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New York Times to acquire sports site the Athletic for $550 million -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The New York Times Building is seen in Manhattan (New York), U.S.A, August 3, 2020. REUTERS/Shannon Stapleton/File Photo

(Reuters] – The New York Times Co has announced that the company will buy the subscription-based website the Athletic for $550 million cash. The move comes as the newspaper of 170-years looks to increase its digital presence.

In 2016, Athletic launched and had over 1.2 Million subscribers.

Meredith, NYT’s Chief Executive Officer (NYSE:) Kopit Levien stated that “Acquiring The Athletic places us in a place to be a worldwide leader in sports journalism.”

This deal will immediately increase the newspaper’s revenues.

After the purchase, the Athletic unit will be operated as an independent entity. Its founders, Adam Hansmann and Alex Mather, will remain with The New York Times.

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