The New York Times Company


The New York Times Company

Coordinates: 40°45′22″N 73°59′25″W / 40.75611°N 73.99028°W / 40.75611; -73.99028

NYtimes
Type Public
Traded as NYSENYT
Industry Newspapers
Founded September 18, 1851 (1851-09-18)
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 decrease US$ 2.393 billion (2010)[1]
Operating income increase US$ 234.1 million (2010)[1]
Net income increase US$ 107.7 million (2010)[1]
Total assets increase US$ 3.286 billion (2010)[1]
Total equity increase US$ 664.1 million (2010)[1]
Employees 7,414 (December 2010)[1]
Website nytco.com

The New York Times Company (NYSENYT) 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]

Contents

Overview

History

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]

Company holdings

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.

Company stock profile

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.[citation needed] 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]

Board of Directors

At the April 2005 Board meeting, Class B shareholders elected nine of the fourteen directors of the company.[8]

Chronology

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]

Community awards

2008 I Love My Librarian award recipients Linda Allen and Margaret "Gigi" Lincoln talk with Janet Robinson in The New York Times Building.

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.[15]

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.[16]

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".

See also

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Notes

  1. ^ a b c d e f "2010 Form 10-K, The New York Times Company". United States Securities and Exchange Commission. http://www.sec.gov/Archives/edgar/data/71691/000119312511042247/d10k.htm. 
  2. ^ a b The New York Times (May 10, 2008). "Times Publisher and His Wife Separate". The New York Times. http://www.nytimes.com/2008/05/10/nyregion/10marriage.html. Retrieved February 2, 2009. 
  3. ^ "Arthur Sulzberger, Jr. Biography"
  4. ^ "Contact Us". The New York Times Company. http://www.nytco.com/contact_us/index.html. Retrieved August 28, 2009. 
  5. ^ "Timeline". The New York Times Company. http://www.nytco.com/company/milestones/timeline_1851.html. Retrieved 2008-09-29. 
  6. ^ "Business Units". The New York Times Company. http://www.nytco.com/company/business_units/index.html. Retrieved 2008-09-29. "The New York Times Company, a leading media company with 2007 revenues of $3.2 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, 16 other daily newspapers, WQXR-FM and more than 50 Web sites, including NYTimes.com, Boston.com and About.com. The Company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment." 
  7. ^ The New York Times (April 1, 2010). "The Times Company Sells Part of Its Boston Red Sox Holdings". The New York Times. http://www.nytimes.com/2010/04/02/business/media/02times.html. 
  8. ^ "2005 Proxy Statement". The New York Times Company. http://www.nytco.com/pdf/2005_Proxy_Statement.pdf. Retrieved 2008-08-23. 
  9. ^ Kirkpatrick, David D. (January 2, 2003). "International Herald Tribune Now Run Solely by The Times". The New York Times. http://query.nytimes.com/gst/fullpage.html?res=9F0DEFDC103FF931A35752C0A9659C8B63&. Retrieved 2008-09-29. "The International Herald Tribune, descendant of an American paper first published in Paris in 1887, is appearing today for the first time under the sole ownership and management of The New York Times Company. The takeover ends an anomalous 35-year partnership between The Times and its domestic competitor The Washington Post that produced a journalistic hybrid consisting mainly of articles and editorials from both papers compiled by editors in Paris. In October, The Times reached an agreement to buy The Post's 50 percent stake in the venture for about $70 million -- in part, The Post said, by threatening to start a rival paper overseas." 
  10. ^ "The New York Times Company Announces Plan to Sell Its Broadcast Media Group" (Press release). The New York Times Company. September 12, 2006. http://phx.corporate-ir.net/phoenix.zhtml?c=105317&p=irol-newsArticle&ID=904561. Retrieved 2008-07-23. 
  11. ^ Louise Story (January 4, 2007). "New York Times to Sell 9 Local TV Stations". The New York Times. http://www.nytimes.com/2007/01/04/business/04cnd-nyt.html. Retrieved 2008-08-23. 
  12. ^ a b "The New York Times Company Reports April Revenues" (Press release). The New York Times Company. May 17, 2007. http://phx.corporate-ir.net/phoenix.zhtml?c=105317&p=irol-pressArticle&ID=1003528&highlight=. Retrieved 2008-08-23. "On May 7, 2007, the Company sold the Broadcast Media Group, consisting of nine network-affiliated television stations, their related Web sites and the digital operating center, for approximately $575 million." 
  13. ^ "The New York Times Company Enters The 21st Century With A New Technologically Advanced And Environmentally Sensitive Headquarters" (Press release). The New York Times Company. November 19, 2007. http://newyorktimesbuilding.com/pdf/FactSheet2007.pdf. Retrieved 2008-08-23. 
  14. ^ Greg Bensinger (July 14, 2009). "New York Times to Get $45 Million for Radio Station". Bloomberg. http://www.bloomberg.com/apps/news?pid=20601103&sid=ao4vtybp2N50. Retrieved 2009-07-18. 
  15. ^ "The New York Times Company Announces Four Winners of Its First Nonprofit Excellence Awards" (Press release). The New York Times Company. June 28, 2007. http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20070628006103&newsLang=en. Retrieved December 10, 2008. 
  16. ^ "Carnegie Corporation of New York/New York Times I Love My Librarian Award winners announced" (Press release). American Library Association. December 8, 2008. http://www.ala.org/ala/newspresscenter/news/pressreleases2008/december2008/ilovemylibrarian.cfm. Retrieved February 3, 2009. 

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