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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company identifies a business as an operating segment if (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Company’s President and Chief Executive Officer (who is the Company’s Chief Operating Decision Maker (“CODM”)) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information.
The Company has two reportable segments: NYTG and The Athletic. These segments are evaluated regularly by the Company’s CODM in assessing performance and allocating resources. Management uses adjusted operating profit (loss) by segment in assessing performance and allocating resources. The Company’s CODM uses adjusted operating profit (loss) by segment to allocate resources during the annual budgeting and forecasting process and to assess the performance of each segment. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit for NYTG and The Athletic is presented below, along with a reconciliation to consolidated income before taxes. Asset information by segment is not a measure of performance used by the Company’s CODM. Accordingly, we have not disclosed asset information by segment.
Subscription revenues from and expenses associated with our digital subscription package (or “bundle”) are allocated to NYTG and The Athletic.
We allocate 10% of all bundle subscription revenues to The Athletic based on management’s view of The Athletic’s relative value to the bundle, which we derived based on analysis of various metrics, and allocate the remaining bundle revenues to NYTG.
We allocate 10% of product development, marketing and subscriber servicing expenses (including direct variable expenses such as credit card fees, third-party fees and sales taxes) associated with the bundle to The Athletic, and the remaining costs are allocated to NYTG, in each case, in line with the revenues allocations.
The following tables present segment information:
For the Quarter Ended June 30, 2025
(In thousands)NYTGThe Athletic
I/E(1)
Total
Revenues
Subscription$446,809 $34,611 $— $481,420 
Advertising119,910 14,064 — 133,974 
Affiliate, licensing and other65,678 5,363 (562)70,479 
Total revenues$632,397 $54,038 $(562)$685,873 
Less:
Cost of revenue (excluding depreciation and amortization)$309,273 $30,068 $(562)$338,779 
Sales and marketing62,566 6,599 — 69,165 
Product development53,810 10,130 — 63,940 
Adjusted general and administrative(2)
78,761 1,453 — 80,214 
Total adjusted operating profit$127,987 $5,788 $— $133,775 
Less:
Other components of net periodic benefit costs4,639 
Depreciation and amortization21,396 
Severance1,000 
Multiemployer pension plan withdrawal costs1,338 
Generative AI Litigation Costs3,490 
Add:
Interest income and other, net9,752 
Income before income taxes$111,664 
(1)Intersegment eliminations (“I/E”) related to content licensing recorded in Affiliate, licensing and other revenues and Cost of revenue (excluding depreciation and amortization).
(2)Excludes severance and multiemployer pension plan withdrawal costs.
For the Quarter Ended June 30, 2024
(In thousands)NYTGThe Athletic
I/E(1)
Total
Revenues
Subscription$410,015 $29,307 $— $439,322 
Advertising112,088 7,075 — 119,163 
Affiliate, licensing and other63,053 4,122 (563)66,612 
Total revenues$585,156 $40,504 $(563)$625,097 
Less:
Cost of revenue (excluding depreciation and amortization)$298,419 $24,918 $(563)$322,774 
Sales and marketing54,457 6,846 — 61,303 
Product development53,579 8,641 — 62,220 
Adjusted general and administrative(2)
71,599 2,501 — 74,100 
Total adjusted operating profit (loss)$107,102 $(2,402)$— $104,700 
Less:
Other components of net periodic benefit costs1,023 
Depreciation and amortization20,537 
Severance1,473 
Multiemployer pension plan withdrawal costs1,297 
Generative AI Litigation Costs1,983 
Add:
Interest income and other, net8,696 
Income before income taxes$87,083 
(1)Intersegment eliminations (“I/E”) related to content licensing recorded in Affiliate, licensing and other revenues and Cost of revenue (excluding depreciation and amortization).
(2)Excludes severance and multiemployer pension plan withdrawal costs.
For the Six Months Ended June 30, 2025
(In thousands)NYTGThe Athletic
I/E(1)
Total
Revenues
Subscription$878,329 $67,348 $— $945,677 
Advertising217,568 24,482 — 242,050 
Affiliate, licensing and other125,413 9,768 (1,125)134,056 
Total revenues$1,221,310 $101,598 $(1,125)$1,321,783 
Less:
Cost of revenue (excluding depreciation and amortization)$616,533 $58,008 $(1,125)$673,416 
Sales and marketing122,548 12,576 — 135,124 
Product development111,059 19,420 — 130,479 
Adjusted general and administrative(2)
153,361 2,930 — 156,291 
Total adjusted operating profit$217,809 $8,664 $— $226,473 
Less:
Other components of net periodic benefit costs9,277 
Depreciation and amortization42,774 
Severance3,607 
Multiemployer pension plan withdrawal costs2,567 
Generative AI Litigation Costs7,887 
Multiemployer pension plan liability adjustment4,453 
Add:
Interest income and other, net19,724 
Income before income taxes$175,632 
(1)Intersegment eliminations (“I/E”) related to content licensing recorded in Affiliate, licensing and other revenues and Cost of revenue (excluding depreciation and amortization).
(2)Excludes severance and multiemployer pension plan withdrawal costs.
For the Six Months Ended June 30, 2024
(In thousands)NYTGThe Athletic
I/E(1)
Total
Revenues
Subscription$811,386 $56,941 $— $868,327 
Advertising210,092 12,782 — 222,874 
Affiliate, licensing and other121,073 7,963 (1,125)127,911 
Total revenues$1,142,551 $77,686 $(1,125)$1,219,112 
Less:
Cost of revenue (excluding depreciation and amortization)$590,875 $49,891 $(1,125)$639,641 
Sales and marketing109,938 16,499 — 126,437 
Product development108,444 16,961 — 125,405 
Adjusted general and administrative(2)
141,446 5,429 — 146,875 
Total adjusted operating profit (loss)$191,848 $(11,094)$— $180,754 
Less:
Other components of net periodic benefit costs2,074 
Depreciation and amortization41,243 
Severance5,901 
Multiemployer pension plan withdrawal costs2,909 
Generative AI Litigation Costs2,972 
Add:
Interest income and other, net17,083 
Income before income taxes$142,738 
(1)Intersegment eliminations (“I/E”) related to content licensing recorded in Affiliate, licensing and other revenues and Cost of revenue (excluding depreciation and amortization).
(2)Excludes severance and multiemployer pension plan withdrawal costs.