 2014  annual report  TO OUR FELLOW SHAREHOLDERS, This past year was an important one for The New York Times Company. In 2014 we further  sharpened our focus on deriving benefit from our core brand, by working to broaden and deepen the  audience for our New York Times journalism, which remains at the heart of our mission and the cornerstone  of our business.  We delivered modest overall revenue growth during the year, fueled by strong progress in digital  advertising and continued expansion of subscription revenues. In fact, we delivered digital advertising  growth for all four quarters in 2014 and, as a result, despite continued secular challenges in print advertising,  saw the most encouraging year-over-year trend in total advertising since 2005.  Digital advertising results benefited greatly from the introduction of Paid Posts, our native  advertising solution, which, in addition to being an important financial contributor, also won critical  acclaim. Our advertising department built the studio that creates Paid Posts, completely independent of our  newsroom, and the work it does now delivers the brand promise of excellent Times quality content for our  advertising and marketing clients.  We’re also pleased with the progress we made this year in advertising sales associated with mobile  and video. And we introduced innovative print advertising solutions that deliver value for our advertisers in  a manner that only The Times can. Notably, we unveiled a panoramic advertising unit that wraps the whole  paper and introduced Paid Posts in print with a special execution that delivered beautifully. In 2015 we  intend to focus on continued advertising innovations across all platforms. We had another good year in our digital consumer revenue business, finishing 2014 with 910,000 paid  digital subscribers, an increase of 150,000 compared to the end of 2013. This puts us on track to exceed one  million digital subscribers in 2015.  Our journalists around the world continue to contribute mightily to our success and the excellence  of their work remained undiminished in an incredible news year. Among the many honors received during  2014 were two Pulitzer Prizes, the highest award in journalism. The recipients were: In 2014, with the launch of NYT Now and NYT Cooking, we demonstrated that we have the  capability to reach and engage new customers with great Times journalism packaged in different ways. NYT  Now offers a faster way to get caught up on the news for users of our iPhone app and it has attracted a large  group of younger readers that in many cases are completely new to The Times. Likewise, NYT Cooking is  appealing to a similarly new group of readers by presenting The Times’s unmatched library of more than  17,000 recipes with beautiful photography and sortable collections in an elegant and easy-to-use design. Both  NYT Now and NYT Cooking were named among the best apps of 2014 by Apple. We will continue to look  for new products and platforms to present our world-class journalism to an expanding audience. And, expansion of our audience has become a key priority for The Times. As a result of our  Innovation Report, published last spring, we have significantly increased our focus on further developing  our strong and loyal readership and expanding the depth of their engagement with our content. We continue  to believe that the best path to the deepest user engagement is great journalism and superb written and  visual storytelling, and we’re putting more muscle behind ensuring that this journalism reaches readers on  all digital platforms in all parts of the world. Success in this endeavor will benefit both of our digital revenue  streams.  • Tyler Hicks for breaking news photography for his compelling pictures that showed skill and  bravery in documenting the unfolding terrorist attack at Westgate mall in Kenya, and • Josh Haner for feature photography for his moving essay on a Boston Marathon bomb blast victim  who lost most of both legs and is now painfully rebuilding his life.