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

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

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.

We've seen what's happened in other towns like Oxford [where school construction costs keep growing beyond the budget]. We don't want to be like that.

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.

We continue to benefit from very strong double-digit advertising growth at our digital operations, particularly About.com, ... But elsewhere, advertising is weaker than expected.