As predicted by many–and as the Post reported last month–the New York Times has finally given up on TimesSelect. (Portfolio’s Jeff Bercovici beat the paper to its own announcement by a couple of hours this afternoon.) The ill-fated effort to get people to pay for access to NYT columnists and archives was generating $10 million a year, the paper says.
It’s about time, we say, and we’re sure that sentiment is being echoed by everyone from the Times’s employees to its readers. Here’s our financial analysis of why this is a good move. NYT investors should cheer the announcement, but unfortunately it won’t save them. Portfolio, NYT
Related: Merrill Cuts NYT, Lee, MNI To Sell.