JAMES J. GARRITY
CERTIFIED PUBLIC ACCOUNTANT
P.O. BOX 448
733 NEPONSET STREET
NORWOOD, MASSACHUSETTS 02062
(781) 769-5522 • (781) 769-4061

INDEPENDENT AUDITOR'S REPORT

To the Administrative Trustees of the
BGEA/Boston Globe Employee Savings Plan

We were engaged to audit the accompanying statements of net assets available for plan benefits of the BGEA/Boston Globe Employee Savings Plan as of December 24, 2002, and the related statements of changes in net assets available for plan benefits for the year ended December 24, 2002, and the supplemental schedule of assets held for investment purposes at end of the year at December 24, 2002. These financial statements and supplemental schedules are the responsibility of the Plan's management. The financial statements of BGEA/Boston Globe Employee Savings Plan at December 24, 2001 and 2000 were audited by other auditors whose report dated June 27, 2002 on the statement disclaims an opinion for the reasons described in the following paragraph.

As permitted by 29 CFR 2520.103-8 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, the plan administrator instructed us not to perform, and we did not perform, any auditing procedures with respect to the information summarized in Note 3, which was certified by Putnam Fiduciary Trust Company, the trustee of the Plan, except for comparing the information with the related information included in the financial statements and supplemental schedule. We have been informed by the plan administrator that the trustee holds the Plan's investment assets and executes investment transactions. The plan administrator has obtained a certification from the trustee as of and for the year ended December 24, 2002 that the information provided to the plan administrator by the trustee is complete and accurate.

Because of the significance of the information that we did not audit, we are unable to, and do not, express an opinion on the accompanying financial statements and schedules taken as a whole. The form and content of the information included in the financial statements and schedules, other than that derived from the information certified by the trustee, have been audited by us in accordance with auditing standards generally accepted in the United States of America and, in our opinion, are presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.

Norwood, Massachusetts
June 19, 2003

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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS

For the years ended December 24, 2002

ASSETS				2002				2001
Investments, at market value:
Mutual funds				$	29,044,617			$	31,947,854
Equity securities					4,939,124				4,690,084
Participants' notes receivable					738,730				643,070
Subtotal					34,722,471				37,281,008
Receivables:
Participant contributions					57,957				57,155
Employer matching contribution					13,622				13,613
Employer 401(a) contribution					11,498				10,840
Subtotal					83,077				81,608
TOTAL ASSETS					34,805,548				37,362,616
LIABILITIES
Administrative expenses payable					—				—
NET ASSETS AVAILABLE
FOR BENEFITS				$	34,805,548			$	37,362,616

The accompanying notes are an integral
part of these financial statements.

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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS

For the years ended December 24, 2002

				2002				2001				2000
Additions:
Contributions:
Participants				$	3,481,428			$	4,155,300			$	3,877,540
Rollover					170,945				104,368				447,543
Employer matching					720,341				904,797				780,915
Employer discretionary					532,192				618,287				555,068
Interest and dividend income					143,359				1,158,808				3,684,841
Net (depreciation) appreciation in fair value of investments					(5,636,377	)			(7,082,219	)			(6,615,164	)
Total additions					(588,112	)			(140,659	)			2,730,743
Deductions:
Benefits paid to participants					1,966,065				6,361,134				4,357,225
Administrative fees					2,891				5,086				8,892
Total deductions					1,968,956				6,366,220				4,366,117
Net (decrease) increase					(2,557,068	)			(6,506,879	)			(1,635,374	)
Net assets available for plan benefits:
Beginning of year					37,362,616				43,869,495				45,504,869
End of year				$	34,805,548			$	37,362,616			$	43,869,495

The accompanying notes are an integral
part of these financial statements.

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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
December 24, 2002

1.	Description of the Plan

	The following description of the BGEA/Boston Globe Employee Savings Plan provides only general information. Participants should refer to the Plan Agreement for a more complete description of the Plan's provisions.

a. General

	The plan is a defined contribution plan covering all employees of the Company, who are members of a collective bargaining group which has agreed to adopt the plan, and who have been credited with 1,000 or more hours of service during a 12-month period and are twenty-one years of age or older. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

b. Contributions

	Participants enter into a salary reduction agreement with the Employer, subject to statutory limitations, and the Employer contributes to the plan on the employee's behalf. Participants may make qualified rollover contributions to the plan. Participants contributions shall be invested in the plan in accordance with the participants investment elections.

c. Participant Accounts

Each participant's account is credited with the participant's contribution and reflects an allocation (based on participant account balances) of (a) fund earnings of each fund in which the participant elects contributions, and (b) administrative expenses. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account balance. Participant accounts will consist of investments, at the direction of the participant.

d. Investment Options

Participants may elect to contribute into any of thirteen (13) mutual funds and one (1) equity security: Domini Social Equity, Putnam Health Sciences, Putnam International Growth Fund, The George Putnam Fund of Boston, Putnam New Opportunities Fund, Putnam Voyager Fund Putnam Vista Fund, Putnam S&P 500 Index Fund, Pimco Total Return Fund, Franklin Templeton Balance Sheet Fund, Sentinel Small Company Fund, Dodge & Cox Stock Fund, Putnam Stable Value Fund, and The New York Times (common stock).

e. Matching Contributions

	During 2002 and 2001 the Company matched 33 1/3% of employee contributions up to a maximum of 6% of compensation.

f. Employer Contributions

	During 2002 and 2001 the Company contributed 1% of compensation for all eligible employees.

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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
December 24, 2002

g. Vesting

	Participants are immediately vested in their voluntary contributions and actual earnings thereon. Participants vest in the employer matching and other contributions at a rate of 25% after one year of service, 75% after two years of service, and 100% after three years of service.

h. Payments of Benefits

	Upon termination of service or retirement, a participant is entitled to a lump sum distribution equal to the value of his or her account.

2. Summary of Significant Accounting Policies

a. Basis of Presentation

The Plan's financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

b. Investments Valuation and Income Recognition

Investments held by the Plan are stated at fair value. Shares of registered investment companies are valued at quoted market prices which represent the net assets value of shares held by the plan at year-end. Participants' notes receivable are valued at cost which approximates market. Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Gains and losses are calculated on a weighted average basis. The participant determines the percentage of contributions, which are to be invested in each investment fund.

	The Plan presents in the statement of changes in net assets available for Plan benefits the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains and losses and the unrealized appreciation (depreciation) on those investments.

3.	Information Certified by Putnam Fiduciary Trust Company (unaudited)

The Company has elected the method of annual reporting compliance permitted by 29 CFR 2520.103-8 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Accordingly, Putnam Fiduciary Trust Company has certified the following information included in the accompanying financial statements and supplemental schedules as complete and accurate as of December 24, 2002 and 2001 and for the years then ended.

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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS (continued)

December 24, 2002

Investments at fair value:
Mutual funds:
Putnam Money Market				$	—			$	2,543,651*
Putnam U.S. Government Trust					—				1,120,660
Putnam Growth & Income					—				1,226,551
Domini Social Equity					332,275				266,923
Putnam Diversified Income Trust					—				1,104,783
Putnam New Opportunities					2,278,901	*			2,797,067	*
Putnam Vista Fund					2,183,084	*			2,868,643	*
The George Putnam Fund of Boston					3,997,230	*			4,006,947	*
Putnam S&P 500 Index Fund					1,658,908				1,535,849
Putnam International Growth					1,004,190				935,516
Putnam Health Sciences Trust					3,839,892	*			4,898,259	*
Putnam Voyager Fund					6,452,802				8,643,005	*
Pimco Total Return Fund					2,936,128				—
Franklin Templeton Balance Fund					128,076				—
Sentinel Small Company Fund					183,233				—
Dodge & Cox Stock Fund					1,471,586				—
Putnam Stable Value Fund					2,598,312	*			—
Sub total					29,044,617				31,947,854
Equity securities:
New York Times					4,939,124	*			4,515,323	*
AT&T Corporation					—				76,360
Lucent Technologies					—				64,429
Avaya					—				3,265
AT&T Wireless Service, Inc.					—				16,077
NCR Corporation					—				14,630
Sub total					4,939,124				4,690,084
Participant loans					738,730				643,070
				$	34,722,471			$	37,281,008

* Investment represents 5% or more of the Plan's net assets.

During 2002 and 2001, the Plan's investments (including gains and losses on investments bought and sold, as well as held during the year) (depreciated) in value as follows:

				2002				2001
Mutual funds				$	(5,692,988	)		$	(7,588,942	)
Equity securities					56,611				506,723
				$	(5,636,377	)		$	(7,082,219	)

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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS (continued)

3. Information Certified by Putnam Fiduciary Trust Company (Unaudited), continued

During 2002 and 2001, the Plan earned dividend and interest income as follows:

				2002				2001
Dividend income				$	91,224			$	1,097,736
Loan interest					52,135				61,072
				$	143,359			$	1,158,808

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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS (continued)

December 24, 2002

4.	Plan Termination

	Although it has not expressed any intent to do so, the Employer reserves the right under the Plan to terminate the Plan, in whole or in part, whenever there is a collective bargaining agreement between the Employer and the Boston Globe Employees Association that fails to provide for the continuation of the Plan or the Plan participants are no longer represented by this bargaining unit.

5.	Participant Loans

Participant loans are available to participants who meet the eligibility requirements as defined by the administrative trustees. The loans have repayment periods not to exceed five years, unless the proceeds are used to purchase a qualified residence or finance qualified education costs. The loans bear interest at the prime rate at the time the loan is approved plus one half of one percent. The total outstanding balances on participant loans was $738,730 and $643,070 as of December 24, 2002 and 2001, respectively.

6.	Tax Status

	The Plan as written is qualified under the Internal Revenue Code as being exempt from federal income taxes under Section 501(c). A favorable determination letter dated October 12, 1990 has been received from the Internal Revenue Service.

7.	Form 5500 Reconciliation

	The following is a reconciliation of net assets available for Plan benefits per the financial statements to Form 5500 as of December 24, 2002 and 2001:

				2002				2001
Net assets available for plan benefits Per the financial Statements				$	34,805,548			$	37,362,616
Participant contributions receivable					(57,957	)			(57,155	)
Employer matching contribution receivable					(13,622	)			(13,613	)
Employer 401(a) contribution receivable					(11,498	)			(10,840	)
Net assets available for plan benefits Per Form 5500				$	34,722,471			$	37,281,008

-8-

BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
December 24, 2002

SCHEDULE H, PART IV (i), SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES

(EIN) 22-2638662 PLAN NO. 501

(a)

(b) Identity of issue, borrower, lessor, or similar party

(c) Description of investment including maturity date, rate of interest, collateral, par or maturity value

(d) Cost

(e) Current Value

*

Putnam Investments

Putnam S&P 500, 75,611 shs

**

$1,658,908

*

Putnam Investments

Domini Social Equity, 15,144 shs

**

332,275

*

Putnam Investments

Putnam Health Services, 75,365 shs

**

3,839,892

*

Putnam Investments

Putnam International Growth Fund, 60,860 shs

**

1,004,190

*

Putnam Investments

The George Putnam Fund of Boston, 266,749 shs

**

3,977,230

*

Putnam Investments

Putnam New Opportunities Fund, 76,601 shs

**

2,278,901

*

Putnam Investments

Putnam Voyager Fund, 485,173 shs

**

6,452,802

*

Putnam Investments

Putnam Vista Fund, 346,521 shs

**

2,183,084

*

Putnam Investments

Putnam Stable Value 2,598,312

2,598,312

Pimco Investments

Pimco Total Return Fund 275,951 shs

2,936,128

Franklin Funds

Franklin Templeton Balance Sheet Fund 3,458 shs

128,076

Sentinel Funds

Sentinel Small Company Fund 36,140 shs

183,233

Dodge & Cox Fund

Dodge & Cox Stock Fund 16,504 shs

1,471,586

*

New York Times

Common Stock, 109,103 shs

**

4,939,124

*

Participants

Participant loans with interest rates ranging from 5.25% to 10.5%

**

738,730

Totals

**

$34,722,471

*	Parties in interest

**	Cost information is omitted for participant directed transactions under an individual account plan.

See accompanying independent auditor's report

-9-