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New York Times Lowers Expectations — Again; Considering Financing Alternatives

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New York Times Company (NYSE: NYT) CEO Janet Robinson warned investors today that advertising is dropping at an unexpected rate and that “2009 will be among the most challenging years we have faced and more steps will be needed.” That includes exploring financing alternatives, among them raising up to $225 million against its mid-Manhattan headquarters, as reported earlier this week. CFO Jim Follo said that will take the form of a sale-leaseback and that the proceeds will be used to repay long-term existing debt. (To clarify, this involves an undisclosed percentage of NYTCo’s 58 percent share of the building.) As for the credit agreements maturing in 2009 and 2011, Follo added: ‘