New York Times Editor Planning 'Need-to-Read' Digital Magazine

New York Times Executive Editor Jill Abramson said she’s planning a new digital magazine that will be a “need to read” with multimedia content.

The project, separate from the newspaper’s weekly Sunday print magazine, is being led by Sam Sifton, formerly the national editor at the Times, Abramson said today in a memo to employees. Sifton, who used to cover food for the newspaper, will also develop a new dining-news product, she said.

The Times, the second-largest U.S. newspaper after the Wall Street Journal, is hastening the development of online features as the Internet siphons away print advertising. Chief Executive Officer Mark Thompson announced plans in April to create a lower-priced subscription to access the Times’ site and specialized rates for coverage of topics such as technology or politics.

New York Times Co. rose 0.8 percent to $12.69 at 1:18 p.m. in New York. The shares had climbed 48 percent this year through yesterday.