Business Combination (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase price (at fair value) to the assets acquired and liabilities assumed of The Athletic Media Company as of February 1, 2022 (the date of acquisition):

(In thousands)	Purchase Price Allocation		Estimated Useful Life (in years)
Total current assets	$	18,495
Property, plant and equipment	281		3- 5
Right of use asset (1)	2,612
Trademark (2)	160,000		20
Existing subscriber base (2)	135,000		12
Developed technology (2)	35,000		5
Content archive (2)	2,000		2
Goodwill (5)	251,360		Indefinite
Total current liabilities (3)(5)	(41,399)
Other liabilities — Other	(3,491)
Deferred tax liability, net (4)(5)	(36,392)
Total purchase price	$	523,466

(1) Included in Miscellaneous assets in our Consolidated Balance Sheets.

(2) Included in Intangible assets, net in our Consolidated Balance Sheets.

(3) Includes Unexpired subscriptions revenue of $28.1 million.

(4) Included in Deferred income taxes in our Consolidated Balance Sheets.

(5) Includes measurement period adjustment related to deferred tax asset and working capital adjustments.

Pro Forma Summary

The following unaudited pro forma summary presents consolidated information of the Company, including The Athletic, as if the business combination had occurred on December 28, 2020, the first day of fiscal year ended December 26, 2021, which is the earliest period presented herein:

	Years Ended
(In thousands)	December 31, 2022		December 26, 2021
Revenue	$	2,315,468	$	2,142,202
Net income	197,225		128,330

Schedule of Goodwill Balances

The changes in the carrying amount of goodwill as of December 31, 2022, and since December 27, 2020, were as follows:

(In thousands)	The New York Times Group		The Athletic		Total Company
Balance as of December 27, 2020	$	171,657	$	—	$	171,657
Foreign currency translation	(5,297)				(5,297)
Balance as of December 26, 2021	166,360		—		166,360
Foreign currency translation	(3,674)		—		(3,674)
Acquisition of The Athletic Media Company	—		249,792		249,792
Measurement period adjustments(1)	—		1,568		1,568
Balance as of December 31, 2022	$	162,686	$	251,360	$	414,046

(1) Includes measurement period adjustment related to deferred tax asset and working capital adjustments in connection with The Athletic Media Company acquisition.

Schedule of Finite-Lived Intangible Assets

As of December 31, 2022, the gross book value and accumulated amortization of the intangible assets were as follows:

(In thousands)	Gross book value		Accumulated amortization		Net book value		Weighted-Average Useful Life (Years)
Trademark	$	162,618	$	(8,661)	$	153,957	19.2
Existing subscriber base	136,500		(11,812)		124,688		11.2
Developed technology	38,401		(8,043)		30,358		4.2
Content archive	5,751		(2,420)		3,331		2.8
Total	$	343,270	$	(30,936)	$	312,334	14.4

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated aggregate amortization expense for each of the following fiscal years ending December 31 is presented below:

(In thousands)	Amount
2023	$	29,313
2024	27,488
2025	27,213
2026	26,960
2027	20,171
Thereafter	181,189
Total amortization expense	$	312,334