NEW YORK TIMES CO
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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5. Goodwill and Intangibles
- Goodwill and Intangibles
The changes in the carrying amount of goodwill as of December 31, 2024, and since December 31, 2022, were as follows:
| (In thousands) | The New York Times Group | The Athletic | Total Company |
|---|---|---|---|
| Balance as of December 31, 2022 | $162,686 | $251,360 | $414,046 |
| Foreign currency translation(1) | 2,052 | — | 2,052 |
| Balance as of December 31, 2023 | 164,738 | 251,360 | 416,098 |
| Foreign currency translation(1) | (3,925) | — | (3,925) |
| Balance as of December 31, 2024 | $160,813 | $251,360 | $412,173 |
(1)The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.
For the 2024 and 2023 annual impairment testing, based on our assessments, we concluded that goodwill isnot impaired.
The aggregate carrying amount of intangible assets of $258.0 million, which includes an indefinite-lived intangible of $2.5 million, is included in Intangible Assets, netin our Consolidated Balance Sheet as of December 31, 2024. As of December 31, 2024, and December 31, 2023, the gross book value and accumulated amortization of the intangible assets with definite lives were as follows:
| (In thousands) | Gross book value | Accumulated amortization | Net book value | Weighted-Average Useful Life (Years) |
|---|---|---|---|---|
| Trademark | $162,618 | $(25,951) | $136,667 | 17.3 |
| Existing subscriber base | 136,500 | (34,313) | 102,187 | 9.2 |
| Developed technology | 38,401 | (22,719) | 15,682 | 2.2 |
| Content archive | 5,751 | (4,758) | 993 | 1.6 |
| Total | $343,270 | $(87,741) | $255,529 | 13.1 |
| (In thousands) | Gross book value | Accumulated amortization | Net book value | Weighted-Average Useful Life (Years) |
|---|---|---|---|---|
| Trademark | $162,618 | $(17,767) | $144,851 | 18.3 |
| Existing subscriber base | 136,500 | (23,062) | 113,438 | 10.2 |
| Developed technology | 38,401 | (15,381) | 23,020 | 3.2 |
| Content archive | 5,751 | (4,047) | 1,704 | 2.5 |
| Total | $343,270 | $(60,257) | $283,013 | 13.7 |
P. 80 – THE NEW YORK TIMES COMPANY
During 2023 and 2022, we recorded impairment charges related to our indefinite-lived intangible asset. As a result of reduced long-term advertising and subscription revenue expectations for our Serial podcasts during the quarter ended September 30, 2023, and a decrease in advertiser demand, slower production of shows as well as the macroeconomic environment during the quarter ended December 31, 2022, we performed quantitative impairment tests for the Serial indefinite-lived intangible asset. We compared the fair value of the Serial trademark, calculated using a discounted cash flow model, to its carrying value and recorded impairment charges of approximately $2.5 million and $4.1 million for the years ended December 31, 2023, and December 31, 2022, respectively. These charges are included in Impairment charges in our Consolidated Statement of Operations within the NYTG operating segment. The 2024 annual impairment test didnot identify any impairments. See Note 2 for factors that the Company considers when assessing indefinite-lived intangible assets for impairment.
Amortization expense for intangible assets included in Depreciation and amortization in our Consolidated Statements of Operations for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 were $27.5 million, $29.3 million and $27.1 million, respectively.
In 2024 and 2023, we didnot identify any impairments related to intangible assets with definite lives.
The estimated aggregate amortization expense for each of the following fiscal years ending December 31 is presented below:
| (In thousands) | |
|---|---|
| 2025 | $27,213 |
| 2026 | 26,960 |
| 2027 | 20,171 |
| 2028 | 19,335 |
| 2029 | 19,250 |
| Thereafter | 142,600 |
| Total amortization expense | $255,529 |
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