Posted March 06, 2019 05:16:00The paper that first published a paper about a new disease could be on the cusp of becoming a poster child for the global pandemic.
On Monday, the NYT announced that it would use the $100 billion it received from investors in a $10 billion capital infusion to invest in the newspaper’s digital platform and other products.
The investment will create a $50 billion enterprise-wide digital platform that will help publishers, publishers’ customers, and advertisers navigate the digital world better.
“We are very excited about this investment,” NYT President & CEO Mark Thompson said in a statement.
“Our commitment to digital is our core business.
It’s why we have been able to attract the most talented people in the industry, why we continue to expand our global reach and how we are continuing to expand opportunities for our publishers, consumers and partners.”
Thompson made the announcement at a meeting of the board of directors of the company that is now owned by Amazon.
The Times will take the reins from the publisher’s publisher-owned subsidiary, News Corp., which owns the New York Times.
News Corp. has been in the process of being acquired by Verizon.
The Times is not the only newspaper to seek capital injection from investors.
Google, Facebook, and Twitter have all taken steps to expand their digital offerings in recent years.
In 2016, Google paid $2.9 billion for The Wall St Journal, which has been the newspaper of record for more than 70 years.
The company is also expected to announce a $1 billion funding round in 2021.