SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

The following tables present segment information:


	For the Quarter Ended March 31, 2025
(In thousands)	NYTG		The Athletic		I/E(1)		Total
Revenues
Subscription	$	431,520	$	32,737	$	—	$	464,257
Advertising	97,658		10,418		—		108,076
Affiliate, licensing and other	59,735		4,405		(563)		63,577
Total revenues	$	588,913	$	47,560	$	(563)	$	635,910
Less:
Cost of revenue (excluding depreciation and amortization)	$	307,260	$	27,940	$	(563)	$	334,637
Sales and marketing	59,982		5,977		—		65,959
Product development	57,249		9,290		—		66,539
Adjusted general and administrative(2)	74,600		1,477		—		76,077
Total adjusted operating profit	$	89,822	$	2,876	$	—	$	92,698
Less:
Other components of net periodic benefit costs							4,638
Depreciation and amortization							21,378
Severance							2,607
Multiemployer pension plan withdrawal costs							1,229
Generative AI Litigation Costs							4,397


Multiemployer pension plan liability adjustment							4,453
Add:

Interest income and other, net							9,972
Income before income taxes							$	63,968

(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 March 31, 2024
(In thousands)	NYTG		The Athletic		I/E(1)		Total
Revenues
Subscription	$	401,370	$	27,635	$	—	$	429,005
Advertising	98,004		5,707		—		103,711
Affiliate, licensing and other	58,020		3,842		(563)		61,299
Total revenues	$	557,394	$	37,184	$	(563)	$	594,015
Less:
Cost of revenue (excluding depreciation and amortization)	$	292,457	$	24,973	$	(563)	$	316,867
Sales and marketing	55,481		9,653		—		65,134
Product development	54,865		8,320		—		63,185
Adjusted general and administrative(2)	69,847		2,928		—		72,775
Total adjusted operating profit (loss)	$	84,744	$	(8,690)	$	—	$	76,054
Less:
Other components of net periodic benefit costs							1,051
Depreciation and amortization							20,706
Severance							4,428
Multiemployer pension plan withdrawal costs							1,612
Generative AI Litigation Costs							989



Add:

Interest income and other, net							8,387
Income before income taxes							$	55,655

(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.