<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
[X] Annual Report pursuant to Section 15(d) of the Securities
Exchange Act of 1934 [Fee Required] For the fiscal year
ended December 31, 1993.
[ ] Transition Report pursuant to Section 15(d) of the
Securities Exchange Act of 1934 [No Fee Required] For the
transition period from _______________ to _______________.
Commission File Number 1-4914
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
TIMES MIRROR SAVINGS PLUS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
THE TIMES MIRROR COMPANY
Times Mirror Square, Los Angeles, California 90053
<PAGE>
INTRODUCTION
The Times Mirror Company, a Delaware corporation, has established the Times
Mirror Savings Plus Plan (the "Plan"). The Plan includes a cash or deferred
arrangement plan intended to qualify under Sections 401(a) and 401(k) of the
Internal Revenue Code of 1986, as amended.
REQUIRED INFORMATION
FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements: These documents are listed in the Index to
Financial Statements.
(b) Exhibits:
(A) Consent of Ernst & Young, Independent Auditors.
2
<PAGE>
INDEX TO FINANCIAL STATEMENTS
Report of Independent Auditors . . . . . . . . . . . . . . . . . 5
Statements of Net Assets Available for Benefits. . . . . . . . . 6
Statements of Changes in Net Assets Available for Benefits . . . 8
Notes to Financial Statements . . . . . . . . . . . . . . . . . 10
Supplemental Schedules
Assets Held for Investment . . . . . . . . . . . . . . . . . . . 16
Reportable Transactions . . . . . . . . . . . . . . . . . . . . 17
3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, The
Times Mirror Company as Plan Administrator has duly caused this Annual Report on
Form 11-K for the year ended December 31, 1993 to be signed on its behalf by the
undersigned thereunto duly authorized.
Times Mirror Savings Plus Plan
------------------------------
(Name of Plan)
THE TIMES MIRROR COMPANY
DATE: June 29, 1994
By /s/ Stuart K. Coppens
-----------------------------------
Stuart K. Coppens
Controller and Chief
Accounting Officer
4
<PAGE>
REPORT OF INDEPENDENT AUDITORS
Retirement Plan Committee
Times Mirror Savings Plus Plan
We have audited the accompanying statements of net assets available for benefits
of the Times Mirror Savings Plus Plan (the "Plan") as of December 31, 1993 and
1992, and the related statements of changes in net assets available for benefits
for the years then ended. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 1993 and 1992, and the changes in its net assets available for
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment as of December 31, 1993, and of reportable
transactions for the year then ended, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the basic financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in our audit of
the 1993 financial statements and, in our opinion, are fairly stated in all
material respects in relation to the 1993 basic financial statements taken as a
whole.
ERNST & YOUNG
May 27, 1994
5
<PAGE>
TIMES MIRROR SAVINGS PLUS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1993
(Thousands of dollars)
<TABLE>
<CAPTION>
Company
Income Equity Stock Balanced Global
Total Fund Fund Fund Fund Fund
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value--
Note C:
Times Mirror Company
Series A Common Stock $ 95,146 $ 95,146
Times Mirror Company
Series C Common Stock 12,426 12,426
Investment Company of
America 101,503 $101,503
IDS Trust Company
Collective Income Fund 33,806 $ 33,806
American Balanced 37,111 $37,111
Fund, Inc. 29,585 $29,585
New Perspective Fund Inc.
Bank of America Money
Market Fund for Tax
Exempt Trusts 5,994 1,373 1,396 2,397 461 367
-------- -------- -------- -------- -------- --------
315,571 35,179 102,899 109,969 37,572 29,952
Guaranteed Investment
Contracts--Note D 69,426 69,426
-------- -------- -------- -------- -------- --------
384,997 104,605 102,899 109,969 37,572 29,952
Receivables:
Contributions from
participants 330 85 103 67 42 33
Contributions from The
Times Mirror Company 129 33 40 26 17 13
Interest and dividends 4 2 1 1
Participant reallocations (357) 75 (69) 146 205
-------- -------- -------- -------- -------- --------
Total Assets 385,460 104,368 103,118 109,994 37,777 30,203
LIABILITIES
Investment management fees
payable 32 32
-------- -------- -------- -------- -------- --------
Total Liabilities 32 32
-------- -------- -------- -------- -------- --------
NET ASSETS AVAILABLE
FOR BENEFITS $385,428 $104,336 $103,118 $109,994 $37,777 $30,203
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
</TABLE>
See notes to financial statements.
6
<PAGE>
TIMES MIRROR SAVINGS PLUS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1992
(Thousands of dollars)
<TABLE>
<CAPTION>
Company
Income Equity Stock Balanced Global
Total Fund Fund Fund Fund Fund
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value--
Note C:
Times Mirror Company
Series A Common Stock $ 97,535 $ 97,535
Times Mirror Company
Series C Common Stock 15,075 15,075
Investment Company of
America 82,598 $82,598
IDS Trust Company
Collective Income Fund 30,156 $30,156
Security Pacific Money
Market Fund for Tax
Exempt Trusts 8,847 491 1,668 4,115 $ 1,286 $ 1,287
American Balanced
Fund, Inc. 20,779 20,779
New Perspective Fund Inc. 15,602 15,602
-------- -------- -------- -------- -------- --------
270,592 30,647 84,266 116,725 22,065 16,889
Guaranteed Investment
Contracts--Note D 68,470 68,470
-------- -------- -------- -------- -------- --------
339,062 99,117 84,266 116,725 22,065 16,889
Receivables:
Contributions from
participants 218 71 65 50 17 15
Contributions from The
Times Mirror Company 87 28 26 20 7 6
Interest and dividends 27 9 5 11 1 1
Participant reallocations (67) 40 26 (2) 3
-------- -------- -------- -------- -------- --------
Total Assets 339,394 99,158 84,402 116,832 22,088 16,914
LIABILITIES
Distributions payable to
participants 7,154 2,438 1,649 2,506 321 240
Investment management fees
payable 46 46
-------- -------- -------- -------- -------- --------
Total Liabilities 7,200 2,484 1,649 2,506 321 240
-------- -------- -------- -------- -------- --------
NET ASSETS AVAILABLE
FOR BENEFITS $332,194 $96,674 $82,753 $114,326 $21,767 $16,674
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
</TABLE>
See notes to financial statements.
7
<PAGE>
TIMES MIRROR SAVINGS PLUS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 1993
(Thousands of dollars)
<TABLE>
<CAPTION>
Company
Income Equity Stock Balanced Global
Total Fund Fund Fund Fund Fund
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Investment Income:
Interest and dividends $ 11,128 $ 7,216 $ 50 $ 3,824 $ 23 $ 15
Realized loss on sale of
investments--Note C (262) (262)
Capital gains distribution 9,903 6,229 2,662 1,012
Expenses:
Investment management fees (181) (176) (2) (2) (1)
-------- -------- -------- -------- -------- --------
Net Investment Income 20,588 7,040 6,277 3,562 2,683 1,026
Contributions from
participants 43,556 11,249 13,596 9,623 5,052 4,036
Contributions from The
Times Mirror Company 17,744 4,627 5,484 3,770 2,179 1,684
Rollovers from participants 1,004 197 308 78 254 167
-------- -------- -------- -------- -------- --------
82,892 23,113 25,665 17,033 10,168 6,913
DEDUCTIONS
Distributions to
participants (45,094) (13,004) (11,415) (14,856) (3,713) (2,106)
Change in net unrealized
appreciation in fair value
of investments--Note C 15,436 4,140 6,821 286 4,189
Reallocations by participants (2,447) 1,975 (13,330) 9,269 4,533
-------- -------- -------- -------- -------- --------
NET INCREASE (DECREASE) 53,234 7,662 20,365 (4,332) 16,010 13,529
Net assets available for
benefits at beginning
of year 332,194 96,674 82,753 114,326 21,767 16,674
-------- -------- -------- -------- -------- --------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $385,428 $104,336 $103,118 $109,994 $37,777 $30,203
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
</TABLE>
See notes to financial statements.
8
<PAGE>
TIMES MIRROR SAVINGS PLUS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 1992
(Thousands of dollars)
<TABLE>
<CAPTION>
Company
Income Equity Stock Balanced Global
Total Fund Fund Fund Fund Fund
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Investment Income:
Interest and dividends $ 14,254 $ 7,022 $ 2,036 $ 4,133 $ 825 $ 238
Realized gain on sale of
investments--Note C 449 449
Capital gains distribution 1,889 1,440 387 62
Expenses:
Investment management fees (186) (183) (1) (1) (1)
-------- -------- -------- -------- -------- --------
Net Investment Income 16,406 6,839 3,475 4,582 1,211 299
Contributions from
participants 43,169 12,939 12,583 10,163 3,986 3,498
Contributions from The
Times Mirror Company 17,547 5,084 5,199 4,257 1,582 1,425
Rollovers from participants 3,652 994 858 349 780 671
Transfer of assets--Note F 4,091 1,734 763 262 839 493
-------- -------- -------- -------- -------- --------
84,865 27,590 22,878 19,613 8,398 6,386
DEDUCTIONS
Distributions to
participants (43,051) (16,213) (8,087) (15,719) (1,990) (1,042)
Change in net unrealized
appreciation in fair value
of investments--Note C 3,431 1,893 1,005 390 143
Reallocations by participants 212 1,100 (6,094) 2,364 2,418
-------- -------- -------- -------- -------- --------
NET INCREASE (DECREASE) 45,245 11,589 17,784 (1,195) 9,162 7,905
Net assets available for
benefits at beginning
of year 286,949 85,085 64,969 115,521 12,605 8,769
-------- -------- -------- -------- -------- --------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $332,194 $96,674 $82,753 $114,326 $21,767 $16,674
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
</TABLE>
See notes to financial statements.
9
<PAGE>
TIMES MIRROR SAVINGS PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993
NOTE A - ACCOUNTING POLICIES
VALUATION OF ASSETS: Investments are stated at fair value. The fair value of
the shares of common stock and of the participation units owned by the Times
Mirror Savings Plus Plan (the "Plan") in the common trust funds is based on the
quoted market and redemption values on the last business day of the Plan year.
The cost of investments sold is determined on the specific identification
method.
Guaranteed investment contracts (GICs) are stated at contract value which
includes amounts invested (net of withdrawals) plus reinvested earnings. The
fair value of the GICs is estimated at approximately $74 million on December 31,
1993. Fair value was determined by taking the contract value at scheduled
maturity date and calculating the net present value based on the average
maturity. The discount rate used in the present value calculation was from an
index of GIC rates of approximately the same maturity.
INCOME RECOGNITION: Purchases and sales of securities are recorded on a trade-
date basis. Interest income is recorded on the accrual basis. Dividends are
recorded on the ex-dividend date.
EXPENSES: Investment management fees, brokerage commissions and other fees and
expenses charged by outside investment managers are deducted from investment
returns received by participants. All other expenses associated with the
operation and administration of the Plan are borne by participating companies.
NOTE B - DESCRIPTION OF THE PLAN
The Plan is a 401(k) cash or deferred defined contribution plan. Employees of
The Times Mirror Company (the "Company") and its subsidiaries which have been
approved for participation in the Plan are generally eligible to participate if
they are at least 21 years of age and have one year of eligibility service. At
December 31, 1993 and 1992, approximately 13,600 and 14,400 employees,
respectively, were participating in the Plan.
Eligible employees may defer from 1% to 6% of basic compensation on a before-tax
basis. This basic deferral is 50% matched by the participating company. Most
participants can also defer supplemental amounts from 1% to 6% of basic
compensation on a before-tax basis, for a total before-tax deferral of up to
12%. Higher-paid participants are restricted to a maximum 2% supplemental
deferral. Participants may elect to contribute an additional 1% to 12% of basic
compensation on an after-tax basis. Higher-paid participants may not contribute
on an after-tax basis. Any combination of before-tax and after-tax savings may
be used, however, the total savings cannot exceed 13% of basic compensation.
Supplemental before-tax deferrals and after-tax contributions are not matched by
the participating company. The Tax Reform Act of 1986 limits before-tax
deferrals by participants to $8,994 in 1993 and $8,728 in 1992. This limit is
adjusted annually for increases in the cost of living.
10
<PAGE>
TIMES MIRROR SAVINGS PLUS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1993
NOTE B - DESCRIPTION OF THE PLAN (continued)
Participants may change their deferral and/or contribution elections up to twice
each year, or may terminate them at any time. Participant deferrals and
contributions and Company matching contributions are invested as directed by the
individual participant in any or all of the investment funds, in 10% increments,
to total 100%. Deferrals and contributions of participants who do not make
investment elections are invested 100% in the Income Fund. Changes to
investment elections and reallocations among investment funds may be made once
each month.
The investment funds are:
INCOME FUND: invests in guaranteed investment contracts (fixed-income
contracts guaranteed by insurance companies) and units of a collective
fund consisting primarily of guaranteed investment contracts;
EQUITY FUND: invests primarily in shares of a fund which ordinarily
invests principally in common stocks of U.S. companies but may also hold
securities convertible into common stocks, straight debt securities, U.S.
Government securities, nonconvertible preferred stocks or non-U.S. common
stocks and securities;
COMPANY STOCK FUND: invests primarily in Times Mirror Company Series A
Common Stock;
BALANCED FUND: invests in shares of a fund comprised of a broadly
diversified list of securities, including common stocks, preferred
stocks, straight debt securities, U.S. Government securities or non-U.S.
common stocks and securities;
GLOBAL FUND: invests in shares of a fund comprised of a diversified
portfolio primarily of common stocks of both U.S. and non-U.S. companies
but may also include securities convertible into common stocks, straight
debt securities, government securities or nonconvertible preferred
stocks, all of which may be denominated in U.S. dollars or other
currencies.
Cash and short-term marketable securities may be held in any or all of these
funds pending investment, and/or to facilitate distributions and reallocations.
For years prior to January 1, 1987, a tax incentive payroll stock ownership
contribution (PAYSOP) was made by participating companies for employees who were
actively deferring before-tax monies into the Plan and were still employed at
the end of the applicable year. The Tax Reform Act of 1986 (the Act) repealed
the 1/2% tax credit for PAYSOP's effective January 1, 1987, accordingly, PAYSOP
contributions have not been made for any year subsequent to December 31, 1986.
PAYSOP Fund assets and activity are combined with the Company Stock Fund for
financial statement disclosure and are principally invested in Times Mirror
Company Series A and Series C common stock. Net assets of the PAYSOP Fund were
$4,039,000 and $4,371,000 at December 31, 1993 and 1992, respectively.
11
<PAGE>
TIMES MIRROR SAVINGS PLUS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1993
NOTE B - DESCRIPTION OF THE PLAN (continued)
Participants are 100% vested in their before-tax and after-tax account balances
at all times. A participant is 100% vested in the Company matching account at
the earliest of: 3 years of vesting service; age 65; termination due to total
and permanent disability; or death. Forfeited Company matching amounts remain
in the Plan and are used by participating companies to offset future required
matching contributions. Participants are 100% vested in their PAYSOP accounts.
Distributions of vested account balances are made to participants following
termination of employment, attainment of age 70-1/2 or to the designated
beneficiary following a participant's death. Distributions ordinarily are made
in cash or a combination of cash and Times Mirror Company common stock, at the
election of the participant or the beneficiary.
Participants may make withdrawals from certain account balances up to twice per
calendar year or more frequently in the event of financial hardship. Under the
Act, withdrawals before age 59-1/2 are generally subject to a 10% federal
penalty, payable by the participant, in addition to any other taxes which the
participant may owe on the withdrawal. Hardship withdrawals may be made in
limited circumstances, as provided for under the Act and 401(k) regulations.
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its matching contributions at any time and to
terminate the Plan subject to provisions of the Employee Retirement Income
Security Act of 1974. In the event of Plan termination, participants become 100
percent vested in their accounts.
Amounts due to participants who have withdrawn from the Plan at December 31,
1993 are $8,683,000. This amount is reported as benefit claims payable on the
Plan's Form 5500 filed with the Internal Revenue Service. Benefit claims
payable at December 31, 1992 are reported in the Statement of Net Assets
Available For Benefits.
NOTE C - INVESTMENTS
The Plan's investments are held by Bank of America, the Plan's Trustee.
Security Pacific National Bank, formerly the Plan's Trustee, was acquired by
Bank of America and the Plan's records were merged in April 1992.
12
<PAGE>
TIMES MIRROR SAVINGS PLUS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1993
NOTE C - INVESTMENTS (continued)
The Plan's investments (including investments bought, sold, as well as held
during the year) appreciated in fair value as follows (in thousands):
<TABLE>
<CAPTION>
December 31
---------------------
1993 1992
-------- --------
<S> <C> <C>
Investment Company of America $ 4,140 $1,893
Times Mirror Company Common Stock
Series A 6,000 1,404
Series C 559 50
American Balanced Fund, Inc. 286 390
New Perspective Fund, Inc. 4,189 143
------- -------
$15,174 $3,880
------- -------
------- -------
</TABLE>
Shares of Series A and Series C Common Stock are identical, except with respect
to voting rights, restrictions on transfer of Series C shares, and the right to
convert Series C shares into shares of Series A Common Stock. The Series C
shares are subject to mandatory conversion into Series A shares upon transfer to
any person other than a "Permitted Transferee" as defined in the Company's
Certificate of Incorporation or upon the occurrence of certain regulatory
events.
Because Series C Common Stock is not traded but is convertible into Series A
Common Stock, the market value of both Series A and Series C Common Stock is the
December 31 per share price of Times Mirror Company Common Stock.
The fair value of individual investments that represent 5% or more of the Plan's
net assets are as follows (in thousands):
<TABLE>
<CAPTION>
December 31
---------------------
1993 1992
-------- --------
<S> <C> <C>
IDS Trust Company Collective Income Fund
(960,811 and 912,366 units) $33,806 $30,156
Investment Company of America
(5,422,177 and 4,617,014 shares) 101,503 82,598
Times Mirror Company Series A Common Stock
(2,850,825 and 3,121,132 shares) 95,146 97,535
Times Mirror Company Series C Common Stock
(372,301 and 482,404 shares) 12,426 15,075
American Balanced Fund, Inc.
(2,952,309 and 1,692,091 shares) 37,111 20,779
New Perspective Fund, Inc.
(1,971,051 and 1,268,448 shares) 29,585 15,602
</TABLE>
13
<PAGE>
TIMES MIRROR SAVINGS PLUS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1993
NOTE C - INVESTMENTS (continued)
Dividend income on Times Mirror Company Series A Common Stock amounted to
$3,280,000 in 1993 and $3,407,000 in 1992. Dividend income on Times Mirror
Company Series C Common Stock amounted to $465,000 in 1993 and $580,000 in 1992.
NOTE D - CONTRACTS WITH INSURANCE COMPANIES
The Plan has contracts with various insurance companies. Certain restrictions
exist such that penalties may result from termination of the contracts or early
withdrawal of assets.
NOTE E - INCOME TAX STATUS
The Internal Revenue Service has ruled that the Plan qualifies under Sections
401(a) and 401(k) of the Internal Revenue Code (the "Code") and the underlying
trust is, therefore, not subject to tax under section 501(a) of the Code. The
Plan is required to operate in conformity with the Code to maintain its
qualification. The Company is not aware of any course of action or series of
events that have occurred which would cause the plan to become disqualified in
operation.
NOTE F - TRANSFER OF ASSETS
Richard D. Irwin, Inc. was acquired by the Company on February 4, 1988. The
assets of the Richard D. Irwin, Inc. Employees' Thrift Plan were merged with the
Plan effective September 1, 1992.
NOTE G - SUBSEQUENT EVENTS
The December 31, 1993 financial statements reflect a $33.375 per share fair
market value for Times Mirror's common stock. At May 27, 1994, the stock had a
per share value of $32.375, resulting in an aggregate value of $104,349,000, as
compared to the $107,572,000 shown in the Statement of Net Assets Available For
Benefits.
On June 5, 1994, The Times Mirror Company entered into a Plan of Merger,
relating to its cable television business, and an Exchange and Registration
Rights Agreement with the Chandler Trust No. 1, Chandler Trust No. 2 and Chandis
Securities Company relating to a transfer of stock and the right to receive
preferred stock. Shareholders of the Company as of the designated record date,
including participants invested in the PAYSOP and Company Stock Funds, will have
the opportunity to vote on the Transactions proposed in these two agreements.
Upon closing of the Transaction described in the Merger Agreement, each
14
<PAGE>
TIMES MIRROR SAVINGS PLUS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1993
NOTE G - SUBSEQUENT EVENTS (continued)
share of Times Mirror stock in the Plan is expected to be exchanged for a like
kind share of stock in the newly formed company, "New Times Mirror", and
approximately .60 share of Cox Cable Communications (Cox Cable) Class A common
stock. New Times Mirror will be comprised of all of Times Mirror's non-cable
businesses. It is expected that the merger will be completed at the end of 1994
or early in 1995.
Shares of New Times Mirror will be placed in the Company Stock Fund, and a new,
separate investment fund will be established to hold the shares of Cox Cable
common stock. Since participants are allowed to reallocate their account
balances into other funds, they will be able to decide whether to retain their
Cox Cable shares or reallocate their investment into any of the other available
investment funds. Participants will not be allowed to make new investments into
the Cox Cable investment fund.
It is currently anticipated that dividends of the New Times Mirror common stock
will be reduced by 66 2/3% to 80% of the current Times Mirror dividend rate.
Due to the capital requirements of the cable business, no dividends are expected
to be paid on the Cox Cable common stock.
15
<PAGE>
TIMES MIRROR SAVINGS PLUS PLAN
ASSETS HELD FOR INVESTMENT
December 31, 1993
(Thousands of dollars)
<TABLE>
<CAPTION>
Principal
Amount or
Number of Fair
Identity of Issue Shares/Units Cost** Value**
- - --------------------------------------------------- ------------ ---------- -----------
<S> <C> <C> <C>
Bank of America Money Market
Fund for Tax Exempt Trusts 5,994,043 $ 5,994 $ 5,994
IDS Trust Company Collective
Income Fund 960,811 33,854 33,806
Investment Company of America 5,422,177 92,700 101,503
Times Mirror Company*
Series A Common Stock 2,850,825 89,199 95,146
Times Mirror Company*
Series C Common Stock 372,301 11,277 12,426
American Balanced Fund, Inc. 2,952,309 36,028 37,111
New Perspective Fund, Inc. 1,971,051 25,070 29,585
Guaranteed Investment Contracts:
Allstate Life Insurance, 5.85% 3,074 3,074
CNA Life Insurance, 6.96% 4,241 4,241
Commonwealth Life Insurance, 7.45% 3,154 3,154
Commonwealth Life Insurance, 8.99% 3,202 3,202
Confederation Life Insurance, 8.38% 3,174 3,174
Confederation Life Insurance, 9.21% 2,091 2,091
Confederation Life Insurance, 9.43% 2,135 2,135
John Hancock Mutual Life, 6.48% 6,359 6,359
Life of Virginia, 6.82% 6,202 6,202
Life of Virginia, 7.33% 3,108 3,108
Life of Virginia, 8.99% 2,034 2,034
Lincoln National Pension Life, 9.01% 2,053 2,053
Manufacturers Life Insurance, 8.90% 2,065 2,065
Northwestern National Life, 8.92% 2,088 2,088
Ohio National Life Insurance, 8.52% 3,786 3,786
Ohio National Life Insurance, 8.60% 2,171 1,171
Ohio National Life Insurance, 9.70% 2,042 2,042
Protective Life Insurance Co., 5.33% 2,031 2,031
Protective Life Insurance Co., 5.85% 3,073 3,073
Provident Life & Accident
Insurance, 6.76% 4,099 4,099
Provident Life & Accident
Insurance, 7.33% 4,030 4,030
Prudential Life Insurance, 6.75% 3,214 3,214
-------- --------
$363,548 $384,997
-------- --------
-------- --------
<FN>
*Indicates party-in-interest to the Plan.
**Guaranteed investment contracts are stated at contract value.
</TABLE>
16
<PAGE>
TIMES MIRROR SAVINGS PLUS PLAN
REPORTABLE TRANSACTIONS
Year Ended December 31, 1993
(Thousands of dollars)
<TABLE>
<CAPTION>
Cost of Net
Assets Gain
Description of Assets Purchases Sales Sold (Loss)
- - -------------------------------- --------- ----- ------- -----
CATEGORY (iii)--SERIES OF TRANSACTIONS IN EXCESS OF 5% OF PLAN ASSETS
<S> <C> <C> <C>
Bank of America Money Market
Fund for Tax Exempt Trusts $115,303 $118,156 $118,156
</TABLE>
There were no category (i), (ii), or (iv) reportable transactions during 1993.
17
<PAGE>
EXHIBIT A
CONSENT OF ERNST & YOUNG, INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 2-91437) pertaining to the Times Mirror Savings Plus Plan of our report
dated May 27, 1994, with respect to the financial statements and schedules of
the Times Mirror Savings Plus Plan included in this Annual Report (Form 11-K)
for the year ended December 31, 1993.
ERNST & YOUNG
Los Angeles, California
June 29, 1994
