OTHER NEWS - Dec. 7, 1994

New York Times Co. Expands Into Electronic Media: The publisher said it plans to spend at least $1 billion buying local television stations and cable networks and developing programming. Executives described the outlays, to be spread over five or six years, as a diversification effort aimed at reducing the company’s reliance on newspapers for about 90% of its profit. The company, which owns the New York Times and 28 regional newspapers, also announced the launch of a new on-line service by its Boston Globe newspaper. It already operates an electronic outlet through America On-Line, called @Times.