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THE NEW YORK TIMES COMPANY ANNOUNCES STOCK REPURCHASE PROGRAM

 NEW YORK, June 21 /PRNewswire/ -- The New York Times Company (AMEX: NYT) announced today that its Board of Directors has authorized expenditures of up to $100 million for repurchases of its class A common stock prior to the closing of the proposed acquisition of Affiliated Publications, Inc.
 Lance R. Primis, president and chief operating officer of The New York Times Company, said, "We believe that the repurchase of our shares at this time at current price levels represents an attractive investment opportunity, which will benefit the company and its shareholders. We feel that this will be particularly true in light of the opportunities arising from the proposed acquisition of Affiliated Publications. We believe that the company's current stock price does not reflect the underlying value of the company's assets or of its earnings or its cash flow potential." The shares will be used for the company's stock-based employee benefits plans and for other corporate purposes.
 The board's authorization allows the repurchases to be made only in a manner permitted by the merger agreement and by law. The company will not make any of the repurchases at any time during the period commencing shortly prior to the mailing of the proxy statement relating to the proposed acquisition and ending shortly before the closing of the merger, unless permitted by law. The repurchases may be made, from time to time depending on market conditions, in the open market or through private transactions. Purchases may be suspended from time to time or discontinued.
 On June 11, 1993, The New York Times Company and Affiliated Publications, Inc. announced that they had signed a definitive agreement providing for the merger of Affiliated with a subsidiary of The New York Company. The offer of the company's class A common stock in the merger will be made only by means of a combined prospectus-proxy statement containing information with respect to the companies and the transaction as required by law, which is currently expected to be mailed to stockholders in late August.
 The New York Times Company is a communications company with $1.8 billion in revenues in these lines of business: newspapers, magazines, broadcasting, information services and forest products. In addition to The New York Times, the company operates 31 regional newspapers; a wholesale newspaper distribution business; Sports/Leisure and Women's magazines; five television and two radio stations; and various news and information services. The company also owns a one-half interest in the International Herald Tribune and has equity interests in two newsprint mills and a supercalendered paper mill.
 The class A common stock is listed on the American Stock Exchange under the symbol NYT.A.
 -0- 6/21/93
 /CONTACT: Nancy Nielsen, 212-556-7078, or William Adler, 212-556-7077, both of the New York Times Company/
 (NYT)


CO: New York Times Company ST: New York IN: PUB SU:

LD -- NY085 -- 4215 06/21/93 17:15 EDT
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Publication:PR Newswire
Date:Jun 21, 1993
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