The New York Times Company
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| The New York Times Company | |
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| Type | Public (NYSE: NYT) |
| Founded | September 18, 1851 |
| Headquarters | New York, NY |
| Key people | Henry Jarvis Raymond, founder |
| Industry | Newspapers, radio broadcasting |
| Products | The New York Times, The Boston Globe, twenty-four other newspapers across the United States; one radio station, WQXR-FM in the New York area |
| Revenue | ▲ $3.2 billion USD (2007)[1] |
| Operating income | ▲ $227.4 million USD (2007) |
| Net income | ▲ $208.7 million USD (2007) |
| Employees | 11,965 |
| Website | The New York Times Company website |
The New York Times Company (NYSE: NYT) is an American media company. It is 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.
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[edit] Overview
The company was founded by Henry Jarvis Raymond and George Jones in New York, New York. In its very first edition on September 18, 1851, the paper read,
- "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."
The company had 2005 revenues of $3.4 billion. It also owns The Boston Globe, the International Herald Tribune, almost two dozen other regional newspapers in the United States (15 of which publish daily), and one New York City radio station, the legendary WQXR. In 2005, it had 35 web sites, including NYTimes.com, Boston.com and About.com.
The organization is a minority stakeholder in the Boston Red Sox, a position acquired as part of John W. Henry's purchase of the famed baseball team. Company-owned papers often state this in articles about the team.
Since 1967, it has been a publicly traded company, listed on the New York Stock Exchange under the symbol NYT. The company has two types of stock, Class A and Class B. Class B shares are not publicly traded, and are the mechanism by which the descendants of Adolph Ochs, who purchased the New York Times newspaper in 1896, maintain control of the company. At the April 2005 Board meeting, Class B shareholders elected nine of the fourteen directors of the company.
On January 1, 2003, the company completed its purchase of The Washington Post's 50 percent interest in the International Herald Tribune for $65 million. The Times Company, which had owned 50 percent of the IHT, became the sole owner.
On March 18, 2005, the company acquired About.com, a leading online provider of consumer information for $410 million.
On August 25, 2006, the company acquired Baseline StudioSystems, a leading online database and research service for information on the film and television industries for $35 million.
On September 12, 2006, the company decided to sell all of its television stations[2]. On January 4, 2007, the New York Times announced it had reached an agreement to sell all of its television stations to private equity firm Oak Hill Capital[3]. The sale closed on May 7, 2007; at that point, the station group became known as Local TV.
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