Guggenheim analyst Curry Baker raised the firm’s price target on New York Times (NYT) to $55 from $53 and keeps a Neutral rating on the shares after updating the firm’s model to reflect the multi-year Amazon (AMZN) licensing agreement for editorial content from The New York Times, NYT Cooking, and The Athletic for AI-related uses and for real-time display of summaries/short excerpts of Times content within Amazon products. Though the company did not provide any financial details, the firm estimates based on similar deals in the space that the agreement is effective immediately, runs for 4-5 years, and is worth about $24M per year, the analyst noted.
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