New York Times Company to Prepay Loans from Carlos Slim

The New York Times Company has notified Inmobiliaria Carso, S.A. de C.V. and Banco Inbursa S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa of its election to prepay in full, on August 15, 2011, the $250 million 14.053% notes due January 15, 2015. The Company had earlier announced its intention to repay the notes at the earliest practicable date after January 15, 2012. The estimated prepayment will total approximately $279 million, which includes the principal amount of the notes, all accrued and unpaid interest, and a make-whole premium due in connection with the prepayment. While the Company will incur a $46 million loss on the prepayment in the third quarter, interest expense savings will exceed $39 million annually through January 15, 2015.

"Over the past two years we have significantly strengthened the Times Company's cash position and our considerable and focused efforts have allowed us to prepay the notes far ahead of schedule," said Janet L. Robinson, president and chief executive officer. "Inmobiliaria Carso and Banco Inbursa instinctively understood the strength of the Times Company and provided financing during a volatile time in the U.S. economy and in our industry."

Carlos Slim Helú and members of his family are the principal shareholders of Grupo Financiero Inbursa, S.A.B. de C.V., a Mexican financial services company that is the parent company of Banco Inbursa, and are the owners of Inmobiliaria Carso, which currently holds 6.9% of the Times Company's Class A shares (exclusive of outstanding warrants). Inmobiliaria Carso and Banco Inbursa continue to hold warrants to purchase 15,900,000 shares of the Company's Class A common stock, par value $.10 per share, at a price of $6.3572 per share, that were issued concurrently with the notes. The warrants expire January 15, 2015.