The New York Times Company

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Coordinates: 40°45′22″N 73°59′25″W / 40.75611°N 73.99028°W / 40.75611; -73.99028

The New York Times Company
Type Public
Traded as NYSENYT
Industry Newspapers
Founded September 18, 1851 (1851-09-18)
Founders Henry Jarvis Raymond
Headquarters The New York Times Building, New York City, New York, United States
Key people Arthur O. Sulzberger, Jr.
(Chairman)
Michael Golden
(Vice Chairman)
Mark Thompson
(President and CEO)
Products The New York Times
International New York Times
Several other U.S. media properties
Revenue Decrease US$ 1.577 billion (2013)[1]
Operating income Increase US$156.087 million (2013)[1]
Net income Decrease US$64.856 million (2013)[1]
Total assets
  • Decrease US$ 2.572552 billion (2013) [2]
  • Decrease US$ 2.80747 billion (2012) [2]
Total equity Increase US$846.534 million (2013)[1]
Employees 3,529 (December 2013)[1]
Website nytco.com

The New York Times Company is an American media company which publishes its namesake, The New York Times. Arthur Ochs Sulzberger, Jr., has served as Chairman of the Board since 1997.[3][4] It is headquartered in Midtown Manhattan, New York, New York.[5]

Overview[edit]

History[edit]

The company was founded by Henry Jarvis Raymond and George Jones in New York City. The first edition of the newspaper The New York Times, published on September 18, 1851, stated: "We publish today the first issue of the New-York Daily Times, and we intend to issue it every morning (Sundays excepted) for an indefinite number of years to come."[6]

Company holdings[edit]

Alongside its namesake newspaper, the company also owns the International New York Times and their related digital properties including NYTimes.com.[7]

Company stock profile[edit]

Since 1967, the company has been listed on the New York Stock Exchange under the symbol NYT. Of the two categories of stock, Class A and Class B, the former is publicly traded and the latter is held privately --- largely (nearly 90%) by the descendants of Adolph Ochs, who purchased The New York Times newspaper in 1896.

Board of Directors[edit]

At the April 2005 board meeting, Class B shareholders elected nine of the fourteen directors of the company.[8]

Chronology[edit]

January 1, 2003 – The company completed its purchase of The Washington Post's 50 percent interest in the International Herald Tribune (IHT) for US$65 million. The New York Times Company, which had owned 50% of the IHT, became the sole owner.[9]

March 18, 2005 – The company acquired About.com, an online provider of consumer information for US$410 million. In 2005, the company reported revenues of US$3.4 billion to its investors.

August 25, 2006 – The company acquired Baseline StudioSystems, an online database and research service on the film and television industries for US$35 million. In 2011, the Times sold the service back to its original owners, Laurie S. Silvers and Mitchell Rubenstein, majority shareholders of Project Hollywood LLC.[10]

September 12, 2006 – The company announced its decision to sell its Broadcast Media Group, consisting of "nine network-affiliated television stations, their related Web sites and the digital operating center" [11]

January 4, 2007 – The New York Times reported that the company had reached an agreement to sell all nine local television stations to the private equity firm Oak Hill Capital Partners.[12][13]

May 17, 2007 – The company announced that it had finalized the sale of its Broadcast Media Group on May 7, 2007, for "approximately $575 million."[13]

November 19, 2007 – The company staged a gala opening after relocating its headquarters from the previous location at 229 West 43rd Street to The New York Times Building at 620 Eighth Avenue, on the west side of Times Square, between 40th and 41st streets across from the Port Authority of New York & New Jersey Bus Terminal.[14]

July 14, 2009 – The company announced that WQXR was to be sold to WNYC, which moved the station to 105.9 FM and began to operate the station as non-commercial on October 8, 2009. This US$45 million transaction, which involved Univision Radio's WCAA moving to the 96.3 FM frequency from 105.9 FM, ended the Times' 65-year-long ownership of the station.[15]

December 27, 2011 – The Boston Globe reported that the company would sell its Regional Media Group to Halifax Media Holdings LLC, owners of The Daytona Beach News-Journal, for $143 million. The Boston Globe and The Telegram & Gazette of Worcester were not part of the sale.[16]

2011 – Facing falling revenue from print advertising in its flagship publication, The New York Times, the company introduced a paywall to its website. As of 2012, it has been modestly successful, garnering several hundred thousand subscriptions and about $100 million in annual revenue.[17]

2013 – The New York Times Company sold The Boston Globe and other New England media properties to John W. Henry, the principal owner of the Boston Red Sox. According to the Times Company, the move was made in order to focus more on its core brands.[18][19]

Community awards[edit]

2008 I Love My Librarian award recipients Linda Allen and Margaret "Gigi" Lincoln talk with Janet Robinson in The New York Times Building.

The company sponsors a series of national and local awards designed to highlight the achievements of individuals and organizations in different realms.

In 2007, it inaugurated its first Nonprofit Excellence Award, awarded to four organizations "for the excellence of their management practices". Only nonprofits in New York City, Long Island, or Westchester were eligible.[20]

Jointly with the Carnegie Corporation of New York and the American Library Association, The New York Times Company sponsors an award to honor librarians "for service to their communities." The I Love My Librarian! award was given to ten recipients in December 2008, and presented by The New York Times Company president and CEO Janet L. Robinson, Carnegie Corporation president Vartan Gregorian, and Jim Rettig, president of the American Library Association.[21]

In May 2009, the company launched The New York Times Outstanding Playwright Award to honor an American playwright who had recently had his or her professional debut in New York. The first winner was Tarell Alvin McCraney for his play "The Brothers Size". In 2010, Dan LeFranc won for his play "Sixty Miles to Silver Lake".

See also[edit]

Notes[edit]

  1. ^ a b c d e The New York Times Company Form 10-K, Securities and Exchange Commission, February 26, 2014
  2. ^ a b "NEW YORK TIMES CO 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 26, 2014. 
  3. ^ The New York Times (May 10, 2008). "Times Publisher and His Wife Separate". The New York Times. Retrieved February 2, 2009. 
  4. ^ "Arthur Sulzberger, Jr. Biography"
  5. ^ "Contact Us". The New York Times Company. Retrieved August 28, 2009. 
  6. ^ "Timeline". The New York Times Company. Retrieved September 29, 2008. 
  7. ^ "Business Units". The New York Times Company. Retrieved August 29, 2008. "The New York Times Company, a leading media company with 2007 revenues of $3.2 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, 16 other daily newspapers, WQXR-FM, and more than 50 Web sites, including NYTimes.com, Boston.com, and About.com. The Company's core purpose is to enhance society by creating, collecting, and distributing high-quality news, information, and entertainment." 
  8. ^ "2005 Proxy Statement". The New York Times Company. Retrieved August 23, 2008. 
  9. ^ Kirkpatrick, David D. (January 2, 2003). "International Herald Tribune Now Run Solely by The Times". The New York Times. Retrieved August 29, 2008. "The International Herald Tribune, descendant of an American paper first published in Paris in 1887, is appearing today for the first time under the sole ownership and management of The New York Times Company. The takeover ends an anomalous 35-year partnership between The Times and its domestic competitor The Washington Post that produced a journalistic hybrid consisting mainly of articles and editorials from both papers compiled by editors in Paris. In October, The Times reached an agreement to buy The Post's 50 percent stake in the venture for about $70 million -- in part, The Post said, by threatening to start a rival paper overseas." 
  10. ^ "NY Times Sells TV/Movie Database Baseline". Deadline.com. October 7, 2011. 
  11. ^ "The New York Times Company Announces Plan to Sell Its Broadcast Media Group" (Press release). The New York Times Company. September 12, 2006. Retrieved July 23, 2008. 
  12. ^ Story, Louise (January 4, 2007). "New York Times to Sell 9 Local TV Stations". The New York Times. Retrieved August 23, 2008. 
  13. ^ a b "The New York Times Company Reports April Revenues" (Press release). The New York Times Company. May 17, 2007. Retrieved August 23, 2008. "On May 7, 2007, the Company sold the Broadcast Media Group, consisting of nine network-affiliated television stations, their related Web sites and the digital operating center, for approximately $575 million." 
  14. ^ "The New York Times Company Enters The 21st Century With A New Technologically Advanced And Environmentally Sensitive Headquarters" (Press release). The New York Times Company. November 19, 2007. Retrieved August 23, 2008. 
  15. ^ Bensinger, Greg (July 14, 2009). "New York Times to Get $45 Million for Radio Station". Bloomberg News. Retrieved July 18, 2009. 
  16. ^ Staff/wire reports (December 27, 2011). "New York Times agrees to sell regional news group". The Boston Globe. Retrieved December 30, 2011. 
  17. ^ Sass, Erik (March 12, 2012). "'NYT' Pay Wall Could Bring $100M Annually". Media Daily News. Retrieved March 13, 2012. 
  18. ^ Christine, Haughney (August 3, 2013). "New York Times Company Sells Boston Globe". The New York Times. Retrieved 4 August 2013. 
  19. ^ "Red Sox Principal Owner to Buy Boston Globe Newspaper". The Wall Street Journal. August 3, 2013. Retrieved August 5, 2013. 
  20. ^ "The New York Times Company Announces Four Winners of Its First Nonprofit Excellence Awards" (Press release). The New York Times Company. June 28, 2007. Retrieved December 10, 2008. 
  21. ^ "Carnegie Corporation of New York/New York Times I Love My Librarian Award winners announced" (Press release). American Library Association. December 8, 2008. Retrieved February 3, 2009. 

External links[edit]