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Quick takeaways
- The New York Times' success in transforming into a thriving digital business amidst the decline of the newspaper industry highlights the importance of adaptability and innovation.
- The creation of a family trust by Adolf Ochs ensured the preservation of the New York Times' editorial independence and mission, preventing control from passing outside the family.
- The Sulzberger family's dedication to upholding the Times' mission and values has solidified its position as a leading newspaper known for journalistic integrity and commitment to independent reporting.
Deep dives
Adolf Ochs saves the New York Times from bankruptcy
Adolf Ochs, an enterprising businessman from Chattanooga, Tennessee, buys the struggling New York Times out of bankruptcy in 1896. He implements a strategy of providing impartial news without fear or favor, positioning the Times as a reliable and respected source of information. Ochs cuts the price of the newspaper from 3 cents to 1 cent, which leads to a significant increase in circulation. He focuses on attracting business readers and positions the Times as the business newspaper of record. Under Ochs' leadership, the Times becomes a dominant force in the media industry, with circulation reaching over 750,000 by the 1920s.
Ochs establishes a family trust to ensure the Times' independence
Adolf Ochs creates a family trust to secure the future of the New York Times. The trust is designed to maintain the editorial independence and integrity of the newspaper and prevent control from passing outside the family. The trust prohibits the sale or distribution of the class B common stock held by the trustees and requires a unanimous decision to change control of the Times. The primary objective of the trust is to preserve the mission of the New York Times as an independent newspaper entirely devoted to the public welfare. This ensures that the Ochs family, in perpetuity, can only maintain ownership of the Times by upholding these principles.
Iphigene and Arthur Salzburger inherit control of the Times
Following the death of Adolf Ochs in 1935, control of the New York Times is passed to his son-in-law Arthur Hays Sulzberger, who becomes the publisher. Iphigene, Ochs' daughter, provides the deciding vote in favor of her husband's appointment. This succession decision marks the first of many contentious family transitions in the future. Iphigene remains involved in the Times throughout her life, serving on the board and upholding her father's principles.
The Times establishes itself as a reputable and influential newspaper
Under the guidance of the Sulzberger family, the New York Times solidifies its position as a leading newspaper known for its journalistic integrity and commitment to independent reporting. The Times continues to grow in circulation and becomes the go-to source for news and information. The family's dedication to upholding the Times' mission and values ensures the newspaper's long-term success and continued impact in the media industry.
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Summary
The podcast episode discusses the current state and future prospects of The New York Times as a media company. The episode highlights the growth of the company's digital subscriber base and the shift in focus from advertising to subscription revenue. It explores the challenges and opportunities the company faces in a digital landscape, such as the rise of social media, aggregators, and the need to adapt to changing consumer preferences. The episode also emphasizes the importance of the company's brand power, scale economies, and process power in capturing value. It discusses the potential for the company to further diversify its revenue streams by leveraging its assets like the wire cutter. Overall, the episode presents a positive outlook for The New York Times, but acknowledges the challenges it faces in maintaining journalistic integrity, navigating the changing media landscape, and continuing to create value for its audience.
52.
New York Times - Digital Subscription Revenue Overtakes Print Revenue for the First Time Ever
2min
56.
The Times Subscription Business Is Now Three Times Larger Than the Advertising Business
2min
67.
The New York Times Is the Best Original Content, Internationalization and Embracing the Digital Strategy
3min
For the entire 20th Century, you’d be hard pressed to find a better business than an American newspaper — Warren Buffett famously described them as “franchises” — and no American newspaper stood taller than the New York Times. Controlled by a single family bound by a legal oath “to maintain the editorial independence and integrity of The New York Times and to continue it as an independent newspaper, entirely fearless, free of ulterior influence and unselfishly devoted to the public welfare”, the Times served as the paper of record for generations of Americans and people around the world. But no good thing lasts forever, and the dawn of the 21st Century saw both the Times and this once-mighty industry devastated by the dual disruptive forces of the internet and the 2008 financial crisis. And yet by 2021, The Times, essentially alone of its former peers, has reemerged from the American newspaper wreckage and transformed itself into a thriving digital business with an order of magnitude more subscribers than its print heyday. Curious how it all happened? We dive into 170 years of history to find out!
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The New York Times Company Playbook is available on our website at https://www.acquired.fm/episodes/the-new-york-times-company
Links:
- The 2014 NYT Innovation Report: https://archive.org/details/pdfy-59s-4-I2qSvG6MnA/mode/2up
- Mine Safety Disclosures’ NYT presentation: https://minesafetydisclosures.com/blog/newyorktimes
Carve Outs:
Ben:
- Titan by Ron Chernow: https://www.amazon.com/Titan-Life-John-Rockefeller-Sr-ebook/dp/B000XUDGHG
- Iteratively: https://iterative.ly
David:
- Sabaa Tahir’s Ember in the Ashes series: https://www.amazon.com/Ember-Ashes-3-Book/dp/B074VDZB17
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