SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

The following tables present segment information:


	For the Quarter Ended June 30, 2025
(In thousands)	NYTG		The Athletic		I/E(1)		Total
Revenues
Subscription	$	446,809	$	34,611	$	—	$	481,420
Advertising	119,910		14,064		—		133,974
Affiliate, licensing and other	65,678		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 marketing	62,566		6,599		—		69,165
Product development	53,810		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 costs							4,639
Depreciation and amortization							21,396
Severance							1,000
Multiemployer pension plan withdrawal costs							1,338
Generative AI Litigation Costs							3,490



Add:

Interest income and other, net							9,752
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)	NYTG		The Athletic		I/E(1)		Total
Revenues
Subscription	$	410,015	$	29,307	$	—	$	439,322
Advertising	112,088		7,075		—		119,163
Affiliate, licensing and other	63,053		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 marketing	54,457		6,846		—		61,303
Product development	53,579		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 costs							1,023
Depreciation and amortization							20,537
Severance							1,473
Multiemployer pension plan withdrawal costs							1,297
Generative AI Litigation Costs							1,983



Add:

Interest income and other, net							8,696
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)	NYTG		The Athletic		I/E(1)		Total
Revenues
Subscription	$	878,329	$	67,348	$	—	$	945,677
Advertising	217,568		24,482		—		242,050
Affiliate, licensing and other	125,413		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 marketing	122,548		12,576		—		135,124
Product development	111,059		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 costs							9,277
Depreciation and amortization							42,774
Severance							3,607
Multiemployer pension plan withdrawal costs							2,567
Generative AI Litigation Costs							7,887


Multiemployer pension plan liability adjustment							4,453
Add:

Interest income and other, net							19,724
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)	NYTG		The Athletic		I/E(1)		Total
Revenues
Subscription	$	811,386	$	56,941	$	—	$	868,327
Advertising	210,092		12,782		—		222,874
Affiliate, licensing and other	121,073		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 marketing	109,938		16,499		—		126,437
Product development	108,444		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 costs							2,074
Depreciation and amortization							41,243
Severance							5,901
Multiemployer pension plan withdrawal costs							2,909
Generative AI Litigation Costs							2,972



Add:

Interest income and other, net							17,083
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.