EXHIBIT 10.20
 
                           THE NEW YORK TIMES COMPANY
                      DEFERRED EXECUTIVE COMPENSATION PLAN
 
ARTICLE I - INTRODUCTION
 
1.1 PURPOSE OF PLAN. The Employer has adopted the Plan set forth herein to
provide a means by which certain employees may elect to defer receipt of
designated percentages or amounts of their Compensation.
 
1.2 STATUS OF PLAN. The Plan is intended to be "a plan which is unfunded and is
maintained by an employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employees"
within the meaning of Sections 201(2) and 301(a)(3) of the Employee Retirement
Income Security Act of 1974 ("ERISA"), and shall be interpreted and administered
to the extent possible in a manner consistent with that intent.
 
ARTICLE II - DEFINITIONS
 
    Wherever used herein, the following terms have the meanings set forth below,
unless a different meaning is clearly required by the context:
 
2.1 ACCOUNT means, for each Participant, the account established for his or her
benefit under Section 5.1.
 
2.2 CHANGE OF CONTROL means
 
    (a) any individual, partnership, corporation (including a business trust),
joint stock company, trust, unincorporated association, joint venture or other
entity, or a government or any political subdivision or agency thereof (a
"Person") (or two or more Persons acting in concert), other than any descendent
(or any spouse thereof) of Iphigene Ochs Sulzberger (a "Family Member") or a
beneficiary or trustee (as the same may change from time to time) of a trust
over 50% of the individual beneficiaries of which are Family Members, acquiring
the power to elect a majority of the directors of the Company in a transaction
or series of transactions not approved in advance by a vote of at least three
quarters of the Continuing Directors (as defined below); or
 
    (b) individuals who, as of the date hereof, constitute the Board (as of the
date hereof the "Continuing Directors") ceasing for any reason to constitute at
least a majority of the Board, provided that any person becoming a director
subsequent to the date hereof whose election, or a nomination for election by
the Company's shareholders, was approved in advance by a vote of at least three
quarters of the Continuing Directors (other than a nomination of an individual
whose initial assumption of office is in connection with an actual or threatened
solicitation with respect to the election or removal of the directors of the
Company, as such terms are used in Rule 14a-11 of the Regulation 14A promulgated
under the Exchange Act) shall be, for purposes of this Agreement, considered as
though such person were a Continuing Director; or
 
    (c) approval by the stockholders of the Company of a reorganization, merger,
consolidation, liquidation or dissolution of the Company or of the sale (in one
transaction or a series of related transactions) of all or substantially all of
the assets of the Company other than a reorganization, merger, consolidation,
liquidation, dissolution or sale approved in advance by three quarters of the
Continuing Directors.

2.3 CODE means the Internal Revenue Code of 1986, as amended from time to time.
Reference to any section or subsection of the Code includes reference to any
comparable or succeeding provisions of any legislation which amends, supplements
or replaces such section or subsection.
 
2.4 COMPENSATION means the annual bonus of the Participant and any portion of
such Participant's salary that the ERISA Committee of the Board of Directors of
the Employer, in its sole discretion, may designate from time to time. The
portion of the salary included in Compensation shall be listed in Appendix A.
 
    For purposes of the Plan, Compensation shall be determined before giving
effect to Elective Deferrals and other salary reduction amounts which are not
included in the Participant's gross income under Code Section 125, 401(k),
402(h) or 403(b).
 
2.5 EFFECTIVE DATE means July 1, 1994.
 
2.6 ELECTION FORM means the participation election form as approved and
prescribed by the Plan Administrator.
 
2.7 ELECTIVE DEFERRAL means the portion of Compensation which is deferred by a
Participant under Article IV.
 
2.8 ELIGIBLE EMPLOYEE means, on the Effective Date or on any Entry Date
thereafter, each employee of the Employer who is a participant in The New York
Times Company 1991 Executive Stock Incentive Plan.
 
2.9 EMPLOYER means The New York Times Company, any successor to all or a major
portion of the Employer's assets or business which assumes the obligations of
the Employer, and each other entity that is affiliated with the Employer which
adopts the Plan with the consent of the Employer.
 
2.10 ERISA means the Employee Retirement Income Security Act of 1974, as amended
from time to time. Reference to any section or subsection of ERISA includes
reference to any comparable or succeeding provisions of any legislation which
amends, supplements or replaces such section or subsection.
 
2.11 INSOLVENT means either (i) the Employer is unable to pay its debts as they
become due, or (ii) the Employer is subject to a pending proceeding as a debtor
under the United States Bankruptcy Code.
 
2.12 PARTICIPANT means any Eligible Employee who participates in the Plan in
accordance with Article 3.
 
2.13 PLAN means The New York Times Company Deferred Executive Compensation Plan
and all amendments thereto.
 
2.14 PLAN ADMINISTRATOR means the person, persons or entity designated by the
Employer under Article VIII to oversee the administration of the Plan and to
serve as the agent for "Company" with respect to the Trust as contemplated by
the agreement establishing the Trust. If no such person or entity is so serving
at any time, the Employer shall be the Plan Administrator.
 
2.15 PLAN YEAR means the 12-month period beginning on January 1 and ending on
December 31 of each year, except for the first plan year which begins on July 1,
1994, and ends on December 31, 1994.
 
2.16 TOTAL AND PERMANENT DISABILITY means the inability of a Participant to
engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or which has lasted or can be expected to last for a continuous period of
not less than 12 months, and the permanence and degree of which shall be
supported by medical evidence satisfactory to the Plan Administrator.
 
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2.17 TRUST means the trust established by the Employer that identifies the Plan
as a plan with respect to which assets are to be held by the Trustee.
 
2.18 TRUSTEE means the trustee or trustees under the Trust.
 
2.19 VALUATION OPTION means the performance of the investment funds listed in
Appendix B of the Plan.
 
ARTICLE III - PARTICIPATION
 
3.1 COMMENCEMENT OF PARTICIPATION
 
    Any Eligible Employee who elects to defer part of his or her Compensation in
accordance with Article IV shall become a Participant in the Plan as of the date
such deferrals commence in accordance with such Article.
 
3.2 CONTINUED PARTICIPATION
 
    A Participant in the Plan shall continue to be a Participant so long as any
amount remains credited to his or her Account.
 
ARTICLE IV - ELECTIVE DEFERRALS
 
4.1 ELECTIVE DEFERRALS
 
    An individual who is an Eligible Employee on the Effective Date may, by
completing an Election Form and filing it with the Plan Administrator by the end
of the first month following the Effective Date, elect to defer the receipt of a
percentage or dollar amount of one or more payments of Compensation for a period
of at least three Plan Years and on such terms as the ERISA Management Committee
may permit. Thereafter, any Eligible Employee may elect to defer the receipt of
a percentage or dollar amount of one or more payments of Compensation for a
period of at least three Plan Years and on such terms as the ERISA Management
Committee may permit, commencing with Compensation paid in the next succeeding
Plan Year, by completing an Election Form during the annual enrollment period
for the Plan as determined by the Plan Administrator. No Participant may defer
more than 100% of his or her Compensation for a Plan Year. A Participant's
Compensation shall be reduced in accordance with the Participant's election
hereunder and amounts deferred hereunder shall be paid by the Employer to the
Trust as soon as administratively feasible and credited to the Participant's
Account as of the date the amounts are received by the Trustee.
 
4.2 INVESTMENT ELECTION
 
    An individual who is an Eligible Employee and elects to defer Compensation
under this Plan shall elect to have his or her Account valued based on the
Valuation Option represented by the performance of one or more of the investment
funds listed in Appendix B of the Plan. Such Appendix B may be amended at any
time by an action of the ERISA Management Committee. If a Participant does not
elect a Valuation Option for any portion of his or her Account, that portion
shall be valued based on the Valuation Option represented by the performance of
Fund A.
 
ARTICLE V - ACCOUNTS
 
5.1 ACCOUNTS
 
    The Plan Administrator and/or the Record Keeper shall establish an Account
for each Participant reflecting his or her Elective Deferrals made for the
Participant's benefit together with any adjustments for income, gain or loss and
any payments from the Account. The Trustee will maintain and invest
 
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separate asset accounts corresponding to each Participant's Account. The Plan
Administrator and/or the Record Keeper shall establish sub-accounts for each
Participant that has more than one election in effect under Section 7.1 and such
other sub-accounts as are necessary for the proper administration of the Plan.
As of the last business day of each calendar quarter, the Plan Administrator
shall provide, or cause to be provided, the Participant with a statement of his
or her Account reflecting the income, gains and losses (realized and
unrealized), amounts of deferrals, fund transfers and distributions of such
Account since the prior statement.
 
5.2 INVESTMENTS
 
    The assets of the Trust shall be invested in such investments as the Trustee
shall determine. The Trustee may (but is not required to) consider the
Employer's or a Participant's investment preferences when investing the assets
attributable to a Participant's Account.
 
ARTICLE VI - VESTING
 
    A Participant shall be immediately vested in, i.e., shall have a
nonforfeitable right to, all Elective Deferrals, and all income and gain
attributable thereto, credited to his or her Account.
 
ARTICLE VII - PAYMENTS
 
7.1 ELECTION AS TO TIME AND FORM OF PAYMENT
 
    A Participant shall elect (on the Election Form used to elect to defer
Compensation under Article IV) the date at which the Elective Deferrals
(including any earnings attributable thereto) will commence to be paid to the
Participant. Payments to Participants shall be paid in annual installments over
a period of 10 years commencing by March 15 immediately following the end of the
deferral period, the amount of each installment to equal the balance of his or
her Account immediately prior to the installment divided by the number of
installments remaining to be paid.
 
    The above notwithstanding, a Participant may elect in writing to receive his
or her Elective Deferrals in one lump sum, in annual installments over a period
of five years, or in annual installments over a period of fifteen years, so long
as such election is made at least 13 months prior to the beginning of the
10-year installment payments.
 
7.2 CHANGE OF CONTROL
 
    As soon as possible following a Change of Control of the Employer, each
Participant shall be paid his or her entire Account balance in a single lump
sum.
 
7.3 TERMINATION OF EMPLOYMENT OR DISABILITY
 
    Upon termination of a Participant's employment for any reason other than
death, the Participant's Account shall be paid to the Participant in the form of
payment in effect at the time the disability or termination of employment
occurs; provided, however, that the Plan Administrator, in its sole discretion,
may pay out a Participant's Account balance in one lump sum.
 
7.4 DEATH
 
    If a Participant dies prior to the complete distribution of his or her
Account, the balance of the Account shall be paid as soon as practicable to the
Participant's designated beneficiary or beneficiaries, in the form elected by
the Participant at the time of his or her death, provided, however, that the
 
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ERISA Management Committee and/or the Plan Administrator may, in their sole
discretion, pay out the balance of such Participant's Account in one lump sum.
 
    Any designation of beneficiary and form of payment to such beneficiary shall
be made by the Participant on an Election Form filed with the Plan Administrator
and may be changed by the Participant at any time by filing another Election
Form containing the revised instructions. If no beneficiary is designated or no
designated beneficiary survives the Participant, payment shall be made to the
Participant's surviving spouse, or, if none, to his or her issue per stirpes, in
a single payment. If no spouse or issue survives the Participant, payment shall
be made in a single lump sum to the Participant's estate.
 
7.5 TAXES
 
    All federal, state or local taxes that the Plan Administrator determines are
required to be withheld from any payments made pursuant to this Article 7 shall
be withheld.
 
ARTICLE VIII - PLAN ADMINISTRATION
 
8.1 PLAN ADMINISTRATION AND INTERPRETATION
 
    The ERISA Management Committee shall oversee the administration of the Plan,
shall serve as the agent of "Company" with respect to the trust, and shall
appoint a Plan Administrator and/or Record Keeper for the day-to-day operations
of the Plan. Such Plan Administrator and/or Record Keeper shall be listed in
Appendix C to this Plan. The Committee shall have complete control and authority
to determine the rights and benefits under all claims, demands and actions
arising out of the provisions of the Plan of any Participant, beneficiary,
deceased Participant, or other person having or claiming to have any interest
under the Plan. The Committee shall have complete discretion to interpret the
Plan and to decide all matters under the Plan. Such interpretation and decision
shall be final, conclusive and binding on all Participants and any person
claiming under or through any Participant. Any individual(s) serving on the
Committee who is a Participant will not vote or act on any matter relating
solely to himself or herself.
 
8.2 COMMITTEE POWERS, DUTIES, PROCEDURES, ETC.
 
    The Committee shall have such powers and duties, may adopt such rules and
tables, may act in accordance with such procedures, may appoint such agents, may
delegate such powers and duties, may receive such reimbursements and
compensation, and shall follow such claims and appeal procedures with respect to
the Plan as it may establish.
 
8.3 PLAN ADMINISTRATOR'S DUTIES
 
    The Plan Administrator shall be responsible for the day-to-day operations of
the Plan. His or her duties shall include, but not be limited to, the following:
 
    (a) Keeping track of employees eligible to participate in the Plan and the
date each employee becomes eligible to participate.
 
    (b) Maintaining, or causing to be maintained by the Record Keeper,
Participants' Accounts, including all sub-accounts required for different
contribution types and payment elections made by Participants under the Plan and
any other relevant information.
 
    (c) Transmitting, or causing to be transmitted by the Record Keeper, various
communications to the Participant and obtaining information from Participants
such as changes in investment selections.
 
    (d) Filing reports required by various governmental agencies.
 
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    When making a determination or calculation, the Plan Administrator and the
Record Keeper shall be entitled to rely on information furnished by a
Participant, a beneficiary, the Employer or the Trustee. The Plan Administrator
shall have the responsibility for complying with any reporting and disclosure
requirements of ERISA.
 
8.4 INFORMATION
 
    To enable the Plan Administrator and/or Record Keeper to perform their
functions, the Employer shall supply full and timely information to the Plan
Administrator and/or Record Keeper on all matters relating to the compensation
of Participants, their employment, retirement, death, termination of employment,
and such other pertinent facts as the Plan Administrator and/or Record Keeper
may require.
 
8.5 INDEMNIFICATION OF COMMITTEE AND PLAN ADMINISTRATOR
 
    The Employer agrees to indemnify and to defend to the fullest extent
permitted by law any officer(s) or employee(s) who serve on the Committee or as
Plan Administrator (including any such individual who formerly served on the
Committee or as Plan Administrator) against all liabilities, damages, costs and
expenses (including attorneys' fees and amounts paid in settlement of any claims
approved by the Employer) occasioned by any act or omission to act in connection
with the Plan, if such act or omission is in good faith.
 
ARTICLE IX - AMENDMENT AND TERMINATION
 
9.1 AMENDMENTS
 
    The Employer shall have the right to amend the Plan from time to time,
subject to Section 9.3, by an action of the ERISA Committee of the Board of
Directors of the Employer. However, the preceding notwithstanding, the ERISA
Management Committee shall have the power to amend at any time the payment
provisions under Article VII of the Plan.
 
9.2 TERMINATION OF PLAN
 
    This Plan is strictly a voluntary undertaking on the part of the Employer
and shall not be deemed to constitute a contract between the Employer and any
Eligible Employee (or any other employee) or a consideration for, or an
inducement or condition of employment for, the performance of the services by
any Eligible Employee (or other employee). The Employer reserves the right to
terminate the Plan at any time, subject to Section 9.3, by an action of the
ERISA Committee of the Board of Directors. Upon termination, the Employer may
(a) elect to continue to maintain the Trust to pay benefits hereunder as they
become due as if the Plan had not terminated or (b) direct the Trustee to pay
promptly to Participants (or their beneficiaries) the vested balance of their
Accounts.
 
9.3 EXISTING RIGHTS
 
    No amendment or termination of the Plan shall adversely affect the rights of
any Participant with respect to amounts that have been credited to his or her
Account prior to the date of such amendment or termination.
 
ARTICLE X - MISCELLANEOUS
 
10.1 NO FUNDING
 
    The Plan constitutes a mere promise by the Employer to make payments in
accordance with the terms of the Plan and Participants and beneficiaries shall
have the status of general unsecured creditors
 
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of the Employer. Nothing in the Plan will be construed to give any employee or
any other person rights to any specific assets of the Employer or of any other
person. In all events, it is the intent of the Employer that the Plan be treated
as unfunded for tax purposes and for purposes of Title I of ERISA.
 
10.2 NON-ASSIGNABILITY
 
    None of the benefits, payments, proceeds or claims of any Participant or
beneficiary shall be subject to any claim of any creditor of any Participant or
beneficiary and, in particular, the same shall not be subject to attachment or
garnishment or other legal process by any creditor of such Participant or
beneficiary, nor shall any Participant or beneficiary have any right to
alienate, anticipate, commute, pledge, encumber or assign any of the benefits or
payments or proceeds which he or she may expect to receive, contingently or
otherwise, under the Plan.
 
10.3 LIMITATION OF PARTICIPANTS' RIGHTS
 
    Nothing contained in the Plan shall confer upon any person a right to be
employed or to continue in the employ of the Employer, or interfere in any way
with the right of the Employer to terminate the employment of a Participant in
the Plan at any time, with or without cause.
 
10.4 PARTICIPANTS BOUND
 
    Any action with respect to the Plan taken by the Plan Administrator or the
Employer or the Trustee or any action authorized by or taken at the direction of
the Plan Administrator, the Employer or the Trustee shall be conclusive upon all
Participants and beneficiaries entitled to benefits under the Plan.
 
10.5 RECEIPT AND RELEASE
 
    Any payment to any Participant or beneficiary in accordance with the
provisions of the Plan shall, to the extent thereof, be in full satisfaction of
all claims against the Employer, the Plan Administrator and the Trustee under
the Plan, and the Plan Administrator may require such Participant or
beneficiary, as a condition precedent to such payment, to execute a receipt and
release to such effect. If any Participant or beneficiary is determined by the
Plan Administrator to be incompetent by reason of physical or mental disability
(including minority) to give a valid receipt and release, the Plan Administrator
may cause the payment or payments becoming due to such person to be made to
another person for his or her benefit without responsibility on the part of the
Plan Administrator, the Employer or the Trustee to follow the application of
such funds.
 
10.6 GOVERNING LAW
 
    The Plan shall be construed, administered, and governed in all respects
under and by the laws of the State of New York. If any provision shall be held
by a court of competent jurisdiction to be invalid or unenforceable, the
remaining provisions hereof shall continue to be fully effective.
 
10.7 HEADINGS AND SUBHEADINGS
 
    Headings and subheadings in this Plan are inserted for convenience only and
are not to be considered in the construction of the provisions hereof.
 
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