Summary of The New York Times Company Conference Call on The Athletic Acquisition Company and Industry - **Company**: The New York Times Company (NYSE: NYT) - **Industry**: Media and Digital Journalism Core Points and Arguments 1. **Acquisition Announcement**: The New York Times Company announced plans to acquire The Athletic for $550 million in an all-cash transaction, aimed at accelerating long-term growth and enhancing its subscription offerings [6][4][5] 2. **Strategic Rationale**: The acquisition aligns with the company's digital growth strategy, focusing on expanding its addressable market and deepening relationships with existing subscribers [6][8][10] 3. **Market Potential**: The Athletic has a strong product-market fit, with 1.2 million subscribers across the U.S., UK, Canada, and Europe, making it the fifth largest English-language digital journalism provider [10][9] 4. **Growth Ambitions**: The New York Times aims to exceed its previous target of 10 million total subscriptions, leveraging The Athletic to penetrate the market further and attract new subscribers [8][46] 5. **Advertising Opportunities**: The Athletic presents untapped advertising potential, similar to the New York Times' existing business model, which is driven by premium ad products and first-party data [11][29] 6. **Operational Independence**: The Athletic will operate independently from The New York Times newsroom, initially selling subscriptions as a standalone product before potentially bundling with other Times offerings [11][12] 7. **Financial Expectations**: The Athletic is expected to be immediately accretive to revenue growth but dilutive to operating profit for approximately three years due to initial operating losses of around $55 million in 2021 [13][13] 8. **Subscriber Engagement**: The Athletic's audience is characterized by high engagement, with a focus on passionate sports fans, which presents opportunities for growth in both standalone subscriptions and cross-promotion with existing Times products [16][20][40] Additional Important Insights 1. **Subscriber Overlap**: There is currently a modest overlap between The Athletic and New York Times subscribers, indicating potential for new customer acquisition [24][46] 2. **Cost Structure**: The Athletic has made significant investments in high-quality journalistic talent, which will require effective management to ensure profitability as the business scales [25][26] 3. **Long-term Vision**: The acquisition is part of a broader strategy to build a larger and more profitable New York Times Company, with ambitions to enhance the overall subscription model [50][51] 4. **Market Size**: The total addressable market for digital journalism is estimated at 100 million potential subscribers, with the acquisition expected to add to this figure [20][46] 5. **Valuation Considerations**: The acquisition price of $550 million translates to approximately $450 per subscriber, suggesting a favorable valuation based on expected subscriber retention and lifetime value [48][49] This summary encapsulates the key points discussed during the conference call regarding The New York Times Company's acquisition of The Athletic, highlighting strategic intentions, market opportunities, and financial expectations.

The New York Times Company (NYSE:NYT) Q3 2021 Earnings Conference Call November 3, 2021 8:00 AM ET Company Participants Harlan Toplitzky - VP, IR Meredith Kopit Levien - President, CEO & Director Roland Caputo - EVP & CFO Conference Call Participants Thomas Yeh - Morgan Stanley Vasily Karasyov - Cannonball Research Craig Huber - Huber Research Partners Kannan Venkateshwar - Barclays Doug Arthur - Huber Research Partners Operator Good morning. And welcome to the New York Times Company's Third Quarter 2021 Ea ...

The New York Times Company (NYSE:NYT) Q2 2021 Earnings Conference Call August 4, 2021 8:00 AM ET Company Participants Harlan Toplitzky - Vice President-Investor Relations Meredith Kopit Levien - President and Chief Executive Officer Roland Caputo - Chief Financial Officer Conference Call Participants Vasily Karasyov - Cannonball Research Craig Huber - Huber Research Partners Kannan Venkateshwar - Barclays Capital Thomas Yeh - Morgan Stanley Doug Arthur - Huber Research Partners Alexia Quadrani - J.P. Morgan ...

The New York Times Company (NYSE:NYT) Q1 2021 Earnings Conference Call May 5, 2021 8:00 AM ET Company Participants Harlan Toplitzky - Vice President-Investor Relations Meredith Kopit Levien - President and Chief Executive Officer Roland Caputo - Chief Financial Officer Conference Call Participants John Janedis - Wolfe Research, LLC Alexia Quadrani - J.P. Morgan Kannan Venkateshwar - Barclays Craig Huber - Huber Research Partners Thomas Yeh - Morgan Stanley Douglas Arthur - Huber Research Partners Vasily Kar ...

The New York Times Company (NYSE:NYT) Q4 2020 Earnings Conference Call February 4, 2021 8:00 AM ET Company Participants Harlan Toplitzky – Vice President-Investor Relations Meredith Kopit Levien – President and Chief Executive Officer Roland Caputo – Executive Vice President and Chief Financial Officer Conference Call Participants Alexia Quadrani – JPMorgan John Janedis – Wolfe Research John Belton – Evercore ISI Doug Arthur – Huber Research Partners Vasily Karasyov – Cannonball Research Kannan Venkateshwar ...

New York Times Co (NYSE:NYT) Q3 2020 Earnings Conference Call November 5, 2020 8:00 AM ET Company Participants Harlan Toplitzky - Vice President of Investor Relations Meredith Kopit Levien - President and Chief Executive Officer Roland Caputo - Executive Vice President and Chief Financial Officer Conference Call Participants Thomas Yeh - Morgan Stanley John Belton - Evercore ISI Alexia Quadrani - JPMorgan Doug Arthur - Huber Research Partners Vasily Karasyov - Cannonball Research Craig Huber - Huber Researc ...