The New York Times Company

All right. High energy. Yeah. Need some energy to get through. Hundred and uh seventy years. Woo It's literally a hundred and seventy years. It's crazy.

Welcome to Season 8, Episode 2 of Acquired, the podcast about great technology companies and the stories and playbooks behind them. I'm Ben Gilbert, and I'm the co-founder of Pioneer Square Labs, a startup studio and venture capital firm in Seattle. And I'm David Rosenthal and I am an angel investor based in San Francisco. And we Are your hosts.

For over a hundred years, you would have been hard pressed to find a better business in the world than an American newspaper. Each one had a local monopoly, an incredibly profitable advertising business, and it was one of the earliest examples of a reasonably low marginal cost business and It's dirt cheap to just print another copy of the paper. The newspaper business was For a long time, Warren Buffett's canonical example of a franchise, like the best

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