Our results in the first quarter reflect higher advertising and circulation revenues at The New York Times Media Group and the Regional Media Group, in part due to the introduction of innovative new products.

While the advertising market remained challenging in the third quarter, our earnings were better than we expected as advertising revenue growth improved in late September. This was particularly true at The New York Times Media Group, where advertising revenues rose 2.9 percent.

This investment bid is being made as part of the Boston Globe's long-term strategic plan to solidify its position as the leading news and advertising media in New England,

The New England Sports Network would allow the Globe to better serve advertisers with combined print, television and Internet advertising sales.

In September, our largest month in the quarter, advertising has been challenging and visibility remains limited.