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NYT −1.71% on Nov 12 · Analysis updated Nov 12, 2026, 4:49 PM ET
Why is The New York Times Company (NYT) stock down?
NYT sold off around its Nov 4 Q3 report, with volume of 6.3M and 7.5M shares on Nov 3 and Nov 4, about three times normal. The intraday low was $64.53. The stock then recovered. It rose 5.6% on Nov 9 to $72.17 and closed at $72.70 on Nov 11. Results were a modest beat, with 420,000 digital subscriber additions bringing the total to 13.8M. The rebound followed reports of exclusive talks to buy Letterboxd for about $330M. That is more than 20 times its projected earnings of about $15M, and the talks could still fall apart. BofA sees a strategic fit, but commentary is mixed on the price. Today the stock slipped to $71.46 from $73 at the open, a 1.7% decline on light volume of about 1.0M shares. This looks like mild profit-taking after the recovery, not new negative news. Institutional buying and a Buy-leaning analyst mix (5 Buy, 1 Strong Buy, 5 Hold) are supportive. Much of the good news looks priced in. The next catalysts are confirmation or collapse of the Letterboxd deal and subscriber progress toward the 15M goal.
News behind the analysis
- New York Times might buy Letterboxd for $330M US: reportNYT is in exclusive talks to buy Letterboxd for about $330M, which is more than 20 times projected earnings. No deal is final, and the talks could still fall apart. The report also notes 420,000 digital subscriber additions in Q3, for 13.8M total.
- New York Times Enters Exclusive Talks to Buy Letterboxd for $330 MillionThe deal would extend NYT's digital portfolio beyond news. Letterboxd would add an audience as NYT works toward 15M subscribers by the end of 2027.
- Letterboxd in Negotiations to Be Acquired by New York Times CompanyThe deal is not yet final. Variety had reported in September that A24 and others were also bidders. The founders would stay in charge.
- The New York Times reportedly in talks to buy Letterboxd for $330 millionLetterboxd grew from 3M users in Jan 2021 to 28M by April 2026. Its projected earnings are about 4.5% of the price.
- New York Times In Advanced Talks To Buy Letterboxd For Reported $330 MillionDeadline confirmed the advanced talks. NYT is reportedly in pole position to buy the site from Canadian holding company Tiny.
- The New York Times Is Right to Pay a Hefty Premium for LetterboxdAnalysis arguing the roughly 22x EBITDA price is justified. It notes the writer called the earlier Athletic purchase an overpay.
- New York Times Company in advanced talks to acquire Letterboxd for roughly $330 millionThe deal would integrate NYT ad tech with Letterboxd. Letterboxd would likely stay a standalone site for the foreseeable future.
- The New York Times Company $NYT Stock Purchased by Bahl & Gaynor LLCBahl & Gaynor raised its stake 24.7% in Q3. Institutions own 95.37% of the stock. Analyst ratings are 1 Strong Buy, 5 Buy and 5 Hold.
- New York Times (NYT) Stock News TodayTipRanks coverage is bullish. Headlines cover the stock falling after earnings, Q3 call highlights on digital subscription growth, and the Letterboxd deal.
- NYT Stock Price and Chart — TradingViewLists BofA's view of Letterboxd as a strategic fit. Also notes Berkshire's stake of 15.7M shares as of Q2 2026.
About New York Times Co.
The New York Times Company publishes The New York Times. Alongside the news report, it sells digital products such as Games (including Wordle), NYT Cooking, Wirecutter and The Athletic. It stands out as one of the few legacy newspaper publishers that has turned itself into a large, growing digital subscription business, with about 13.8 million total subscribers (roughly 13.2 million digital-only) as of Q3 2026.
How it makes money
Subscriptions bring in most of the revenue, roughly 70% or more. Most of that comes from digital-only bundles and single-product subscriptions; in Q1 2026, for example, digital-only subscription revenue was about $389M out of about $517M in total subscription revenue. Advertising is the next-largest source. Digital ads have been growing quickly, while print ads are shrinking. The rest comes from affiliate commissions (mainly Wirecutter), content licensing and other sources. Quarterly revenue was about $769M in Q3 2026, up roughly 10% from a year earlier.
What usually moves NYT
- Net digital subscriber additions
- Average revenue per user and price increases
- Digital advertising demand
- Growth in journalism and marketing costs
- Generative-AI licensing and copyright litigation