award, issue any shares of Common Stock, or grant
any Option with respect thereto, unless it is advised by counsel of its
selection that it may do so without violation of the applicable Federal and
State laws pertaining to the issuance of securities, and may require any stock
so issued to bear a legend, may give its transfer agent instructions, and may
take such other steps, as in its judgment are reasonably required to prevent any
such violation.

(g) It is the intent of the Company that transactions involving Options or
Awards granted under the Plan be entitled to the exemption from Section 16 of
the Exchange Act provided by Rule 16b-3, that any ambiguities or inconsistencies
in construction of the Plan be interpreted to give effect to such intention and
that if any provision of the Plan is found not to be in compliance with Rule
16b-3, such provision shall be deemed null and void to the extent required to
permit any such transaction to comply with Rule 16b-3. The Committee may adopt
rules and regulations under, and amend, the Plan in furtherance of the intent of
the foregoing.

34. TRANSITION

Upon the effectiveness of this Plan, as provided below, and the Cash Plan,
such plans replaced the Company's Executive Incentive Compensation Plan
("EICP"), except that the EICP shall continue to govern options and awards of
restricted stock outstanding under the EICP. No further awards will be made
under the EICP, and all amounts accrued for awards under the EICP and unawarded
were carried forward and made available for Awards under the Plan and awards
under the Cash Plan. All unmatured and matured but undistributed retirement
units and all performance awards respecting current performance cycles awarded
under the EICP became Retirement Units and Performance Awards hereunder and any
payments or distributions in respect thereof shall be made hereunder; provided,
however, that the number of shares of Common Stock available for Awards pursuant
to Section 13(f) hereof shall not be reduced by the number of such retirement
units previously awarded under the EICP and paid subsequently under the Plan.

35. EFFECTIVE DATES

The Plan became effective for periods beginning after January 1, 1991 upon
approval by the holders of a majority of the outstanding shares of Class A and
Class B Common Stock of the Company entitled to vote thereon at the 1991 Annual
Meeting of Stockholders, in person or by proxy, voting together as a single
class. No Options may be granted or Awards made under the Plan after December
31, 2000, or such earlier expiration date as may be designated by resolution of
the Board.

THE NEW YORK TIMES COMPANY
1991 EXECUTIVE CASH BONUS PLAN
AS AMENDED

1. NAME AND GENERAL PURPOSE

The name of this plan is The New York Times Company 1991 Executive Cash
Bonus Plan (hereinafter called the "Plan"). The purpose of the Plan is to enable
the Company (as hereinafter defined) to retain and attract executives who
enhance its tradition and contribute to its success by their ability, ingenuity
and industry, and to enable them to participate in the long-term success and
growth of the Company.

2. DEFINITIONS

(a) "Awards"--has the meaning specified in Section 4 hereof.

(b) "Board"--means the Board of Directors of the Company.

(c) "Committee"--means the Committee referred to in Section 3 of the Plan.
If at any time no Committee shall be in office then the functions of the
Committee specified in the Plan shall be exercised by the non-employee members
of the Board.

(d) "Company"--means The New York Times Company, a corporation organized
under the laws of the State of New York (or any successor corporation), and,
unless the context otherwise requires, its subsidiaries (as hereinafter defined)
and other non-corporate entities in which it owns directly or indirectly 20% or
more of the equity interests. A "subsidiary" means any corporation in which the
Company possesses directly or indirectly 50% or more of the combined voting
power of all classes of stock.

(e) "Consolidated Statement of Income"--means the consolidated statement
of income (or any comparable statement, however designated) of the Company,
audited by the independent certified public accountants of the Company and
contained in the Company's annual report to stockholders or proxy statement.

(f) "Income Before Income Taxes"--means the amount designated as Income
Before Income Taxes for the applicable year and shown separately on the
Consolidated Statement of Income for such year.

(g) "Participant"--means a key employee of the Company who is selected by
the Committee to participate in any part of the Plan from among persons who in
the judgment of the Committee are key employees of the Company. In general, key
employees are those employees who have principal responsibility for, or who
contribute substantially to, the management efficiency, editorial achievement or
financial success of the Company. Only employees of The New York Times Company,
its subsidiaries and other non-corporate entities in which it owns directly or
indirectly 40% or more of the equity interests are eligible to participate in
the Plan.

(h) "Stock Plan"--means the Company's 1991 Executive Stock Incentive Plan.

3. ADMINISTRATION OF THE PLAN

The Plan shall be administered by the Board or the Committee appointed by
it and composed of two or more directors who are not employees of the Company.
The Committee shall be constituted so as to enable the Plan to comply with the
administration requirements of Section 162(m)(4)(C) of the Internal Revenue Code
of 1986, as amended. The Committee shall serve at the pleasure of the Board and
shall have such powers as the Board may from time to time confer upon it.

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<PAGE>

PART I AWARDS

4. FORM OF AWARDS

The Plan is designed to provide incentives for Participants by the making
of awards of supplemental compensation ("Awards"). The Committee, subject to the
terms and conditions hereof, may make Awards to a Participant in any one, or in
any combination, of the following forms:

(a) Cash Awards as provided in Part IA of the Plan ("Cash Awards");

(b) Annual Performance Awards as provided in Part IB of the Plan
("Annual Performance Awards");

(d) Long-Term Performance Awards as provided in Part ID of the Plan
("Long-Term Performance Awards").

Awards may be made to a Participant whether or not he or she receives an
award or option under the Stock Plan. Cash Awards, Performance Awards and other
forms of Awards pursuant to Part IC will be based on a Participant's performance
in those areas for which the Participant is directly responsible. Performance
for this purpose may be measured by the achievement of specific management goals
such as, but not limited to, an increase in earnings or the operating cash flow
of the Company, outstanding initiative or achievement in any department of the
Company, or any other standards specified by the Committee. Annual Performance
Awards will be based exclusively on the criteria set forth in Part IB. Long-Term
Performance Awards will be based exclusively on the criteria set forth in Part
ID.

No Award under the Plan is payable in common stock or preferred stock of
the Company.

5. MAXIMUM AMOUNT AVAILABLE FOR THE ACCRUAL OF AWARDS FOR ANY YEAR

(a) No accrual for Awards shall be made hereunder (or under the Stock
Plan) for any year unless cash dividends of not less than ten cents ($.10) per
share (as adjusted as hereafter provided) have been declared on the outstanding
Class A and Class B Common Stock of the Company during such year. If at any time
the Company shall take any action, whether by stock dividend, stock split,
combination of shares, or otherwise, which results in an increase or decrease in
the number of shares of Class A and/or Class B Common Stock theretofore issued
and outstanding, or the Company reclassifies or otherwise changes its issued and
outstanding Class A and/or Class B Common Stock (other than in par value) or the
Company and one or more corporations merge and the Company is the surviving
corporation of such merger, then the Committee shall make an equitable
adjustment to the provisions of this Section 5(a) to take account of such event.

(b) In the event that the above condition is met for any year during the
continuance of this Plan, the maximum aggregate amount that may be accrued for
Awards under the Plan and the Stock Plan for such year shall be 4% of Income
Before Income Taxes. The Committee, in its sole discretion, may make adjustments
in Income Before Income Taxes to take account of extraordinary, unusual or
infrequently occurring events and transactions, changes in accounting principles
that substantially affect the foregoing, or such other circumstances as the
Committee may determine warrant such adjustment.

(c) As soon as feasible after the close of each year, the independent
certified public accountants of the Company shall determine and report the
maximum amount that may be accrued for Awards for such year under the formula
described in Section 5(b), subject to the second sentence of such Section.

(d) If amounts are accrued in any year under the formula described in this
Section 5 and are not awarded in full in such year under the Plan and the Stock
Plan, such unawarded amounts may, in the

2
<PAGE>

discretion of the Committee, be carried forward and be available for Awards
under this Plan and under the Stock Plan in any future year without regard to
the provisions of Sections 5(a) or (b) of the Plan applicable to Awards made in
such year.

(e) Awards under the Plan for any year may not exceed the sum of (i) the
amount accrued for such year under Section 5(b) above plus (ii) unawarded
accrued amounts carried forward from previous years under Section 5(d) above
plus (iii) amounts that may become available for Awards pursuant to the last
sentence of Section 7(c) hereof, minus (x) the amount of interest equivalents
allocated during such year pursuant to Section 10(b) hereof, and minus (y) the
amount of awards made for such year under the Stock Plan valued as set forth in
Section 13(e) of the Stock Plan (and any interest or dividend equivalents
allocated during such year pursuant to Sections 15(c), 24 and 27A thereof).

6. DETERMINATION OF AWARDS AND PARTICIPANTS

(a) As promptly as practicable after the end of each year, the Committee
may make Awards (other than Annual Performance Awards and Long-Term Performance
Awards, which are to be made exclusively as set forth in Parts IB and ID,
respectively) for such year and determine the amounts to be carried forward for
Awards in future years. The Committee may also, in its discretion, make Awards
(other than Annual Performance Awards and Long-Term Performance Awards, which
are to be made exclusively as set forth in Parts IB and ID, respectively) prior
to the end of the year based on amounts available under clauses (ii) and (iii)
of Section 5(e) and reasonable estimates of the accrual for the year in
question.

(b) The Committee shall have absolute discretion to determine the key
employees who are to receive Awards (other than Annual Performance Awards and
Long-Term Performance Awards, which are to be made exclusively as set forth in
Parts IB and ID, respectively) under the Plan for any year and to determine the
amount of such Awards based on such criteria and factors as the Committee in its
sole discretion may determine, such as the Company's operating cash flow and
overall financial performance. Recommendations as to the key employees who are
to receive Awards (including Annual Performance Awards and Long-Term Performance
Awards) under the Plan for any year and to the amount and form of such Awards
shall, however, be made to the Committee by the chief executive officer of the
Company. The fact that an employee is selected as eligible for an Award shall
not mean, however, that such employee will necessarily receive an Award.

7. METHOD AND TIME OF PAYMENT OF AWARDS

(a) Awards shall be paid in full as soon as practicable after the Award is
made; provided, however, that payment of Annual Performance Awards and Long-Term
Performance Awards shall be subject to the provisions of Parts IB and ID,
respectively; and provided further, that the payment of any or all Awards may be
deferred, divided into annual installments, or made subject to such other
conditions as the Committee in its sole discretion may authorize under such
rules and regulations as may be adopted from time to time by the Committee.

(c) Awards deferred under the Plan shall become payable to the Participant
or, in the event of the Participant's death, as specified in Section 14 hereof,
in such manner, at such time or times (which may be

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<PAGE>

either before or after termination of service), and subject to such conditions
as the Committee in its sole discretion shall determine. In any year the
Committee shall have the discretion to set aside, for payment in such year or
any future year, interest on any deferred Award; provided, however, that the
total amount of such interest shall be deducted from the maximum amount
available for Awards under Section 5 of the Plan. Any forfeited deferred Awards
shall be carried forward and be available for Awards in any future year without
regard to the provisions of Sections 5(a) or (b) of the Plan.

8. INDIVIDUAL AGREEMENTS

9. STATUS OF PARTICIPANTS

No Participant in the Plan shall have any interest in any specific assets
of the Company by reason of the fact that deferred Awards are to be recorded as
being held for such Participant's account to be paid in installments in the
future. The interest of all Participants shall derive from and be determined
solely by the terms and provisions of the Plan set forth herein.

PART IA CASH AWARDS

10. DETERMINATION OF CASH AWARDS

(a) Each year the Committee shall designate those Participants who shall
receive Cash Awards under this part of the Plan. Cash Awards may be paid
immediately, in installments or on a deferred date, as the Committee in its
discretion may provide.

(b) If the Committee determines that some portion of a Cash Award to a
Participant shall be treated as a deferred Cash Award and be payable in annual
or other periodic installments, the Participant will be notified in writing when
such deferred Cash Award shall be paid and over what period of time. In each
year the Committee shall have discretion to provide for the payment of an amount
equivalent to interest, at such rate or rates fixed by the Committee, on any
deferred Cash Award. Any amounts provided for pursuant to the preceding sentence
shall become payable in such manner, at such time or times, and subject to such
conditions as the Committee shall in its sole discretion determine; provided,
however, that the total amount of such interest shall be deducted from the
maximum amount available for Awards under the formula described in Section 5 of
the Plan.

PART IB ANNUAL PERFORMANCE AWARDS

11. DETERMINATION OF ANNUAL PERFORMANCE AWARDS

(a) GENERAL. Each year the Committee may make Annual Performance Awards under
this part of the Plan; provided that no Participant may be eligible to receive
an Annual Performance Award hereunder and under the Stock Plan in the same year.

(b) CERTAIN DEFINITIONS. For the purposes of this Part IB, the following terms
shall have the meanings specified:

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<PAGE>

"Affected Officers" shall mean those executive officers of the
Company whose compensation is required to be disclosed in the Company's
annual proxy statement relating to the election of directors.

"Eligible Participants" shall have the meaning set forth in
subsection (c) below.

(i) earnings per share of the Company for the year;

(ii) net income of the Company for the year;

(iii) return on assets of the Company for the year (net income
of the Company for the year divided by average total assets during
such year);

(iv) return on stockholder's equity of the Company for the
year (net income of the Company for the year divided by average
stockholder's equity during such year);

(v) operating profit or operating margins of the Company or of
a division, subsidiary or group thereof for the year;

(vi) cash flow of the Company or of a division, subsidiary or
group thereof for the year;

(vii) increase in shareholder value as determined at the end
of each year;

(viii) revenue growth of the Company or of a division,
subsidiary or group thereof for the year; and

(ix) improved use of capital and/or assets of the Company or
of a division, subsidiary or group thereof for the year.

"Target Award" means, for any year, with respect to an Eligible
Participant, the dollar amount set by the Committee that, when multiplied
by the applicable Performance Adjustment, determines such Eligible
Participant's Annual Performance Award.

(c) ELIGIBILITY. Annual Performance Awards are available each year only to
Plan Participants who are designated by the Committee, prior to March 31 of such
year (or prior to such later date as permitted by Code Section 162(m) and the
Regulations), as likely to be Affected Officers for such year, whose annual
salary and bonus for such year are expected to exceed $1,000,000 and who are not
designated by the Committee as eligible for an Annual Performance Award under
the Stock Plan for such year ("Eligible Participants").

5
<PAGE>

measured and a schedule of Performance Adjustment factors corresponding to
varying levels of Performance Goal Target achievement. In the event more than
one Performance Goal is established for any Eligible Participant, the Committee
shall at the same time establish the weighting of each such Performance Goal in
determining such Eligible Participant's Annual Performance Award.
Notwithstanding anything in this Part IB to the contrary, the Annual Performance
Award payable to any Eligible Participant in any year may not exceed $1.5
million.

(e) PAYMENT OF ANNUAL PERFORMANCE AWARDS. Subject to subsection (f) below,
Annual Performance Awards will be paid in cash as soon as practicable after the
end of the year to which it relates and after the Committee certifies the extent
to which the Performance Goal Target or Targets under the Performance Goal or
Goals have been met or exceeded. If permitted by the Regulations and Code
Section 162(m), the Committee may determine to pay a portion of an Annual
Performance Award in December of the year to which it relates. The Committee may
not increase the amount of an Annual Performance Award that would otherwise be
payable upon achievement of the Performance Target or Targets, but it may reduce
any Eligible Participant's Annual Performance Award in its discretion. Subject
to Section 6(c) above, no Annual Performance Award will be payable to any
Eligible Participant who is not an employee of the Company on the last day of
the year to which such Annual Performance Award relates.

(f) DEFERRAL OF ANNUAL PERFORMANCE AWARDS. If the Committee determines
that some portion of an Annual Performance Award to an Eligible Participant
shall be treated as a deferred Annual Performance Award and be payable in annual
or other periodic installments, the Eligible Participant will be notified in
writing when such deferred Annual Performance Award shall be paid and over what
period of time. In each year the Committee shall have discretion to provide for
the payment of an amount equivalent to interest, at such rate or rates fixed by
the Committee, on any deferred Annual Performance Award. Any amounts provided
for pursuant to the preceding sentence shall become payable in such a manner, at
such time or times, and subject to such conditions as the Committee shall in its
sole discretion determine; provided, however, that the total amount of such
interest shall be deducted from the maximum amount available for Awards under
the formula described in Section 5 of the Plan.

(g) CODE SECTION 162(m). It is the intent of the Company that Annual
Performance Awards satisfy, and this Part IB be interpreted in a manner that
satisfies, the applicable requirements of Code Section 162(m) and the
Regulations so that the Company's tax deduction for Annual Performance Awards to
Affected Officers is not disallowed in whole or in part by operation of Code
Section 162(m). If any provision of this Plan or of any Annual Performance Award
would otherwise frustrate or conflict with such intent, that provision shall be
interpreted and deemed amended so as to avoid such conflict. To the extent of
any irreconcilable conflict with such intent, such provision shall be deemed
void as applicable to Eligible Participants.

PART IC PERFORMANCE AND OTHER AWARDS

12. DETERMINATION OF PERFORMANCE AND OTHER AWARDS

(b) A "Performance Award" shall mean an Award which entitles the
Participant to receive cash or other compensation, or any combination thereof,
in an amount which depends upon the financial performance of the Company during
a stated period of more than one year. Performance for this purpose may be
measured by the growth in book value of the common stock of the Company, an
increase in per share earnings of the Company, an increase in operating cash
flow or any other indicators specified by the Committee. The Committee shall
also fix the period during which such performance is to be measured, the

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<PAGE>

value of a Performance Award for purposes of providing for the accrual pursuant
to Section 5 of the Plan and the form of payment to be made in respect of the
Performance Award.

PART ID LONG-TERM PERFORMANCE AWARDS

13. DETERMINATION OF LONG-TERM PERFORMANCE AWARDS

(a) GENERAL. Each year the Committee shall designate those Participants
who shall be eligible to receive Long-Term Performance Awards under this part of
the Plan.

(b) CERTAIN DEFINITIONS. For purposes of this Part ID, the following terms
shall have the meanings specified:

"Eligible Participants" shall mean certain key business leaders and
senior management of the Company as determined in the discretion of the
Committee.

(i) earnings per share of the Company for the Performance
Period;

(ii) net income of the Company for the Performance Period;

(iii) return on assets of the Company for the Performance
Period (net income of the Company for the Performance Period divided
by average total assets for such Performance Period);

(v) operating profit or operating margins of the Company or of
a division, subsidiary or group thereof for the Performance Period;

(vi) cash flow of the Company or of a division, subsidiary or
group thereof for the Performance Period;

(vii) increase in shareholder value as determined at the end
of the Performance Period;

(viii) revenue growth of the Company or of a division,
subsidiary or group thereof for the Performance Period; and

(ix) improved use of capital and/or assets of the Company or
of a division, subsidiary or group thereof for the Performance
Period.

"Performance Period" means the period in excess of one year
commencing on January 1 of the year in which the Committee makes the
Long-Term Performance Award to an Eligible Participant.

(d) DETERMINATION OF LONG-TERM PERFORMANCE AWARDS. Prior to March 31 of
each year (or prior to such later date as permitted by Code Section 162(m) and
the Regulations), the Committee will designate

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<PAGE>

the Eligible Participants who will be entitled to earn a Long-Term Performance
Award for such Performance Period under this Plan, and will establish for each
such Eligible Participant for such Performance Period (i) one or more Long-Term
Performance Goals, and (ii) for each such Long-Term Performance Goal, a
Long-Term Performance Goal Target and the method by which achievement thereof
will be measured. In the event that more than one Long-Term Performance Goal is
established for any Eligible Participant, the Committee shall at the same time
establish the weighting of each such Long-Term Performance Goal in determining
such Eligible Participant's Long-Term Performance Award. Notwithstanding
anything in this Section 13 to the contrary, the Long-Term Performance Award
payable to any Eligible Participant in any Performance Period may not exceed
$1.5 million.

(e) PAYMENT OF LONG-TERM PERFORMANCE AWARDS. Subject to subsection (f)
below, Long-Term Performance Awards will be paid in cash as soon as practicable
after the end of the Performance Period to which it relates and after the
Committee certifies the extent to which the Long-Term Performance Goal Target or
Targets under the Long-Term Performance Goal or Goals have been met or exceeded.
If permitted by the Regulations and Code Section 162(m), the Committee may
determine to pay a portion of a Long-Term Performance Award in December of the
last year of the Performance Period to which it relates. The Committee may not
increase the amount of a Long-Term Performance Award that would otherwise be
payable upon the achievement of the Long-Term Performance Goal Target or
Targets, but it may reduce any Eligible Participant's Long-Term Performance
Award in its discretion. Subject to Sections 6(c) and 13(g), no Long-Term
Performance Award will be payable to any Eligible Participant who is not an
employee of the Company on the last day of the Performance Period to which such
Long-Term Performance Award relates.

(f) DEFERRAL OF LONG-TERM PERFORMANCE AWARDS. If the Committee determines
that some portion of a Long-Term Performance Award to an Eligible Participant
shall be treated as a deferred Long-Term Performance Award and payable in annual
or other periodic installments, the Eligible Participant will be notified in
writing when such deferred Long-Term Performance Award shall be paid and over
what period of time. In each year the Committee shall have the discretion to
provide for the payment of an amount equivalent to interest, at such rate or
rates fixed by the Committee, on any deferred Long-Term Performance Award. Any
amounts provided for pursuant to the preceding sentence shall become payable in
such manner, at such time or times, and subject to such conditions as the
Committee shall in its sole discretion determine; provided, however, that the
total amount of such interest shall be deducted from the maximum amount
available for Awards under the formula described in Section 5 of the Plan.

(g) TERMINATION OF EMPLOYMENT BECAUSE OF DEATH, DISABILITY OR RETIREMENT.
In the event that an Eligible Participant terminates employment because of
death, disability or retirement, such Eligible Participant, or in the event of
death such person as determined in accordance with Section 14, shall be paid a
pro rata portion of such Eligible Participant's Long-Term Performance Award that
would otherwise be payable upon the achievement of the Long-Term Performance
Goal Target or Targets had the Participant continued employment until the end of
the Performance Period. Such pro rata Long-Term Performance Award shall not be
paid until the end of the Performance Period to which such Long-Term Performance
Award relates.

(h) CODE SECTION 162(m). It is the intent of the Company that Long-Term
Performance Awards satisfy, and this Section 13 be interpreted in a manner that
satisfies, the applicable requirement of Code Section 162(m) and the Regulations
so that the Company's tax deduction for Long-Term Performance Awards to Eligible
Participants is not disallowed in whole or in part by operation of Code Section
162(m). If any provision of this Plan or of any Long-Term Performance Award
would otherwise frustrate or conflict with such intent, that provision shall be
interpreted and deemed amended so as to avoid such conflict. To the extent of
any irreconcilable conflict with such intent, such provision shall be deemed
void as applicable to any Participant whose compensation is subject to Code
Section 162(m).

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<PAGE>

PART II GENERAL PROVISIONS

14. NON-ALIENATION OF BENEFITS

15. WITHHOLDING OR DEDUCTION FOR TAXES

If at any time specified herein for the making of any payment to any
Participant or beneficiary, any law or regulation of any governmental authority
having jurisdiction in the premises shall require the Company to withhold, or to
make any deduction for, any taxes or take any other action in connection with
the payment then to be made, such payment shall be deferred until such
withholding or deduction shall have been provided for by the Participant or
beneficiary, or other appropriate action shall have been taken.

16. ADMINISTRATION EXPENSES

The entire expense of administering this Plan shall be borne by the
Company.

17. GENERAL CONDITIONS

(a) The Board in its discretion may from time to time amend, suspend or
terminate any or all of the provisions of this Plan, provided that the Board may
not make any amendment which materially affects the provisions of Sections 5(a)
or (b) of the Plan without the consent and approval of the holders of a majority
of the outstanding shares of Class A and Class B Common Stock of the Company
entitled to vote thereon, voting together as one class. The foregoing provisions
shall not be construed to prevent the Committee from exercising its discretion,
or to limit such discretion, to adjust the provisions of Sections 5(a) and (b)
hereof as expressly permitted thereby or otherwise to exercise any discretion to
the extent expressly authorized hereunder.

(b) Nothing contained in the Plan shall prohibit the Company from
establishing incentive compensation arrangements in addition to this Plan and
the Stock Plan. Payments made under any such separate arrangements shall not be
included in or considered a part of the maximum amount available for Awards
under the Plan and Stock Plan and shall not be charged against the amount
available for Awards under the Plan and Stock Plan for any year. In the
discretion of the Committee, employees shall be eligible to participate in such
other arrangements, as well as the Plan and Stock Plan, in the same year.

(c) Nothing in this Plan shall be deemed to limit in any way the right of
the Company to terminate a Participant's employment with the Company at any
time.

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<PAGE>

18. TRANSITION

Upon the effectiveness of this Plan, and the Stock Plan, such plans
replaced the Company's Executive Incentive Compensation Plan ("EICP"), except
that the EICP shall continue to govern options and awards of restricted stock
outstanding under the EICP. No further awards will be made under the EICP, and
all amounts accrued for Awards under the EICP and unawarded were carried forward
and made available for Awards under the Plan and Awards under the Stock Plan.

19. EFFECTIVE DATES

The Plan became effective for periods beginning after January 1, 1991 upon
the approval by the holders of a majority of the outstanding shares of Class A
and Class B Common Stock of the Company entitled to vote thereon at the 1991
Annual Meeting, in person or by proxy, voting together as a single class. No
Awards may be granted under the Plan after December 31, 2000, or such earlier
expiration date as may be designated by resolution of the Board.