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We also intend to invest — financially and in terms of time and attention — in those areas that we believe make The Times unique. This month we re-launched The New York Times Magazine with a new editorial vision and a strong advertising focus, and in April we will introduce a new men’s fashion and lifestyle section, our first new print section in 10 years, and one we believe will be well positioned to thrive and delight readers and advertisers. 

While investing for growth, we will also continue to aggressively manage our costs. We have worked diligently to strengthen our balance sheet, and continue to do so, and ended 2014 in a strong financial position. 

Tragically, we lost our colleague David Carr on February 12, 2015. David embodied Times values. His combination of formidable talent as a reporter and acute judgment made him an indispensable guide to modern media. He leaves behind a newsroom of colleagues dedicated to upholding his high journalistic ideals. 

The mission of The New York Times Company is to improve the world through great journalism. We continue to believe that our adherence to that mission is our key differentiator in the marketplace and is very good for our business. Looking ahead, we will continue to capitalize on the strategies we have put in place to continue to grow our business, with an eye toward increasing shareholder value. We thank our Board members and our colleagues for their dedication and we thank you, our shareholders, for your loyal support. We look forward to a successful 2015. 

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February 24, 2015 

