Joining us now, Timothy Snyder, author of the New York Times bestsellers on freedom and on tyranny. Tim, uh, good to see you. Uh, putting aside the fact that this meeting appeared to achieve nothing, Donald Trump had looked like he had changed his tack with with, uh, with Vladimir Putin, starting to talk tough as recently as yesterday, suggesting there will be sanctions if they don't agree to some kind of a deal.And then and then you watched what what we watched in Anchorage. Nothing but fawning and admirat ...

Political Analysis of Mamdani's Candidacy - Obama's endorsement provides a boost to Mamdani, signaling support for progressive politics within the Democratic Party [3][5][7] - The Democratic establishment in New York, including figures like Hakeem Jeffries and Chuck Schumer, has been hesitant to fully endorse Mamdani [7][17] - Mamdani's campaign has mobilized hundreds of thousands of people, making it politically unwise for the party to ignore him [13] - Mamdani's forward-thinking policies are giving voters a reason to be interested in politics again, especially after the current mayor's administration [8][9] Future Implications - Mamdani's ability to govern will be strengthened by further campaigning and debating his ideas [14] - If Obama openly supports Mamdani, it would likely solidify his position [16] - Mamdani's willingness to engage with former Bloomberg administration officials may ease concerns from the "money crowd" and real estate sector [19] - Labor institutions are slowly coming around to support Mamdani, indicating a shift in voter preferences [20] Challenges and Opportunities - The debate in the fall will focus on affordability and protecting the social safety net, including Medicaid, due to budget issues [21] - The New York State budget is facing a massive hole, potentially impacting the conversation around tax fairness and social programs [21]

Core Insights - OS Therapies Inc. will report its second quarter 2025 financial results and provide a business update on August 19, 2025 [1] Company Overview - OS Therapies is a clinical-stage oncology company focused on developing treatments for Osteosarcoma and other solid tumors [2] - The lead asset, OST-HER2, is an immunotherapy that targets the HER2 protein and has received multiple designations from the U.S. FDA and European Medicines Agency [2] - Positive data from a Phase 2b clinical trial of OST-HER2 in lung metastatic osteosarcoma showed statistically significant benefits in the 12-month event-free survival primary endpoint [2] - The company plans to submit a Biologics Licensing Application for OST-HER2 in 2025, which could lead to a Priority Review Voucher if approved [2] - OST-HER2 has also shown preclinical efficacy in breast cancer models and has been conditionally approved for treating canines with osteosarcoma [2] Product Development - OS Therapies is advancing its next-generation Antibody Drug Conjugate (ADC) platform, known as tunable ADC (tADC), which utilizes proprietary technology for tailored antibody-linker-payload candidates [3] - The tADC platform allows for the delivery of multiple payloads per linker, enhancing treatment options [3]

Core Viewpoint - New York Times Co. (NYT) is experiencing solid improvement in earnings estimates, which is expected to positively impact its stock price momentum [1][2]. Estimate Revisions - The trend in estimate revisions reflects growing analyst optimism regarding the earnings prospects of New York Times, which is likely to influence its stock price positively [2]. - For the current quarter, the earnings estimate is $0.54 per share, representing a 20.0% increase from the previous year [6]. - Over the last 30 days, two estimates have been revised upward with no negative revisions, leading to a 10.2% increase in the Zacks Consensus Estimate for the current quarter [6]. - For the full year, the expected earnings are $2.28 per share, indicating a 13.4% increase from the prior year [7]. - The consensus estimate for the current year has also increased by 6.16% due to three upward revisions and no negative changes [7][8]. Zacks Rank - New York Times has achieved a Zacks Rank 2 (Buy), indicating favorable estimate revisions that suggest strong potential for stock performance [9]. - The Zacks Rank system has a proven track record, with Zacks 1 (Strong Buy) and 2 (Buy) stocks significantly outperforming the S&P 500 [9]. Stock Performance - New York Times shares have increased by 6.7% over the past four weeks, reflecting investor confidence in its earnings growth prospects [10].

Political Commentary & Economic Data Integrity - The discussion revolves around Donald Trump's criticism of economist Paul Krugman and others, labeling them as "deranged" for their economic predictions [1][2][3][5]. - Concerns are raised about potential political interference with the Bureau of Labor Statistics (BLS) and the possibility of manipulating economic data [6][7][8]. - The integrity of economic data is crucial, and any attempt to "cook the books" at the BLS would be a significant undertaking due to the dedication of civil servants [8][9]. - The historical precedent of presidents seeking serious economic advice from economists is highlighted, contrasting it with the current situation [10]. Economic Competence & Political Alignment - The discussion points out a preference within a certain political sphere for individuals who may lack competence in economic analysis [12][13][14]. - Competent professionals are perceived as a threat because they might refuse to manipulate data or make false claims [14].

Core Viewpoint - New York Times Co. (NYT) has shown strong stock performance, with a 3.2% increase over the past month and an 11.8% gain since the start of the year, outperforming both the Zacks Consumer Staples sector and the Zacks Publishing - Newspapers industry [1] Financial Performance - The company has consistently exceeded earnings expectations, reporting an EPS of $0.58 against a consensus estimate of $0.50 in its last earnings report on August 6, 2025 [2] - For the current fiscal year, NYT is projected to achieve earnings of $2.24 per share on revenues of $2.77 billion, reflecting an 11.44% increase in EPS and a 7.08% increase in revenues [3] - The next fiscal year forecasts earnings of $2.40 per share on revenues of $2.95 billion, indicating year-over-year changes of 7.18% and 6.39%, respectively [3] Valuation Metrics - NYT's stock trades at 26 times the current fiscal year EPS estimates, aligning with the peer industry average, while on a trailing cash flow basis, it trades at 22.4 times compared to the peer group's average of 19 times [7] - The stock has a PEG ratio of 1.52, which does not position it among the top value stocks [7] Style Scores and Zacks Rank - NYT has a Value Score of C, with Growth and Momentum Scores rated A, resulting in a combined VGM Score of B [6] - The stock holds a Zacks Rank of 2 (Buy), supported by favorable earnings estimate revisions from analysts [8] - NYT meets the criteria for selection based on Zacks Rank and Style Scores, suggesting potential for further stock price appreciation in the near term [9]

Core Insights - The New York Times Company reported significant growth in digital ad sales and subscriptions, leading to a notable increase in revenue and net income for the latest quarter [1][3] - The stock price of NYT rose over 11% week to date, reflecting positive market sentiment following the earnings report [2] Financial Performance - NYT's second-quarter revenue grew nearly 10% year over year, reaching approximately $686 million [3] - GAAP net income increased by 27% to just under $83 million, while non-GAAP adjusted earnings per share rose from $0.45 to $0.58 [3][5] - Analysts had expected revenue of over $670 million and adjusted net income of $0.52 per share, indicating that the company exceeded these expectations [5] Future Outlook - Management anticipates a 13% to 16% year-over-year increase in digital subscriptions for the third quarter, with digital ad revenue expected to rise at low-double-digit rates [5] - Following the positive earnings report and guidance, several analysts raised their price targets for NYT shares, with new assessments of $56 and $62 per share from Guggenheim and Huber Research respectively [6]

The last word with Lawrence O'Donnell starts right now. Hey, Lawrence. >> Hey, Jen. And I say this for you and the control room. Uh, as I was just listening to you, uh, your volume was going up and down on my end of it. So, I'm I'm hoping that we uh are going to fix that. But it's not going to be a problem at all for the beginning of this program because >> because you're going to talk loud. >> Well, no, because Lisa Rubin is joining me in the studio. So I can hear her with my actual in the room ears instea ...

[Part I: Financial Information](index=3&type=section&id=PART%20I%20Financial%20Information) [Item 1. Financial Statements](index=3&type=section&id=Item%201%20Financial%20Statements) The financial statements detail the company's financial position as of June 30, 2025, showing slight asset decrease, strong Q2 revenue and profit growth, and increased operating cash flow for H1 2025 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$2.81 billion** as of June 30, 2025, driven by lower current assets, while liabilities decreased and equity increased Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $855,002 | $936,322 | | **Total Assets** | **$2,805,036** | **$2,841,479** | | **Total Current Liabilities** | $577,985 | $613,529 | | **Total Liabilities** | $869,328 | $914,270 | | **Total Stockholders' Equity** | $1,935,708 | $1,927,209 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 total revenues grew 9.7% to **$685.9 million**, with operating profit up 34.2% and net income rising 26.6% Q2 2025 vs Q2 2024 Performance (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $685,873 | $625,097 | 9.7% | | Subscription Revenues | $481,420 | $439,322 | 9.6% | | Advertising Revenues | $133,974 | $119,163 | 12.4% | | Operating Profit | $106,551 | $79,410 | 34.2% | | Net Income | $82,945 | $65,540 | 26.6% | | Diluted EPS | $0.50 | $0.40 | 25.0% | Six Months 2025 vs 2024 Performance (in thousands, except per share data) | Metric | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $1,321,783 | $1,219,112 | 8.4% | | Operating Profit | $165,185 | $127,729 | 29.3% | | Net Income | $132,496 | $105,957 | 25.0% | | Diluted EPS | $0.80 | $0.64 | 25.0% | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations significantly increased to **$212.7 million** in H1 2025, while investing cash outflow decreased and financing cash outflow increased Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $212,726 | $133,310 | | Net cash used in investing activities | ($52,082) | ($96,170) | | Net cash used in financing activities | ($161,751) | ($102,342) | | Net decrease in cash | ($1,107) | ($65,202) | - The increase in cash from operating activities was primarily due to higher net income and net proceeds of approximately **$33 million** from the sale of land in College Point, N.Y[51](index=51&type=chunk)[179](index=179&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue disaggregation showing strong digital growth, segment performance with The Athletic achieving profitability, and ongoing litigation costs - The company has two reportable segments: The New York Times Group ("NYTG") and The Athletic[30](index=30&type=chunk)[80](index=80&type=chunk) Q2 2025 Revenue Breakdown (in thousands) | Revenue Stream | Q2 2025 | % of Total | | :--- | :--- | :--- | | Subscription | $481,420 | 70.2% | | Advertising | $133,974 | 19.5% | | Affiliate, licensing and other | $70,479 | 10.3% | | **Total** | **$685,873** | **100.0%** | Q2 2025 Subscription & Advertising Revenue Split (in thousands) | Category | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **Digital-only subscription** | $350,353 | $304,501 | 15.1% | | Print subscription | $131,067 | $134,821 | (2.8)% | | **Digital advertising** | $94,422 | $79,575 | 18.7% | | Print advertising | $39,552 | $39,588 | (0.1)% | - The company incurred **$3.5 million** in Q2 2025 and **$7.9 million** in H1 2025 for litigation costs related to its lawsuit against Microsoft and OpenAI regarding generative AI[57](index=57&type=chunk) - The Board of Directors approved a new **$350.0 million** Class A share repurchase program in February 2025 As of June 30, 2025, approximately **$432.9 million** remained available under all authorizations[74](index=74&type=chunk)[75](index=75&type=chunk) Q2 2025 Segment Performance (in thousands) | Segment | Total Revenues | Adjusted Operating Profit (Loss) | | :--- | :--- | :--- | | NYTG | $632,397 | $127,987 | | The Athletic | $54,038 | $5,788 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q2 2025 results to digital strategy, with **230,000** new digital subscribers, increased ARPU, and The Athletic achieving profitability [Executive Overview and Financial Highlights](index=26&type=section&id=Executive%20Overview%20and%20Financial%20Highlights) Q2 2025 saw **230,000** net digital-only subscriber additions, reaching **11.30 million**, with ARPU up 3.2% and adjusted operating profit increasing 27.8% - Added approximately **230,000** net digital-only subscribers in Q2 2025, ending the quarter with **11.30 million** digital-only subscribers[96](index=96&type=chunk) - Total digital-only average revenue per user (ARPU) increased **3.2%** year-over-year to **$9.64**[96](index=96&type=chunk) - Adjusted operating profit (AOP) increased **27.8%** to **$133.8 million**, and the AOP margin expanded to **19.5%** from **16.7%** in Q2 2024[96](index=96&type=chunk) - Digital-only subscription revenues grew **15.1%** to **$350.4 million** in Q2 2025[96](index=96&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q2 2025 total revenues rose 9.7%, driven by digital subscription and advertising growth, despite a decline in news-only subscribers, while operating costs increased 6.2% Digital-Only Subscribers by Category (in thousands) | Category | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Bundle and multiproduct | 6,020 | 4,830 | | News-only | 1,690 | 2,290 | | Other single-product | 3,590 | 3,100 | | **Total digital-only subscribers** | **11,300** | **10,210** | Digital-Only ARPU by Category | Category | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Bundle and multiproduct | $12.52 | $11.96 | | News-only | $12.28 | $11.26 | | Other single-product | $3.51 | $3.65 | | **Total digital-only ARPU** | **$9.64** | **$9.34** | - Digital advertising revenue growth was driven by a **33%** increase in display impressions, while the average rate decreased **1%**[115](index=115&type=chunk) - Media expenses, a component of marketing costs, increased **15.9%** to **$31.9 million** in Q2 2025 due to higher subscriber acquisition spending[131](index=131&type=chunk) [Segment Information](index=34&type=section&id=Segment%20Information) NYTG revenues grew 8.1% to **$632.4 million**, while The Athletic's revenues surged 33.4% to **$54.0 million**, achieving a **$5.8 million** adjusted operating profit Q2 2025 vs Q2 2024 Segment Performance (in thousands) | Segment | Revenues (Q2'25) | Revenues (Q2'24) | % Change | Adj. Op. Profit (Q2'25) | Adj. Op. Profit (Loss) (Q2'24) | | :--- | :--- | :--- | :--- | :--- | :--- | | NYTG | $632,397 | $585,156 | 8.1% | $127,987 | $107,102 | | The Athletic | $54,038 | $40,504 | 33.4% | $5,788 | ($2,402) | - The Athletic's advertising revenue grew **98.8%** to **$14.1 million** in Q2 2025 from **$7.1 million** in Q2 2024[146](index=146&type=chunk)[155](index=155&type=chunk) - The company allocates **10%** of all bundle subscription revenues and associated costs (product development, marketing, subscriber servicing) to The Athletic[81](index=81&type=chunk)[82](index=82&type=chunk)[142](index=142&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$951.5 million** in cash, **$193.2 million** free cash flow, and increased its credit facility to **$400 million** - As of June 30, 2025, the company had cash, cash equivalents, and short- and long-term marketable securities of **$951.5 million**[174](index=174&type=chunk) Free Cash Flow (in thousands) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $212,726 | $133,310 | | Less: Capital expenditures | ($19,573) | ($14,054) | | **Free cash flow** | **$193,153** | **$119,256** | - In June 2025, the company increased its revolving credit facility to **$400.0 million** and extended the maturity to June 2030 No borrowings were outstanding as of June 30, 2025[187](index=187&type=chunk)[188](index=188&type=chunk) - The company repurchased approximately **$82.5 million** of its Class A stock in the first six months of 2025, with **$432.9 million** remaining under its repurchase authorizations as of June 30, 2025[176](index=176&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risks were reported compared to the prior annual report - As of June 30, 2025, there were no material changes in the company's market risks from December 31, 2024[193](index=193&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of June 30, 2025[195](index=195&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[196](index=196&type=chunk) [Part II: Other Information](index=46&type=section&id=PART%20II%20Other%20Information) [Item 1. Legal Proceedings](index=46&type=section&id=Item%201%20Legal%20Proceedings) The company is actively pursuing a copyright infringement lawsuit against Microsoft and OpenAI regarding generative AI, with core claims proceeding - In December 2023, the company filed a lawsuit against Microsoft and OpenAI for copyright infringement, unfair competition, and other claims related to their use of the company's content in generative AI products[199](index=199&type=chunk) - In March 2025, a court dismissed the unfair competition and DMCA claims (with leave to replead the latter) but allowed other disputed claims, including direct copyright infringement, to proceed[199](index=199&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A%20Risk%20Factors) No material changes to previously disclosed risk factors were reported for the quarter - No material changes to risk factors were reported for the quarter[200](index=200&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **460,136** Class A shares for **$23.6 million** in Q2 2025, with **$432.9 million** remaining for future repurchases Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 258,952 | $48.85 | | May 2025 | 60,273 | $52.26 | | June 2025 | 140,911 | $55.32 | | **Total Q2 2025** | **460,136** | **$51.30** | - As of the end of Q2 2025, approximately **$432.9 million** remained available for repurchase under the company's publicly announced plans[201](index=201&type=chunk)[202](index=202&type=chunk) [Item 5. Other Information](index=46&type=section&id=Item%205%20Other%20Information) No Rule 10b5-1 trading plans were adopted or terminated by directors or executive officers during Q2 2025 - No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during the second quarter of 2025[203](index=203&type=chunk) [Item 6. Exhibits](index=47&type=section&id=Item%206%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the amended Credit Agreement, officer certifications, and XBRL data

Core Insights - The New York Times Company (NYT) demonstrated solid performance in Q2 2025, with adjusted earnings per share of 58 cents, exceeding the Zacks Consensus Estimate of 50 cents, and total revenues of $685.9 million, which surpassed the estimate of $669 million, reflecting a year-over-year increase of 9.7% [1][11] Subscription Performance - NYT added approximately 230,000 net digital-only subscribers in the quarter, bringing total subscribers to 11.88 million, with 11.30 million being digital-only [2][5] - Digital-only average revenue per user (ARPU) rose to $9.64 from $9.34 year-over-year, driven by subscribers moving from promotional pricing to higher rate plans [3] - Subscription revenues reached $481.4 million, a 9.6% increase year-over-year, with digital-only subscription revenues increasing by 15.1% to $350.4 million [4][5] Advertising Revenues - Total advertising revenues increased by 12.4% year-over-year to $134 million, with digital advertising revenues rising 18.7% to $94.4 million, while print advertising revenues slightly declined by 0.1% to $39.6 million [6][11] - For Q3, the company anticipates a low-to-mid-single-digit increase in total advertising revenues and a low-double-digit increase in digital advertising revenues [7] Other Revenue Streams - Affiliate, licensing, and other revenues grew by 5.8% year-over-year to $70.5 million, attributed to higher Wirecutter affiliate referral revenues [8] - Adjusted operating costs rose by 6.1% to $552.1 million, with expectations of a 5-6% increase in Q3 [8] Financial Health - The company ended the quarter with cash and marketable securities totaling $951.5 million, an increase of $39.7 million from the previous quarter [14] - NYT repurchased 460,136 shares of its Class A common stock for $23.6 million, with approximately $422.2 million remaining for further repurchases [15]