New York Times Paywall Cost $25 Million To Make

Arthur Sulzberger, Jr. insists a $40 million estimate for building New York Times (NYSE: NYT) Co.'s pay scheme is "vastly wrong". But that's where the NYTCo chairman stopped in a Q&A at Columbia University earlier this week. I think I can come close to filling that gap, despite the continued lack of comment on the specifics by Sulzberger or other company executives. Based on my reporting, the real number is closer to $25 million.

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