Activist Investor Fivespan Takes Stake in New York Times
(Bloomberg) -New York Times Co. The financiers led to a high-profile activist campaign, three years ago, through new investment companies, they received a share in the iconic newspaper company.
According to a letter to Fivespan investors reviewed by Bloomberg News, the activist investment company Fivespan Partners, launched by Dylan Haggart and Sarah Coyne last year, set up a position in The Times and forces it to use artificial intelligence to expand the subscription base. The couple led to Valueact Capital Management’s investments in The Times before opening Fivespan.
In the letter, Fivespan said in the letter, “Artificial Intelligence is an open tail wind for the New York Times-our effort shows that the company can double the long-term income and profit potential: reaching the broader masses, transforming more readers to subscribers and opening the lock of new, profitable profit poems.
Times can use AI to expand international access with low -cost text and audio translations and develop more “dynamic payment walls and optimized pricing”. According to Fivespan, low -cost video offers can also generate per -user revenue.
Fivespan, the details are not open to the public, according to people who want to be defined, according to the company participated in the company specially joined. The size of Fivespan’s shares could not be learned immediately.
The San Francisco -based Fivespan representative refrained from commenting. A spokesman of Times did not comment immediately.
When Valueact created the time position, the company said that the company can only increase digital sales by releasing the subscriber game bundles and recipes that prove that it is hits.
“Today, we believe that AI represents a similar opportunity to transformation that deserves commitment and execution at the same level, Five said Fivespan.
Packages, while creating more than half of the digital subscribers of times, the healing of earnings and growth is “not appreciated”. Times, Netflix Inc. And Spotify Technology, which is a “AI beneficiary” and “growth potential and market dominances”, organizes a “comparative opportunity ına to SPOTify Technology SA.
Times closed on Monday at the New York transaction from $ 59,56 and fell by 0.4% to the company, giving the market value to about $ 9.7 billion. The stock won 8.1% last year.
Times reported that this month added 230,000 digital subscribers from 250,000 in the previous period. It currently has 11.7 million digital and printed subscribers three months after 11.7 million, because it continues to inform with games and recipes.
In the second quarter, the company, amazon.com Inc. and through an agreement on Amazon’s platform, he signed his first agreement with “Generative-Ai at the center, and Times CEO Meredith Kopit Levien said at a conference meeting with analysts this month.
The company said that it has previously explored AI carefully and balances innovation with the need to protect the Editorial Integrity.
Microsoft Corp. and Openai Inc.
With the help of Hannah Miller.
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