New York Times CEO on growing the newspaper company by billions during Trump's 'fake news' era
The Times' — a publicly traded company — has grown its stock value by over 300% since Thompson took control in 2012 and at a time when countless other city papers across the country have closed. The key, Thompson said, is centered around a business strategy that he says "very few people" in the industry are following.CNBC's Evolve
The circumstances facing the company when Thompson took over in November 2012 were bleak. Quarterly advertising revenue had fallen 9% and net income was down over 80% as compared to the prior year. The stock price fell 22% on the announcement. Accomplishing this forced the company to consider advertising revenue as a secondary source of income and instead go all-in on "products and revenue which are currently a small percentage of the total but are ... possibly all of our future," Thompson said. This primarily dedicating far more resources to creating a strong digital environment for the paper.
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