NYT - Earnings call transcript Q3 2017 | The New York Times Company

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Operator

Good morning, and welcome to the New York Times Company's Third Quarter 2017 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation there will be an opportunity to ask questions. [Operator Instructions] Please note that, this is being recorded. I would now like to turn the conference over to Harlan Toplitzky, Executive Director of Investor Relations and Financial Planning and Analysis. ahead. go Please

Harlan Toplitzky

welcome quarter And New Times York Thank earnings to conference third XXXX call. Company's you. the

On the and call Chief today, Officer. Executive we have Mark Chief and James and Kopit Operating Executive Vice Officer President Executive Thompson, Follo, Vice Financial President Chief Meredith Levien, Officer, President and

Before could course that call of will we and like differ forward-looking make our you I remind would results materially. this statements begin, actual to management during the

are that Some our included of business and impact in uncertainties XX-K. could the XXXX our risks

In have Mark presentation With earnings investors.nytco.com. on will Thompson. measures most and addition, available include our at to our non-GAAP provided comparable that, measures I financial press in the is website we release, turn which reconciliations the to our over GAAP call

Mark Thompson

execution and our another everyone. the help our the to I'm digital The our revenue news of Harlan continue our good grew We quarter, year-over-year. to was new with Times to has subscriptions operating million much grow quarter. subscriptions digital our the place of this in and coordination organization will new Well, continue total far digital operations COO, Through in improved and seeing Meredith which Kopit new history. already strong us profit paid we XXX,XXX Levien. X.X by product. to put now most net business. both Subscriptions scale under morning Thanks,

coverage have politics. for offer decided the and course York pay gender offer journalism a subscribers U.S. of it many and The to to new regulatory current sheer New continues One setting Times reasons so is Times breadth. of comprehensive

well the news Fox that It other [ph] covering added year, O'Reilly without unusual resources Times reached was Mass Journalism from [ph] was how have about new [ph] the our genius this and Trump and the And the coverage Times in a with business, XXth in The quarter audio Hanna stories and heavily to was devoting we the gender is to is number and the an Apple Las that X and audio Toole that editor, a there domestic breadths million deliver Daily, first And York The the Editorial industry a globe. This [ph] uniquely an to on they expensive unusual news. Jones sexual Bill the as was is has the details [ph] and and continuing our Michael who downloaded the international the for navy sources men. for down that to naming million unusual Daily the Bennett ranking. Jodie for to podcast coverage than Leyla spent and more beat breaking lives habit at across Awards. tone Vegas news more. that It reveal be named news people to [ph] a than a editors. Earthquakes setting Emily chart expertise ago major story journalism a as Megan the of and at New news styled MacArthur the stream the women providing go popular earlier a day stores little attract a we nine-month-old after consistently lies global With also of report, News It's Times Online Phillip the Seager most in The daily also and download Weinstein like Washington Administration hard powerful won Harvey harassment months journalistic of to of certified by and at and coverage day. investigations replaced at general an harassment, missing Benner's of Shooting, a the a Reported Podtrac, named Schmidt's reporters Nicole record. Times on talent podcast quarters Emmy The February. the on XXX the the depths Jessica editor Kantor Valley. comes times predatory fifth Silicon rest people with and of became behavior more reporting then and shapes journalistic of each meticulously of Times of and arts sparking on Hurricanes drive settlements more convincing where position our to we'll week genius, Times numerous discussion to program back-to-back continues the extraordinary Corey level best and been since of scale, the economy world large unrivaled Mexico to than Department top three the gender Katie according multi-ocean [ph]

XXXX revenue XX% spent includes only print retain sales better to in previous of some our bundles. XX,XXX it's cooking very We the for in said to Revenue our product, look XXX,XXX off subscription crossword subscriptions, So, these increase cooking same single copy cohorts at company's paid XX,XXX on We $XXX to subscription and product. case as first time least a and the promotions. higher which quarter total Of to enrolled The as digital to and price to subscribers third encouraging both well XXX,XXX as Overall start a addition XXXX product nearly subscriptions subscription million. subscriptions from product a results XX% than product year. increased cooking in last news, this the quarter the over from as our to standalone an fourth the and million. from as that rose transitioned of compared and let's at and XX% includes July digital now quarter an the crossword in delivery came $XX quarter digital net from quarter and new I a who XXXX continue detail. added news

they with monitor so we'll by encouraged and seen. we've they very but frequency mark, we continue engage of are XX-month depths reached to course, Of to far, of results engagement as types the which content

for consecutive case fifth up this of digital Turning quarter growth this revenue quarter double-digit our year-over-year. XX% in to marked advertising advertising,

say often fourth ability growth and to underlie don't last quarter a XXXX, That's not in the in me expect advertising corporate the down we country revenue categories advertising digital growth some to to partnership the we with and in due a currently But in You've of revenue be those adequacy have digital campaigns way for the our we broadest by line flat that individual repeat or if will display straight deliver in XXXX same in heard during be that quarter to to advertising in we and project compared slightly offering year. sale commercial part like season less will to last completing sustainable dramatically, services digital Samsung and elections more year. fully we confident we our Google. had have but marketing for with remain

million stream $XX are company the continue year-over-year the strategy subscription a why challenging of quarters. from headwinds. to ever almost We which advertising Total despite in revenues our declining roll remains the $XXX XX% over digital $XX X%, at total operating the million digital with in drive deeper and able less been. up with advertising advertising decline This revenue adjusted with while to and the to Revenues the will of million quarter X% to last almost revenue. print previous we increase profit growth year. XX% for year. million our represents out top-line revenues QX XXXX. by XX% represented adjusted down just Print will previous compared company The grow is market revenue the operating than than But quarter, revenue in exposure since these is whole $XXX less profit will same increase

annual outlined of Newsrooms follow digital XXXX map road forward and in continue our report path are million our meet on revenue to by XXXX. $XXX goal tracked our We we to and of

York just take has his my I me I moment a publisher given a XXXX. advisor to to trusted am been search James our York success conclude, help transition contribution year means to will one New intention underway, lucky it very have many announce I nearly but Before in last we next of his snooze to to look February and call earnings charm. The now us Times to follow lovely to end want for Company and more New grateful If is career at James early fulfill we Times. process forward for of us. retire to the achieve a to acknowledge colleague

over for let more to review. Now me turn detailed financial a him

James Follo

everyone. morning, Thanks, and good Mark

subscription solid said, approximately the compared was prior share reflects Adjusted in reported the with third digital products period our million of $X.XX same in million an strategy. revenues revenue to operating grow quarter profit by $X.XX long-term Mark quarter in continued Subscription Total year of GAAP progress in online strongly. XX% the to online we $XX increased compared quarter. profit continuing the diluted quarter from revenue XX% and in per the earnings the to in As operating $X XXXX. advancing subscription grew digital

early Home subscription the revenue in single more year than as resulted On the compared revenues higher decline quarter increase revenues declined the delivery home increase from were The of revenues the circulation daily quarter price while year Total than with circulation the which X.X% a Sunday in volume prior declines prior XXXX declines. from compared more in X.X% sales. with and Print offset side, primarily copy X.X%. in offset delivery

in expect these the past in when discount. net quarter case continues Since promotional we most have experienced As significant due which quarter in ARPU third the in subscriptions step our full increase start additions to subscription continue decline year, of largely before the over up to net subscription to was last over decline sharp stabilizing new the past year, we price. the increase ARPU

overall grew affiliate $XX print was principally print last revenue companies operations. XXXX categories. revenue real and been revenue from The adjusted in our technology items review special an declines two was advertising travel, In Moving digital distribution as have XX% increase versus the marketing offset growth services. in from by telecom XXXX cadence driven the basis was well our from August luxury total in advertising advertising a costs mainly July that and consumer reported lower year. driven to print as due to related cost growth. advertising, we advertising partially in revenues the revenue estate, was Lower our marketing compared website, Other recorded on increased conferences International live product X% September and we X% by to Wirecutter X% the had GAAP the XX% decline which business referral the operating partially same quarter monthly declined cost X% fourth advertising and we as advertising decline operating the while events year. On offset which revenues in was smartphone, to digital the million, to programmatic recommendation in to fewer adjusted prior lower from XXXX. quarter The cost in offset acquired quarter, X%. compared we increase by and efforts and in production The decreased quarter, acquired in and results. excluded quarter

item Industries by Madison operations in a gain first to XXXX. which a power the paper company and seized previously assets mill The operated partnership a hydro of was XX% we recorded which has million related $XX sale the at Paper a in interest,

now the the is over we the coming cash sale business With from a down final of distribution and winding stages to months. that latter expect of the assets receive hydro liquidation the in

of $X.X million for charge to make rental more the income. reconfiguration our with recorded available non-capitalizable building some space also expenses We headquarters in

non-capitalizable and project in approximately $XX in first million the this we to incur quarters non-capitalizable to XXXX. in these to XXXX related capital related million we three expenses projects For million throughout expense expenses $X and $XX of expect recorded

making to we expect to we're and interest We the income continue seen floors first by begin we have available in of XXXX. the the encouraged in recording be half rental seven

the our With accrued with income booking pension pension which settlement we obligations. ongoing to the total costs company. insurance of acceleration that close the will balance the $XXX and entered our balance and funded during and pretax retirees this represents actions of several we deferred annual an transfer Also October and series an and pension of made in related approximately headquarters at transfer that to taken sheet, This XXXX obligations of plans allowing obligations in million for contribution the $XXX of tax. taken us balance after and future. million other XXXX company's we've benefit pension and Late announced ended or quarter improves and shift in the the required principally to was in the administration trust. Since further plans transaction last the need for accumulated a pension plans years in the This building October to administrative sheet. to to volatility approximately marketable with we've capital status the $XX charges we've cash contribution volatility years we several funded lease our approximately to assets in million. fourth back debt $XXX the these currently transaction of grew we associated Moving of in to over the will discretionary the $XX charge the million agreement of The in for size and reduces approximately obligations latest expect sale-lease on quarter $XXX million obligations into the security latest quarter our million, the reduce our contributions settled through obligations. million reduce pension be approximately the in comprehensive $XXX

under-funded As a million. approximately of pension $XXX the qualified with reminder, plans year we began

outlook Now quarter fourth with XXXX. of the let me our for conclude

fiscal reminder as impact a and in prior is year therefore revenue we will week cost impact quarter XXXX year. disclose XX the our XX-week the to is released to when oppose have As week from will XX doing quarter this a the estimated We therefore of fourth more plan results. Estimating and extra refrain on difficult so. this our of extra fourth we weeks

low increase with be decrease expected to to And to we revenues basis, week. digital which guidance Wirecutter happy in impact double-digits the total business the acquired Overall XX% expected this up are advertising approximately revenues revenues advertising to open includes in related to that, decreasing Other XX%. with comparable release increase expected are subscription revenues approximately of slightly. to approximately are XX% with flat largely earnings expected extra issued this from late Our we'd owned for On increase subscription or we morning digital earlier a XXXX. to questions. XX-week impact the

Operator

first with question from Please John comes Instruction] [Operator go ahead. Janedis The Jefferies.

John Janedis

in Thank digital digital talk severance the you you a for and question the some about opportunity overtime. talk low-cost are news represent products have or can more maybe could is been you. I it new broadly, give subscriptions Mark, opportunity by you million to X I guess And now, on you have overall overtime maybe somewhere cooking step and was hoping the there whether on about that crosswords change. that past products service you that then higher solid and or from have up other a add, color can this they you ARPU drive service do new increase

Mark Thompson

Thank you of both Good morning, for John. those.

can from So, of we past an we the in XX grow belief a have the very scale talked I've undiminished ambition view subscriber being are. total of as number. subscriptions an the we numbers where mean about in million credible that substantially my indication I

heard better say, far you got think through our million say reach, me I here better want X.X global business and to is there. understanding build we in and are have We I historic abroad we getting scales opportunity beyond subscriptions. at to audiences its our today,

of a Print the million. the was in is was subscriptions absolute X.X Times as XX's I in the peak, York history earlier number think

your And So, have we than questions. got as there to accelerating you have months to we been In we our know we are many scale ability asked digital today already an belief have further of we essentially our do, better although in second ways answer subscription business. subscriptions coordinating, undiminished more recent reorganizing, think what you I significantly we have in three we then. think question,

to this smallest many, we has to Times the are this over does verticals. inside part definitely could and whether new to new by our state success appointed so encourages standalone whether digital vertically New the to both cooking subscribers launched subscription or you potential the I we and encouraged products or product make we and new with very many bring see far bear new other and value York we obvious, think out explore to positions seen just executives our will products give run think Art of in to best standalone one subscribers us division And the can year our We we've organization. very in cooking so, a products [ph] existing we features next and of the enhance about

You definitely will more that front. on news see

high advantage in products those remarks, and revenue more the subscribers of for I and sell potentially those use them we've pay for the some subscriptions content standalone expensive As and an therefore whoever to is helping ability my world higher offerings, real the digital the to said broader drive to tested works to bundles. us are more and this of bundles and in both justify most want that, expensive it already but willingness value in who drive also

So, question, time using example are both just see to concept we subscribe our I the do guess news some build business. Crossword for with but to answer Crossword our standalone your subscribers subscription our who offering potential of subscribers last don't core renewal relationships, also to

John Janedis

in maybe tougher about Okay. on pricing inventory the more but Thanks either of a environment digital advertising, then compatible get seeing And separately you talked the you that. the obviously side? slowing comps for are

Meredith Kopit Levien

digital Hi where business. and and partnerships Samsung, heavily of our surfaces his commercial part investing I lot think the would it for there. we headwinds character in for advertising and to you with and think with one the and the partnerships are been media that seeing also everybody be also and in which pretty change for in like still the a business, I are scripts, say goes asking intense have for areas, has mentioned of we year the business two we've demand been about of I Mark like Google

services. seeing we are and increased partnerships So, demand for from

capturing more business. effect We to I demand that and also that are media has to demand capture an that continue think well-positioned exceeding

think, over around I confident flex your we've years our So, well. in to strategy particular media, last in stream performing of are quite family very the couple we that of products question, [ph] that, that launched remain

are us CPM our develop canvas more ability whatever, larger based and ads, a see do in those So, to you'll can do, of to page been hold where on that the able we've ads family products. continue

Mark Thompson

away that mean, digital offering led reliance, to from on marketing starting range of herself we're towards business, we working. But we, bigger very this been think has committed pivot very, business, our to this XXXX, simply a traditional Meredith display, we still pivoting strategy, I began And services. from it's

say, a it was they on we past of continue couple significantly. quarter to where it, decline You've this a have in growth, lumpiness very heard of less confident, quarter-to-quarter, in calls slight but we can me variability have with that a We're XXXX. to grow saw sometimes, one the quarters XXXX, some we business in

John Janedis

you much. Thank very

Operator

from The question ahead. Alexia go comes Please JP next Morgan. Quadrani, with

Alexia Quadrani

advertising digital of, Did there? versus in longer-term bit your of minute, clients, the visibility advertising. different might maybe of people sort you pract a key thank for or Hi, on you. staying do have more in the some print commitments your have maybe of would with some think digital with I you advertising better a a - visibility on terms

Meredith Kopit Levien

to from Alexia. I as say, and visibility But expect would business, service you in it more digital particularly can morning still partnership Good Mark see is some quarter-over-quarter said, lumpiness becomes quarter-to-quarter. the improving as driven.

Mark Thompson

base, the the it's SKU the incremental Okay. of terms the subscriber, type demographic. anything by notably in different the, new quarter, any digital trends subscriber, digital region, of you're subscriber by whether seeing then And in on

Meredith Kopit Levien

seeing it's it's so, calls, that particularly in under, still people the real past and case but California a Washington for growth the XX. Minnesota seeing We're in geographic tri-state spot younger, also said to very I and the be seeing Yes, tending area. us subs, like and games diversity, real a subscribers games in York has big good been lot also are think states we're Colorado. new we're in outside question. more so New We've bright

meaningful for platform, we more first important the So, trends social, international so who subscribe. subscribing I getting mobile, people room mobile the two in on we on for how forward, And and business come people come receiving with we're subscribers, how social they more going much convert continue have through more we and other navigate goes think geographically then say, they we're us, and means there, improve diverse seeing to that fields. when that and lot And are have and to too. will on I interaction a us, to

that lot a as You XXXX. hear more go us talk we into about

Mark Thompson

as we're just of and launched to July, in thing good launched The I'd remarks, the launched XX,XXX in whether recipe the got and that I other I web. my add, resources of we adding testing free We cooking I'll say conversions. traction to we've play improves cooking pretty the a subscribers. middle our the and market bundle mean, actually said with quickly through the midway mean, we this cooking particular and products, to cooking take I on it a so is quarter, see it achieved Alexia, product. with plethora beginning to encouraging to the in already

and offerings, very it think positive basic this that demand, other a embolden quarter. consumer these in that, very of real with idea we're the extending like we and the news looks offering, So, it by that's note the enhancing

Alexia Quadrani

have And of you're information better consumers benefiting is I'd one of kind might all fire seeing, sort your from better And benefits guess attract, done on better get kind if to that? I your direct more an internal just have from I you're quite really sub a mindful you more the some largely, work of of data an to of trying I'm the some sense side offset you're work digital height that around I or to that's think do impressive better new internally a love power you Do cycle. present benefits you growth a that in also doing sort softening very may sense guys get to and see job you while cycle. understand, see response I'm news incredible if just the

Meredith Kopit Levien

days just of the four good outlook engagement ability to whole at based I'll much and we're the understanding activate would a have ways answer understand we ways side, creating apply felt really also one, getting lot good action viewed on so say see our Alexia that. about at retention it's or say to place question I would path two have that very and somebody's where are say we beginning active folks the a path our number the came this how time and much we engagement I last I around user base. behavior to we're on around knowledge. funnel page understanding I of you and were funnel we're of and new retain before it still of so well in this would or the call what the good energy. you And better base, our that retaining on the optimistic then the better see a results a how of we're based continue on that'll in within that's different getting the kind if that on what year that through particularly that's on contents Yeah, our what of who see of in quarter to more and quarters spending you talked and mean election five to and think compare fairly heated see, understanding in moving we cycle seeing we views behaviors and in of think two marked you that deeply one to continue a I the acquisition about expect can about been to to more And before actually first the to we've side and I so months and think the and after we this but election prior we've subscribing we're half improvement as

Alexia Quadrani

much. very you Thank

Operator

The ahead. next comes Partners. from Craig with Please go Huber Research question Huber

Craig Huber

for Can Yes, better good where line. morning. cost and the came A like expectation you cost like few side the your than meaningfully please? you just originally your your quarter looks cost are in about probably the with guidance questions, talk putting in on XQ look SG&A

James Follo

be you'll mid-single-digits of biggest the little one that probably expect see in in do much marketing in in and I'd to that the good part I movers our to do think consensus brand as and we into spending we in is QX area the growth in will below shift notice spend spent say as QX grow had brand QX. biggest probably number. due the direct QX consumer bit marketing QX we cost driver do in QX data to both our of for a we higher that's will

Craig Huber

then talk can little month down what were two print And guys further versus months, said Okay. the particular? September also about on I side guess a categories there so X% bit X% just guess XX% of what prior the you the in you I you happened rate down in about and

James Follo

overall. was That

Craig Huber

Overall, okay. Fair enough.

Meredith Kopit Levien

say on saw digital about happy already in I a I that the September. the Yeah. so side talk to side, am on would print where we I think Jim mentioned pressure categories the category happened. One, elections. and to with leading one on comp the period two they're beginning supply in into against available of both things the very interesting add intense actually the pressure simply

as of was be pretty content how audience. event, was so we a And our engagement tragedy in we Mexican to this one-time Las Earthquake September. and coverage I the and and we intend Vegas the unique conservative thing, made to great believe the arguably we grow and tag So audience our of grow September, and around do the second deal continue to a hurricanes, shooting expect

run have it, did So, end. actually lot with where of lot we engagement around but we a of a content

advertising. effect on had digital So things these all that

Craig Huber

a the September bit thus or that but just tell little better And us fairly for it's point, you you year-over-year? prior saw advertising aside can put in trends in somewhat October they

Meredith Kopit Levien

supply add into period to some the on pressure I get see think we'll the around in terms election. most general, right continue in as we

to pivot similar commercial in we have increasingly digital with on work strategy that big we So we services. and business as that that's will feel by confident have but broadly described and our be driven add been partnership marketing

Craig Huber

going then to question to is that into CapEx done that The project by final year be is headquarters - you next you thinking my redesign are going end And please. whole meaningfully year? still or

Mark Thompson

meaningfully, but could not most to over will think will spill this I be We but the year, all. be of some say year but work next there completed

Craig Huber

Thank Okay. you.

Operator

Partners. comes The Arthur Doug of next from ahead. Please Research go Huber question

Doug Arthur

thanks. Yeah, mid-single-digit and Jim high the - digit. for point guidance QX release clarification, just as you single of a said says press is

James Follo

correct, press release you're holds. corrected. The I Sorry,

Doug Arthur

at And for you as not not then that for guess are said obviously extra week. secondly ... on point you I the that's adjusted And the adjusting this

James Follo

point week, right, so are - that of the of extra you're Sorry, working driven to be part to of that that a be just QX. out extra not be on expect to comparable up but to precise higher will that a that a am kind basis. marketing make I some we organic just want Hard spends by have clear, the we sorry, good on - will cost I that, in out, will do - the is week, exactly

Doug Arthur

if the great, it quarter, partly print year run is its there slowdown read you. the there? big last last to a because And ARPU very digital what of issue, there that, on on Thanks. out the price see wide have quarter mean anything increase starts a Thank into ups little to circulation in was couple bit pretty like know another the just slowdown on anything sign is it surge I am had the is fourth looks quarters, read then it's slight fourth Okay, guide comp steam the I to is but there good said anything, you side retention the that is revenue to into trying the on and side for the I of from tough

James Follo

the QX, adds beginning that number growth QX digital less into of biggest big net to saw see than year that is of began a a are a seeing we XX%. comp comp so against you The lot on part the side, we you in of start growth is will percentage last start we to the against,

lesser a is comp growth the business around coming dynamics products throughout of against election number to number in some the that as into began also So XXXX. print will have subscribers of those But side a that's I part you of we mean QX print seen of whole it. on exist see where you new we our those continue same to and of there started and

but bigger the different comps So, matters that the on things those both under of it's most. mostly size

Mark Thompson

we digital as whole still guiding still earning very and growth are and XX% a said increase. subscription revenue both subscription headline for we're once are healthy, we a And we

James Follo

And XX% overall XX% growth of this number.

Meredith Kopit Levien

fall Yes, add, on the the shown engagement, will offs actually just on with with the perspective steep going we specifically and based on everything meaningful far and tell I of kind so we we level cohorts a retention and previous expecting you fall believe are offers from we're of because have see about done their a same we're better based that have off. reason election we month-over-month not retention, asked and cohort doing than can retention to to from no

Doug Arthur

Terrific, thank you.

Operator

The next go question with Kannan comes Barclays. Please from Venkateshwar ahead.

Kannan Venkateshwar

Thank you.

a price. Just on couple of, first

since there Meredith, regular give any the and from you wanted perspective customers prices, off us that I sense promotions is look to can your check moving to on when about Just that mean you were at rolling the ago? if start subscription years point at happened to new few was and product what elasticity because the prices raising that came hasn't some launched means price a you

Meredith Kopit Levien

Sure, I raising we've ruled out think price. don't

on interesting offer cohorts the look see quite on quite group, retained longer is we're we're for year of price I with and same I a are That in pap the a very in about been a very groups think is the There testing the we introductory price. seeing bit on believe have election, us around just introductory it's well and offer. in think engagement cohort churn something you subs reason have we long-term thinking I what of about come how around of based at full won't. who gave said, who us we no are terms us long and lever this will came good and their we very, who month-over-month that if to always have

there price this believe and real no see I point we to think at is we you're do asking question rest need well. to reason the we

Mark Thompson

price base potentially Well, Kannan offers and other and of all like other is thing with numbers and And go us because flexibility cooking subscribers. that give to we package demand offers as different top Crossword we our quite drive won't bundles, additional the offers of bundles. the I up may about for how the that flexibility which rises priority the development say without got our or around curve we've means well, individual into a exporting the

power real one both moment, a So, of had reason of price we've digital is we product, and found confident, on like will less in be we our with growth we feel more for we I some to in our encouraged the There scale subscribers the Canada as accept model the find willing at say out that a numbers we we year-over-year. where rise, price would of and think projecting digital base look as subscriber pricing print on or think our growth two in to audience got flexibility, that think example we print experiences side but QX. to trying our we've priority its kind the Revenue scale subscribers got we've real are build historically focus product top no we're but that growing XX% our pretty as is year-over-year impressive delivering, rises that's of in digital

by role point still am example in today, result. in whereas growing future so over of think QX As the really year strategy. very we are price rises next even subscribers, roll higher some have play announced certainly that will an sure the now strongly we we a business of I but growing we price numbers the that out

Meredith Kopit Levien

we put testing that described can some we to get great in Crossword. bundles days done what still middle and into bundle And Mark as terms those that and on tier in we've uptake on say are very around more to cooking highest of it's experimentation fair and early tier our

in experimented the lot customers best loyalty days better would take relatively and whole we more opportunities execute so and how highest early say a to of with also Times services a get there. a of well, our have our events things advantage number going and tier like I from We that's at oriented up for set more to room

Kannan Venkateshwar

could was what between question two with a on the other is is you and and help advertisers on there overlap mean silos? and us those in individual interaction be side big print I Okay, digital terms advertising,

Meredith Kopit Levien

the the but one, heard more more of the overtime, I that would doing second our are not first overlap I with gets question partners platform. am generally so say, us much sure greater I across that

and am are more second the sure, digital I increasingly So, I say expanding services. advertisers long-time would question. I print more and digital media heard doing beyond not into partnership in and

Kannan Venkateshwar

there as answers a in only double-digits shift grown are different substantially ... mix that I But this I guess categories the that. follow-up, as digital No, business has mean have

Meredith Kopit Levien

is in category literally print That's a very that the interesting there big good well. every modest play Times digital I but is say opportunity own The a as that can New has way York question. and what impact in And would its on in

three I the media go newspaper approach pages of and to a market in haven't buying and give will us advertising a meet year can from not a long print business that big unique have mostly digital even opportunities say all company beauty packaged like up many bought pages also food, goods made that two opportunities of results company services would package time. And oriented from beauty means liquor very growth us whole demand I have those that, in very having and of front partnership newspaper grocery and have to just a digital marketer categories can our play have of like virtually we so of like all Those So, creative all we places starting tended for to goods. of traditional category often were the or and or we mechanism examples business that been when specifically meaningful of categories. every a feed in of and business array for some parts we ways more in this marketers the because we set category we in with

Kannan Venkateshwar

All you. right. Thank

Operator

This would for our over the closing session. Toplitzky any question-and-answer like to concludes conference back Harlan I remarks. turn to

Harlan Toplitzky

Thank to We next forward you for quarter. you look joining us again talking to morning. this

Operator

concluded. presentation. attending today's now has conference The for Thank you

You may now disconnect.

The New York Times Company (NYT) 1 Nov 172017 Q3 Earnings call transcript