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Top: Jewish Leaders Folder: Arthur Ochs Sulzberger, Owner of New York Times

The New York Times Company

( Hoover's Company Profiles ) top of page

The New York Times Company

"All the News That's Fit to Print, Broadcast, and Post Online" would be a more accurate motto for this New York City-based media titan. The New York Times Company publishes "The New York Times" (#3 in circulation after "USA TODAY" and "The Wall Street Journal"), "The Boston Globe," and 21 other newspapers in six states. It also has a one-half interest in the "International Herald Tribune" (with rival Washington Post Company). The firm owns three magazines (including "Golf Digest"), eight television stations, and two radio stations, and publishes online.

The company gets some of its newsprint from mills it partially owns. At the other end of the production spectrum, the New York Times News Service licenses its articles, graphics, and photographs to about 650 newspapers and magazines in the US and 50 countries worldwide, and to online computer database firms (such as Dow Jones Business Information Services) and archiving companies (such as UMI) to create and sell microform and CD-ROM copies.

"The New York Times" has completed a 10-year capital investment program that has the venerable paper hitting the streets with later-breaking news and more sections, but the biggest change is the addition of color to its daily editions. While the company has been able to raise advertising rates and circulation prices to cover a surge in newsprint costs, its readership has continued to decline. So it continues to seek other avenues to widen its audience, such as its Web site, where it now has more than one million registered users.

The Sulzberger family controls the company.


In 1851 George Jones and Henry Raymond, two former "New York Tribune" staffers, started "The New York Times." The paper began a long tradition of political coverage during the Civil War and of investigative reporting with the Tammany Hall scandals, but by the late 1800s it had lost popularity to the yellow journalism of the Hearst and Pulitzer papers. In 1896 Adolph Ochs, a newspaperman from Chattanooga, Tennessee, bought "The Times." Continuing hard news and business coverage and eschewing diversification, Ochs added the newspaper's now-famous slogan, "All the News That's Fit to Print." Ochs's son-in-law Arthur Hays Sulzberger, who ran the paper from 1935 to 1961, diversified the company with the purchase of two New York City radio stations (1944). Sulzberger's son-in-law Orvil Dryfoos was publisher until his death in 1963, leaving Ochs's grandson Arthur Ochs "Punch" Sulzberger in charge. In the 1960s declining ad revenues and a newspaper strike sent the company into the red. To regain strength, Punch built the largest news-gathering staff of any newspaper. "The Times"' coverage of the Vietnam War helped change public sentiment, and the newspaper won a Pulitzer Prize in 1972 for publishing the Pentagon Papers. In the meantime Punch had taken the company public (1967), though the family retained solid control through ownership of most of the Class B stock. In the 1970s the Times Co. bought magazines, publishing houses, television stations, smaller newspapers, and cable TV systems, and began co-publishing the "International Herald Tribune." To contain costs, the company invested in three pulp and paper firms. In the 1980s "The Times" added feature sections to compete with suburban papers. The company bought "Golf World" in 1988, and in 1989 it bought women's magazine "McCall's" and sold its cable systems. The next year the company started TimesFax, a summary of "The Times" sent to subscribers' fax machines. Arthur Ochs Sulzberger Jr. succeeded his father as "Times" publisher in 1992. The next year the Times Co. bought Affiliated Publications, owner of "The Boston Globe," for $1.1 billion; in 1994 it sold the one-third interest in BPI Communications (specialty magazines) that had come with the Affiliated purchase. That year the company also sold its women's magazines and three UK golf publications. In 1995 it acquired a majority stake in Video News International, a news-gathering business, launched two cable news channels in Arkansas, and invested in OVATION, a performance arts cable TV network that premiered the following year. The company continued to sell off holdings, including seven smaller papers. In 1996 the firm bought two TV stations in Des Moines, Iowa, and Oklahoma City from Palmer Communications for $226 million, and "The Times" launched a Web site. Company president Lance Primis resigned that year as it became clear he would fail in his effort to become the first person from outside the Ochs or Sulzberger families to run the company. In 1997 the Times Co. agreed to sell six of its tennis, sailing, and skiing magazines to Miller Publishing Group. Later that year, after 146 years in Manhattan, the company transferred its printing operations to its new, color-producing plant in College Point, Queens. Also that year, Chairman and CEO Punch Sulzberger retired, choosing his son as chairman and nonfamily member Russell Lewis as CEO.


Chairman Emeritus: Arthur Ochs "Punch" Sulzberger, age 71, $1,397,200 pay
(prior to title change)
Chairman; Publisher, The New York Times: Arthur Ochs Sulzberger Jr., age
46, $960,200 pay (prior to promotion)
VC and SVP: Michael Golden, age 48
President and CEO: Russell T. Lewis, age 50, $882,235 pay (prior to promotion)
SVP Operations and Acting CFO: John M. O'Brien, age 54
SVP and Deputy COO: David L. Gorham, $796,000 pay
SVP Broadcasting, Real Estate, and Corporate Communications: Katharine
P. Darrow, age 53
SVP Corporate Development, New Ventures, and Electronic Businesses: Leonard
P. Forman, age 51
SVP Human Resources: Donald S. Schneider, age 50
SVP and General Counsel: Solomon B. Watson IV, age 52
Chairman and CEO, Globe Newspaper Co.: William O. Taylor, age 64, $789,653
President, Magazine Group: James W. FitzGerald, age 58
President and Publisher, The Boston Globe: Benjamin B. Taylor, age 49
President, Regional Newspaper Group: James C. Weeks, age 54
VP, Secretary, and Corporate Counsel: Laura J. Corwin, age 52
VP Forest Products, Health, Safety, and Environmental Affairs; President
and General Manager, Forest Products Group: Stephen Golden, age 50
VP and Project Administrator: Donna C. Miele
VP Human Resources, The New York Times: Dennis L. Stern, age 50
VP and Corporate Controller: Stuart Stoller, age 41

Headquarters: 229 W. 43rd St., New York, NY 10036
Web Site:
Phone: 212-556-1234
Fax: 212-556-4011

The New York Times Company publishes newspapers in Alabama, California,
Florida, Louisiana, Massachusetts, New York, North Carolina, and South

1997 1997
Sales Operating Income
$ mil. % of total $ mil. % of total
Newspapers &
information services 2,557 89 434 -
Magazines 165 6 28 -
Broadcasting 144 5 39 -
Adjustments - - (46) -

Total 2,866 100 455 -

Selected Daily Newspapers
"The Boston Globe"
"The Daily Comet" (Thibodaux, LA)
"The Dispatch" (Lexington, NC)
"The Gainesville Sun" (Florida)
"International Herald Tribune" (50%, with the Washington Post Co.; Paris)
"The Ledger" (Lakeland, FL)
"The New York Times"
"The Press Democrat" (Santa Rosa, CA)
"Santa Barbara News-Press" (California)
"Spartanburg Herald-Journal" (South Carolina)
"Star-Banner" (Ocala, FL)
"The Tuscaloosa News" (Alabama)
"Wilmington Morning Star" (North Carolina)

Selected Information Services
The New York Times Electronic Media Co.
The New York Times Index (print, microform, CD-ROM)
The New York Times News Service (650 newspaper and magazine customers)
The New York Times Syndication Sales Corp.
TimesFax (fax-, satellite-, and PC-delivered "Times" summary)

"Golf Digest"
"Golf Shop Operations"
"Golf World"

KFOR-TV, Oklahoma City
KFSM-TV, Fort Smith, AR
WHNT-TV, Huntsville, AL
WHO-TV, Des Moines, IA
WNEP-TV, Scranton, PA
WQAD-TV, Moline, IL
WQEW (AM), New York City
WQXR (FM), New York City
WREG-TV, Memphis
WTKR-TV, Norfolk, VA

Forest Products
Donohue Malbaie Inc. (49%, Canada)
Madison Paper Industries (partnership, Maine)

Advance Publications
A. H. Belo
Associated Press
Cox Enterprises
Dow Jones
E. W. Scripps
Hachette Filipacchi
Media General
News Corp.
Rodale Press
Thomson Corporation
Time Warner
Times Mirror
Washington Post

Ticker symbol: NYT
Exchange: NYSE
Fiscal year ends: December

1988 1989 1990 1991
Sales ($ mil.) 1,700 1,769 1,777 1,703
Net income ($ mil.) 168 267 65 47
Income as % of sales 9.9% 15.1% 3.6% 2.8%
Earnings per share ($) 2.08 3.39 0.85 0.61
Stock price - FY high ($) 32.75 34.75 27.50 25.25
Stock price - FY low ($) 24.38 24.50 16.88 18.25
Stock price - FY close ($) 26.88 26.50 20.63 23.63
P/E - high 16 10 32 41
P/E - low 12 7 20 30
Dividends per share ($) 0.45 0.49 0.67 0.42
Book value per share ($) 10.44 13.63 13.68 13.70
Employees 10,700 10,600 10,400 10,100

1992 1993 1994
Sales ($ mil.) 1,774 2,020 2,358
Net income ($ mil.) (45) 6 213
Income as % of sales -- 0.3% 9.0%
Earnings per share ($) (0.57) 0.07 2.05
Stock price - FY high ($) 32.13 31.25 29.50
Stock price - FY low ($) 22.63 22.38 21.25
Stock price - FY close ($) 26.38 26.25 22.13
P/E - high -- 446 14
P/E - low -- 320 10
Dividends per share ($) 0.70 0.56 0.56
Book value per share ($) 12.53 14.94 15.71
Employees 10,100 13,000 12,800

1995 1996 1997
Sales ($ mil.) 2,409 2,615 2,866
Net income ($ mil.) 136 85 262
Income as % of sales 5.6% 3.2% 9.2%
Earnings per share ($) 1.39 0.86 2.66
Stock price - FY high ($) 30.88 39.88 66.50
Stock price - FY low ($) 20.13 25.75 36.38
Stock price - FY close ($) 29.63 38.00 66.13
P/E - high 22 46 25
P/E - low 14 30 14
Dividends per share ($) 0.56 0.57 0.64
Book value per share ($) 16.50 16.62 17.88
Employees 12,300 12,800 13,100

1997 Year-End:
Debt ratio: 23.7%
Return on equity: 15.2%
Cash ($ mil.): 107
Current ratio: 0.88
Long-term debt ($ mil.): 535
Shares Outstanding: 97
Dividend yield: 1.0%
Dividend payout: 24.1%
Market value ($ mil.): 6,390

Copyright © 1998, Hoovers, Inc., Austin, Texas.

The New York Times Company., Hoover's Company Profiles, 03-26-1998. top of page

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