Acquisitions, divestitures and other transactions could adversely affect our costs, revenues, profitability and  financial position. In order to position our business to take advantage of growth opportunities, we conduct discussions, evaluate  opportunities and enter into agreements for possible acquisitions, divestitures, investments and other transactions.  We routinely evaluate our portfolio of businesses and may, as a result, buy or sell different properties. For example, in  2013, we completed the sale of the New England Media Group and our 49% equity interest in Metro Boston. We may  also consider the acquisition of specific properties, businesses or technologies that fall outside our traditional lines of  business and diversify our portfolio, including those that may operate in new and developing industries, if we deem  such properties sufficiently attractive. Acquisitions or divestitures affect our costs, revenues, profitability and financial condition. Acquisitions involve  significant risks, including difficulties in integrating acquired operations, diversion of management resources, debt  incurred in financing these acquisitions (including the related possible reduction in our credit ratings and increase in  our cost of borrowing), differing levels of management and internal control effectiveness at the acquired entities and  other unanticipated problems and liabilities. Competition for certain types of acquisitions, particularly digital  properties, is significant. Even if successfully negotiated, closed and integrated, certain acquisitions or investments  may prove not to advance our business strategy and may fall short of expected return on investment targets, which  would adversely affect our business, results of operations and financial condition. Legislative and regulatory developments may result in increased costs and lower revenues from our digital  businesses. Our digital businesses are subject to government regulation in the jurisdictions in which we operate, and our  websites, which are available worldwide, may be subject to laws regulating the Internet even in jurisdictions where  we do not do business. We may incur increased costs necessary to comply with existing and newly adopted laws and  regulations or penalties for any failure to comply. Revenues from our digital businesses could be adversely affected,  directly or indirectly, in particular by existing or future laws and regulations relating to online privacy (including the  evolving right to be forgotten) and the collection and use of consumer data in digital media. Adverse results from litigation or governmental investigations can impact our business practices and operating  results. From time to time, we are party to litigation and regulatory, environmental and other proceedings with  governmental authorities and administrative agencies. See “Legal Proceedings” regarding certain matters. Adverse  outcomes in lawsuits or investigations could result in significant monetary damages or injunctive relief that could  adversely affect our results of operations or financial condition as well as our ability to conduct our business as it is  presently being conducted. Our principal executive offices are located in our New York headquarters building in the Times Square area.  The building was completed in 2007 and consists of approximately 1.54 million gross square feet, of which  approximately 828,000 gross square feet of space have been allocated to us. We owned a leasehold condominium  interest representing approximately 58% of the New York headquarters building until March 2009, when we entered  into an agreement to sell and simultaneously lease back 21 floors, or approximately 750,000 rentable square feet,  currently occupied by us (the “Condo Interest”). The sale price for the Condo Interest was $225.0 million. We have an  option exercisable in 2019 to repurchase the Condo Interest for $250.0 million. The lease term is 15 years, and we have  three renewal options that could extend the term for an additional 20 years. We continue to own a leasehold  condominium interest in seven floors in our New York headquarters building, totaling approximately 216,000  rentable square feet that were not included in the sale-leaseback transaction, all of which are currently leased to third  parties. THE NEW YORK TIMES COMPANY – P. 13 None. ITEMGLYPH<160>2.GLYPH<160>PROPERTIES ITEMGLYPH<160>1B.GLYPH<160>UNRESOLVEDGLYPH<160>STAFFGLYPH<160>COMMENTS