The New York Times Company Q2 2026 Earnings Call - Digital Revenue Surges 16% as Video Bet and Direct Engagement Strategy Gain Traction

Operator: Ladies and gentlemen, thank you for your patience. Now we’ll start with the presentation.

Anthony DiClemente, Head of Investor Relations, The New York Times Company: Thank you. Welcome to The New York Times Company second quarter 2026 earnings conference call. On the call today, we have Meredith Kopit Levien, President and Chief Executive Officer, and Will Bardeen, Executive Vice President and Chief Financial Officer. Before we begin, I would like to remind you that we’ll be making forward-looking statements, including about our business, strategy, and performance based on our current expectations. Our actual results could differ materially due to a number of risks and uncertainties described in the company’s 10-K and subsequent SEC filings. We’ll also be referencing non-GAAP financial measures for which there are reconciliations to GAAP measures in our earnings release at investors.nytco.com. With that, I will turn the call over to Meredith.

Meredith Kopit Levien, President and Chief Executive Officer, The New York Times Company: Thanks, Anthony. Good morning, everyone. Q2 was a great quarter for The Times. Our world-class journalism and premium lifestyle content continued to draw large audiences and power strong results for the company. This was a quarter where we made substantial progress against all of our priorities for the year. First, we continued to cover the world’s most important stories, from politics to pop culture, from wildfires to wellness. Journalists around the globe reported on the ongoing conflict in the Strait of Hormuz, escalating drone warfare between Ukraine and Russia, and the rapid advances in powerful AI models. We comprehensively covered the primaries in the U.S., a historic heatwave in Europe, and an epic few weeks in New York that saw the Knicks win their first championship in over 50 years and Taylor Swift tie the knot with Travis Kelce.

Second, we presented our journalism and lifestyle products in all the ways people want to engage with them, including video. We’re now producing thousands of new videos each quarter to reach the enormous audience for video in all the places people watch, including our own destinations. Just this week, we launched a Shows tab in our flagship app, creating a new way to experience our long-form franchises in news, opinion, culture, and lifestyle. The Shows tab complements our existing Watch tab and the expanding volume of short-form video across the report. This is all part of our strategy to engage the people we already have more and engage more people. As we do that, we intend to make The Times as preferred a brand for watching the news as it is for reading and listening. Third, we continued to add value in every part of our portfolio.

We began to make a series of upgrades to our flagship news app, where we see strong subscriber engagement with the aim of making the app a more compelling experience for prospective subscribers. We also launched new listening and commenting features in our flagship news app, made cooking a better companion for home cooks with the new Cook Mode, launched new features to celebrate the fifth anniversary of Wordle and its consistently strong audience, continued to add features to Crossplay with its growing community of engaged players. The Athletic’s approach to the World Cup represents how these three priorities come together to drive increasing value for audiences. The world’s attention was on the games, we delivered journalism and experiences like no one else could. Over 70 soccer experts from a 550-person sports newsroom covered the most interesting athletes, moments, and stories from the tournament across 16 cities.

We introduced new formats, including a daily long-form World Cup show on Amazon and daily short-form recaps on social and in our app. We provided live updates and insights for all 104 games and popular interactive brackets that helped fans predict what would happen next. All of this led to The Athletic’s biggest audiences ever, we expect these advances to power success in the NFL season and beyond. Let me highlight a few results from the quarter. Digital subscription revenues grew 16% as we continued to become even more essential to even more people. We added 280,000 net new digital subscribers, bringing our total subscriber base to 13.4 million and keeping us on track to our next milestone of 15 million and beyond. In advertising, both digital and total advertising growth once again exceeded our expectations with digital advertising up 21%.

This was the result of a clear strategy, capable execution, strong marketer demand, and high engagement. Affiliate licensing and other revenues also grew in the quarter. We continued to manage costs even as we invest into generational opportunities. Making long-term bets, video among them, is how we expect to maintain and extend our strong market position and continue building a larger, more profitable company for the long term. I’ll close by noting that we delivered our Q2 results against the backdrop of a rapidly changing information ecosystem shaped by a small number of big tech companies whose moves continue to result in less traffic to publishers. The Times isn’t immune to that impact, we have four enduring advantages that we believe give us resilience to these headwinds and also create long-term opportunity. Let me remind you of what those are.

First, our products are in giant spaces which deeply engage passionate audiences every day. In current events, sports, cooking, games, and shopping, we offer the highest quality, most trustworthy experiences that leave people nourished, not depleted. Second, we’re one of an increasingly small number of news organizations that are committed to doing original, independent reporting and high-quality content at scale. While most publishers and broadcasters are doing less of this kind of work, The Times continues to invest. This makes our news coverage and lifestyle products increasingly rare and valuable in an information environment awash in low-quality takes and disinformation. Third, we have a long track record of using technology to report, tell, and distribute stories in all the ways that people want to engage with them, from text to audio to interactive graphics and video. We deliver information and experiences in the creative ways that make people pay attention.

Our multi-revenue stream model means we have multiple complementary ways to monetize our high audience engagement. Those four advantages, taken together, mean we’re well-positioned to continue making The New York Times essential for every person seeking to understand and engage with the world, and to continue to create more value for users, shareholders, and society. With that, I’ll turn it over to Will.

Will Bardeen, Executive Vice President and Chief Financial Officer, The New York Times Company: Thanks, Meredith, and good morning, everyone. As Meredith described, our second quarter results reflected strong progress for our business. I’ll begin with a discussion of the quarter’s key results, followed by our financial outlook for the third quarter of 2026. Please note that all comparisons are to the prior year period unless otherwise specified. Overall, we saw healthy increases across our multiple revenue streams in Q2, with consolidated revenues growing 11%. AOP grew 16% as we continued to make disciplined investments aimed at further differentiating our high-quality journalism and digital products. Moving to our subscribers and subscription revenues. As Meredith said, we added 280,000 net new digital subscribers within the quarter, and digital-only subscription revenues grew 16.4% year-over-year to $408 million. By the end of Q2, our digital-only subscriber base was 13.3% higher year-over-year, and digital-only ARPU grew 3.1% year-over-year.

Total subscription revenues increased 11.7% to approximately $538 million. Both digital-only and total subscription revenues were within the guidance ranges we provided for the quarter. The growth was driven by multiple products across the portfolio. We continue to be pleased with the increase in our subscriber base in the quarter, as well as the performance at our pricing step-up points. We believe this reflects that our audiences appreciate the significant value we’re adding to our products. Turning to advertising. Total advertising revenues for the quarter were $149 million, an increase of approximately 11.3%, which beat our expectations. Digital advertising revenues also came in above the guidance range we provided, increasing 20.7% to $114 million. Marketer demand in the quarter for our high-performing ad products exceeded our expectations. Affiliate licensing and other revenues increased approximately 7% in the quarter to $75.5 million, also beating our expectations.

The outperformance was primarily the result of higher Wirecutter affiliate referral revenues. Adjusted operating costs grew 10%, largely as a result of higher compensation and benefits expenses, which included investments in our video journalism. Cost growth exceeded our guidance range, primarily due to incremental variable compensation tied to financial outperformance. Increases in sales and marketing costs in the quarter included both higher marketing and promotion expenses and higher costs associated with our advertising revenues. As I mentioned at the top, AOP grew 16% in the quarter to approximately $155 million. Adjusted diluted EPS increased $0.11 to $0.69, reflecting 19% growth. We generated approximately $266 million of free cash flow in the first half of the year. Over that same period, we returned approximately $160 million to shareholders, consisting of approximately $92 million in share repurchases and approximately $68 million in dividends.

This is consistent with our capital allocation strategy, which includes returning at least 50% of free cash flow to our shareholders over the midterm. I’ll note that while our strong free cash flow in the first half primarily reflected our growing AOP and capital efficient model, it also benefited from timing of seasonal of working capital, some of which we expect to reverse in the second half. In addition, as we discussed last quarter, 2026 free cash flow will include a tax-related benefit of approximately $60 million, the majority of which we do not expect to recur beyond fiscal 2026. I’ll now look ahead to Q3. Digital-only subscription revenues are expected to increase 12%-15%, and total subscription revenues are expected to increase 9%-11%.

Digital advertising revenues are expected to increase mid to high teens, and total advertising revenues are expected to increase high single to low double digits. Affiliate licensing and other revenues are expected to increase low to mid single digits. This takes into account the timing shift of a marketing promotion by one of our affiliate partners, which occurred in Q2 of this year as compared to last year, where that promotion occurred in Q3. Adjusted operating costs are expected to increase 8%-9%. We intend to continue operating efficiently while making disciplined investments in our high-quality journalism and digital product experiences that add value for our audiences and help reinforce and expand our competitive advantages. As we’ve discussed, video in particular remains an important area of strategic investment being reflected in our results and in our guidance.

We believe video allows us to have an even greater impact with the journalistic investment we are making by penetrating a large and new addressable market for us. We are confident in our ability to generate strong returns over the long term as we grow the amount and impact of video journalism in news and across the portfolio. In summary, our strategy continues to work as designed. Our strategic priorities are all aimed at building a larger and more engaged audience over time, growing our subscriber base, and powering our multiple revenue streams. We continue to expect 2026 to be another year of healthy growth in revenues, AOP, and strong free cash flow generation. We also remain on the path to achieving our midterm targets for subscribers, AOP growth, and capital returns. With that, we’re happy to take your questions.

Operator: We will now begin the question and answer session. To ask a question, you may press star then one on your touch tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Jason Bazinet with Citi. Please go ahead.

Jason Bazinet, Analyst, Citi: Thanks so much. I wonder if I could just ask a question on expenses. You talked about the two drivers of the elevated sales and marketing. I think you said higher promo and then some cost related to video. Can you just unpack that a bit? I feel like your shares have reacted pretty sharply to elevated sales and marketing in the past. I think it was the fourth quarter of 2024. It ends up being nothing. It’s not like a big structural change in your cost. I wonder if you can just provide any color about how much of this is sort of temporary versus structural. Thanks.

Will Bardeen, Executive Vice President and Chief Financial Officer, The New York Times Company: Yeah, Jason, I’m happy to take that. We were pleased with our sales and marketing performance in Q2. Our approach there remains consistent. No changes to the approach. I mentioned in my remarks it’s a little different than you characterized it in your question. There are really two different components to highlight there. The first is marketing. The second is actually advertising-related costs. In marketing, we continue to drive the majority of our subscription starts, as our model is designed to do organically behind the strength of our ongoing investment in journalism and product development. We continue to treat marketing as a useful additional growth lever. It can fluctuate, as you know, quarter to quarter, as we continue to approach it with a lot of discipline. We’re focused on efficiency and returns, leaning in when the moments call for it.

For example, around the World Cup in Q2. Beyond marketing in Q2, there was a separate portion of the growth associated with advertising as well. That’s for a couple of reasons. First, we outperformed our ad revenue expectations in the quarter, which meant a bit higher ad COGS incentive compensation. Second, this year we staffed a new middle market ad sales team to access a part of the market that we weren’t serving previously, which we see as another promising way to aim to strengthen those long-term growth drivers in advertising. Overall, I’d characterize the Q2 results as reflecting our strategy working as designed to help drive healthy revenue growth and AOP growth. Great. Thanks so much, Jason, for the question. Operator, we’ll take our next question, please.

Operator: The next question comes from David Karnovsky with JP Morgan. Please go ahead.

David Karnovsky, Analyst, JP Morgan: Hi. Thank you. Will, on the digital subscription outlook, the 12%-15% range, that’s a bit below where you’ve operated or guided over the past several quarters. Just in that context, can you speak to any volume mix or pricing factors to be aware of? Meredith, maybe relatedly, you noted The Times isn’t immune to broader trends in publishing. We’ve seen reports of some platforms kind of reconsidering deals with LLMs due to traffic impact. I know you haven’t engaged on these, but just maybe you can give us the lay of the land as you see it right now.

Will Bardeen, Executive Vice President and Chief Financial Officer, The New York Times Company: Great. I’ll start with that digital subscription revenue guide. First to say we’re pleased with our overall over 16% growth of digital subscription in Q2. Underlying that growth, as I mentioned in my prepared remarks, was the over 13% year-over-year increase in subscribers over the last 12 months, as well as pricing performance, which continued to go well. To your question, sort of looking at Q3, it’s, I think, helpful to recall that digital subscription revenue growth can be driven by a variety of factors. I’d roll them up for these purposes into sort of three basic categories. The first is, as I mentioned, sort of that sub growth over the prior 12 months, even if subs can vary quarter-to-quarter, of course. The second is mix, the mix of those subs between higher-priced bundle subs, lower-priced single product subs.

The third, as you mentioned, is pricing step-up performance. By step-up, I mean a couple of different things. How well are subs transitioning off promotion to higher prices, as well as the timing and performance of any price increases. As it relates to Q3, I’d note in part the cohort impact of the paywalling of The Mini in last year’s Q3. That contribution from lower-priced single product subs a year ago plays a bit of a role in the sub mix in the quarter. I’d step back and say our strategy continues to work as designed.

We’re focused on sustaining healthy underlying drivers of digital subscription revenue, as reflected in that guide, meaning continuing to add significant value to our products, generating strong engagement around them, and then we consider asking users to pay a bit more over time as our products become even more differentiated and valuable in their lives.

Meredith Kopit Levien, President and Chief Executive Officer, The New York Times Company: Let me take the second part of your question, David. Let me start by saying we’ve been saying for a while now that the overall direction of travel is less traffic to publishers from the big platforms. As you heard me say in my prepared remarks, we delivered our Q2 results against the backdrop of a rapidly changing information ecosystem that’s shaped by a small number of big tech companies whose moves are continuing to result in that less traffic. We’re not immune to that impact, but we are building resilience to the trend, and we’re doing that by investing in coverage, in products and brands that are so good they’re worthy of being sought out and worthy of direct relationships. We’re doing that by making our destination product experiences, I’d say now especially our apps, even more effective at engaging prospects.

We’re doing that, as you heard both Will and I talk about, by making video a bigger part of the experience. I’ll just say that our aim in all this over time is to become less reliant on the intermediaries. You should imagine we are always calibrating between making our work available widely so that people can sample it and to make sure we’re doing that in a way that isn’t substitutional. I think that gets at the specifics in your questions.

Will Bardeen, Executive Vice President and Chief Financial Officer, The New York Times Company: Great. Thank you, David. Operator, next question.

Operator: The next question comes from Cameron Mansson-Perrone with Morgan Stanley. Please go ahead.

Cameron Mansson-Perrone, Analyst, Morgan Stanley: Thanks, and morning. I wanted to ask about video. Competition seems to be higher than ever here, engagement issues at Netflix, YouTube investing more outside of creator video, social media platforms investing more behind short-form video. Are those trends supportive of consumer demand and therefore your strategy, or how do you think about the attractiveness of video investment kind of within that backdrop? Thanks.

Meredith Kopit Levien, President and Chief Executive Officer, The New York Times Company: Yeah. I’m happy to take that one. My short answer is yes, those trends are consistent with our direction of travel and our strategy. I’ll say it’s early days in video for The Times, but we have dramatically scaled production. We are growing video engagement on our platform and off our platform. Let me just reiterate what we’re doing here from a strategy perspective. I think Will and I both alluded to this in our prepared remarks. We see video as a big long-term opportunity to establish The Times to be as preferred a brand for watching the news as it is for reading and listening. Our efforts here are really meant to grow engagement with the audience we already have and also to reach net new audiences and build share with the new audience.

I would say we believe video allows us to have even greater impact with our journalistic investment because we’re penetrating a large market and a new market for us. I’ll say on production, we’re really scaling now. Still early, but now producing thousands of original videos across the portfolio. Four real areas of growth in production, reporter video, news clips, our trademark visual investigations, and then shows, which we’ve talked about extensively. It’s early days on engagement, but we like what we see so far. You’ve now seen us make a couple of deliberate moves to build engagement on our own platform with a watch tab and now a shows tab for long-form watching. We have a lot of confidence that as we build engagement at scale, we’ll have a lot of ways over the long term to monetize it.

Will Bardeen, Executive Vice President and Chief Financial Officer, The New York Times Company: Great. Thanks, Cameron. Betsy, we’ll take our next question, please.

Operator: The next question comes from Kutgun Maral with Evercore ISI. Please go ahead.

Kutgun Maral, Analyst, Evercore ISI: Great. Good morning, and thanks for taking the question. Digital advertising had another strong quarter, growing 21%, and again, coming in ahead of expectations. Your third quarter guidance calls for mid to high teens growth. I was hoping you could unpack the Q2 upside across impressions, pricing, ad formats, and maybe advertiser categories. As we look ahead, how much of the momentum reflects structural drivers like additional ad supply and share of wallet gains versus maybe timing or other factors that we should be mindful of? Finally, are your investments in video beginning to contribute meaningfully to ad revenue at this point? Could increasing video monetization help offset the more difficult ad comps you’ll face over the next several quarters? Thank you.

Meredith Kopit Levien, President and Chief Executive Officer, The New York Times Company: Thanks, Kutgun. I’ll take that. Both good questions. Let me just start by saying Q2 was a very strong quarter for digital advertising, you know what the rate of growth was. I would say, as to the drivers, the strategy is kind of working as it was designed to. We are in now a number of big spaces that have a lot of appeal to marketers. We have differentiated coverage and products in those spaces. I will just say that growth in the quarter came from across the portfolio. Everything sort of working at the same time. Across the portfolio, we now have real scale of engagement, especially in news and games and sports, but really everywhere. Lastly, as to the drivers, we have that very strong engagement, and then we also have ad products that really work for marketers.

Campaigns renew because the ads perform. You’ve heard our outlook for Q3, and I think that continues to reflect healthy demand across the portfolio. We have said previously, and I’ll reiterate, that we are lapping, to your question about structural drivers, we’re lapping strong growth in supply in the back half of the year from last year. I would say overall, we continue to be optimistic about our ad business. It can be a little variable quarter to quarter, but we’re confident in its role as a long-term growth driver. Remind me the second part of your question. I think you asked what role video played. I’ll just say you’ve heard me talk about how ambitious we feel about video and excited we are.

It’s playing a relatively minor role in the growth in advertising so far, and you’re going to see us really focus on scaling production, scaling engagement, and then scaling monetization, but minor role so far.

Will Bardeen, Executive Vice President and Chief Financial Officer, The New York Times Company: Great. Thanks, Kakun. Operator, next question.

Operator: The next question comes from David Plaus with Bank of America. Please go ahead.

David Plaus, Analyst, Bank of America: Hey, thanks for taking the question. Just two quick ones if I may. You had an acceleration in digital ARPU in the quarter. Is the way to think about this like the full quarter of impact from pricing actions that you took in 1Q? Or is it sort of higher conversion to higher price tiers? Or maybe it’s a little of both. What’s the best way to think about that? Then, the second question is, obviously the affiliate licensing and other line has multiple different components. Presumably, you’ve comped the Amazon AI deal from last year at this point. Can you sort of talk about some of the puts and takes for growth for this line for the rest of the year? Thanks.

Will Bardeen, Executive Vice President and Chief Financial Officer, The New York Times Company: Sure. I can take both of those. On the question about ARPU. As I sort of said in my previous answer and in my remarks, notable strength in digital subscription revenue in Q2. That’s 16.4%, and we’re pleased with that ARPU growth of 3.1%. What you’re seeing there, lot of different factors at play, but we are seeing the benefits of, for example, the digital bundle price increase that we mentioned in Q1. It started sort of seeing the benefits of in Q1. That was a price increase from 25 to 30 for a cohort of tenured subscribers. I also said in my prepared remarks, we continue to be pleased with the performance as subscribers roll off their promotions. Both the retention and yield there, we continue to be pleased with.

Those are some of the dynamics at play and what is supporting that Q2 ARPU growth.

David Plaus, Analyst, Bank of America: On affiliate licensing.

Will Bardeen, Executive Vice President and Chief Financial Officer, The New York Times Company: Affiliate licensing and the other question. As you said, and you know from previous calls, it’s a mix of stuff in there. Licensing deals, affiliate books, TV, film, commercial printing, that can create some lumpiness. That ALO revenue growth of 7% in Q2 and being ahead of our guidance range, and sort of the dynamic in Q3, it’s worth noting that higher Wirecutter affiliate revenue referral number takes into account the timing of a shift in a marketing promotion by one of our affiliate partners. It occurred in Q2 of this year instead of Q3, which is the quarter it happened last year. I would say, given the sort of multiple parts in that, you’ve seen our guide, and it takes that into account.

Licensing is obviously an important part of the business as well, we’re pleased with what’s going on with the line, nothing more to unpack there. Great. Thanks, David. Betsy, we’ll take our next question, please.

Operator: The next question comes from Benjamin Soff with Deutsche Bank. Please go ahead.

Benjamin Soff, Analyst, Deutsche Bank: Good morning. Thanks for the question. You recently announced a local news product in at least one market, I’m hoping you can talk about how this fits into your broader strategy and how you think about the opportunity with local news. Then could you remind us where you are in the process of ramping up production for each of the 3 types of video content in your business plan, whether that’s podcasts, reporter-led video, or visual investigations? Thank you.

Meredith Kopit Levien, President and Chief Executive Officer, The New York Times Company: Thanks. Thanks for both questions. Let me do the local one first. I would regard it as an experiment and something we’re excited about and something we regard as, more than anything, kind of supportive of a broader local journalism ecosystem. In the specific product launch we announced, we’re collaborating with a local player in the market. I’d regard it as we’re always experimenting with and testing with new ways to meet news needs and ways that we can both support and benefit from others in the ecosystem, and that’s what we’re doing there. On video, I think your question is kind of where are we in the scaling of different types of video. Is that right?

Benjamin Soff, Analyst, Deutsche Bank: Yes, that’s right. Thanks.

Meredith Kopit Levien, President and Chief Executive Officer, The New York Times Company: Great. What I would say is, I referred in my prepared remarks to producing, I think in the thousand range of new original videos across the enterprise in the quarter. A lot of that is signature reporter video. That’s a format that I think The Times is doing particularly well, and that’s where a reporter, in the course of sort of doing the work to unearth information, in addition to the typical publishing of a, let’s call it an 800-word article or a live blog, they also now can have an output which is explaining what they found in their reporting and explaining sort of the process of how they got it, and that has the effect of getting the information out there in a new format that appeals to people and also is kind of inherently humanizing and trust-building. We’re particularly excited about that format.

I’ll just say, nowhere near done rolling that out across the newsroom. Lots and lots of progress, still a lot more to come. In visual investigations, which is another, I’d call it signature Times format, where we’re doing something quite different than what’s out there in the market at some real scale now. That is big enterprise stories where we are able to tell a unique story about something very important happening, gathered from all different kinds of available video to piece together what really happened somewhere. I think I talked in the last quarter about the work we did on understanding the bombing of the school in Minab, Iran, happening at the hands of the U.S. in the last quarter, we used a visual investigation to tell that. You should imagine we’re going to keep doing that. We’re going to expand that as we can.

I’d say we’re early in our shows footprint. You’ve heard us talk about some of the shows in politics and culture and business, you have to imagine early days, we will continue to expand the portfolio and experiment with different kinds of long-form formats. All relatively early, I would say we’re excited about all of them.

Will Bardeen, Executive Vice President and Chief Financial Officer, The New York Times Company: Great. Well, thanks, Ben. Operator, we’ll take our next and final question, please.

Operator: The last question today comes from Doug Arthur with Huber Research Partners. Please go ahead.

Doug Arthur, Analyst, Huber Research Partners: Yeah. Will, I don’t want to beat a dead horse here on the costs. I think that when you came into the quarter, you were talking about 8%-9% guide on the adjusted operating costs. You came in above that. On the sales and marketing, you mentioned a bunch of variables, including compensation, but how much of it was the success of the World Cup Athletic and kind of leaning into that? Could we see a pullback therefore in the fourth quarter?

Will Bardeen, Executive Vice President and Chief Financial Officer, The New York Times Company: Yeah. Thanks, Doug. I said in my prepared remarks the reason for the sort of slightly higher cost growth in the quarter versus our guidance was primarily due to incremental variable compensation tied to financial outperformance. You’ll note, among other things, that very strong advertising revenue growth in the quarter versus our expectations. That’s the sort of primary reason we exceeded our guidance. Of course, the reason for the cost growth overall, the primary driver there is compensation and benefits associated with our core strategy, which is investing into our journalism, in particular, and digital product experiences. Meredith and I both talked about video, for example. Just to then follow up on the sales and marketing component, as we’ve said, we’re very disciplined there.

We’re very focused on making sure that when we see opportunities in the market for efficient returns, and we think it makes sense to capture them, we do. You saw that a bit in the quarter. I mentioned one of the things in my previous answer you highlighted on it, but I wouldn’t over-rotate on any specific event. It’s about making sure we’re driving efficient returns with the marketing spend, keeping in mind, of course, that that’s a lever and we like it, but overall, our model is still very much an organic growth model driven by our journalism and product. Great. Thanks, Doug. Go ahead, Betsy.

Operator: This concludes our question and answer session. I would like to turn the conference back over to Anthony DiClemente for any closing remarks.

Anthony DiClemente, Head of Investor Relations, The New York Times Company: Well, that’s it. Thank you all for joining us for our second quarter earnings call. If you have follow-up questions, feel free to reach out to us. Otherwise, we’ll see you next quarter.

Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.