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New York Times Will Spend $50 Million on New Global Expansion

”We have not come close to realizing our potential to attract readers outside our home market,“ newspaper’s brass say

The New York Times announced a $50 million investment on Thursday to fund the creation of a new team called NYT Global, which aims to expand the newspaper to “multiple international markets in several major languages.”

The announcement says, “International growth was identified as one of the top editorial and commercial priorities” for the Times. It also admits that, “because our digital report is still designed and produced mainly for a U.S. audience, we have not come close to realizing our potential to attract readers outside our home market.”

The paper says that there is a large “untapped, international audience for Times-style ‘without fear or favor’ journalism.” The company also aims to reach double-digital revenues by 2020 with the $50 million investment over the next three years.

The Times plans to “dominate” journalistically and announced staffers for the new venture. Joseph Kahn, currently the paper’s assistant masthead editor for international, will oversee coverage for the global push.

Stephen Dunbar-Johnson, the Times’ international president, will oversee NYT Global’s business operations. Lydia Polgreen, who ran the launch of The New York Times en Español, becomes associate masthead editor and editorial director for NYT Global.