THENEWYORKTIMESCOMPANY:ACaseStudyAnalysis

JohnJ.Head
WestComGroupConsultingInc.

SchoolofCommunication
TelecommunicationsManagement4480
WesternMichiganUniversity
1903WestMichiganAvenue
Kalamazoo,Michigan49008
 November8,2012
2012 John J Head

Source: New York Times Co.

TableofContents

I. Historical Overview ...............................................................................................1

Early steps....................................................................................................................2

Diversification..............................................................................................................3

Challenges, changes ....................................................................................................4

II. Organizational structure .....................................................................................5

Table 1..........................................................................................................................5

III. Business Operations.............................................................................................6

Table 2..........................................................................................................................7

The flagship..................................................................................................................8

IV. Financial performance.........................................................................................9

Table 3..........................................................................................................................9

V. Future outlook......................................................................................................11

Branding ....................................................................................................................11

SWOT analysis and other risks..................................................................................12

Table 4........................................................................................................................13

Demographics.............................................................................................................15
Philosophy .................................................................................................................16

Endnotes ...................................................................................................................18

I.HISTORICALOVERVIEW

All the News Thats Fit to Print. i

Special are those instances in business when a slogan becomes so synonymous

with a company. Those words, found on the front page of every copy of every edition of

The New York Times since 1896, began as a way to define the publication to its

readership. That slogan stands to this day, but the newspaper and its parent, The New

York Times Company, have grown far beyond the reaches of New York City and its

surrounding boroughs.

The New York Times Company is a diversified media company whose core

purpose is to enhance society by creating, collecting and distributing high-quality news,

information and entertainment.1 It is a publicly traded company (NYTC on the New

York Stock Exchange) and publishes three major daily newspapers. It also operates eight

network-affiliated television stations and two New York City radio stations. The

company has become more global in nature through The Times Syndicate: Among the

largest syndicates in the world, it specializes in text, photos, graphics in a variety of

customized packages to more than 2,000 newspapers and other media to clients in more

than 50 countries.2

While its footprint today is global, The New York Daily Times (the word Daily

would be dropped in 1857) had a simple, straightforward and at least, structurally

humble beginning in 1851, in a rundown six-story brownstone building on Nassau Street

in New York City.3 Move forward to August 19, 1896, a Wednesday morning, and The

New York Times readers were greeted on page one with the following salutation:

To undertake the management of The New York Times, with its great history of
right doing, and to attempt to keep bright the luster which Henry J. Raymond and
1
George Jones have given it, is an extraordinary task. But if a sincere desire to
conduct a high-standard newspaper, clean, dignified and trustworthy, requires for
success honesty, watchfulness, earnestness, industry, and practical knowledge
applied with common sense, I entertain the hope that I can succeed and maintain
the high estimate that thoughtful, pure-minded people have ever had of The New
York Times.
It will be my earnest aim that The New York Times give the news, all the
news, in concise and attractive form, in language that is permissible in good
society, to give the news impartially, without fear or favor to make (it) a
forum for the consideration of all questions of public importance, and to that end
to invite intelligent discussion from all shades of opinion.4

Adolph S. Ochs, who assumed management of the newspaper in 1896 from the

newspapers founders, the aforementioned Raymond and Jones, penned that

announcement. Ochs intent was to continue the course set by his predecessors in

producing a newspaper consistent in its delivery of news unfettered by bias and scandal.

Early steps

The companys origins date back to September 1851, when the first issue of The

New York Daily Times was published. Messrs. Raymond and Jones founded the

publication on the premise of offering the news in a conservative and objective fashion,

in contrast to the yellow journalism of the day .5 The papers coverage of key events

President Lincolns Gettysburg Address and the Battle of Bull Run among them

made the Times the newspaper of record. Under Raymond and Joness guidance the

publication grew. Their subsequent deaths, in 1869 and 1891, respectively, and the

handing of the newspaper to their ill-equipped heirs nearly resulted in the papers failure.

2
It was near bankruptcy in 1896 when a respected, albeit little-known, newspaper editor

named Adolph Simon Ochs came on the scene.6

Despite his lack of formal schooling, Ochs had learned the newspaper business on

the job as newsboy, printers devil, printer, and reporter. He was 20 when he bought

controlling interest in and became publisher of the failing Chattanooga Times; hearing of

the financial troubles at The New York Times, he offered to become publisher in exchange

for a contract that would reward him should he achieve his goal of making the paper

profitable for three straight years. One of his first decisions was to add the slogan All

the News Thats Fit to Print, his commitment to avoidance of sensationalism and

adherence to high editorial standards;7 but of particular note was his decision to respond

to dwindling capital in 1898 not by raising the single-copy price of the paper, but rather

by reducing it, from three cents to a penny. Paid circulation tripled within a year,

advertising increased, and the paper turned a profit.8 As much to his business acumen as

to his commitment to his readership, Ochs set The Times on a path of steady growth and

profitability.

Diversification

Ochs ill health and subsequent death in 1935 handed the reins of the paper to

Ochs son-in-law, Arthur Hays Sulzberger. He improved the newspaper editorially,

financially and technically, and began what would be a series of moves to diversify and

acquire other properties, including Amo Press and Cowles newspaper, magazine,

television, and book properties.9

The diversification continued throughout the 1900s. In 1980 the company paid

approximately $100 million for the New Jersey cable television operation; in 1984 it sold

3
its book publishing operation to Random House. Five regional newspapers and two

television stations were acquired, as were the magazines Golf World and Sailing World; at

the same time the company, making little progress with cable television, sold all its cable

TV properties.12

Challenges, changes

Newspaper readership decline in the 1990s prompted the company to buy and sell

in the areas of print, broadcasting and electronic media. In 1993 NYTC purchased

Affiliated Publications, which owned the Boston Globe; in 1995 it bought a majority

interest in a video newsgathering company, Video News International. Also in 1995, the

company joined eight other newspaper companies in New Century Network, an online

news service. It also created the New York Times Electronic Media Company to develop

new products and methods of distribution.11 This sparked the beginning of a fervent

move from the print world of its origins to the rapidly growing world of digital media.

NewYorkTimes Digital, an independent business unit, was created to oversee the

companys online presence, NYTimes.com (by this time boasting more than 10 million

registered users). Key to its plans to establish synergies between print and electronic

offerings, TheStreet.com was created as one of the top Internet providers of financial and

investment news, and related commentary. Its second business segment, the About

Group, includes websites About.com, ConsumerSearch.com and UcompareHealth.com,

among others. The company also owns equity interests in a Canadian newsprint

company, and quadrantONE LLC, an online advertising network that sells premium,

targeted display advertising onto local newspaper and related websites.12

 II.ORGANIZATIONALSTRUCTURE
4

Broadly defined, The New York Times Company is in the business of disseminating

news. The Times group includes the International Herald Tribune and the Worcester

Telegram and Gazette, as well as related websites and businesses. Other assets include a

17-percent interest in New England Sports Ventures LLC (which owns the Boston Red

Sox, Fenway Park and adjacent property) and about 80 percent of New England Sports

Network, a regional cable network that broadcasts Red Sox games (see Table 1).13

Table1.
KeycomponentsofTheNewYorkTimesCompany.

Print/Broadcast Digital Ops Joint Ventures Other Assets

NYTimes Media Group About Group Metro Boston LLC (49%) New England

The New York Times About.com Donohue Malbaie Inc. (49%) Sports Ventures LLC

NYTimes.com ConsumerSearch.com Madison Roush Fenway Racing

International Herald Tribune UcompareHealthCare.com Paper Industries (40%) AK Networks

New England Media Group CalorieCount.com quadrantONE LLC Appssavvy

The Boston Globe nyt.com (paid products) (25%, online ad network) Brightcove

BostonGlobe.com FM Publishing

Boston.com Betaworks

Worcester Telegram and

Gazette

16 regional daily newspapers

New England

Sports Network
Source:WardsBusinessDirectory,September201214

III.BUSINESSOPERATIONS:CURRENTPRODUCTSANDSERVICES

5
While the parent company of The New York Times has grown and diversified, it has

stayed true to the principles to which the newspaper ascribed more than 150 years ago.

Those principles are uppermost in the companys corporate governance practices and are

directly tied to the companys journalistic roots: The Companys core purpose is to

enhance society by creating, collecting and distributing high-quality news, information

and entertainment.15 These values also weigh significantly on the companys business

philosophy by offering content of the highest quality and integrity (the basis for its

reputation and maintaining the public trust); fair treatment of employees based on

respect, accountability and standards of excellence; creating long-term stockholder value

through investment and constancy of purpose; and good corporate citizenship.16

As with any publicly traded company, shareholders return on investment must be

considered in the business philosophy. In the world of journalism, particularly as it

pertains to newspapers, this poses an ongoing challenge: to maintain balance between

journalistic integrity and purpose to the betterment of community (audience) and ensure

the products and services (newspapers, other media) remain profitable. In spite of a

continuing industry-wide decline in circulation and, as a result, advertising revenue

tied to its core print products the company has fared better than most largely through

diversification. It should be noted that while some of the companys overall business

commitments display variety, much of its diversification has been born out of common

6
sense; that is, those business ventures tangential to the company are the result of logical

consideration of and connection to the core principles and products.

We will look at some of those products later. Here, in Table 2, is a breakdown of

the companys operational structure. The chief executive officer of The New York Times

Company oversees the managers of the companys 11 primary divisions. The CEO

reports to the companys board of directors and its vice chairman. The primary division

managers in turn oversee various sublevels of the corporate structure.

Table2.
ManagementstructureofTheNewYorkTimesCompany.

Control

CFO Assistant Control

Internal Audit

Treasurer

New York Times

International Herald Tribune

New England Media

CEO Legal Secretary & Assistant Legal

CIO

Vice Chairman of the Board

Board of Directors Communication

Development Research & Development Ops

Digital Ops/About Group Paid Products NYTimes.com

Human Resources Human Resources / Diversity

Compensation / Benefits

Organization Capability
Source:TheOfficialBoard.com,September201217

As CEO, Arthur Sulzberger Jr. oversees all primary divisions of the company and
7
reports to the board of directors. The corporate structure is straightforward and caters to

the companys focus on its core products print media. At the same time, this makes

for a seamless connection between print and broadcast media services and the ever-more

important division of digital media.

The Flagship

The New York Times serves more than the residents of New York City: Its reach

extends nationally and globally. The newspaper boasts a print circulation of 779,731

daily and 1.26 million on Sundays. In addition, the company has found success since

venturing into the digital news dissemination domain in January 1996 with the launch of

its website, www.nytimes.com. The papers digital efforts since then have resulted in a

73-percent increase in overall daily circulation, print and online, year over year ending

March 2012, and a nearly 50-percent increase on Sundays.18

The Times maintains a high online profile while positioning itself for improving

revenue in this portion of the market. The newspaper had maintained free access to its

online product prior to 2011 when it began structuring online packages from which

customers could choose. At that time, the company allowed non-subscribers (to either

the print or the online version) access to up to 20 stories a month for free. In mid-March

2012, a year after its launch of paid digital subscriptions, the company reported it had

approximately 454,000 paid subscribers to its various digital packages, replica editions

8
and e-readers. Included in this number are subscribers of The International Herald. At

the same time the company announced it would cut back from 20 to 10 the number of

free articles accessible to non-subscribers.19

IV. FINANCIAL PERFORMANCE

The meteoric rise of computer use by the consumer with particular emphasis on

smartphones and tablets has driven an equally explosive increase in the number of

venues from which consumers can get their news. Newspapers of every size and type

have wrestled with this modern reality: that the world of print in which they long thrived

was becoming less viable. Reinvention of its method of delivery or, at the very least,

an addendum to that delivery system has become tantamount for survival. The New

York Times Companys products, while certainly in better financial shape than many

newspapers to make this transition, are no less impervious to the storm. Table 3 below

illustrates a recent decline in revenues.

Table 3.
New York Times Company Business Analysis.

Revenues
Report Date 12.25.11 12.26.10 12.27.09
Currency USD USD USD
Scale Thousands Thousands Thousands
News Media Group $2,212,575 $2,257,386 $2,319,378
About Group $110,826 $136,007 $121,061
Total 2,323,401 2,393,463 2,440,439
Source: The New York Times (www.nytco.com)20

Though not reflected in this table, financials from quarter three of 2012 illustrate

dramatically the importance of transition to digital. The companys net income fell

85 percent from the same period in 2011, as reported in The Financial Times. Any gains

in circulation revenue in the media group failed to offset the almost 9 percent decline in

advertising revenues from the third quarter last year.21

9
 The News Media Group, which includes print and digital properties, declined

each of the past three full years back to 2009, although the drop in revenue was subtle.

This trend continues nine months into 2012: According to Business Wire, the news media

groups total revenues for January-September 2012 were down 2.2 percent compared to

the same period in 2011. More significantly, advertising revenue which had dropped

6.9 percent in 2011 from 2010 continued to fall during the same period in 2012, down

9.7 percent. Of particular significance to the News Media Group during this same period

was the 9.5-percent decline in national advertising lineage, a key revenue draw that

outpaces retail and classified ad lineage nearly three to one. On a positive note, thanks to

steadily growing online subscriptions, circulation in this division increased 9.3 percent in

the first nine months of 2012, compared to a year ago. Given the companys continuing

trend to promote its online product, as well as the stability of the brand, it is likely digital

subscriptions will grow.22

Numerous factors come into play when reviewing any newspapers financial

standing, advertising and circulation being the two most considered. While advertising

and total revenue declined during that three-year period, decisions to divest some of its

assets helped serve as a buffer for the companys bottom line. As late as August 2012, the

company decided to sell the About Group, parent company of about.com and other online

sites, to InterActiveCorp for $300 million.23 This followed a December 2011 decision to

sell its Regional Media Group to Halifax Media Holdings for more than $140 million.24

V.FUTUREOUTLOOK

10
We live in an age when information is at our fingertips and instantly obtainable. If the

day of the personal computer has given way to smartphones and social media, then surely

the information dissemination model so long used by newspapers print and advertising

will continue to be increasingly irrelevant. That said, there are multiple factors at play

that warrant us to be optimistic, albeit cautiously, about the future of The New York

Times Company and, specifically, its publications. Many of these factors are positive in

nature; others, however, give reason for some concern as the company moves forward in

an industry where many players are on unsure financial and viability grounds. We will

look at the following as we consider the Times future: branding, SWOT analysis and

other risks, demographics, and philosophy.

Branding

It is difficult to put a dollar value on branding, but in the case of The New York

Times (and tangentially its parent company), the name carries much weight when

considering its future. The newspaper has a long and rich history as a member of the

Fourth Estate, particularly enriched during the 34 years when Arthur Sulzberger was at

the helm as publisher. Certainly high among his contributions was his decision in 1971 to

publish the Pentagon Papers, detailing how the U.S. government had lied about the

Vietnam War.25 The decision earned the newspaper a Pulitzer Prize, one of more than 100

the newspaper earned since 1918.26 Despite moments of journalistic scandal, including

the 2003 revelation that reporter Jayson Blair had plagiarized or made up numerous

stories, The New York Times name remains a positive in the sense of branding.27

SWOT Analysis and Other Risks

11
 Newspaper executives continue to face tough personnel and staffing decisions as

they confront the industrys transformation from print to digital. The economics of

newspapering were, at best, a roller-coaster ride during the past 20 years as the Internet

provided more options for news readers; at worst, these times saw and continue to see

newspapers cutting editorial staff to make up for lost print ad revenue, revenue not yet

fully realized in the online platform. According to Times records, the company overall

peaked in 2000 with 14,000 employees; by 2010, that number was 7,414, with staffing

declines posted each year except for two years (2002-04) when additions to the About

Group saw a slight increase.28

September 2012 saw the death of Arthur Sulzberger, but despite the love and

respect he engendered in his staff and the industry, the passing of the publisher

nicknamed Punch is hardly the most significant development in Times personnel

matters. In August 2012 Mark Thompson was named as the companys new chief

executive officer, a position the younger Sulzberger had held on an interim basis since

2011. Thompson had been director-general of the British Broadcast Corporation (BBC)

from 2004 until March 2012, and his success with the publicly funded broadcaster helped

him secure the Times CEO spot. However, his possible involvement in the cancellation

of a BBC-produced investigation into a sex scandal involving Jimmy Savile one of the

BBCs and the United Kingdoms most beloved celebrities has raised questions about

his viability as Times CEO.29 Indeed, despite Sulzbergers reassurance that Thompson

possesses high ethical standards and is the ideal person to lead our company as we focus

on growing our business through digital and global expansion, at least one Times senior

editor, Margaret Sullivan, said it was time to ask a number of tough questions concerning

12
Thompsons suitability for the Times position. Its worth considering now whether he is

the right person for the job, given this turn of events, she said in reference to the Savile

sex scandal.30

Thompson is scheduled to begin his duties at The Times on November 12, 2012.

It remains to be seen if his appointment, which some analysts think might have

contributed to an 85-percent plunge in third-quarter (2012) net earnings for the company,

will stand.31

In the company report dated December 22, 2011, the SWOT analysis overview

identified the following, illustrated in Table 4:

Table 4.
New York Times Company SWOT analysis overview.

Strengths Weaknesses Opportunities Threats

Multi-platform Lack of significant Growing Declining circulations
presence by international presence consumption of digital and print
strengthening the media advertisement
digital business revenues
Wide reach Poor credit ratings Rebound in Rising newsprint
advertisement cost
spending and rising
online advertisement
spending
Leaner operating Monetizing the Intense competition
cost structure digital business
through subscription
model
Source: MarketLine, 201232

This SWOT analysis can offer a look not only at The New York Times, but at

many newspapers, for many share similar positives and, certainly, many of the

constraints, particularly in the financial, circulation and advertising sectors. Addressing

such problems as poor credit ratings is a necessary honest approach to any companys

business position: In the Times case, this review of the 2011 year recognized the

companys credit rating increased the borrowing costs for future borrowing and also
13
limited its financing options. It also pointed a finger at the susceptibility to continued or

increased volatility or disruption in the credit markets that could adversely affect the

companys ability to refinance existing debt. On the positive side, the company had

established a multi-platform presence by strengthening its posture in the digital business,

witnessed the growing consumption of digital media among its customers, and saw a

rebound in the advertisement spending and an increase in ad dollars spent online.

Additionally, the company launched new pay models to better profit from the growth in

digital business. The newspapers increase in online subscriptions in the past year gives

validity to the decision in 2010 to erect a paywall and limit the number of free stories

available to non-subscribers. In short, people are willing to pay for content online that

once had been freely accessed.33

For nearly two decades newspapers have straddled the fence between traditional

print publication and a digital or online presence. Much of that stems from a sort of

perfect storm: print circulations in decline, falling ad revenues as a result of fewer

subscribers (lower circulation numbers), and the increased competition from a variety of

news sources, including aggregation websites. The company recognizes all these factors

in its consideration of threats, and the resulting challenges are not for the timid. In its

2011 annual report, NYTC noted the launch of digital subscriptions at all three major

dailies, with the intention of developing a new consumer revenue stream while

preserving our digital advertising business. Our ability to build a subscriber base on our

digital platforms depends on market acceptance, consumer habits, pricing, an adequate

online infrastructure, terms of delivery platforms, and other factors.34 It further

acknowledges the increasing number of options available on the Internet, and other

14
news aggregation outlets, often offering their content for free. The point is well taken

that consumers in a tight and uncertain economy might place more value on when, where,

how and at what price they get their digital content than they do on the source or

reliability of the content. When much is riding on the potential for digital-framed ad

revenue, the potential loss in website traffic becomes a risk.35

Demographics

According to information obtained by Mediamark Research and Intelligence, The

New York Times was read or viewed by more than 4.5 million people during the spring of

2012. Of that number, readership by gender was 50-50, with a median age of 51 years

and median household income of $99,669. Also, about 60 percent of Times audience

were college graduates plus (bachelors or higher), 42 percent were

professional/managerial, and 13 percent were top management level.36 While these

figures are not surprising on their face, given The Times status and national reach, it

stresses the importance of The Times pushing the digital platform as both a readership

venue and a source of revenue. The audience that supplants the aging baby boomers who

are Times subscribers and readers increasingly are more likely to look for their news

online rather than print. To this end the company continues to transform from a

newspaper company to a multi-platform news and information company, according to

company documents.37 Additionally, in its effort to open the newsroom doors to the

public, NYTimes.com launched in 2010 TimesCast, a daily video report that features

interviews with editors and reporters covering major news stories, and scenes from staff

meetings among top editors discussing possible front-page content. Such interactive

structure adds transparency to what for generations had been seen, rightly or wrongly, as
15
an ivory tower mentality among members of the Fourth Estate. This interactive

discipline is seen elsewhere in The Times products, through online blogs written by staff

reporters and correspondents, membership packages that allow subscribers to post

commentary on stories and opinion pieces, and reporters encouraged to engage their

readers via Twitter, Facebook and other social media.38

Philosophy

Arthur Sulzberger died on Sept. 29, 2012, at age 86. He retired in 1992 and was

succeeded by his son, Arthur Sulzberger Jr. The young Sulzbergers predecessors were

newspapermen, but Sulzberger Jr. described himself as a platform-agnostic multimedia

man, perhaps the perfect man for the job in a constantly transforming industry.39 As

Steve Jobs was a visionary in his field, so in some respects Sulzberger Jr. has been to The

New York Times Company. He has maintained his fathers fervent belief in the

principles that guide journalistic integrity, and has married that to the pressing needs of

newspaper survival in the digital age. He is not afraid to consider all options that might

lead to a better newspaper and an improved company. Several examples:

In 2010, The New York Times and The Washington Post teamed up with Google

Inc. to test a new online news presentation style. The two-month experiment, according

to Martin Nisenholtz, married Googles purely Web-centric sensibility and the

journalistic sensibility of the Times and the Post. Nisenholtz, The Times senior vice

president for digital operations, said the union created one destination page for each of

nine test storylines published in both newspapers. Dubbed Living Stories, the

experiment let readers filter and organize the articles by subtopic, by type, by importance

and by date. Each time a user visited the storys page, articles they already had read were
16
grayed out, allowing them to focus on the latest news. It was a look at a different way to

organize the content, Nisenholtz said.40

Ensuring viability in expanding technologies, in October 2012 The Times

announced a new app, featuring the newspapers latest content, designed and formatted

for optimal reading experience on Windows 8. This outreach to fans and users of

Microsoft-related products also included the newspaper establishing its own channel

within the Bing News app, which is pre-installed on all Windows 8 devices, including

desktop and laptop computers, and the Microsoft Surface tablet.41

In conclusion and to reiterate, the future of The New York Times Company, like

its flagship product, should be viewed with optimism, with a dash of caution added.

There remains uncertainty throughout the newspaper industry about the viability and

continuation of the traditional news delivery system, and forces from competition,

variable and /or declining print circulation numbers and advertising revenues, the need to

add to or let go of related properties or joint venture assets all figure into the mix of this

companys future.

To be sure, for The New York Times, its dismal third-quarter net revenues sparked

cause for concern, despite its successful digital-and-print subscription model and

international expansion. In late October of this year, Rick Edmonds, writing in his blog

for Poynter.org, cautioned that, If the top dog stumbles after a new round of advertising

setback, the rest of the pack seems even more vulnerable. Whether it was intended as a

backhanded compliment, it speaks to both the seriousness of the issue to The Times and

how, as The Times goes, so goes the industry. Company officials blamed the loss on lack

of business confidence in many segments, but also on other factors: the lack of major

17
movie releases (entertainment), weak department store retail sales, and the lack of new

development in the New York market (real estate). Add to this, Edmonds wrote, that The

New York Times differs from many daily papers because of its greater dependence on

national advertising lineage. On the upside, he noted the companys digital-only

subscription base continues to grow. The Times and the industry will need strong

digital-only gains and income from other digital ventures to make up for losses in retail

advertising.42

To its benefit The New York Times remains a brand to which many people relate,

and its parent company has shown an understanding of the need for its news products to

transition to a new delivery system, one that caters to todays generation of news

consumers. It closely monitors all of its segments from both financial return and

customer benefit perspectives, giving no reason to believe it cannot survive the industrys

turbulent waters. The company is not afraid to face challenge and adapt, a philosophy

that began with the first editions of The New York Daily Times.

In a 2005 interview with Business Week, Arthur Sulzberger Jr. said:

Within our lifetimes, the distribution of news and information is going to shift to
broadband. We must enter the broadband world having mastered the three key
skill sets print, Internet, and video because thats whats going to ensure the
future of the news organization in the years ahead.43

Endnotes:
18
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19
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20
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21
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