NEW YORK TIMES CO
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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5. Goodwill and Intangibles
- Goodwill and Intangibles
The changes in the carrying amount of goodwill as of December 31, 2025, and since December 31, 2023, were as follows:
| (In thousands) | Total(1) |
|---|---|
| Balance as of December 31, 2023 | $416,098 |
| Foreign currency translation(2) | (3,925) |
| Balance as of December 31, 2024 | 412,173 |
| Foreign currency translation(2) | (2,961) |
| Balance as of December 31, 2025 | $409,212 |
(1)Prior periods presented have been recast to conform to the current presentation. See Note 1 for additional information.
(2)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 2025 and 2024 annual impairment testing, based on our qualitative assessments, we concluded that goodwill isnot impaired.
THE NEW YORK TIMES COMPANY – P. 79
The aggregate carrying amount of intangible assets of $229.4 million is included in Intangible Assets, netin our Consolidated Balance Sheet as of December 31, 2025. As of December 31, 2025, and December 31, 2024, 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(1) | $164,034 | $(34,305) | $129,729 | 16.2 |
| Existing subscriber base | 136,500 | (45,563) | 90,937 | 8.2 |
| Developed technology | 38,401 | (30,057) | 8,344 | 1.2 |
| Content archive | 5,751 | (5,385) | 366 | 0.6 |
| Total | $344,686 | $(115,310) | $229,376 | 12.4 |
(1)Gross book value includes $1.4 million previously classified as an indefinite-lived intangible asset.
| (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 |
During 2023, we recorded an impairment charge related to our indefinite-lived intangible asset. As a result of reduced long-term advertising and subscription revenue expectations for our Serial podcasts, we performed an interim quantitative impairment test 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 an impairment charge of approximately $2.5 million for the year ended December 31, 2023. This charge is included in Impairment charges in our Consolidated Statement of Operations. The 2025, 2024 and 2023 annual impairment tests didnot identify any impairments to indefinite-lived intangible assets. 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, 2025, December 31, 2024, and December 31, 2023 was $27.6 million, $27.5 million and $29.3 million, respectively.
The estimated aggregate amortization expense for each of the following fiscal years ending December 31 is presented below:
| (In thousands) | Amount |
|---|---|
| 2026 | $27,668 |
| 2027 | 20,525 |
| 2028 | 19,335 |
| 2029 | 19,250 |
| 2030 | 19,250 |
| Thereafter | 123,348 |
| Total amortization expense | $229,376 |
P. 80 – THE NEW YORK TIMES COMPANY
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