New York Times Company ANYT

Morningstar Rating

Stock Research and Analysis

by Carlton Moore

New York Times operates in a perpetually declining industry, and we expect an 18% sales decline in 2009, following an 8% slide last year. While we think the company will fare better than its peers, it is not possible to have an economic moat in the Read more

Bulls Say

The New York Times' relatively well-educated and affluent audience is coveted by advertisers.

Nytimes.com is the most popular newspaper Web site. Its monthly audience of about 20 million users should attract an increasing portion of advertising dollars in the future.

The price for a weekday issue of The New York Times has more than doubled over the past two years. The fact that readers are willing to pay up for the branded content suggests that the Times will be one of the industry's long-term survivors. Read more

Bears Say

The Internet has permanently displaced newspapers as the best option for certain classified advertisements, in addition to offering measurability, targeting, and customization features papers cannot match.

Some operating assets, including The Boston Globe and several smaller regional papers, are more disadvantaged than The Times and continue to weigh on the firm's results.

The firm's digital initiatives will not develop quickly enough to offset the decline of its traditional publishing business. Internet revenue currently accounts for just 14% of total sales.

The New York Times' brand identity has less of an impact on the Internet. According to traffic-monitoring Web site Alexa, Google GOOG and Yahoo YHOO hold greater sway in the online news market. Read more

Strategy

New York Times seeks to extend its iconic newspaper brand to a widening array of new products and services. The company is also searching for a successful long-term strategy to monetize its digital and Read more

Management

Janet L. Robinson has served as president and CEO since 2005. Before that, she held various positions in the company, including senior vice president of newspaper operations and president and general manager of The New York Times. Robinson's total compensation Read more

Profile

New York Times' portfolio of media holdings includes The New York Times, The Boston Globe, the Paris-based International Herald Tribune, and more than a dozen local and Read more

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