"The investment thesis fits Buffett's lens precisely. The Times possesses an irreplaceable brand moat with 175 years of history, digital subscription revenues growing 14% annually, and gross margins stabilized around 48%, demonstrating the pricing power he has always prized in media. NYT has also diversified intelligently. Wordle became a cultural phenomenon. The Athletic acquisition brought the world's largest sports journalism operation into the fold. Cooking offers 25,000+ vetted recipes. This is a portfolio of habit-forming content products anchoring daily routines for millions."
"Buffett has always understood media. His Washington Post investment became legendary. He owned the Buffalo News outright. His philosophy centered on dominant media with pricing power and irreplaceable community connections. But he also sold many media holdings as digital disruption destroyed traditional business models. What makes NYT different? It successfully navigated the transition that killed most newspapers. The company generated $344 million in net income in 2025, up from $100 million in 2020, a 243% increase while transforming from print to digital."
Warren Buffett invested in The New York Times as Berkshire Hathaway transitions leadership to Greg Abel. The Times reached 12.8 million digital subscribers after adding 1.4 million net new subscribers in 2025. Digital subscription revenues grew about 14% annually and gross margins stabilized near 48%, indicating strong pricing power. NYT diversified via Wordle, The Athletic acquisition, and Cooking with over 25,000 vetted recipes, creating habit-forming content products. Net income rose to $344 million in 2025 from $100 million in 2020, a 243% increase, reflecting a successful shift from print to digital.
Read at 24/7 Wall St.
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