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SHAREHOLDERS OF THE NEW YORK TIMES COMPANY AND AFFILIATED PUBLICATIONS, INC. APPROVE MERGER

 NEW YORK and BOSTON, Sept. 28 /PRNewswire/ -- Shareholders of both The New York Times Company (ASE: NYT) and Affiliated Publications, Inc., (NYSE: AFP) parent company of The Boston Globe, today in special shareholders meetings approved the merger of Affiliated with the Times Company. Closing of the transaction is anticipated to occur Oct. 1, 1993.
 Under the terms of the merger, the Times Company agreed to pay $15 in cash for up to 10.7 million shares of Affiliated Series A common stock. Since Affiliated shareholders elected to receive a maximum of 23.5 million shares in cash, a proration rate of approximately 45 percent will determine each shareholder's final cash payment. The remaining shares of Affiliated common stock will each be converted into the right to receive 0.6 of a share of Times Company Class A common stock ("Times stock"). Based on the foregoing, it is anticipated that approximately 36.4 million shares of Times Class A stock will be issued as a result of the merger. The transaction has an aggregate value of approximately $1.0 billion. The Globe will be a wholly-owned subsidiary of the Times Company, but its financial results will be reported in combination with The New York Times and the company's 31 other newspaper properties.
 Arthur Ochs Sulzberger, chairman and chief executive officer of the Times Company, said, "We're delighted and proud that The Boston Globe, which is known for its editorial integrity and excellent management team, will be joining the Times family.
 "The combination of these companies will be an outstanding strategic and cultural fit based on quality and integrity. Our future is bright: the merger will give us the potential for better long-term profit growth through greater geographic diversification; cost savings through economies of scale in purchasing, printing and distribution; enhanced advertising revenues; an expanded information base for electronic media products and a larger capital base."
 William O. Taylor, chairman and chief executive officer of Affiliated Publications, Inc., said, "This is a great merger for everyone: for shareholders, readers, advertisers and employees. The combination will guarantee the continued strength and independence of the Globe, while enhancing business operations for both of us." Mr. Taylor will remain as publisher of the Globe.
 Under the terms of the agreement, three current Affiliated directors -- William O. Taylor, Robert A. Lawrence, a partner at Saltonstall & Company, and John P. Giuggio, Affiliated's former president -- will join the Times Company board bringing the total number of directors to 17.
 James D. Wolfensohn Inc. served as financial advisor to the Times Company and J.P. Morgan Securities Inc. acted as Affiliated's financial advisor. Simpson Thacher & Bartlett acted as outside legal counsel to the Times Company and Bingham, Dana & Gould and Cravath, Swaine & Moore served as Affiliated's outside legal counsel.
 Affiliated Publications, Inc. is the parent company of Globe Newspaper Company, publisher of New England's two largest newspapers, The Boston Globe and The Boston Sunday Globe; and owns 33 percent of BPI Communications, a specialty publishing and information company with 19 magazines, including Billboard, The Hollywood Reporter and Adweek. Affiliated's revenues for 1992 were $414.0 million. Excluding special charges and the net cumulative effect of accounting changes, net income for 1992 was $30.1 million and earnings per share were $.43.
 The New York Times Company is a diversified media company with $1.8 billion in 1992 revenues and four lines of business: newspapers, magazines, broadcasting/information services and forest products. Excluding special charges and gains and the net cumulative effect of accounting changes, 1992 net income was $51.5 million and earnings per share were $.66. In addition to The New York Times, the Times Company operates 31 regional newspapers and owns a one-half interest in the International Herald Tribune; Sports/Leisure and Women's magazines; five television and two radio stations; and various news and electronic information services. The Times Company also has equity interests in two newsprint mills in Canada and a supercalendered mill in Maine.
 The New York Times Company has two classes of common stock and approximately 70.2 million shares of Times Company common stock are currently outstanding.
 -0- 9/28/93
 /CONTACT: David Gorham, 212-556-1708, or Frank Gatti, 212-556-5923, or Nancy Nielsen, 212-556-7078, all of The New York Times Company; or William Huff of Affiliated Publications, Inc., 617-929-2663; or Richard Gulla of Globe Newspaper Company, 617-929-3288/
 (NYT AFP)


CO: The New York Times Company; Affiliated Publications, Inc.;
 Globe Newspaper Company ST: New York, Massachusetts IN: PUB ENT SU: TNM


LD -- NY097 -- 6584 09/28/93 18:41 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
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