The New York Times Company: Initiation Of Coverage – Will The Rising ARPU Last? 

This is our first report on the New York Times Company. In its latest earnings, despite the adverse implications of the ongoing shifts from the largest tech platforms and heightened market volatility facing the ad business, The Times has managed to drive business growth and penetrate a more extensive market with its indispensable and original news reporting and lifestyle products. Highlighting the company’s achievements, The New York Times added 880,000 net new digital subscribers in 2023, bringing the total to nearly 10.4 million and moving towards the goal of 15 million. The company crossed $1 billion in annual digital subscription revenue for the first time in 2023. However, it was a challenging year in the ad market for publishers. The company also delivered strong earnings per share, adjusted operating profit, and free cash flow growth.