The New York Times Company added 300,000 paid digital subscribers in the fourth quarter of 2023, pushing annual revenue for digital subscriptions above $1 billion for the first time. The company reported total revenue of $676.2 million, with a focus on expanding its bundle of products to subscribers. While advertising revenue decreased, the company's digital subscriber base continues to grow, with a goal of reaching 15 million subscribers by the end of 2027.
Los Angeles Times Executive Editor Kevin Merida is stepping down after less than three years, citing career considerations and the need to be of value to the journalism profession. The departure comes as the newspaper faces challenges, including falling short of its digital subscriber goal. The Times, owned by Patrick and Michele Soon-Shiong, won three Pulitzer Prizes under Merida's leadership. Soon-Shiong stated the need to build a sustainable business for growth and innovation, and the LA Times Guild expressed support for finding a successor with vision and clarity for the future.
The New York Times added 190,000 digital subscribers last quarter, bringing its total digital subscriber base to nine million. The increase was driven in part by subscriptions to a bundle of products that includes The Athletic sports site. However, adjusted operating profit dropped 11% from a year earlier due to higher operating costs and lower advertising revenue. The Times has been trying to offset declines in its print business with new revenue from digital subscribers and online utilities. The company had about 9.7 million subscribers of its print and digital products at the end of the first quarter, up about 8% from a year earlier.
