Last weekend comedian Michelle Wolf made remarks at the White House Correspondents Dinner that sparked controversy. The most biting commentary was directed at the media towards the end of the speech.
“You guys are obsessed with Trump. Did you used to date him?” Wolf said. “Because you pretend like you hate him, but I think you love him. I think what no one in this room wants to admit is that Trump has helped all of you. He couldn't sell steaks or vodka or water or college or ties or Eric, but he has helped you. He's helped you sell your papers and your books and your TV. You helped create this monster, and now you're profiting off him.”
The establishment media was overcome with consternation in the days that followed.
New York Times Co. (NYSE:NYT), heralded as the “newspaper of record” in the United States, has seen its stock surge 24% in 2018 and 42% year-over-year as of late morning trading on May 4. The New York Times added 139,000 digital-only subscribers in the first quarter of 2018 which represented a 25.5% jump from the prior year. Subscription revenue climbed 7.5% to $260 million. Digital advertising made up 37% of the company’s total advertising revenue.
The New York Times has been an enthusiastic participant in the “fake news” panic that followed the 2016 election. The newspaper spearheaded a push with other outlets and U.S. intelligence agencies which aimed to pressure social media companies to address the “crisis” on their respective platforms. In Q4 chief executive Mark Thompson admitted to Reuters that the new policy of Facebook Inc., which aims to direct its users to “trusted sources”, would benefit the New York Times financially going forward.
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