New York Times Company (The) (NYT)

The newspaper came through the move online differently from its industry: instead of chasing advertising impressions it bet on paid subscriptions, and few managed that. Advertising remains but is no longer central, which means the newsroom is not obliged to chase clicks.

The second move mattered more than the first: games, cooking, sports journalism and product reviews were added to the news. A subscriber who reads more than the news cancels markedly less often — and retention is what decides such a model's economics. Risks: news fatigue, competition for attention and disputes over the use of its text by language models. A dividend is paid.