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It's no secret that journalism is a tough business. The LA Times has gutted its newsroom, Vice filed for bankruptcy, and with $100 million in annual losses, the Washington Post recently eliminated its sports department by firing more than 300 employees.

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But while virtually every news outlet struggles with a broken business model, the New York Times appears to be thriving. With 12.78 million total subscribers, $2.8 billion in annual revenue, $550 million in free cash flow, and a $12 billion market cap, the NYT has become an anomaly in an industry that is otherwise in free fall.