The group suffered a severe uppercut during the 2007-2008 crisis, losing a quarter of its sales in the space of twenty-four months. The recovery was long and arduous, but since 2021, revenues have once again exceeded the $2 billion threshold - a level not reached for fifteen years.

The decisive factor was the introduction of the paywall in 2011. This enabled digital subscriptions - 41% of revenues - to grow at a spectacular rate, offsetting advertising revenues - 26% of revenues - which literally plummeted, having been divided by three over the period.

Print subscriptions - still accounting for 26% of revenues - are surprisingly resilient, even if their gradual erosion remains inevitable. The other editorial activities, which have shown no real growth over the last twenty years, provide additional income.

It's a great success for the Sulzberger family, not least because they had the courage to assert the title's liberal, progressive positioning in a largely conservative American media landscape.

The New York Times is now trading at x30 earnings, off its six-year low. This decline in valuation was expected after the speculative excesses of the pandemic. However, it remains anchored at high levels, all the more so as historically the group can only return a limited portion of its profits to shareholders.

In 2022, the NYT made the bold acquisition of The Athletic. The $550 million transaction valued each subscriber to the sports publication at $458. The NYT's current valuation is around $600 per subscriber.