## ITEMGLYPH<160>1A.GLYPH<160>RISKGLYPH<160>FACTORS 

You should carefully consider the risk factors described below, as well as the other information included in this Annual Report on Form 10-K. Our business, financial condition or results of operations could be materially adversely affected by any or all of these risks, or by other risks or uncertainties not presently known or currently deemed immaterial, that may adversely affect us in the future. 

We face significant competition in all aspects of our business. 

We operate in a highly competitive environment. Our print and digital products compete for advertising and circulation revenue with both traditional and new content providers. This competition has intensified as a result of the continued development of new digital media technologies and new media providers offering online news and other content. Competition among companies offering online content is intense, and new competitors can quickly emerge. Some of our current and potential competitors may have greater resources or better competitive positions in certain areas than we do. These factors may allow our competitors to respond more effectively than us to new technologies and changes in market conditions. 

Our ability to compete effectively depends on many factors both within and beyond our control, including among others: 

• our ability to continue to deliver high-quality journalism and content that is interesting and relevant to our audience; 

• our ability to monetize new and existing print and digital products; 

• the popularity, usefulness, ease of use, performance, and reliability of our digital products compared with our competitors’ products; 

• the engagement of our readers with our print and digital products; 

• the maintenance and development of relevant print products in an environment that is increasingly digitally focused; 

• our ability to attract, retain, and motivate talented journalists and other employees and executives; 

• our ability to manage and grow our operations in a cost-effective manner; and 

• our reputation and brand strength relative to those of our competitors. 

Our success depends on our ability to respond and adapt to changes in technology and consumer behavior. 

Technology in the media industry continues to evolve rapidly. Advances in technology have led to an increasing number of methods for the delivery and consumption of news and other content. These developments are driving changes in consumer behavior as consumers seek more control over the ways in which they consume content. Unless we are able to use new and existing technologies to distinguish our products and services from those of our competitors and develop in a timely manner compelling new products and services that engage users across platforms, our business, financial condition and prospects may be adversely affected. 

Changes in technology and consumer behavior pose a number of challenges that could adversely affect our revenues and competitive position. For example, among others: 

• we may be unable to develop products for mobile devices or other digital platforms that consumers find engaging, that work with a variety of operating systems and networks and that achieve a high level of market acceptance; 

• there may be changes in user sentiment about the quality or usefulness of our existing products; 

• news aggregation websites and customized news feeds may reduce our traffic levels by creating a disincentive for users to visit our websites or use our digital products; 

• failure to successfully manage changes in search engine optimization and social media traffic to increase our digital presence and visibility may reduce our traffic levels; 

• technical or other problems could prevent us from delivering our products in a rapid and reliable manner or otherwise affect the user experience; 

