We have two revolving credit agreements. These are agreements with banks that allow us to borrow up to $400 million under each agreement, or $800 million in total, whenever we need it. We repay what we have borrowed as cash comes in and the amount we can borrow is then replenished.

One of our agreements will expire in May 2009 and the other in June 2011. As we have said publicly on more than one occasion, because we believe we need significantly less than the total $800 million available credit, we do not plan to replace the full $400 million that is expiring in May. There is no need to do so.

We have not already borrowed money against our building’s value as your article states. Rather we are in the process of pursuing a sale-leaseback for up to $225 million for some of the space we own in our headquarters building. The proposed transaction for our building gives us the right to buy back the space at the end of the lease.

There is more to the response, but it is unlikely to allay the fears of New York Times stockholders regarding the perils that so many newspapers and magazines are facing. An article at the financial news site “24/7 Wall St.” lists “Twelve Major Media Brands Likely To Close In 2009”

The print versions of the following publications will close, merge, or be subsumed this year according to the article: Seattle Post-Intelligencer, Denver’s Rocky Mountain News, Miami Herald, Minneapolis Star-Tribune, New York Daily News, New York Observer, San Francisco Chronicle, Playboy, Entertainment Weekly, SmartMoney, Gourmet. The article also claims the following websites are in trouble: Answers.com, Eons.com, PlanetOut. There are actually more than twelve media properties on this obituary list.