CHICAGO, July 30, 1998 - Building on its position as the first truly national online network dedicated to providing classified advertising listings, resources and services through both nationally branded and local-affiliate Web sites, Classified Ventures, L.L.C. today announced that The New York Times Company has joined the growing enterprise formed to deliver the most comprehensive online resources and information about automobiles, real estate sales and rentals, and apartments to consumers across the nation.

"With the addition of The New York Times Company and its newspaper properties in Boston, New York and Sarasota, Classified Ventures continues to build the Internet's first network capable of delivering the deepest and broadest information available about national and local classified advertising listings and related information," said Tim Landon, Classified Ventures' acting chief executive officer.

Russell T. Lewis, president and CEO of The New York Times Company, said, "With Classified Ventures, we are creating an exciting new medium to strengthen our relationships with consumers and advertisers in local markets, while developing a promising new channel for national and regional advertisers."

The New York Times Company publishes 20 dailies in eight states with a combined circulation of more than 2.3 million on weekdays and more than 3.2 million on Sunday. It brings to the Classified Ventures network the nation's largest seven day circulating newspaper (The New York Times) and 14th largest (The Boston Globe) weekday circulation newspaper.

Leonard P. Forman, senior vice president of The New York Times Company, said, "We embrace Classified Ventures' business model and strategy in creating a nationally branded online business as a leading source of classified advertising and information."

Classified Ventures' rapidly growing network - which now has the resources of over 140 newspapers - will reach 44 states, including 34 of the nation's top 50 markets. Landon added, "We believe that the best way to win nationally is to win locally. The strength of our local affiliates gives us a tremendous opportunity to develop strong local content."

Through Classified Ventures, affiliate Web sites offering online local classified listings, advertising and programming - including news about local communities - are being linked to Classified Ventures' nationally branded Internet sites. These national sites - which currently include Apartments.com, cars.com and NewHomeNetwork.com - contribute network programming, such as additional new-car reviews, as well as national advertising, decision-support tools and consumer resource services such as car payment calculators, home mortgage loan calculators and related financial services information.

Combined, Classified Ventures' eight investors - Central Newspapers, Inc., Gannett Co., Inc., Knight Ridder, The McClatchy Company, The New York Times Company, The Times Mirror Company, Tribune Company, and The Washington Post Company - operate over 150 weekday newspapers with a combined circulation of more than 19.5 million and Sunday circulation totaling more than 24.6 million.

The New York Times Company is a diversified media company including newspapers, magazines, television and radio stations, and electronic information and publishing. The Company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment. The Company publishes The New York Times, The Boston Globe and 21 regional newspapers; publishes three magazines, including Golf Digest; and operates eight network-affiliated television stations and two New York City radio stations.

Classified Ventures, L.L.C., based in Chicago, is a company funded by eight leading media companies - Central Newspapers Inc., Gannett Co., Inc., Knight Ridder, The McClatchy Company, The New York Times Company, The Times Mirror Company, Tribune Company and The Washington Post Company. Classified Ventures provides nationally branded online services for the $16 billion classified advertising market that build upon the capabilities and local expertise of more than 140 affiliate newspapers in markets across the U.S. The Company currently operates the national cars.com web site (www.cars.com), Apartments.com web site (www.Apartments.com), and the NewHomeNetwork.com web site (www.newhomenetwork.com). For more information on Classified Ventures visit www.classifiedventures.com.