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 NEW YORK, Aug. 12 /PRNewswire/ -- The New York Times Company (AMEX: NYT) announced today that it has decided to purchase up to an additional $75 million of its Class A common stock prior to the closing of the proposed acquisition of Affiliated Publications, Inc. The Times Company has already purchased $205 million worth of shares of the $250 million originally announced on June 21 and July 15, 1993.
 Lance R. Primis, president and chief operating officer of The New York Times Company, said, "We continue to 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." The additional shares, as well as those previously repurchased, will be used either for stock-based employee benefit plans, other corporate purposes, or will be retired.
 The repurchases will be made only in a manner permitted by the merger agreement with Affiliated and by law. The company will not make any of the repurchases 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, and 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 Times 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 about 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 the following 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- 8/12/93
 /CONTACT: Nancy Nielsen or William Adler, 212-556-7077, both of New York Company/

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

TM -- NY085 -- 2307 08/12/93 17:17 EDT
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Publication:PR Newswire
Date:Aug 12, 1993

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