The long-term dividend history of the New York Times is atrocious. But when we zoom into the last few years something interesting emerges. A 3-year CAGR of 20% for its quarterly dividend. The growth corresponds with a business strategy shift at the New York Times.
Can The New York Times maintain this recent dividend growth and become a dividend growth stalwart as it transitions to a digital-first subscription company? I discuss what I like about this new business model and my 3 main risks.