N.Y. Times Sells Stake in Tina Brown's Event Business
The company's 30 percent stake in Women in the World Media, LLC, was sold late last year for "a nominal amount," according to a filing.
The New York Times quietly ended its investment in Tina Brown's live events business and major aspects of its partnership late last year, according to a disclosure filed Tuesday with the Securities and Exchange Commission.
The company sold its 30 percent stake in Brown's live event conference business, Women in the World, LLC, for "a nominal amount." The transaction occurred in the third quarter of 2017, according to the Times' 10-K filing.
As part of a "multi-year agreement" announced in December 2014, Brown and her company moved into the 17th floor of the Times office building in early 2015. Brown's company vacated the building late last year, according to a Times spokesperson.
Following the split, the Times no longer hosts the Women in the World website or sells advertising sponsorships for their conference, according to a person with knowledge of the situation.
But, a Times spokesperson said the company maintains a "marketing partnership" with Women in the World and is a a non-exclusive media sponsor for promotion and marketing.
"Tina Brown wanted to grow her business in a different direction and we are supportive," the spokesperson said in a statement to The Hollywood Reporter. "In fact, The Times Company continues to have a marketing partnership with Women in the World and Times journalists will continue to participate on stage during the events."
Brown, the former editor of The New Yorker and Vanity Fair, addressed the split on Twitter on Wednesday. "We have consciously uncoupled the Women in the World event biz from the NYT, but dating as marketing partners for the biggest-ever, most exciting #WITW Summit at Lincoln Center April 12 to 14," she wrote.
In 2014, it was announced that "the Times Company will create and launch a new digital platform for Women in the World, tied to NYTimes.com. The Times will also invest in Women in the World and take on the role of selling sponsorships and advertising for the Women in the World events and digital."
After-hours emails to Brown and to a media relations representative for her business were not returned as of press time.
Feb. 28, 5:45 a.m.: Updated with a statement from a Times spokesperson, who said the company maintains a "non-exclusive" marketing partnership with Brown's company.
Feb. 28, 9:30 a.m.: Updated with more details on the split and a quote (via Twitter) from Brown.