New York Times Website Approaches Breakeven, Says Citi

Citigroup's Leo Kulp today reiterates a Buy rating on shares of The New York Times (NYT), writing that the company appears to be approaching break-even with its website, even though traffic is likely down 20% since the company put up its paywall in March.

Data from comScore for April show an 18% drop in New York Times Web traffic, which is consistent with a prior Experian Hitwise survey showing a 20% drop in traffic in the 12 days following the turning on of the Times's paywall.

For the Times to break even while losing 20% of its traffic, it has to make 107,000 paying subscribers, he writes.

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