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About The New York Times Company

"All the News That's Fit to Print and Post Online" would be a more accurate motto for The New York Times Company, which publishes The New York Times along with other print and digital products. The iconic newspaper is one of the world's most respected sources of news, having won 125 Pulitzer Prizes and citations, more than any other newspaper. New York Times Co. also publishes an international edition of its flagship paper, tailored for global audiences. The company's other holdings include NYTimes.com; product review site Wirecutter; mobile apps for news, crossword puzzles, and cooking; podcasts; and assets devoted to licensing, digital marketing, and commercial printing.

Operations

New York Times Co. had approximately 4.3 million paid subscriptions to its digital and print products at the close of 2018. Paid digital-only subscriptions reached approximately 3.4 million. Average print circulation (which includes paid and qualified circulation of the newspaper in print) for 2018 was approximately 487,000 for weekday (Monday to Friday) and 992,000 for Sunday. 

The company mainly generates revenue from subscription and advertising. Subscription fees accounts for about 60% of revenue and includes the sale of subscriptions to company's print, web, and mobile products and single-copy sales of company's print newspaper. Advertising accounts for about 33% of total revenue. Print advertising represent 54% of total ad revenues while digital ads represent 46%.

Other sources of revenue include New York Times Co.'s licensing division, which transmits content to approximately 1,800 newspapers, magazines, and websites in over 100 countries and territories; Wirecutter, a product review and recommendation website that offers direct links to merchants in exchange for a portion of the sale price; commercial printing, which uses excess capacity at its printer to print products for third parties; and NYT Live, a platform for live journalism that convenes thought leaders at conferences and events to discuss topics ranging from education to sustainability to business. The company also earns revenue from leasing space in its New York headquarters building.

Geographic Reach

New York Times Co.'s papers are distributed worldwide in print and digital across 217 countries and territories. Average circulation for the international edition of the paper (which includes paid circulation of the newspaper in print and electronic replica editions) for 2018 and 2017 was approximately 170,000 and 173,000, respectively. Globally, NYTimes.com had a 2018 monthly average of approximately 134 million unique visitors on computers or mobile devices. 

The New York Times is printed at the company's production and distribution facility in College Point, New York, as well as under contract at 26 remote print sites across the US. The international edition of the paper is printed at 37 sites throughout the world and is sold in over 134 countries and territories.

Sales and Marketing

The New York Times is delivered to newsstands and retail outlets in the New York metropolitan area through a combination of third-party wholesalers and the company's own drivers. In other markets the paper is delivered through agreements with other newspapers and third-party delivery agents.

New York Times Co.'s marketing and promotional expenses totaled $156.3 million, $118.6 million, and $89.8 million for 2018, 2017, and 2016, respectively.

Financial Performance

While New York Times Co.'s financials remain healthy, especially relative to other newspaper publishers, the company's growth in revenue and net income over the last five years has been somewhat volatile. Digital advertising revenue has yet to replace lost print advertising revenue, while net income has been challenged by severance expenses and increasing marketing and other operating costs.

The company reported more than $1.7 billion in revenue for fiscal 2018, up slightly from more than $1.6 billion. Total subscription revenue increased, partially offset by a decline in print subscription revenue. Other revenue increased due to growth from commercial printing, affiliate referral revenue from Wirecutter, and rental revenue from leasing space in its New York headquarters building.

Net income was $127.5 million in 2018, up from $6.8 million the prior year when results were hurt in part by a pension settlement and a tax-related charge.

Cash at the end of 2018 was $241.5 million, up from $182.9 million in 2017. Operating activities generated $157.1 million, while investing activities used $101.1 million. Financing activities generated $3.8 million.

Strategy

New York Times Co. touts its original and high-quality content and journalistic excellence as setting it apart from other news organizations in an industry that as been hit hard by the shift from print to digital and the subsequent decline in readership and ad revenue. The publisher has received more Pulitzer prizes than any other news organization.

The company has been busy investing in making enhancements to existing products and developing new ones. For example, its popular news podcast, The Daily, was the most downloaded podcast on Apple's iTunes in 2018. And during the year, it announced the development of a new TV show called The Weekly, giving it a new platform through which to deliver its journalism. It is also investing in opportunities to reach more readers in the UK and Australia. 

Not all the company's recent growth initiatives have been successful. For example, in 2019 it closed its NYT en Español, the Spanish language site it launched in 2016. The site was run out of Mexico City and published around 10 stories in translation and original stories each day, but did not prove financially successful.

Company Background

The New York Times Co.'s print edition newspaper commenced publication in 1851. Its core news website, NYTimes.com, was launched in 1996. The company began charging consumers for digital content in 2011.

The New York Times Company

620 8th Ave
New York, NY 10018-1618
Phone: 1 (212) 556-1234

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: NYT
Stock Exchange: , NYSE
EVP and COO: Meredith Kopit Levien
Chairman, The New York Times Company and Publisher, The New York Times: Arthur O. Sulzberger
President and CEO: Mark Thompson
Employees (This Location): 277
Employees (All Locations): 4,500

Major Office Locations

New York, NY

Other Locations

Los Angeles, CA
San Francisco, CA
Washington, DC
Miami, FL
Atlanta, GA
Chicago, IL
Houma, LA
Whitinsville, MA
Worcester, MA
Flushing, NY
New York, NY
Houston, TX
Norfolk, VA
Beijing, China
Moscow, Russia