New York Times Co. Files 2023 Annual Report (10-K)

TL;DR

<b>The New York Times Company has submitted its 2023 annual 10-K filing, detailing its financial performance and business operations.</b>

AI Summary

NEW YORK TIMES CO (NYT) filed a Annual Report (10-K) with the SEC on February 20, 2024. The New York Times Company filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is identified under SIC code 2711 (Newspapers: Publishing or Publishing & Printing). The filing was made on February 20, 2024. The company's headquarters are located at 620 Eighth Avenue, New York, NY 10018.

Why It Matters

For investors and stakeholders tracking NEW YORK TIMES CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of The New York Times Company's financial health, operational strategies, and market position for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. As a key player in the publishing industry, the detailed disclosures in this report offer insights into revenue streams, subscriber growth, and potential risks, which are vital for understanding the company's competitive landscape and strategic direction.

Risk Assessment

Risk Level: medium — NEW YORK TIMES CO shows moderate risk based on this filing. The company operates in the highly competitive and evolving media industry, facing challenges from digital disruption and changing consumer habits, which could impact revenue and profitability.

Analyst Insight

Investors should analyze the detailed segment reporting and subscriber growth trends within the 10-K to understand the company's ability to adapt to the digital media landscape and maintain its market position.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-20 — Filing Date (Filed as of date)
• 2711 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• NEW YORK TIMES CO (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-02-20 (date) — Filed as of date
• 620 EIGHTH AVENUE (address) — Business address street 1
• NEW YORK (location) — Business address city
• NY (location) — Business address state
• 10018 (postal_code) — Business address zip
• 2125561234 (phone_number) — Business phone

FAQ

Industry Context

The New York Times Company operates within the news and media industry, a sector characterized by digital transformation, evolving subscription models, and intense competition for advertising revenue.

Regulatory Implications

The company is subject to various regulations pertaining to financial reporting, corporate governance, and potentially content dissemination, as overseen by the Securities and Exchange Commission (SEC).

What Investors Should Do

1. Review the detailed financial statements and segment information to understand revenue drivers and profitability by business line.
2. Analyze subscriber growth and digital engagement metrics to assess the company's success in its digital transformation strategy.
3. Examine the risk factors section for potential challenges and management's mitigation strategies in the evolving media landscape.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Filing Documents

• nyt-20231231.htm (10-K) — 3374KB
• ex41_12312023.htm (EX-4.1) — 9KB
• ex21_12312023.htm (EX-21) — 26KB
• ex231_12312023.htm (EX-23.1) — 2KB
• ex311_12312023.htm (EX-31.1) — 12KB
• ex312_12312023.htm (EX-31.2) — 11KB
• ex321_12312023.htm (EX-32.1) — 5KB
• ex322_12312023.htm (EX-32.2) — 4KB
• ex971_12312023.htm (EX-97.1) — 41KB
• nyt-20231231_g1.jpg (GRAPHIC) — 130KB
• 0000071691-24-000030.txt (&nbsp;) — 18388KB
• nyt-20231231.xsd (EX-101.SCH) — 88KB
• nyt-20231231_cal.xml (EX-101.CAL) — 164KB
• nyt-20231231_def.xml (EX-101.DEF) — 659KB
• nyt-20231231_lab.xml (EX-101.LAB) — 1167KB
• nyt-20231231_pre.xml (EX-101.PRE) — 881KB
• nyt-20231231_htm.xml (XML) — 3534KB

Forward-Looking Statements

Forward-Looking Statements 1 1

Business

Business 1 Overview 1 Our Strategy 2 Products 4 Subscribers and Audience 4 Advertising 5 Other Businesses 5 Competition 5 Print Production and Distribution 6 Human Capital 7 Available Information 9 1A

Risk Factors

Risk Factors 10 1B Unresolved Staff Comments 25 1C Cybersecurity 25 2

Legal Proceedings

Legal Proceedings 26 4 Mine Safety Disclosures 26 Executive Officers of the Registrant 27 PART II 5 Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 6 [Reserved] 29 7

Management's Discussion and Analysis of

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 57 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 58 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 119 9A

Controls and Procedures

Controls and Procedures 119 9B Other Information 119 9C Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 119 PART III 10 Directors, Executive Officers and Corporate Governance 120 11

Executive Compensation

Executive Compensation 120 12

Security Ownership of Certain Beneficial Owners and

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 120 13 Certain Relationships and Related Transactions, and Director Independence 120 14 Principal Accountant Fees and Services 120 PART IV 15 Exhibits and Financial Statement Schedules 121 16 Form 10-K Summary 124

Signatures

Signatures 125 PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, including the sections titled "Item 1 — Business," "Item 1A — Risk Factors" and "Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Terms such as "aim," "anticipate," "believe," "confidence," "contemplate," "continue," "conviction," "could," "drive," "estimate," "expect," "forecast," "future," "goal," "guidance," "intend," "likely," "may," "might," "objective," "opportunity," "optimistic," "outlook," "plan," "position," "potential," "predict," "project," "seek," "should," "strategy," "target," "will," "would" or similar statements or variations of such words and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based upon our current expectations, estimates and assumptions and involve risks and uncertainties that change over time; actual results could differ materially from those predicted by such forward-looking statements. Factors that we think could, individually or in the aggregate, cause our actual results to differ materially from expected and historical results include those described in "Item 1A — Risk Factors" below, as well as other risks and factors identified from time to time in our Securities and Exchange Commission ("SEC") filings. You are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

BUSINESS

ITEM 1. BUSINESS OVERVIEW The New York Times Company and, unless the context otherwise requires, its consolidated subsidiaries are referred to collectively in this Annual Report on Form 10-K as the "Company," "we," "our" and "us." We are a global media organization focused on creating and distributing high-quality news and information that helps our audience understand and engage with the world, and this mission has contributed to our success. We believe that The Times's original, independent and high-quality reporting, storytelling, expertise and journalistic excellence set us apart from other news organizations and are at the heart of what makes our journalism worth paying for. The quality of our coverage has been widely recognized with many industry and peer accolades, including more Pulitzer Prizes and citations than any other news organization. The Company includes our digital and print products and related businesses, including: our core news product, The New York Times ("The Times"), which is available on our mobile applications, on our website (NYTimes.com) and as a printed newspaper, and associated content such as our podcasts; our other interest-specific products, including The Athletic (our sports media product acquired on February 1, 2022), Cooking (our recipes product), Games (our puzzle games product) and Audio (our new audio product, launched in the second quarter of 2023), which are available on mobile applications and websites, and Wirecutter (our product review and recommendation offering); and our related businesses, such as our licensing operations; our commercial printing operations; and other products and services under The Times brand. As of December 31, 2023, we had approximately 10.36 million subscribers, more than at any point in our history. We generate revenues principally from the sale of subscriptions and advertising. Subscription revenues consist of revenues from standalone and multi-product bundle subscriptions to our digita

View Full Filing

View this 10-K filing on SEC EDGAR