The New York Times Company (NYSE:NYT) Q4 2022 Earnings Call Transcript

Ashton Welles: Quick question on media expenses. I get that they were elevated in 2021 with some elevated marketing spend, but it also seems like they dropped below the 2020, 2019 run rate. Should we expect that going forward into ’23?

Roland Caputo: So let me talk a little bit about that. Reducing that marketing spend over time has always been a part of our plan. We’ve communicated that to the market for quite some time. And as we continue to improve our digital products through the investments we’re making in our journalism and in our product development, that’s enabling the reduction, has enabled the reduction in that marketing spend. Going forward, I think you can think about it in this vicinity, that there may be a quarter where we want to spend some brands. So that’s always on the table. We did not do that in Q4. But other than that, you can see this, I think, a pretty typical run rate for the near future.

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

Harlan Toplitzky: Thank you for joining us this morning, and the company looks forward to talking to you again next quarter.

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