The New York Times stocks fell by 7 percent to $29.61 in early trading on Wednesday after the company reported third-quarter declines in advertising.
Despite the company’s stock and ad revenue taking a big hit, the company announced it had added 273,000 new online subscribers in the third quarter, bringing it to a total of 4 million digital-only subscribers.
It also has 4.9 million total subscriptions, 500,000 of which are outside of the United States, the report states.
He also touted the company’s latest deal with tech giant Facebook and their new subscription news service, which he said was of “strategic significance.”
Speaking of the new deal, Thompson said: “Facebook News should bring new users to The Times. But more important than the immediate financial benefit of the agreement is its strategic significance.
“Although we previously received small payments for participation in various experiments and innovations launched by the digital different digital platforms, this is the first time that a Silicon Valley major has recognized the value of Times journalism to its platform with a substantial multiyear fee.”
President Donald Trump, a critic of the NY Times’s coverage of his presidency, said on Oct. 21 that the White House would be canceling its subscription to the paper.
He told Sean Hannity on Fox News earlier: “The media’s corrupt. Not all media, look I know some great people, including you, but I know some great journalists.
“Look, they gave Pulitzer Prizes to people that got it wrong. Okay, all these people from The New York Times—which is a fake newspaper, we don’t even want it in the White House anymore, we’re gonna probably terminate that and The Washington Post,” he said.
“You take a look at the kind of reporting they do, it turned out to be all wrong.”