The Times New Roman typeface is probably based on a font designed by William Starling Burgess some 30 years before.
Times New Roman was created in 1931 by Victor Larden under the guidance of Stanley Morison. The typeface was commissioned by The Times UK. They approached Morison who had voiced his criticism of the typeface the newspaper had been employing. The Times ended up using Times New Roman for 40 years straight.