What the changes say
- Print subscription declines and reliance on third-party platforms threaten subscriber growth and revenue replacement.
- Large digital platforms and short-form video intensify pressure on advertising revenue and pricing.
- Inflation, interest rates, tariffs, and real estate exposure broaden macroeconomic risks.
- Risk language shifts toward generative AI use, regulatory scrutiny, cybersecurity resilience, and labor disruption.
What changed since the prior 10-K
New
- NewRisks Related to Our Business and Industry
environment, which could have an adverse impact on our ability to grow subscribers, subscription revenues and profitability
Print subscription declines may outpace replacement by digital subscriptions, while third-party platforms influence user growth, monetization, and licensing revenue.
- NewRisks Related to Our Business and Industry
advertisers; the ease of buying advertising with us; and the perceived effectiveness of our advertising offerings compared to alternative advertising options
Large digital platforms, short-form video, fragmented audiences, and programmatic advertising channels may limit advertiser demand and pricing.
- NewRisks Related to Our Business and Industry
Furthermore, if consumers reduce discretionary spending, our ability to acquire and retain paying subscribers may be hindered. Users may shift to free or lower-priced options, adversely impacting our subscription and affiliate referral revenues
Inflation affects employee, printing, and distribution costs, while market volatility, pension obligations, and commercial real estate create additional exposure.
Dropped
- DroppedRisks Related to Our Business and Industry
Our ability to attract, retain and monetize a significant portion of our users is dependent on third parties. If these third parties make changes outside of our control, it could adversely affect our business, financial condition and results of operations
- DroppedRisks Related to Our Business and Industry
providers, and audience fragmentation. These dynamics have affected, and will likely continue to affect, our ability to attract and retain advertisers and to maintain or increase our advertising rates and resulting revenues
- DroppedRisks Related to Our Business and Industry
Generative AI technology may negatively impact our ability to attract, engage, and retain audience and subscribers; protect and monetize our intellectual property; maintain and grow other revenue streams; and retain and grow trust in our brand and journalism; and may involve other risks
- DroppedRisks Related to Our Data Platform, Information Systems and Other Technology
THE NEW YORK TIMES COMPANY – P. 17
Reliance on Apple, Alphabet, and other third-party platforms for subscriptions, users, and affiliate referral revenue.
- DroppedRisks Related to Our Data Platform, Information Systems and Other Technology
P. 18 – THE NEW YORK TIMES COMPANY
Reworded
- 100% rewrittenRisks Related to Our Business and Industry
P. 14 – THE NEW YORK TIMES COMPANY
The risk shifts from newspaper printing and distribution disruptions to harmful effects and perceptions arising from generative AI use.
- 100% rewrittenRisks Related to Our Business and Industry
P. 16 – THE NEW YORK TIMES COMPANY
The focus shifts from generative AI content misuse and intellectual-property infringement to reputational and regulatory risks around complex, evolving initiatives and laws.
Was: P. 12 – THE NEW YORK TIMES COMPANY
- 100% rewrittenRisks Related to Our Data Platform, Information Systems and Other Technology
THE NEW YORK TIMES COMPANY – P. 19
The discussion shifts from broad disasters, health crises, and workforce disruptions to the cost, maintenance, and product-functionality effects of cybersecurity controls.
Was: THE NEW YORK TIMES COMPANY – P. 13
- 100% rewrittenRisks Related to Our Business and Industry
THE NEW YORK TIMES COMPANY – P. 15
The updated language adds foreign-business restrictions, entry costs, currency fluctuations, compliance penalties, and renewed print supply-chain and distribution risks.
Was: THE NEW YORK TIMES COMPANY – P. 9
- 93% rewrittenRisks Related to Our Business and Industry
Our ability to grow the size and profitability of our audience and subscriber base depends on many factors within and beyond our control, and a failure to do so could adversely affect our results of operations and business
The update adds possible pricing and acquisition costs and emphasizes engagement directly with Times journalism and products as drivers of digital subscriber growth.
Was: Our ability to grow the size and profitability of our subscriber base depends on many factors within and beyond our control, and a failure to do so could adversely affect our results of operations and business
- 88% rewrittenRisks Related to Our Business and Industry
Our business and financial results may be adversely impacted by economic, market and political conditions or other events or conditions causing significant disruption
The update adds tariffs, taxes, trade barriers, and interest-rate volatility, while changing competitive labor markets to a competitive talent market.
- 82% rewrittenRisks Related to Our Employees and Pension Obligations
A significant number of our employees are represented by labor organizations, and our business and results of operations could be adversely affected if labor agreements were to increase our costs or further restrict our ability to maximize the efficiency of our operations
Union representation remains approximately 43%, but the date changes to December 31, 2025 and the text adds strikes, stoppages, interruptions, and product-delivery effects.
Was: A significant number of our employees are unionized, and our business and results of operations could be adversely affected if labor agreements were to increase our costs or further restrict our ability to maximize the efficiency of our operations
- 78% rewrittenRisks Related to Our Business and Industry
Our advertising revenues are affected by numerous factors, including market dynamics, evolving digital advertising trends and the evolution of our strategy
The wording emphasizes fluctuating advertiser budgets and valuable, effective advertising offerings, with audience, brand, rates, formats, and targeting affecting purchases.
- 77% rewrittenRisks Related to Our Business and Industry
The Times newspaper, as well as other commercial print products, are printed at our production and distribution facility in College Point, N.Y. Outside of the New York area, The Times is printed and distributed under contracts with partners across the United States and internationally
Was: The Times newspaper, as well as other commercial print products, are printed at our production and distribution facility in College Point, N.Y. Outside of the New York area, The Times is printed and distributed under contracts with print and distribution partners across the United States and internationally
- 73% rewrittenRisks Related to Our Business and Industry
Our brand and reputation are key assets. Negative perceptions or publicity could adversely affect our business, financial condition and results of operations
Was: Our brand and reputation are key assets of the Company. Negative perceptions or publicity could adversely affect our business, financial condition and results of operations
- 65% rewrittenRisks Related to Our Business and Industry
We face significant competition in all aspects of our business
- 64% rewrittenRisks Related to Our Employees and Pension Obligations
If we are unable to attract and maintain a highly talented workforce, it could have a negative impact on our competitive position, reputation, business, financial condition or results of operations
Was: If we are unable to attract and maintain a talented and diverse workforce, it could have a negative impact on our competitive position, reputation, business, financial condition or results of operations
- 52% rewrittenRisks Related to Our Employees and Pension Obligations
employees, and we may lose talent through attrition and/or be unable to hire new employees quickly enough to meet our needs
Was: costs to attract new employees and retain our existing employees, and we may lose talent through attrition and/or be unable to hire new employees quickly enough to meet our needs
- 50% rewrittenRisks Related to Intellectual Property
Our business may suffer if we cannot protect our intellectual property
- 49% rewrittenRisks Related to Our Business and Industry
Expectations relating to governance, environmental and social matters, and any related reporting obligations, may impact our business
Was: Expectations relating to environmental, social and governance matters, and any related reporting obligations, may impact our businesses
- 44% rewrittenRisks Related to Our Data Platform, Information Systems and Other Technology
Failure to comply with evolving laws and regulations with respect to privacy, data protection and consumer marketing and subscriptions practices could adversely affect our business
Was: Failure to comply with laws and regulations with respect to privacy, data protection and consumer marketing and subscriptions practices could adversely affect our business
- 38% rewrittenRisks Related to Our Business and Industry
The international scope of our business exposes us to risks inherent in foreign operations
- 38% rewrittenRisks Related to Common Stock, Debt and Capital Markets
We may not have access to the capital markets on terms that are acceptable to us or may otherwise be limited in our financing options
- 37% rewrittenRisks Related to Our Business and Industry
Our user and other metrics are subject to inherent challenges in measurement, and real or perceived inaccuracies in those metrics may harm our reputation and our business
- 32% rewrittenRisks Related to Our Data Platform, Information Systems and Other Technology
Our business depends on continued and unimpeded access to the internet and cloud-based hosting services we utilize
- 31% rewrittenRisks Related to Common Stock, Debt and Capital Markets
The terms of our credit facility impose restrictions on our operations that could limit our ability to undertake certain actions
- 27% rewrittenRisks Related to Intellectual Property
We have been, and may be in the future, subject to claims of intellectual property infringement that could adversely affect our business
- 26% rewrittenRisks Related to Our Employees and Pension Obligations
As a result of required contributions to our qualified pension plans, we may have less cash available for working capital and other corporate uses, which may have an adverse impact on our results of operations, financial condition and liquidity
- 25% rewrittenRisks Related to Our Business and Industry
Acquisitions, divestitures, investments and other strategic transactions could adversely affect our costs, revenues, profitability and financial position
Was: Acquisitions, divestitures, investments and other transactions could adversely affect our costs, revenues, profitability and financial position
- 23% rewrittenRisks Related to Our Employees and Pension Obligations
In addition, we and the NewsGuild of New York (the “Guild”) jointly sponsor a defined benefit plan that continues to accrue active benefits for certain employees represented by the Guild
Was: In addition, the Company and the NewsGuild of New York jointly sponsor a defined benefit plan that continues to accrue active benefits for certain employees represented by the NewsGuild
All 38 risk factors
Headings as the filing states them, in filing order.
Risks Related to Our Business and Industry
- 01We face significant competition in all aspects of our business65% rewritten
- 02Our ability to grow the size and profitability of our audience and subscriber base depends on many factors within and beyond our control, and a failure to do so could adversely affect our results of operations and business93% rewritten
- 03environment, which could have an adverse impact on our ability to grow subscribers, subscription revenues and profitabilityNew
- 04Our user and other metrics are subject to inherent challenges in measurement, and real or perceived inaccuracies in those metrics may harm our reputation and our business37% rewritten
- 05Our advertising revenues are affected by numerous factors, including market dynamics, evolving digital advertising trends and the evolution of our strategy78% rewritten
- 06advertisers; the ease of buying advertising with us; and the perceived effectiveness of our advertising offerings compared to alternative advertising optionsNew
- 07Investments we make in new and existing products and services expose us to risks and challenges that could adversely affect our operations and profitability
- 08Our brand and reputation are key assets. Negative perceptions or publicity could adversely affect our business, financial condition and results of operations73% rewritten
- 09P. 14 – THE NEW YORK TIMES COMPANY100% rewritten
- 10Our business and financial results may be adversely impacted by economic, market and political conditions or other events or conditions causing significant disruption88% rewritten
- 11Furthermore, if consumers reduce discretionary spending, our ability to acquire and retain paying subscribers may be hindered. Users may shift to free or lower-priced options, adversely impacting our subscription and affiliate referral revenuesNew
- 12The international scope of our business exposes us to risks inherent in foreign operations38% rewritten
- 13THE NEW YORK TIMES COMPANY – P. 15100% rewritten
- 14The Times newspaper, as well as other commercial print products, are printed at our production and distribution facility in College Point, N.Y. Outside of the New York area, The Times is printed and distributed under contracts with partners across the United States and internationally77% rewritten
- 15Expectations relating to governance, environmental and social matters, and any related reporting obligations, may impact our business49% rewritten
- 16P. 16 – THE NEW YORK TIMES COMPANY100% rewritten
- 17Acquisitions, divestitures, investments and other strategic transactions could adversely affect our costs, revenues, profitability and financial position25% rewritten
- 18Litigation or governmental investigations can impact our business practices and operating results
Risks Related to Intellectual Property
- 19Our business may suffer if we cannot protect our intellectual property50% rewritten
- 20We have been, and may be in the future, subject to claims of intellectual property infringement that could adversely affect our business27% rewritten
Risks Related to Our Data Platform, Information Systems and Other Technology
- 21Our success depends on our ability to effectively improve and scale our technical and data infrastructure
- 22Security incidents and other network and information systems disruptions could affect our ability to conduct our business effectively, cause us to incur significant costs, subject us to significant liability and/or damage our reputation
- 23THE NEW YORK TIMES COMPANY – P. 19100% rewritten
- 24Failure to comply with evolving laws and regulations with respect to privacy, data protection and consumer marketing and subscriptions practices could adversely affect our business44% rewritten
- 25We are subject to payment processing risk
- 26Our business depends on continued and unimpeded access to the internet and cloud-based hosting services we utilize32% rewritten
Risks Related to Our Employees and Pension Obligations
- 27If we are unable to attract and maintain a highly talented workforce, it could have a negative impact on our competitive position, reputation, business, financial condition or results of operations64% rewritten
- 28employees, and we may lose talent through attrition and/or be unable to hire new employees quickly enough to meet our needs52% rewritten
- 29A significant number of our employees are represented by labor organizations, and our business and results of operations could be adversely affected if labor agreements were to increase our costs or further restrict our ability to maximize the efficiency of our operations82% rewritten
- 30The nature of significant portions of our expenses may limit our operating flexibility and could adversely affect our results of operations
- 31The size and volatility of our pension plan obligations may adversely affect our operations, financial condition and liquidity
- 32In addition, we and the NewsGuild of New York (the “Guild”) jointly sponsor a defined benefit plan that continues to accrue active benefits for certain employees represented by the Guild23% rewritten
- 33As a result of required contributions to our qualified pension plans, we may have less cash available for working capital and other corporate uses, which may have an adverse impact on our results of operations, financial condition and liquidity26% rewritten
- 34We participate in, and make periodic contributions to, three multiemployer pension plans. Our required contributions to certain plans have been impacted and may be further impacted by changes in our production, distribution and commercial printing operations
Risks Related to Common Stock, Debt and Capital Markets
- 35We may fail to meet our publicly announced guidance and/or targets, which could cause the trading price of our Class A Common Stock to decline
- 36The terms of our credit facility impose restrictions on our operations that could limit our ability to undertake certain actions31% rewritten
- 37We may not have access to the capital markets on terms that are acceptable to us or may otherwise be limited in our financing options38% rewritten
- 38Our Class B Common Stock is principally held by descendants of Adolph S. Ochs, through a family trust, and this control could create conflicts of interest or inhibit potential changes of control
Other New York Times 10-Ks
- FY2024 10-K risk factors40 risks
Subscription growth, advertising revenue, and digital distribution dominate the risk profile. Generative AI tools threaten audience reach, intellectual property, and brand trust. High union representation covers approximately 43 percent of full-time equivalent employees.
Filed Feb 27, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.