On October 3, 1932 Times New Roman, a serif typeface, made its debut in the London newspaper, The Times. Its design was supervised by typographer and typographic historian Stanley Morison of the English branch of Monotype, and drawn by Victor Lardent, an artist from the advertising department of The Times. Morison used an older font named Plantin as the basis for his design, but made revisions for legibility and economy of space.
"The Times considers the introduction of Times New Roman in 1932 as their “greatest change in presentation” (Driver, 2009). Although they only had an exclusive usage right for one year, they stuck with the typeface for forty years. In 1972 Times New Roman was replaced by Times Europa, which was a redesign adapted to faster presses and paper of lower quality. The Times entered the computer age in 1986 with Times Roman. The computer drawn version of the original Times New Roman did not make a quality impression and was therefore replaced by Times Millennium in 1991, which was the first version that was redesigned on a computer. Times Millennium was narrower than its forerunner but allowed more white space around the letters. Times Classic followed in 2002. Seven years later, Times Modern was introduced as the new typeface for the headlines. It was the answer to less space in a smaller-sized newspaper. Hence it is a condensed face" (https://beatwicki.wordpress.com/2010/03/01/times-new-roman/, accessed 01-17-2015).