The New York Times Company

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The New York Times Company
Public
Traded as NYSENYT
Industry Newspapers
Founded September 18, 1851
Founder Henry Jarvis Raymond
Headquarters The New York Times Building, Manhattan, New York, United States
Key people
Arthur Ochs 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 Increase US$ 1.588 billion (2014)[1]
Decrease US$91.948 million (2014)[1]
Decrease US$33.307 million (2014)[1]
Total assets
  • Decrease US$ 2.566 billion (2014)[2]
  • Decrease US$ 2.572 billion (2013)[2]
Total equity Decrease US$728.349 million (2014)[1]
Number of employees
3,588 (December 2014)[1]
Website www.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 since 1997.[3][4] It is headquartered in Manhattan, New York.[5]

History

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]

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.[8]

On 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.[citation needed]

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.[9]

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"[10] 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.[11][12] The company announced that it had finalized the sale of its Broadcast Media Group on May 7, 2007, for "approximately $575 million."[12]

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.[13]

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 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.[14]

On 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.[15] In 2011, the Times sold Baseline StudioSystems back to its original owners, Laurie S. Silvers and Mitchell Rubenstein, majority shareholders of Project Hollywood LLC.[9]

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 has been modestly successful, garnering several hundred thousand subscriptions and about $100 million in annual revenue.[16]

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.[17][18]

Company holdings

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Alongside its namesake newspaper, the company also owns the International New York Times and their related digital properties including NYTimes.com.[19]

Company stock profile

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. In 2015, Mexican billionaire Carlos Slim became the top New York Times stockholder[20]

Board of Directors

At the April 2005 board meeting, Class B shareholders elected nine of the fourteen directors of the company.[21]

Community awards

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.[22]

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.[23]

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.[citation needed] The first winner was Tarell Alvin McCraney for his play "The Brothers Size".[citation needed] In 2010, Dan LeFranc won for his play "Sixty Miles to Silver Lake".[citation needed]

See also

Notes

  1. 1.0 1.1 1.2 1.3 1.4 [1], The New York Times Company, February 24, 2015
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  4. "Arthur Sulzberger, Jr. Biography"
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  7. (November 28, 1994). "The New York Times Co. has decided to enter the cable network business by taking a 40% stake in the soon-to-be-launched Popcorn Channel. (Brief Article)." Broadcasting & Cable. NewBay Media LLC. 1994. Retrieved April 27, 2015 from HighBeam Research.
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  20. http://www.reuters.com/article/2015/01/14/us-new-york-times-warrants-carlos-slim-idUSKBN0KN2M820150114
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External links