In the fourth quarter of 2013, as part of the sale of the New England Media Group, we sold our 49% equity  interest in Metro Boston, and classified the results as discontinued operations for all periods presented. See Note 13 of  the Notes to the Consolidated Financial Statements for additional information.  In 2013, we had a loss from joint ventures of $3.2 million compared with income of $2.9 million in 2012. Joint  venture results in 2013 were primarily due to lower results for the paper mills in which we have an investment. Interest expense, net, was as follows: Interest expense, net decreased in 2014 compared with 2013 mainly due to a lower level of debt outstanding as a  result of debt repurchases made in 2013 and higher interest income. Interest expense, net decreased in 2013 compared with 2012 due to a lower level of debt outstanding as a result  of repurchases and, in the fourth quarter of 2012, a charge associated with the termination of our $125.0 million  revolving credit facility.  We had income tax benefit of $3.5 million on pre-tax income of $29.9 million in 2014. The effective tax rate for  2014 was favorably affected by approximately $21.1 million for the reversal of reserves for uncertain tax positions due  to the lapse of applicable statutes of limitations.  We had income tax expense of $37.9 million on pre-tax income of $94.8 million in 2013. Our effective tax rate was  40.0% in 2013. The effective tax rate for 2013 was favorably affected by strong returns on corporate-owned life  insurance investments and approximately $1.8 million for the reversal of reserves for uncertain tax positions due to the  lapse of applicable statutes of limitations.  We had income tax expense of $94.6 million on pre-tax income of $258.6 million in 2012. Our effective tax rate  was 36.6% in 2012. The effective tax rate for 2012 was favorably affected by a lower income tax rate on the sale of our  ownership interest in Indeed.com. In the fourth quarter of 2013, we completed the sale of substantially all of the assets and operating liabilities of  the New England Media Group, consisting of the Globe, BostonGlobe.com, Boston.com, the Worcester Telegram &  Gazette (“T&G”), Telegram.com and related properties, and our 49% equity interest in Metro Boston, for  approximately $70 million in cash, subject to customary adjustments. The net after-tax proceeds from the sale,  including a tax benefit, were approximately $74 million. In 2013, we recognized a pre-tax gain of $47.6 million on the  sale ($28.1 million after tax), which was almost entirely comprised of a curtailment gain. This curtailment gain is  primarily related to an acceleration of prior service credits from retiree medical plan amendments announced in prior  years, and is due to a cessation of service for employees at the New England Media Group. Post-closing adjustments in  the first and fourth quarter of 2014 resulted in a nominal loss of $0.3 million. The results of operations of the New  England Media Group have been classified as discontinued operations for all periods presented. Discontinued Operations New England Media Group Income Taxes Interest Expense, Net THE NEW YORK TIMES COMPANY – P. 33 Years Ended (In thousands) December 28, 2014 December 29, 2013 December 30, 2012 Cash interest expense $ 51,877 $ 52,913 $ 58,291 Premium on debt repurchases 2,538 2,127 428 Amortization of debt costs and discount on debt 4,651 4,548 4,516 Capitalized interest (152) GLYPH<151> (17) Interest income (5,184) (1,515) (410) Total interest expense, net $ 53,730 $ 58,073 $ 62,808