New York Times Co at JPMorgan Global Technology, Media and Communications Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: David Karnovsky - JPMorgan - Analyst : <_ALACRA_META_ABSTRACT>Great. We'll start with this. So since early 2022, when you purchased the Athletic, you have referred to the New York Times as the essential subscription product for someone wanting to understand and engage with the world. So maybe using that as a framework, give us a big picture view of your strategy and growth plans.

Question: David Karnovsky - JPMorgan - Analyst : Okay. So in earnings calls, forums like this, you've always noted the importance of engagement. Maybe you can just kind of level set where you are right now, both for subscribers and non-subscribers. And what is the Times focused on in 2025 to move this higher?

Question: David Karnovsky - JPMorgan - Analyst : Okay. I can't help but think that your comments on the Pope remind me that why doesn't Wordle have a celebrity function now, where --?

Question: David Karnovsky - JPMorgan - Analyst : Got it.

Question: David Karnovsky - JPMorgan - Analyst : On the list. And then just real quick a follow up, subs versus non-subs. Are your non-subs still primarily engaging on web-based interface?

Question: David Karnovsky - JPMorgan - Analyst : Got it. Okay. Wanted to see if you could expand a little bit on the opportunity with video and audio on the app or elsewhere. And then -- well, actually, let's just start with that and then I can do a follow up.

Question: David Karnovsky - JPMorgan - Analyst : Is video something that your journalists are kind of wholesale enjoying, right? I mean, I imagine this is an opportunity to kind of differentiate -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 14, 2025 / 5:00PM, NYT.N - New York Times Co at JPMorgan Global Technology, Media and Communications Conference

Question: David Karnovsky - JPMorgan - Analyst : Okay. And then, I think recently I've heard you talk a little bit more about the Times' presence on social apps, Instagram, TikTok. I think, historically, you've kind of more been focused on driving attention to your own platform. Is there any kind of shift in strategy here?

Question: David Karnovsky - JPMorgan - Analyst : There's been a substantial redesign of the core app in the past year. Curious, the learnings coming out of that. How much uptake have you seen for some of the personalization features like the U tab at the bottom?

Question: David Karnovsky - JPMorgan - Analyst : Got it. Maybe separate to the core times that you touched upon this a little bit, but there's been substantial innovation at games, cooking, athletic. Probably separate each of these into its own question, but for time maybe, we'll just ask it all at once, what's resonated --

Question: David Karnovsky - JPMorgan - Analyst : We do this conference in Boston --

Question: David Karnovsky - JPMorgan - Analyst : So when we speak on engagement, it's hard to separate out the news cycle, which feels quite elevated at the moment, maybe in contrast to what some investors had feared when we cycled past the election. I'm curious how much do cycles matter to the Times? Is it something that you -- you obviously can't plan on it, but do you count on it, right, when you think about kind of hitting that 15 million sub-target. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 14, 2025 / 5:00PM, NYT.N - New York Times Co at JPMorgan Global Technology, Media and Communications Conference

Question: David Karnovsky - JPMorgan - Analyst : Coming off the election cycle, I think there's been questions circling news organizations regarding institutional trust and whether that's pushed consumer segments to seek out alternative content, social, usually. I assume there's always some amount of editorial signups or cancellations, but how do you as a business think about navigating this level of maybe sensitivity?

Question: David Karnovsky - JPMorgan - Analyst : So the net result of greater engagement and value is that you've been able to move ARPU higher. We've seen this for both your bundle and news only subscribers. There is a different dynamic at play though for these cohorts. Maybe can you unpack the strategies a bit? What have you observed to date? What do you expect going forward?

Question: David Karnovsky - JPMorgan - Analyst : And just on the tenured news only subscriber side, can you maybe touch on that dynamic?

Question: David Karnovsky - JPMorgan - Analyst : I can't find it. I don't know where it is.

Question: David Karnovsky - JPMorgan - Analyst : We're obviously in an economically sensitive moment, I'll ask about ads in a second, but as it relates to your subscription offers and when you decide to graduate someone to a higher price, how does a macro-situation like that factor into that if at all?

Question: David Karnovsky - JPMorgan - Analyst : Got it. So New York Times reported 12% digital advertising growth in Q1. You're guiding the high single digits in Q2. That sort of answers a question about current state of demand, but maybe you can unpack it a bit what you're hearing from marketers. But then, also, you made a comment at earnings that you think of your ad business the way you think of your consumer business. Maybe just what do you mean by that?

Question: David Karnovsky - JPMorgan - Analyst : All right. Let's touch upon supply then. It seems like at least some of that is coming from games and athletic. Maybe you could talk to, I don't know, how much you've kind of pushed that so far. And how nice is it to have that optionality at times of news sensitivity? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 14, 2025 / 5:00PM, NYT.N - New York Times Co at JPMorgan Global Technology, Media and Communications Conference

Question: David Karnovsky - JPMorgan - Analyst : Okay. You brought up Wirecutter sits within your other bucket.

Question: David Karnovsky - JPMorgan - Analyst : Sorry, yes, you have named it. I assume maybe the order is an indication of the magnitude.

Question: David Karnovsky - JPMorgan - Analyst : Got it. So a couple of weeks ago, there was a court ruling that Apple will no longer be able to charge a 27% commission on alternative payments in the app. Maybe you can speak a bit to the possible impact of Times here going forward. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 14, 2025 / 5:00PM, NYT.N - New York Times Co at JPMorgan Global Technology, Media and Communications Conference

Question: David Karnovsky - JPMorgan - Analyst : The puzzle say, historically, for someone in the app, how they might have signed up, right, versus your (multiple speakers)

Question: David Karnovsky - JPMorgan - Analyst : Okay. We have about five minutes left. Does anyone in the room have a question they want to ask? If you do, raise your hand? No? Quiet conference. All right -- Oh, we have one. Go ahead. Unidentified Participant Thank you so much. That's really insightful. Wanted to check in on how you're thinking about equity compensation and incentives for executives and the rest of the team? Any anything new or different this year? Just given the macro environment or talent retention attracting new talent, etc.

Question: David Karnovsky - JPMorgan - Analyst : Meredith, on the expense side, there's a guide 5% to 6% adjusted cost growth next quarter. Curious on on paid media expense? How you kind of think about that? We've seen it flex up a little bit for a couple quarters, come down a little. What sort of -- what cover is that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 14, 2025 / 5:00PM, NYT.N - New York Times Co at JPMorgan Global Technology, Media and Communications Conference

Question: David Karnovsky - JPMorgan - Analyst : Maybe a final one from us. New York Times, you're prominent in news, sports, games, shopping, lifestyle. Any verticals where you see kind of an opportunity to use your scale and develop more of an offering.

Question: David Karnovsky - JPMorgan - Analyst : Got it. All right, Meredith, thanks so much for being here.