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CNN —The New York Times will shut down its sports desk and shift its daily coverage of athletes and teams to The Athletic, the newspaper announced Monday. The decision to dismantle The Times’ long-standing Sports desk comes as the paper aims to provide a “greater abundance of sports coverage than ever before,” New York Times Chairman A.G. Sulzerberg and CEO Meredith Kopit Levien announced in a memo Monday. The closure will allow the paper to maximize both The Times’ and The Athletic’s respective newsrooms, they said. Sports stories across The Times’ website will be sourced from the nearly 150 daily stories published by The Athletic, which includes coverage of leagues, teams, and players, both domestic and international, Sulzerberg and Levien said. The New York Times acquired The Athletic last year in a bid to expand its sporting coverage.
Persons: A.G, Sulzerberg, Meredith Kopit Levien, Levien, Organizations: CNN, The New York Times, The Athletic, Sports, ” New York, Times, Athletic, ” Sports
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Persons: Dow Jones, evan
May 10 (Reuters) - The New York Times Co (NYT.N) missed estimates for quarterly revenue on Wednesday as a turbulent economy sapped digital subscriber growth and forced businesses to cut back on advertising spending, sending its shares tumbling 6%. The Times expects digital ad revenue to decline by low-to mid-single digits in the current quarter, joining ad-dependent companies such as Snap Inc (SNAP.N) in struggling with tightened marketing budgets across industries. Digital ad revenue fell nearly 9% to $61.3 million in the January-March period, while total revenue of $560.7 million was below estimates of $571 million, according to Refinitiv data. It added 190,000 digital-only subscribers in the first quarter, compared with 240,000 in the prior quarter, bringing its total subscriber base to more than 9.7 million. Separately, the Times named strategy head William Bardeen as its finance chief, replacing Roland Caputo who had announced his retirement in December.
The Times Added 190,000 Subscribers Last Quarter
  + stars: | 2023-05-10 | by ( Benjamin Mullin | ) www.nytimes.com   time to read: +1 min
The New York Times Company on Wednesday said it added 190,000 digital subscribers last quarter, driven partly by subscriptions to a bundle of products that includes The Athletic sports site, bringing the company’s total digital subscriber base to nine million. Adjusted operating profit was $54 million, a drop of 11 percent from a year earlier, as the new subscription revenue was offset by higher operating costs and lower advertising revenue. “In the first quarter, we made steady progress on our essential subscription strategy, with clear signs of substantial runway ahead,” Meredith Kopit Levien, chief executive of The Times, said in a statement. Over the last decade, The Times has tried to offset declines in its print business — which is profitable but fading — with new revenue from digital subscribers. In recent years, the company has honed that strategy by offering readers a bundle of online utilities including a cooking app, the Wirecutter online shopping service, games like Wordle and The Athletic, pitching itself to subscribers as a guide to the wider world.
Check out the companies making headlines in midday trading Wednesday:Lumen Technologies — Shares fell 22.5% after the cloud network data company reported a fourth-quarter loss of about $3.1 billion. CVS Health — CVS Health gained 4.6% after the company surpassed profit and sales expectations in its latest quarterly results. The New York Times Company — Shares for the media organization popped more than 14% after its fourth-quarter earnings beat analyst estimates. The company reported earnings of 59 cents per share, which was greater than a Refinitiv estimate of 43 cents per share. Fortinet posted earnings of 44 cents per share, while analysts expected 39 cents per share, according to StreetAccount.
Jason Levien is CEO of DC United and owns part of Swansea City and the Brisbane Bullets. Levien denied wrongdoing and said he filed New York taxes. The lawsuit was brought by Christopher Deubert, who until last year was the top lawyer for Levien's DC United soccer club. In a statement shared with Insider, Jon Bouker, a lawyer for Levien, said his client paid all the taxes he owed and filed taxes in New York, contrary to Deubert's claims. December 14, 2022: This story has been updated to include comments from Levien's lawyer and a person close to Levien.
An executive at The Times, who requested anonymity to speak candidly, acknowledged to CNN on Wednesday that the work stoppage would certainly create difficulties. Joe Kahn, executive editor of The Times, said in a note to staff, “We will produce a robust report on Thursday. “We’re asking readers to not engage in any [New York Times] platforms tomorrow and stand with us on the digital picket line!,” Amanda Hess, a critic-at-large for the newspaper, wrote on Twitter. And we need productive negotiations to get to a deal.”Susan DeCarava, president of the NewsGuild of New York, said in response, “Union democracy is crucial to union power. “When Times management comes to the bargaining table with their insulting and disrespectful offers, they have to explain it to a room full of their own employees—and they hate it.
Stacy Cowley holds a sign outside the New York Times building in Manhattan, New York, U.S., December 8, 2022. Joe Kahn, executive editor of The Times, said in a note to staff, “We will produce a robust report on Thursday. “We’re asking readers to not engage in any [New York Times] platforms tomorrow and stand with us on the digital picket line!,” Amanda Hess, a critic-at-large for the newspaper, wrote on Twitter. New York Times reporter Nikole Hannah-Jones speaks outside the Times' office, Thursday, Dec. 8, 2022, in New York. “When Times management comes to the bargaining table with their insulting and disrespectful offers, they have to explain it to a room full of their own employees—and they hate it.
Changes are coming to Wordle
  + stars: | 2022-11-09 | by ( Frank Pallotta | ) edition.cnn.com   time to read: +1 min
New York CNN Business —Changes are coming for Wordle … again. It will, instead, include words that the New York Times has chosen. Also changing: The answer will never be a plural that ends in “s” or “es.” However, you can guess plural words to help you eliminate possible words. What solvers choose to use as guess words is their private choice.”The Times bought Wordle for “low seven figures” earlier this year. It’s a part of the Times’ portfolio of online games that includes the Crossword and Spelling Bee.
Nov 2 (Reuters) - The New York Times Co (NYT.N) topped quarterly profit estimates on Wednesday as more people signed up for its digital subscription bundle, helping offset a slowdown in advertising sales. The Times added 180,000 digital-only subscribers in the third quarter and said digital subscription revenue would grow by 30% to 33% in the current quarter. Still, lower-than-expected quarterly revenue of $547.7 million showed the company was not completely shielded from a wider slowdown in ad spending. The Times' digital ads revenue rose marginally to $70.3 million in the quarter, but the company warned it expects ad sales to fall in the fourth quarter. Reuters GraphicsOn an adjusted basis, New York Times earned 21 cents per share, compared with estimates of 13 cents, according to Refinitiv data.
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