New York Times digital business overtakes print for first time (

The New York Times Co’s (NYT.N) second-quarter results beat Wall Street estimates, as its digital unit, which includes news, podcasts and crosswords, overtook the legacy print business for the first time.

The Times, which competes for ad dollars with big players like Facebook Inc (FB.O) and Alphabet Inc’s (GOOGL.O) Google, has been shifting towards a subscriber-backed model in an effort to cut its reliance on advertising.

The shift has paid off for the publisher that expects third-quarter digital subscription revenue to rise about 30%.

“We posted our best-ever results for new digital subscriptions, and for the first time in our history total digital revenue exceeded print revenue..,” outgoing Chief Executive Officer Mark Thompson said in a statement.
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