NEW YORK TIMES CONYT

NEW YORK TIMES CO Goodwill & Intangibles Disclosure

10-KFiled Feb 27, 20262 min read
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, 2024412,173 
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 is not impaired.
The aggregate carrying amount of intangible assets of $229.4 million is included in Intangible Assets, net in 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:
December 31, 2025
(In thousands)Gross book valueAccumulated amortizationNet book valueWeighted-Average Useful Life (Years)
Trademark(1)
$164,034 $(34,305)$129,729 16.2
Existing subscriber base136,500 (45,563)90,937 8.2
Developed technology38,401 (30,057)8,344 1.2
Content archive5,751 (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.
December 31, 2024
(In thousands)Gross book valueAccumulated amortizationNet book valueWeighted-Average Useful Life (Years)
Trademark$162,618 $(25,951)$136,667 17.3
Existing subscriber base136,500 (34,313)102,187 9.2
Developed technology38,401 (22,719)15,682 2.2
Content archive5,751 (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 did not 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 
202720,525 
202819,335 
202919,250 
203019,250 
Thereafter123,348 
Total amortization expense$229,376 

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Feb 27, 2025
2021Feb 23, 2022
2020Feb 25, 2021
2019Feb 27, 2020
2018Feb 26, 2019
2017Feb 27, 2018
2016Feb 22, 2017
2015Feb 24, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

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