A tipster e-mails:

MOODY’S REVIEWS RATINGS OF THE NEW YORK TIMES FOR POSSIBLE DOWNGRADE

Approximately $1.6 Billion of Debt Securities Affected.

New York, March 17, 2006 — Moody’s Investors Service has placed The New
York Times’ A2 senior unsecured long term debt, and P-1 commercial paper
ratings on review for possible downgrade.

The review is prompted by Moody’s growing concerns about The New York
Times’ high financial leverage, deteriorating operating margins and weak
free cash flow available for debt reduction, combined with concerns over
intensifying cross media competition, including the internet, and growing
event risk in the newspaper sector. The company’s significant share
repurchase activity over the last four years, debt financed acquisition
of About.com, and capital expenditures associated with the transition to
its new headquarters leaves the company with a significant debt burden,
heightened adjusted leverage, resulting in diminished financial
flexibility.

A multi-notch ratings transition will be considered in light of the
company’s financial and operating challenges. The review will focus on
The New York Times’ ability and commitment to materially reduce debt over
the next eighteen to twenty four months, and its ability to improve its
operating trends and margins. The company’s ability to mitigate event and
execution risks surrounding the newspaper industry will also be
considered in the review process. Moody’s will evaluate the longer-term
effect of competitive pressures from lower cost media, particularly
internet based searchable database services, on the company’s ability to
achieve its operating targets.

The New York Times Company, headquartered in New York City, is a major
media company with operations in newspaper publishing, broadcasting, and
information services.

Flashback: Down, down, down, in 2005…

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