Can NY Times Spend Its Way Out Of Declining Print Circulation?
New York Times Company: Growth Path Still Unclear
Johannes Salim, CFA
Johannes Salim, CFA
Wed, Jun. 29, 5:58 AM
Wed, May 25, 11:35 AM
- The New York Times Co. (NYT -0.3%) is offering voluntary buyouts to employees in several business departments as well as the newsroom this month.
- Last week, Executive Editor Dean Baquet had said there would be no plans for layoffs for the rest of 2016 but that the paper would take other measures to cut costs and shift others.
- It's the first round of buyouts offered since an October 2014 announcement that the company planned to cut about 100 newsroom jobs (and then executed layoffs after not receiving enough voluntary buyouts).
- The new moves are part of a continuing shift to digital and to double digital revenue by 2020, a memo from Baquet and Publisher Arthur Sulzberger Jr. stated.
Tue, May 3, 8:33 AM
Mon, May 2, 5:30 PM
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Mon, Mar. 14, 10:48 AM
- After 10 years as editorial page editor at The New York Times (NYT -1.2%) Andrew Rosenthal is stepping down and James Bennet is rejoining the paper to take his place.
- Bennet has spent the past decade as editor-in-chief of The Atlantic. He was formerly Jerusalem bureau chief and a White House correspondent among other roles at the NYT before departing for The Atlantic.
- Bennet is rejoining the NYT effective May 2.
- Rosenthal said he had been thinking about his plans after publisher Arthur Ochs Sulzberger began discussing family succession at the company last fall. Sulzberger said a deputy publisher would be named within two years.
- Previously: New York Times publisher sets two-year family succession plan (Nov. 02 2015)
Fri, Mar. 11, 4:14 PM
- The New York Times Co. (NYT +2.2%) has acquired social-media marketing firm HelloSociety from incubator Science Inc., in an all-cash deal today.
- The company will integrate HelloSociety -- known for driving engagement for brands through networks like Pinterest, Instagram, Vine, YouTube and blogs -- into its T Brand Studio content unit.
- "Our technology will make it easier for The New York Times’ advertisers to create customized campaigns and content to resonate across any social channel," says HelloSociety chief Kyla Brennan.
Thu, Feb. 18, 5:56 PM
Thu, Feb. 4, 10:40 PM
- The New York Times Co. (NYSE:NYT) finished up 1.6% after a Q4 earnings report characterized by 48% growth in net income paced by digital growth, but revenue that was flat overall.
- The company is undergoing a strategic newsroom revamp, designed to advance its digital growth but also to continue success with cost-cutting.
- “We must turn some things off, and build up the areas that set us apart,” Editor in Chief Dean Baquet said in a memo, adding that "cost is a factor in this exercise.”
- Revenue breakout: Circulation, $213.3M (up 1.3%); Advertising, $204.8M (down 1.3%); Other, $26.5M (up 0.2%).
- Circulation revenues benefited from a digital-sub effort, and a price increase for home delivery mitigated an overall decline in print copies.
Thu, Feb. 4, 8:34 AM
- New York Times (NYSE:NYT): Q4 EPS of $0.37 beats by $0.07.
- Revenue of $444.69M (flat Y/Y) beats by $5.12M.
Wed, Feb. 3, 5:30 PM
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Mon, Jan. 11, 6:18 PM
- The New York Times Co. (NYT -0.6%) is already making money off of virtual reality, it says, and it doesn't intend a slowdown in 2016.
- The key is the use of inexpensive Google Cardboard rather than a $600 headset like Facebook's Oculus Rift. The company sent a million newspaper subscribers the assembly-required headset in the fall, through a partnership with Google.
- After putting out its first VR reportage, including The Displaced (about child war refugees) and Take Flight (about air travel), the company says it's working.
- “VR is already margin-positive for us," says CEO Mark Thompson. "We’re making money out of VR. We expect to make money from VR again in 2016.”
- Most months of the year, he says, there will be a "new, big piece of work from us." And the company will curate VR content as well.
Dec. 17, 2015, 4:46 PM
- New York Times (NYSE:NYT) declares $0.04/share quarterly dividend, in line with previous.
- Forward yield 1.2%
- Payable Jan. 28; for shareholders of record Jan. 13; ex-div Jan. 11.
Nov. 2, 2015, 2:59 PM
- Longtime New York Times (NYSE:NYT) Chairman and Publisher Arthur Ochs Sulzberger has set a timetable for succession, saying a deputy publisher will be named within two years.
- That doesn't mean that the family won't retain tight control, as three expected finalists are all fifth-generation family members at the company. Sources point to Sulzberger's son, Arthur Gregg Sulzberger, as the heir apparent.
- A steady climb today has brought NYT stock to a 4.4% gain, just 4.5% below its 52-week high.
- "I’ve been in my role as publisher for more than 20 years and I’ve hit my mid-sixties, so it should come as no surprise that the task of choosing my successor has begun," the senior Sulzberger told staff. "Within two years we intend to name a deputy publisher."
- The publisher's discussion today also laid out a six-point strategy for the future, including expanding international readership and video along with re-imagining print and expanding the product portfolio.
Oct. 29, 2015, 12:09 PM
- The New York Times Co. (NYSE:NYT) is up 1.8% after posting a Q3 beat on top and bottom lines and added more digital subscribers as declines in print ads slowed a bit.
- EPS tripled to $0.09 from the year prior, as revenues gained slightly but were paired with cost reductions.
- "It was our best advertising quarter of the year, year-over-year, despite a decline in digital advertising revenue, with better performance in print," says CEO Mark Thompson. "We remain bullish about our digital advertising business and expect it to return to growth in the fourth quarter."
- Revenue by segment: Circulation, $209.1M (up 1.1%); Advertising, $135.4M (down 2.1%); other, $23M (up 16.2%).
- The company added 51,000 net digital subscribers to hit 1.041M, its biggest quarter for additions since Q4 2012.
- It's expecting Q4 circulation revenues to increase at a rate similar to Q3, and for ad revenues to decrease in the mid-single digits Y/Y, and adjusted operating costs to decline in the low single digits.
Oct. 29, 2015, 8:32 AM
- New York Times (NYSE:NYT): Q3 EPS of $0.09 beats by $0.03.
- Revenue of $367.4M (+0.7% Y/Y) beats by $2.73M.
Oct. 28, 2015, 5:30 PM
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The New York Times Co. is a global media organization focused on creating, collecting and distributing news and information and engages in publishing newspapers, digital businesses, investments in paper mills and other investments. The company operates through two divisions: New York Times Media... More
Industry: Publishing - Newspapers
Country: United States
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