New York Times offers employees discounted stock in memo

In a poorly-timed memo just days after the company slashed its dividend, The New York Times will be offering employees company stock on-the-cheap. The marked-down stock is a good deal, unless the company has another year like 2008…

Here’s the full memo:

Summary: This message provides you with
important information about the 2009 Offering of the Employee Stock
Purchase Plan. The enrollment period starts on December 1.

You will get more details before the start of the enrollment period on

December 1.

Dear Colleague,

I am pleased to announce that the Board of Directors has approved an
offering of the Employee Stock Purchase Plan for 2009. What’s more, the
plan is enhanced for the coming year. The purchase price will be 85% of
the average market price at the beginning or the end of the offering,
whichever is lower. As many of you will be aware, this is a significant
change from last year’s offering.

Whether participation in the 2009 Offering is a good deal for you,
depends on your personal financial situation, you future financial
objectives and your tolerance for risk, since investing in any stock
includes an element of risk. All the same, please consider your
opportunity to participate in the 2009 Offering carefully; it does
provide eligible employees with a convenient way to buy Company stock
at a discount.*

You will receive details about the 2009 Offering before December 1,
including the Base Prospectus, 2009 Appendices, the Annual Report on
Form 10-K for 2007 and enrollment instructions. Please look for an
e-mail message with links to supporting materials on the Company’s
intranet soon.

The Company is very pleased to extend this opportunity to our
employees. We encourage you to give careful consideration to
participating in the 2009 Offering.

Thanks,

Dave Norton

Senior Vice President, Human Resources

* A reminder to excluded employees who are eligible for the
Supplemental Retirement and Investment Plan (the Company-offered 401(k)
plan): Participants in SRIP will receive a portion of the Company match
in the form of Company stock starting in 2009.