Digital advertising revenues as a percentage of total Company advertising revenues were 24.7 percent in the fourth quarter of 2012 compared with 22.7 percent in the fourth quarter of 2011. For the full year, digital advertising revenues as a percentage of total Company advertising revenues were 23.9 percent in 2012 compared with 22.5 percent in 2011.

Paid subscribers to The New York Times and the International Herald Tribune digital subscription packages, e-readers and replica editions totaled approximately 640,000 as of the end of the fourth quarter of 2012, an increase of approximately 13 percent since the end of the third quarter of 2012. Paid digital subscribers to BostonGlobe.com and The Boston Globe’s e-readers and replica editions totaled approximately 28,000 as of the end of the fourth quarter of 2012, up approximately 8 percent since the end of the third quarter of 2012.

Joint Ventures

Income from joint ventures decreased to $0.9 million from $4.1 million largely because of the divestiture of the Company’s ownership interest in Fenway Sports Group in the first half of 2012, coupled with lower results for the paper mills in which the Company has an investment.

Interest Expense, net

Interest expense, net increased to $16.4 million from $15.5 million mainly due to charges related to the termination of the Company’s revolving credit facility and the repurchase of $5.9 million principal amount of the Company’s 5.0 percent senior notes due March 15, 2015, offset by lower interest expense due to the Company’s payment at maturity on September 26, 2012 of all $75 million aggregate principal amount of the Company’s 4.610 percent senior notes.

Income Taxes

The Company had income tax expense of $75.8 million (effective tax rate of 39.2 percent) in the fourth quarter and $103.5 million (effective tax rate of 39.3 percent) for the full year of 2012. The Company’s effective tax rate in the fourth quarter of 2012 was favorably affected by a lower income tax rate on the sale of the Company’s ownership interest in Indeed.com. The Company had income tax expense of $28.4 million (effective tax rate of 35.8 percent) in the fourth quarter and $31.9 million (effective tax rate of 38.4 percent) for the full year of 2011. Excluding severance and special items, the Company’s effective tax rate was 43.9 percent in the fourth quarter of 2012 compared with 36.5 percent in the fourth quarter of 2011. The 36.5 percent tax rate in the 2011 fourth quarter was favorably affected by the reversal of reserves for uncertain tax positions due to the lapse of applicable statutes of limitations.

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