Also NYT has spent a lot of time and energy into diversifying into things that are not news.

There is a subset of its customers that is only really paying for the games like the crossword. There is a subset only really paying for Cooking. etc.

Just like the old days, when people would subscribe to the daily newspaper for the crossword, the comics, the TV listings, the want ads, or the ads and coupons with the Sunday paper.

NYT is really just making the old newspaper model work in the new age, albeit with higher reliance on subscription revenue and less an ad revenue.