With the proliferation of news and opinion web sites and YouTube channels, you think that the main stream media is going to die. To profit from this expectation, you are considering put options on the shares of The New York Times Company $($NYT$).$ The company$$s stock is currently trading for $$50.$ Put options on NYT shares that expire in $3$ months with a strike price of $$60$ are trading for $$14.$ Which of the following best characterises these puts?