The New York Times Company
The New York Times Company (NYTC) is a diversified media company. The company publishes three major daily newspapers, the New York Times (the Times), the International Herald Tribune, and the Boston Globe, and 16 regional newspapers. It operates eight network-affiliated television stations and two New York City radio stations. The Times Syndicate, the largest syndicate in the world specializing in text, photos, graphics, and other noncartoon features, sells columns, magazine and book excerpts, and feature packages to more than 2,000 newspapers, and other media to clients in more than 50 countries.
19th-Century Founding and Developments
The principal founders of the New York Times were Henry Jarvis Raymond, a sometime politician, reporter, and editor who learned his trade working for Horace Greeley on the New York Tribune, and George Jones, an Albany, New York, banker who had also once worked for Greeley as a business manager for the Tribune. Raymond proposed a newspaper that would present the news in a conservative and objective fashion, in contrast to the yellow journalism of the day, which emphasized crime, scandal, and radical politics. They raised $70,000 to establish Raymond, Jones & Company, in large part by selling stock to wealthy upstate New York investors, and set up their editorial offices in a dilapidated six-story brownstone on Nassau Street in downtown New York City. The first issue of the New York Daily Times (the word "Daily" was dropped from the title in 1857) was dated September 18, 1851, and it announced an editorial policy that would emphasize accurate reporting and moderation of opinion and expression.
Jones handled the company's business affairs, and Raymond, as editor, provided journalistic leadership. Under their management, helped by booming population growth in New York City, the Times grew rapidly, reaching 10,000 circulation within 10 days and 24,000 by the end of its first year. In 1858 the paper moved into a new five-story building containing the most modern printing equipment. As the Times prospered, Raymond established and continually encouraged high standards of journalism. The Times also became a newspaper of record. For example, it carried the entire text of Abraham Lincoln's Gettysburg Address on the front page on November 20, 1863. Among other journalistic successes, the Times provided outstanding coverage of the U.S. Civil War, with Raymond himself reporting on the Battle of Bull Run.
Raymond was active in Republican politics throughout the war. He was present at the creation of the party in Pittsburgh in 1856 and wrote its first statement of principles. He wrote most of the party platform in 1864. Between political activity and journalism, Raymond was chronically overworked for years, and his health suffered. On June 19, 1869, at the age of 49, he died. Jones assumed the editorial leadership of the Times.
By the time of Raymond's death, each of the 100 shares of stock in the company had increased in value from the original $1,000 to about $11,000, with 34 shares held by Raymond and 30 by Jones. In 1871, after a series...