NEW YORK TIMES CO

6. Investments

Investments in Joint Ventures

Madison

The Company and UPM-Kymmene Corporation (“UPM”), a Finnish paper manufacturing company, were partners through subsidiary companies in Madison. The Company’s 40% ownership of Madison was through an 80%-owned consolidated subsidiary that owned 50% of Madison. UPM owned 60% of Madison, including a 10% interest through a 20% noncontrolling interest in the consolidated subsidiary of the Company. In 2016, the paper mill closed and the Company’s joint venture in Madison was fully liquidated in December 2023.

In 2023, we had a gain from joint ventures of $2.5 million. The gain was due to our proportionate share of a distribution received from the final liquidation of Madison. In conjunction with this distribution, the Company purchased UPM’s 20% noncontrolling interest in the Company’s consolidated subsidiary and the Madison joint venture was dissolved.

As of December 31, 2024, and December 31, 2023, the value of our investments in joint ventures waszero. Our proportionate shares of distributions of our investments are recorded in Gain from joint ventures in our Consolidated Statements of Operations.

Non-Marketable Equity Securities

Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Gains and losses on non-marketable equity securities sold or impaired are recognized in Interest income and other, netin our Consolidated Statement of Operations.

As of December 31, 2024, and December 31, 2023, non-marketable equity securities included in Miscellaneous assetsin our Consolidated Balance Sheets had a carrying value of $29.5 million and $29.7 million, respectively. The carrying value includes $15.1 million of unrealized gains as of December 31, 2024.

THE NEW YORK TIMES COMPANY – P. 81