Company type | Public |
---|---|
Industry | Newspapers |
Founded | September 18, 1851 |
Founders | |
Headquarters | The New York Times Building, , United States |
Area served | Worldwide |
Key people | |
Products | |
Revenue | US$2.43 billion (2023) |
US$276 million (2023) | |
US$232 million (2023) | |
Total assets | US$2.71 billion (2023) |
Total equity | US$1.76 billion (2023) |
Number of employees | c. 5,900 (2023) |
Website | nytco |
Footnotes /references [1] [2] [3] [4] |
The New York Times Company is an American mass-media company that publishes The New York Times and its associated publications and other media properties. Its headquarters are in Manhattan, New York City. [5]
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]
The company moved into the cable channel industry, purchasing a 40% interest in the Popcorn Channel, a theatrical movie preview and local movie times, in November 1994. [7] In 1996, it expanded upon its broadcasting by purchasing Palmer Communications, owners of WHO-DT in Des Moines and KFOR in Oklahoma City. [8]
The company completed its purchase of The Washington Post 's 50 percent interest in the International Herald Tribune (IHT) for US$65 million on January 1, 2003, becoming the sole owner. [9]
On March 18, 2005, the company acquired About.com, an online provider of consumer information, for US$410 million. [10] In 2005, the company reported revenues of US$3.4 billion to its investors. [11]
The Times, on August 25, 2006, acquired Baseline StudioSystems, an online database and research service on the film and television industries for US$35 million. [12]
The company announced on September 12, 2006, its decision to sell its Broadcast Media Group, consisting of "nine network-affiliated television stations, their related Web sites and the digital operating center". [13] The New York Times reported on January 4, 2007, that the company had reached an agreement to sell all nine local television stations to the private equity firm Oak Hill Capital Partners, which then created a holding company for the stations, Local TV LLC. [14] [15] The company announced that it had finalized the sale of its Broadcast Media Group on May 7, 2007, for "approximately $575 million". [15]
On May 7, 2007, the company announced that its About.com web information service was acquiring Consumersearch.com, a Web site that compiles reviews of consumer products, for $33 million in cash. [16]
In 2007, the company moved from 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. [17]
On 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 noncommercially 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. [18]
In December 2011, the company sold its Regional Media Group to Halifax Media Group, 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. [19] In 2011, the Times sold Baseline StudioSystems back to its original owners, Laurie S. Silvers and Mitchell Rubenstein, majority shareholders of Project Hollywood LLC. [12]
Facing falling revenue from print advertising in its flagship publication in 2011, The New York Times, the company introduced a paywall to its website. As of 2012, it had been modestly successful, garnering several hundred thousand subscriptions and about $100 million in annual revenue. [20]
In 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. [21] [22]
After forming an editorial partnership with the New York Times in 2015, [23] The Wirecutter was acquired by the Times in October 2016 for a reported $30 million.
In March 2020, the New York Times Company acquired subscription-based audio app, Audm. [24]
In July 2020, the New York Times Company acquired podcast production company Serial Productions. [25] The same month, the company appointed chief operating officer Meredith Kopit Levien to the position of CEO. [26]
In February 2022, the New York Times Company bought The Athletic , a subscription-based sports news website, for $550 million. [27] Its founders, Alex Mather and Adam Hansmann, stayed with the publication, which is run separately from the Times. [28] Later that month, it acquired Wordle, an Internet word puzzle game that grew from 90 players in October 2021 to millions at the time of purchase. [29]
ValueAct Capital took a stake in the company in August 2022. [30] ValueAct aims to encourage the company to more actively pursue the sale of "bundled" subscriptions to its various offerings. [30]
The paper bought AM radio station WQXR (1560 kHz) in 1944. [31] Its "sister" FM station, WQXQ, became WQXR-FM (96.3 MHz). Branded as "The Stereo Stations of The New York Times", its classical music radio format was simulcast on both the AM & FM frequencies until December 1992, when the big-band and pop standards music format of station WNEW (1130 kHz – now WBBR/"Bloomberg Radio") was transferred to and adopted by WQXR; in recognition of the format change, WQXR changed its call letters to WQEW (a "hybrid" combination of "WQXR" and "WNEW"). [32] By 1999, The New York Times was leasing WQEW to ABC Radio for its "Radio Disney" format. [33] In 2007, WQEW was finally purchased by Disney; in late 2014, it was sold to Family Radio (a religious radio network) and became WFME. [34] In 2009, WQXR-FM was sold to the WNYC radio group and, on October 8, moved from 96.3 to 105.9 MHz (swapping frequencies with Spanish-language station WXNY-FM, which wanted the more powerful transmitter to increase its coverage) and began operating it as a noncommercial, public radio station. [35]
Alongside its namesake newspaper, the company owns The New York Times International Edition and related digital properties including NYTimes.com, as well as various brand-related properties. [36]
Since September 25, 1997, the company has been listed on the New York Stock Exchange under the symbol NYT. From April 27, 1967, until January 13, 1969, the company's Class A common stock traded over the counter. From January 14, 1969, until September 24, 1997, the shares were traded on the American Stock Exchange. [37] Of the two categories of stock, Class A and Class B, the former is publicly traded and the latter is held privately—largely (over 90% through The 1997 Trust) by the descendants of Adolph Ochs, who purchased The New York Times newspaper in 1896. [38]
On January 20, 2009, The New York Times reported that its parent company, the New York Times Company, had reached an agreement to borrow $250 million from Mexican billionaire Carlos Slim, "to help the newspaper company finance its businesses". [39] The New York Times Company later repaid that loan ahead of schedule. [40] Since then, Slim has bought large quantities of the company's Class A shares, which are available for purchase by the public and offer less control over the company than Class B shares, which are privately held. [40] Slim's investments in the company included large purchases of Class A shares in 2011, when he increased his stake in the company to 8.1% of Class A shares, [41] and again in 2015, when he exercised stock options—acquired as part of a repayment plan on the 2009 loan—to purchase 15.9 million Class A shares, making him the largest shareholder. [40] [42] As of March 7, 2016, Slim owned 17.4% of the company's Class A shares, according to annual filings submitted by the company. [43] [44] While Slim is the largest shareholder in the company, his investment only allows him to vote for Class A directors, a third of the company's board. [40]
As of June 2024: [update] [45]
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. [46]
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. The award has been given to ten exceptional librarians annually since that date. [47]
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. [48] The first winner was Tarell Alvin McCraney for his play "The Brothers Size". [49] In 2010, Dan LeFranc won for his play "Sixty Miles to Silver Lake". [50]
Satellite radio is defined by the International Telecommunication Union (ITU)'s ITU Radio Regulations (RR) as a broadcasting-satellite service. The satellite's signals are broadcast nationwide, across a much wider geographical area than terrestrial radio stations, and the service is primarily intended for the occupants of motor vehicles. It is available by subscription, mostly commercial free, and offers subscribers more stations and a wider variety of programming options than terrestrial radio.
iHeartMedia, Inc., or CC Media Holdings, Inc., is an American mass media corporation headquartered in San Antonio, Texas. It is the holding company of iHeartCommunications, Inc., formerly Clear Channel Communications, Inc., a company founded by Lowry Mays and Red McCombs in 1972, and later taken private by Bain Capital and Thomas H. Lee Partners in a leveraged buyout in 2008.
Urban One, Inc. is an American media conglomerate based in Silver Spring, Maryland. Founded in 1980 by Cathy Hughes, the company primarily operates media properties targeting African Americans.
Sir Mark John Thompson is a British and American media executive who is Chairman of the Board of Directors of Ancestry, the largest for-profit genealogy company in the world, and Chief Executive Officer of the Cable News Network (CNN). He is the former president and chief executive officer of The New York Times Company. From 2004 to 2012, he was Director-General of the BBC, and before that was the Chief Executive of Channel 4. In 2009 Thompson was ranked as the 65th most powerful person in the world by Forbes magazine. He was elected to the American Philosophical Society in 2017.
WQXR-FM is an American non-commercial classical radio station, licensed to Newark, New Jersey, and serving the North Jersey and New York City area. It is owned by the nonprofit organization New York Public Radio (NYPR), which also operates WNYC (AM), WNYC-FM and the four-station New Jersey Public Radio group. WQXR-FM broadcasts from studios and offices located in the Hudson Square neighborhood in lower Manhattan and its transmitter is located at the Empire State Building. The station is the core audio service for NYPR's WQXR brand.
Cumulus Media, Inc. is a broadcasting company of the United States and is the second largest owner and operator of AM and FM radio stations in the United States ahead of Audacy and behind iHeartMedia. As of June 2019, Cumulus lists ownership of 428 stations in 87 media markets. It also owns and operates Westwood One. Its headquarters are located in Atlanta, Georgia. Its subsidiaries include Cumulus Broadcasting LLC, Cumulus Licensing LLC and Broadcast Software International Inc.
The second incarnation of CBS Corporation was an American multinational media company with interests primarily in commercial broadcasting, publishing, and television production. It was formed on December 31, 2005, as the legal successor of the original Viacom, following the spin-off of the second incarnation of Viacom; both CBS Corporation and the second Viacom were controlled by National Amusements, a theater company owned by billionaire Sumner Redstone.
Emmis Corporation is an American media conglomerate based in Indianapolis, Indiana, United States. Emmis, based on the Hebrew word for "Truth" (Emet) was founded by Jeff Smulyan in 1980. Emmis has owned many radio stations, including KPWR and WQHT, which have notoriety for their Hip Hop Rhythmic format as well as WFAN, which was the world's first 24-hour sports talk radio station. In addition to radio, Emmis has invested in TV, publishing, and mobile operations throughout the U.S.
Audacy, Inc. is an American broadcasting company based in Philadelphia, Pennsylvania. Founded in 1968 as Entercom Communications Corp., it is the second largest radio company in the United States, owning over 220 radio stations across 47 media markets.
WFME is a non-commercial AM radio station licensed to New York, New York. The station is owned by Family Radio, a Christian radio network based in Franklin, Tennessee.
Citadel Broadcasting Corporation was a Las Vegas, Nevada-based broadcast holding company founded and developed by Larry Wilson. Citadel owned 243 radio stations across the United States and was the third-largest radio station owner in the country. Just prior to Citadel's merger with Cumulus, only Clear Channel Communications and Cumulus Media owned more stations.
Shamrock Holdings, or Shamrock, is a private equity firm founded as the Roy E. Disney family's investment firm; the Disney family remains its sole investor. Shamrock is a private corporation, and is fully owned by the estate of Roy E. Disney.
Infinity Broadcasting Corporation was a radio company that existed from 1972 until 2005. It was founded by Michael A. Wiener and Gerald Carrus. It became associated with popular radio personalities like Howard Stern, Opie and Anthony, Don Imus and Mike Francesa. Infinity merged with CBS Corporation in 1997 and later became part of Viacom in 2000, when CBS and Viacom merged, serving as the radio division of CBS. After the Viacom split in 2005, Infinity changed its name to CBS Radio; the company would later merge with Entercom, presently known as Audacy, Inc.
KHOW is a commercial radio station licensed to Denver, Colorado, and serving the Denver metropolitan area. The station is owned by iHeartMedia, Inc. KHOW is one of three iHeart-owned stations in Denver with a news/talk radio format. Co-owned KOA has mostly local shows, KDFD carries nationally syndicated programs, while KHOW airs a mix of local and syndicated hosts. Studios and offices are on South Monaco Street in Denver.
Sirius XM Holdings Inc. is an American broadcasting corporation headquartered in Midtown Manhattan, New York City, that provides satellite radio and online radio services operating in the United States. The company was formed by the 2008 merger of Sirius Satellite Radio and XM Satellite Radio, merging them into SiriusXM Radio. The company also has a 70% equity interest in Sirius XM Canada, an affiliate company that provides Sirius and XM service in Canada. On May 21, 2013, Sirius XM Holdings, Inc. was incorporated, and in January 2020, SiriusXM reorganized their corporate structure, which made Sirius XM Radio Inc. a direct, wholly owned subsidiary of Sirius XM Holdings, Inc.
New York Public Radio (NYPR) is a New York City-based independent, publicly supported, not-for-profit media organization incorporated in 1979. Its stated mission is "To make the mind more curious, the heart more open and the spirit more joyful through excellent audio programming that is deeply rooted in New York."
WNYC-FM (93.9 MHz) is a non-commercial public radio station, licensed to New York, New York. It, along with WNYC (AM), is one of the primary outlets for WNYC branded programming provided by the non-profit New York Public Radio (NYPR).
Jason M. Levien is an American sports executive. He is the CEO and managing general owner of the Major League Soccer club D.C. United and co-owner of Swansea City, a Welsh football club, and the Brisbane Bullets, an Australian basketball club.
Laura Ruth Walker is an American executive and current President of Bennington College. From 1995 to 2019, Walker was President and CEO of New York Public Radio (NYPR), a nonprofit media organization that operates WNYC, WNYC Studios, classical WQXR-FM, the website Gothamist, New Jersey Public Radio, and The Jerome L. Greene Performance Space. The organization produces programs for local and national audiences, including The Brian Lehrer Show, Radiolab, More Perfect, On The Media, Nancy, The New Yorker Radio Hour, Trump, Inc., Death, Sex & Money, Snap Judgment, Here’s the Thing with Alec Baldwin, All Of It, The Takeaway, Caught, The United States of Anxiety, Aria Code, Carnegie Hall Live, and 2 Dope Queens, reaching an average audience of 23.4 million people each month. New York Public Radio received ten George Foster Peabody Awards and five Alfred I. duPont awards during her tenure.
Meredith Kopit Levien is an American media executive who is the chief executive officer of The New York Times Company.
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.
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.
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.