| Type | Public |
|---|---|
| Traded as | NYSE: NYT |
| Industry | Newspapers |
| Founded | September 18, 1851 |
| Founder(s) | Henry Jarvis Raymond |
| Headquarters | The New York Times Building New York City, New York, U.S. |
| Key people | Arthur O. Sulzberger, Jr. (Chairman) Michael Golden (Vice Chairman) Janet L. Robinson (President and CEO) |
| Products | The New York Times The Boston Globe International Herald Tribune Twenty-four other newspapers across the United States |
| Revenue | US$ 2.393 billion (2010)[1] |
| Operating income | US$ 234.1 million (2010)[1] |
| Net income | US$ 107.7 million (2010)[1] |
| Total assets | US$ 3.286 billion (2010)[1] |
| Total equity | US$ 664.1 million (2010)[1] |
| Employees | 7,414 (December 2010)[1] |
| Website | nytco.com |
The New York Times Company (NYSE: NYT) is an American media company best known as the publisher of its namesake, The New York Times. Arthur Ochs Sulzberger, Jr. has served as Chairman of the Board since 1997.[2][3] It is headquartered in Midtown Manhattan, New York City.[4]
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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."[5]
The New York Times also owns the International Herald Tribune, The Boston Globe, 15 other daily newspapers and more than 50 Web sites, including NYTimes.com, Boston.com and About.com.[6]
In addition, it is a minority stakeholder in the Boston Red Sox,[7] a position acquired as part of John W. Henry's purchase of the famed baseball team. The Boston Globe and other The New York Times Company-owned newspapers acknowledge this relationship in articles about the team.
Since 1967, The New York Times Company has been publicly traded and listed on the New York Stock Exchange by the symbol NYT. While the company offers two kinds of shares of its stock, Class A and Class B, Class B shares are not publicly traded. The Class B shares provide a mechanism by which the descendants of Adolph Ochs, who purchased The New York Times newspaper in 1896, maintain control of the company by holding nearly 90 percent of this "special class of stock."[2]
At the April 2005 Board meeting, Class B shareholders elected nine of the fourteen directors of the company.[8]
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 financial revenues of US$3.4 billion to its investors.
On August 25, 2006 – The company acquired Baseline StudioSystems, an online database and research service for information on the film and television industries for US$35 million.
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," in a press release.[10]
January 4, 2007 – The New York Times reported that The New York Times Company had reached an agreement to sell all nine local television stations to the private equity firm Oak Hill Capital Partners.[11][12]
May 7, 2007 – The company announced in a press release on May 17, 2007, that it had finalized the sale of its Broadcast Media Group on May 7, 2007, for "approximately $575 million."[12]
November 19, 2007 – The company staged a gala opening after relocating its headquarters from its previous address, at 229 West 43rd Street, to The New York Times Building, at 620 Eighth Avenue, New York City, on the west side of Times Square, between 40th and 41st Street across from the Port Authority of New York & New Jersey Bus Terminal.[13]
July 14, 2009 - The company announced that WQXR was to be sold to WNYC, who on October 8, 2009 moved the station to 105.9 FM and began to operate the station as a non-commercial. This US$45 million transaction, which would involve Univision Radio's WCAA moving to the 96.3 FM frequency from 105.9 FM, signaled the end of the Times' 65-year ownership of the station.[14]
December 27, 2011 - The Boston Globe reported the company would sell its Regional Media Group to Halifax Media Holdings LLC, owners of The Daytona Beach News-Journal for $143 million.[15]
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.[16]
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.[17]
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".