New York Times CEO Takes 43% Pay Cut

CNN/Stylemagazine.com Newswire | 3/7/2017, 11:30 a.m.
Mark Thompson, the Times' chief executive, took a staggering 43% pay cut, earning $4.9 million in 2016 compared to $8.7 …
New York Times

LOS ANGELES (CNNMoney) -- The New York Times' leadership took significant pay cuts last year as the Gray Lady continued to endure longstanding revenue declines.

Mark Thompson, the Times' chief executive, took a staggering 43% pay cut, earning $4.9 million in 2016 compared to $8.7 million the year before, according to SEC filings.

The pay of Arthur Sulzberger, the publisher, declined by 13%. He earned $5.1 million in 2016 compared to $5.9 million.

The pay cuts, reported earlier by The Wrap, come as the Times struggles to cope with declines in print advertising revenue. In the fourth quarter of 2016, print ad revenue dropped 20%.

Gains in digital advertising revenue have not been able to fully offset these declines. Overall, fourth-quarter revenue declined 1.1%, to $439.7 million.

Nevertheless, the Times continues to tout digital growth. Fueled by Donald Trump's election victory, the fourth quarter of 2016 marked the biggest rise in digital subscriptions since the Times began charging for subscriptions.

The Times did not respond to a request for comment regarding Thompson and Sulzberger's pay cuts.

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