NY Times Company
Headquarters: 620 Eighth Ave.
New York, NY 10018
CEO: Mark Thompson
Stock Symbol: NYT
The NYTimes Company operates the flagship New York Times newspaper and website as well as The International New York Times, formerly known as the International Herald Tribune.
Known for the quality of its journalism, the company's newspapers have collectively won 140 Pulitzer prizes, more than any other newspaper organization.
The NY Times is one of the most prestigious and well-respected newspapers in the world. The quality of its reporting and analysis is unmatched. The NY Times newspaper is distributed nationwide and has a large well-educated readership outside of New York.
The company has been hurt by declining ad revenue for its newspaper due to competition from the Internet.
In May 2014, Dean Baquet was named Executive Editor of The NY Times, replacing Jill Abramson. Baquet had been Managing Editor of The NY Times since 2011.
The NY Times company reported total revenues of $1.54 billion in 2014, up 0.7%, and net income of $32.3 million. For 2014, print advertising revenue decreased 4.7 percent while digital advertising revenue rose 11.9 percent. Digital advertising revenue was $182.2 million in 2014 compared with $162.9 million in 2013.
Paid subscribers to the Company’s digital-only subscription packages, e-readers and replica editions totaled approximately 910,000 as of the end of the fourth quarter of 2014, an increase of 20 percent compared with the end of the fourth quarter of 2013.
For the six-month period ending Sept. 30, 2014, The New York Times reported total average circulation, which includes total print and total digital, was 2,134,150 for Monday-Friday and 2,502,367 for Sunday. Total average print circulation for The New York Times was 639,887 for Monday-Friday and 1,181,160 for Sunday. These figures represent declines of -5.4% and -3.5% respectively, when compared to the same period last year.
“2014 was an encouraging year with sufficient progress in digital advertising and subscription revenues to deliver modest overall revenue growth for the Company,” said Mark Thompson, president and chief executive officer. “We were particularly pleased with the strong growth in digital advertising, boosted by the introduction of Paid Posts, our native advertising solution, as well as rapid growth in ad sales associated with video and mobile. We delivered digital ad growth for all four quarters, highlighted by double-digit strength in the second half of the year, including a 19 percent gain in the fourth quarter. As a result, despite continued secular headwinds on the print advertising side, total advertising revenue was within a percentage point of flat compared to 2013, the most encouraging year-over-year trend since 2005.
“We continued to build our digital subscriber total in 2014 and finished the year with 910,000 paid digital subscribers, an increase of 150,000 from the previous year, beating our tally of net new additions in 2013 by 25 percent and putting us on track to exceed the one million digital subscriber milestone in 2015."
The original paper first launched on September
18, 1851 and was known as the NY Daily Times. The founders were
Henry Jarvis Raymond and George Jones.
Times Square in New York City is named
for the NY Times Co. after it built its headquarters there in
The NYTimes.com website was launched in 1996.
In February, 2005, The Times acquired Internet
web property About.com for $410 million.
In 2007, the company sold 9 television
stations to Oak Hill Capital Partners for $575 million to focus
entirely on its newspaper holdings and digital properties.
In June 2007, the company moved to a new
headquarters skyscraper just down the street from its old headquarters.
The 52-story glass building is across the street from the Port
Authority bus station.
The company sold WQXR FM classical radio station in 2009 for $45 million.
In December 2011, the company announced the sale of its regional newspaper group -- consisting of 15 daily newspapers -- for $143 million to Halifax Media Holidings.
The company also sold its 17.5% stake of the Boston Red Sox baseball team for $117 million in 2011.
In August 2012, the NY Times Company sold the About Group, which includes the Web sites of About.com, ConsumerSearch.com and CalorieCount.com, to IAC for $300 million in cash. The NY Times bought About.com in 2005 for $410 million.
In 2013, the Company completed the sale of its New England Media Group (NEMG) – consisting of The Boston Globe, BostonGlobe.com, Boston.com, Worcester Telegram & Gazette, Telegram.com and related properties – and its 49 percent interest in Metro Boston for approximately $70 million in cash.
The company provides competitive
base salaries. Moreover, based on a compensation philosophy that
links pay with performance and depending on your role and responsibilities,
you may be eligible for additional upside financial opportunities
through one or more of our short- or long-term incentive plans.
Flexible Health and Welfare Benefits
Medical Coverage. Our Company offers
two comprehensive medical plans through BlueCross/Blue Shield,
ensuring that you and your family have easy access to health
care benefits across the country. Both plans include annual physicals,
well woman care, well baby care, and informational resources
and assistance. At certain Company locations, a local HMO, offering
benefits within that system, may be available as well.
Once you enroll in medical coverage, you automatically get prescription
drug coverage at no additional premium. The prescription drug
plan is administered by Caremark and provides the greatest benefits
for generic and formulary drugs.
In addition, you are automatically eligible for managed mental
health and substance abuse care benefits through ValueOptions,
with a national network of mental health and substance abuse
Dental Coverage. The dental plan is administered by Delta
Dental and is designed to encourage preventive and ongoing dental
treatment to help you and your family avoid serious dental problems.
The plan covers preventive services, and basic and major restorative
services. There are also orthodontia benefits for children and
Vision and Hearing Care Coverage. The vision plan provides
exams, lenses and frames from network providers each year. After
copays for exams and eyewear, the plan reimburses 100% up to
plan maximums, based on the type of lenses, frame or contacts
selected. In addition, there are network discounts on additional
pairs of prescription glasses, contacts and laser surgery. The
hearing care benefit covers one hearing exam every two years
and offers discounts on hearing aids.
Short-Term Disability (Sick Leave) and Long-Term Disability.
Sick leave benefits protect all or part of your income if you
are temporarily absent from work because of non-work related
illness or injury. Long-term disability coverage is designed
to replace a portion of your income after you are totally disabled
for five months.
Life Insurance. Your life insurance protects your assets
in the case of your death. Our Company automatically provides
Basic Life Insurance of one times your annual base salary at
no cost to you. You can opt to add more coverage at group rates.
What's more, you can purchase coverage for your spouse and children
(statement of health required for spouse's coverage in excess
Accidental Death and Personal Loss. This plan pays a benefit
in the event of an accidental death or loss of a limb or eye
as a result of an accident.
Long Term Care Coverage. This benefit plan can help you
cover the costs associated with long term care services that
are needed in the case of an extended physical illness or extended
Flexible Spending Accounts. Flexible Spending Accounts
help you save on taxes with every paycheck by letting you use
before-tax dollars to pay for many of your out-of-pocket health
care and dependent care expenses.
Future Financial Security
401(k) Savings Plan. You save money
toward your future financial security through convenient payroll
deductions on a before-tax basis, after-tax basis or a combination
of both. You may be eligible for Company matching contributions
that will help your own contributions grow faster. You have choices
among nine investment funds that help you allocate your assets.
In addition, you can tap into a wide range of services, such
as market updates, investment planning assistance and retirement
Pension Plan. The Company pays the full cost for your
participation in this plan, which is designed to provide you
with a steady source of income after you retire. Through this
plan, you can access educational services, including an online
tool that you can use to create "what-if" scenarios
based on salary and length of service to estimate your future
benefit and enrich your financial planning.
Employee Stock Purchase Plan. You can purchase shares
of our Company stock through convenient payroll deductions. Moreover,
the Company pays the broker's fee for the purchase and sets up
an online account for you. (Offering by prospectus only.)
Business Travel Accident Insurance.
The Company pays the full cost to cover all eligible employees
under the Business Travel Accident plan automatically. The plan
pays a benefit if the employee is in an accident or dies while
traveling for The New York Times Company.
Travel Arrangements. You can access Web-based travel booking
tools through American Express Online and Expedia Corporate Travel.
You can use these resources to make your business or personal
Time Away From Work
Vacation. When you start out at our Company, employees are eligible for two weeks of paid vacation each calendar year. You earn more vacation over time based on your location.
Personal Days and Holidays. Employees are eligible for
paid personal days and holidays each calendar year based on location
and hire date. See your human resources department for details.
Holidays: Employees are paid for holidays during the calendar
year based on location and hire date. See your human resources
department for details.
Sick Leave, Leaves of Absence, including Maternity Leave.
Our Company permits time off for a variety of reasons, including
leaves of absence in support of employees who need to be away
from work for a period of time due to medical, family, disability
or other issues.
Professional / Personal Development
Tuition Reimbursement Plan. Our
Company is committed to helping employees grow and develop professionally
through undergraduate and graduate education and certificate
Leadership Development and Other Learning Opportunities.
Our Company develops leaders at every level of the organization,
offering a variety of programs to meet an array of business needs.
In addition, there are live workshops and online training tools,
to help sharpen your technical skills and managerial proficiencies.
Personal Growth. Our Company offers live sessions and
online Webinars on a variety of topics of interest, including
yoga and fitness, recreational activities and hobbies, parenting,
interpersonal relationships, pet care, vacation planning and
Giving Back to the Community
Charity Drive. Our Company has a more than 90-year tradition
of supporting charitable organizations in keeping with our Core
Purpose of enhancing society. Each year our Company holds charity
drives for worthwhile causes.
Community Outreach. Our employees make a difference by
contributing their time, energy, and talents to their communities
through local volunteer efforts, drives and other community events.
The New York Times Company operates
in cities across the United States and countries around the world.
The following benefits are offered by the location, so depending
on where you work you may be eligible for some or all of these
Transportation Reimbursement. Our Company's Transportation
Reimbursement Incentive Program (TRIP) helps you save money by
using pre-tax dollars to pay for mass transit or parking expenses
as part of your commute to and from work.
Adoption Assistance. Our Company's Adoption Assistance
Plan is designed to help with adoption costs, reimbursing up
to a maximum of $5,000 per qualified adoption ($6,000 for a special
LifeSkills and Work/Life Assistance. The program is designed
to make it easy for you and your family members to get the help
you need to keep the demands of professional lives and personal
lives in balance.
Employee Assistance Program. Our EAP provides assistance
on issues of personal concern, such as stress, distress, depression,
grief, loss, substance abuse and eating disorders. Be assured
that confidentiality is the foundation of this program.
Employee Perks/Local Discounts. You can take advantage
of the many offerings available to employees and their families,
including discounts on products, subscriptions and services,
free admission to a variety of cultural institutions and museums
such as the Metropolitan Museum of Art and the Museum of
the City of New York. You can also take advantage of reductions
on theatre, concert and sporting event tickets such as
the U.S. Open, if offered money off retail purchases such
as autos, books, cell phones, computers and flowers, and discounts
to local restaurants. Offerings are updated regularly.
Emergency Child Care. At some locations, our Company provides
our working parents with a supportive and safe child care environment
for their children when faced with nanny or baby-sitter difficulties,
day care center closings, snow days, school holidays and summer
Dependent Child Care and Elder Care Referrals. You and
your family can obtain referrals to licensed facilities and individuals
who offer child care or elder care services, using national databases.
Information and Services for Your College Bound Child.
Our Company is committed to education and development and that
is why it makes a comprehensive set of links and resources available
to college-bound children to help them locate and identify colleges
in which they will succeed.
Financial Planning Basics, Referrals and Legal Advice.
You and your family can get financial planning basics or consult
with legal advisers on a variety of issues.
Pet Care. Whether you need someone to care for your pet
while you're at work or away, our Company helps puts you in contact
with informational resources and lists of providers.
Other Amenities. You can take advantage of discounted
memberships to local health and fitness facilities, recreational
clubs, special interest groups and a credit union.