Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have spent our careers looking for businesses that are simple to understand, possess durable competitive advantages, and are run by capable, honest people. The New York Times Company is one of those rare media businesses that has successfully navigated a secular industry decline — the near-death of print journalism — and emerged stronger, more profitable, and better positioned than at any point in its 175-year history. With 12.8 million subscribers, zero debt, $550 million in free cash flow, and a digital bundle strategy that is widening its moat every quarter, NYT is a genuinely wonderful business. The price is full but not egregiously so, and we believe the quality of this franchise will compound value for shareholders over the coming decade. The New York Times Company is, at its core, a subscription-first digital media company.
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