CORRECTING and REPLACING Boston Globe, Metro Boston Offer Combined Ad Packages; Complete Agreement on Joint Venture

BOSTON--(BUSINESS WIRE)--March 10, 2005--Seventh graph should read: Today, in its U.S. editions, Metro described the steps that it is taking to address a number of workplace issues within its organization that had been raised following the January announcement of the joint venture (sted Yesterday, in its U.S. editions xxx).

The corrected release reads:

“The new venture is affirmation by one of the world's most respected media companies of the free daily concept that Metro created in 1995.”

BOSTON GLOBE, METRO BOSTON OFFER COMBINED AD PACKAGES; COMPLETE AGREEMENT ON JOINT VENTURE

The Boston Globe, New England's leading newspaper, and Metro Boston, a free daily catering to young professionals, today began offering joint advertising opportunities to Boston area advertisers seeking to reach a young, diverse audience through both publications.

The combined buy opportunity is just one of many benefits for readers and advertisers in Greater Boston after a transaction completed yesterday between the Globe Newspaper Company, Inc. and Boston Metro Publishing, Inc. The completed transaction gives the Globe a 49 percent ownership position in the Metro Boston publication.

Because the two newspapers serve very different audiences, the joint venture provides a strategic fit that will give advertisers attractive new efficiencies in the New England marketplace that neither product was able to deliver alone.

Since its debut in 2001, Metro Boston has attracted a young, well-educated audience of almost 300,000 daily readers, 62 percent of whom are under the age of 45. By comparison, The Boston Globe reaches just over one million readers each weekday, but only 115,000 of them also read the Metro.

Completion of the transaction came after the United States Department of Justice said that it had closed its inquiry into whether the proposed joint venture raised antitrust concerns.

Although the joint venture will provide for some cross-promotional opportunities for each newspaper, the editorial content and newsrooms of both properties will remain independent of one another.

Today, in its U.S. editions, Metro described the steps that it is taking to address a number of workplace issues within its organization that had been raised following the January announcement of the joint venture.

Globe publisher Richard Gilman said, "After several weeks of careful examination of all of the issues involved, we're convinced that this partnership will be good for readers, advertisers and for the community. The Metro has set high standards for its conduct, and we are convinced they are well along in achieving those standards."

Pelle Tornberg, president and CEO of Metro International, said, "The new venture is affirmation by one of the world's most respected media companies of the free daily concept that Metro created in 1995." Tornberg also noted that, "As an international newspaper company, our goal is to serve as an example for our industry in creating and promoting the advantages of diversity and tolerance in our offices and in our news coverage."

The Boston Globe is a wholly owned subsidiary of The New York Times Company (NYSE: NYT), a leading media company with 2004 revenues of $3.3 billion includes, The New York Times, the International Herald Tribune, The Boston Globe, 16 other newspapers, eight network-affiliated television stations and more than 40 Web sites, including NYTimes.com and Boston.com. For the fifth consecutive year, the Company was ranked No. 1 in the publishing industry in Fortune's 2005 list of America's Most Admired Companies. The Company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment.

Metro USA is a division of Metro International, the world's leading free daily newspaper group, which currently publishes 42 newspaper editions in 16 languages. These editions reach more than 14.5 million daily readers and 32 million weekly readers in 63 major cities throughout 17 countries covering Europe, North and South America and Asia. Metro USA's five free dailies in North America are located in Toronto, Philadelphia, Montreal, Boston and New York. The papers carry local, national and international news in a standardized, accessible format designed to serve the needs of commuters and other busy consumers. The Metro Boston joint venture follows the structure of other Metro International partnerships, including those with Torstar Corporation in Canada and Television Francaise 1 S.A. in France.

This press release can be downloaded from www.nytco.com