The New York Times Company Agrees to Acquire KAUT-TV in Oklahoma City from Viacom's TV Station Group; Duopoly to Further Broadcast Media Group's Growth Strategy

NEW YORK--()--Sept. 14, 2005--The New York Times Company announced today that it has reached an agreement with Viacom Inc.'s (NYSE: VIA, VIA.B) Viacom Television Stations Groups (VTSG), for the Times Company to acquire KAUT-TV in Oklahoma City. Terms of the transaction were not disclosed. The acquisition is subject to FCC approval and other customary closing conditions and is expected to be completed in the fourth quarter.

KAUT-TV is VTSG's owned-and-operated UPN station in Oklahoma City, the nation's 45th largest television market. The Times Company's Broadcast Media Group now owns KFOR-TV, the NBC affiliate in Oklahoma City, as well as seven other network-affiliated stations across the United States.

"Our ownership of KFOR and now KAUT in Oklahoma City will enable us to achieve operating efficiencies and to offer advertisers more and varied ways to reach their audiences in the market," said Janet L. Robinson, president and CEO, The New York Times Company. "KAUT will also help accelerate our growth in the market, benefiting viewers and advertisers as well as The New York Times Company and its shareholders."

"KAUT has been a solid performer for us and we expect that as part of a duopoly with KFOR, the station will prosper further," said Fred Reynolds, president, VTSG. "We thank all the talented employees of KAUT for their years of hard work and service to our company."

"We are thrilled to welcome KAUT to the Times Company," said Robert Eoff, president, The New York Times Company Broadcast Media Group. "Our proven expertise will enable KAUT to grow quickly and benefit Oklahoma customers with the addition of local news programming, weather and sports coverage."

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. These risks and uncertainties include national and local conditions, as well as competition, that could influence the advertising generated by the Company. They also include other risks detailed from time to time in the Company's publicly-filed documents, including the Company's Annual Report on Form 10-K for the period ended December 26, 2004. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

About The New York Times Company

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, 15 daily newspapers, eight network-affiliated television stations, two New York City radio stations and 35 Web sites, including NYTimes.com, Boston.com and About.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.

About Viacom Television Stations Group:

The Viacom Television Stations Group consists of 40 stations, including 21 CBS, 16 UPN, one WB and two stations not affiliated with major networks.

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

Contacts

For The New York Times Company:
Catherine J. Mathis, 212-556-1981
mathis@nytimes.com
OR
Paula Schwartz, 212-556-4425
schwap@nytimes.com
OR
For Viacom, Inc.:
Dana L. McClintock, 212-975-1077
dlmcclintock@cbs.com

Contacts

For The New York Times Company:
Catherine J. Mathis, 212-556-1981
mathis@nytimes.com
OR
Paula Schwartz, 212-556-4425
schwap@nytimes.com
OR
For Viacom, Inc.:
Dana L. McClintock, 212-975-1077
dlmcclintock@cbs.com