For the first time in years, investors have become pessimistic on the main drivers of NYT’s business model – its digital news subscriber potential & its digital news pricing power. This write-up examines base rates for both of these drivers.

Churn cannot be reduced to a single number because customer retention is a curve, not a constant.

Stock prices are the clearest and most reliable signal of the market’s expectations for a business’s future performance. Ignore them at your peril!