Richard Bilotti Continue Quotations

Except for improved color printing capacity, the changes should be invisible to readers and advertisers. The Times will continue to publish just as it does now, and the paper will be strengthened by the back-office efficiencies that are contemplated.

The current market prices indicate that investors believe that cash flows will be reinvested in a suboptimal manner. We continue to favor content over distribution, given the greater likelihood of restructurings and large returns of capital to shareholders.