@ Media Week: UBS Day 3: NYTCO Execs On Dual-Class Structure, Boston Globe, M&A: TimesSelect

The New York Times Company has no intention to bow to some external pressure to dismantle its dual-class stock ownership structure, CEO Janet Robinson made a point of saying no way — quite politely, to be sure, but passionately — at the end of her prepared remarks to investors and analysts. She noted that the dual-class structure predates the company’s going public in 1969 by four decades. Robinson said the family is very clear they have “no intention of opening our doors to the kind of action that is tearing at the heart of other great institutions.”
— Asked about being willing to sell the Boston Globe at the right price, Robinson declined a specific comment and followed that with a litany of all the efforts in Boston like changing execs, integrating newsrooms and ad sales, cutting costs, etc. Robinson: “With all of the work we’ve put behind the Boston Globe, we feel very encouraged we will see improvement in the coming year.”
— During q-and-a, Robinson acknowledged the benefits of private ownership versus public ownership but also mentioned the pluses of being public. Navigated nicely.
Acquisitions: Robinson: NYTCO is looking at many small to medium internet properties that can contribute to news and content. Acquisitions must be strategic and have “realistic expectations for growth” in those internet arenas. I asked after the session for a price range but Robinson wouldn’t go there.
Local search: Local search debuts at Boston.com this month and will be rolled out at NYTimes.com and the regional news sites next year.
TimesSelect revenue: During the session, Martin Nisenholtz, SVP-digital operations, mentioned the $9 million in revenue the company expects from TimesSelect this year. I’ve been asked before about whether that income displaces other income and posed the question to Robinson. She said TimesSelect is all incremental income. The company still makes money from digital archives even though premium subs get some access included; no dollar amount.

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