The New York Times Company Q3 FY2025 earnings call

• Q3 was a strong quarter with 460,000 net new digital subscribers added, total subscriber base at 12.3 million. Digital subscription revenue up 14%. - Expanded video journalism, turned most podcasts into video shows, enhanced Times app with video features. - Innovated with AI in personalization, targeting, and monetization. Launched new game Pips. - Advertising had strong growth, digital advertising up over 20%, total advertising up nearly 12%. - Disciplined with expense growth while investing in journalism and product experiences.

Subscription: Added 460,000 net new digital subscribers, total subscriber base reached 12.3 million. Digital subscription revenue increased 14% to $367 million, and total subscription revenues grew 9% to $495 million. Advertising: Digital advertising grew over 20%, total advertising grew nearly 12% to $132 million. Licensing and Affiliate: Licensing and affiliate revenues grew in the quarter, with affiliate licensing and other revenues increasing 8% to $74 million.

• Q4 digital-only subscription revenues expected to increase 13%-16%, total subscription revenues 8%-10%. - Digital advertising expected to increase mid- to high teens, total advertising high single to low double digits. - Affiliate licensing and other revenues expected to increase mid-single digits. - Adjusted operating costs expected to increase 6%-7%.

Q: Two, just on the video formats, I was hoping you could dimensionalize the opportunity around that push...

A: Meredith Kopit Levien discussed video as a big opportunity, early days, focused on engagement first.

Q: I was wondering if you could talk a bit more about the growth rate in OpEx for 4Q...

A: William Bardeen talked about focusing on long-term revenue and AOP growth, disciplined costs with long-term investments.

Q: I was wondering if you could talk a bit more about the growth rate in OpEx for 4Q...

A: William Bardeen explained cost guidance in context of long-term growth.

Q: Advertising continues to be an area of strength in the quarter...

A: Meredith Kopit Levien discussed ad strength as a result of consumer strategy, targeting, and ad product innovation.

Q: If I could. First, advertising continues to be an area of strength...

A: Meredith Kopit Levien and William Bardeen discussed ad dynamics and affiliate licensing outlook.

Q: You didn't break out The Athletic as promised. Any color on it?

A: Meredith Kopit Levien said The Athletic is performing well, with NFL footage enhancement.

Q: You didn't break out The Athletic as promised. Any color on it?

A: Meredith Kopit Levien discussed The Athletic's performance and role in subscription growth.

Q: First, advertising continues to be an area of strength...

A: Meredith Kopit Levien and William Bardeen elaborated on ad and affiliate licensing dynamics.