Filing Flows › New York Times (NYT) › Takeover & LBO
Is New York Times (NYT) a takeover target?
A leveraged buyout at today's price plus 30% ($85.24 a share) would return about 3% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 2.1% of companies with its figures were bought within a year (0.41× the average). Latest signal (2026-11-07): New York Times Company Reportedly in Talks to Buy Letterboxd for $330 Million.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $85.24 | today's $65.57 plus 30% |
| × shares | 162.3 million | |
| = Equity value | $13.8B | |
| + Debt refinanced | $0 | |
| − Cash | $673M | |
| = Enterprise value | $13.2B | 22.8× EBITDA of $576M |
| Fees | $263M | 2% of the price |
| New debt | $3.2B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $10.3B | 76% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $3.3B | $622M | $242M | $257M | $2.9B |
| Year 2 | $3.5B | $664M | $223M | $307M | $2.6B |
| Year 3 | $3.7B | $700M | $199M | $356M | $2.2B |
| Year 4 | $3.9B | $730M | $172M | $403M | $1.8B |
| Year 5 | $4.0B | $752M | $141M | $448M | $1.4B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 17.3× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $13.0B | |
| − Debt left | $1.4B | |
| = Buyer's equity | $11.6B | |
| Money multiple | 1.13× | on $10.3B put in |
| Buyer's yearly return (IRR) | 2.5% |
Price against return
What the buyer makes at other premiums over today's $65.57.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $72.13 | 7.5% |
| 20% | $78.68 | 4.9% |
| 30% | $85.24 | 2.5% |
| 40% | $91.80 | 0.5% |
| 50% | $98.35 | −1.3% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $3.0B | |
| EBITDA, last 12 months | $576M | 18.9% of revenue |
| Depreciation and amortization | $83.7M | |
| Capital spending | $33.0M | |
| Debt | $0 | |
| Cash | $673M | |
| Share price | $65.57 | on Nov 5, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 22% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, New York Times would cost about $86.88 a share, $14.1B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $78.68 | $12.8B |
| Median | 32.5% | $86.88 | $14.1B |
| High end (a quarter paid more) | 51.8% | $99.54 | $16.1B |
The odds, from history
Historically 2.1% of companies with its figures were bought within a year (0.41× the average). Its figures put it in decile 1 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Rumors and deal signals
- 2026-11-07 · news · New York Times Company Reportedly in Talks to Buy Letterboxd for $330 Million
- 2026-11-06 · news · New York Times Company advances Letterboxd acquisition talks
- 2026-11-06 · news · New York Times Company in Talks to Acquire Letterboxd
New York Times' latest quarter
New York Times, Q3 2026: revenue $769M (+10% year over year), operating margin 15.9%, net earnings $97.4M, operating cash flow $176M. The chart follows the revenue to costs, profit and cash.
Questions
Is New York Times being acquired?
The latest signal on file is from 2026-11-07: New York Times Company Reportedly in Talks to Buy Letterboxd for $330 Million. A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy New York Times?
A leveraged buyout at today's price plus 30% ($85.24 a share) would return about 3% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of New York Times cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, New York Times would cost about $86.88 a share, $14.1B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.