The New York Times buys the Athletic Sports Media Company for $ 550 million
the New York Times Co., doubling its digital subscriptions and seeking to reach a younger audience, announced it has reached an agreement to acquire athleticism, a subscription sports media company, for $ 550 million in cash.
The Times has reportedly been in talks to buy The Athletic since mid-2021. The deal is expected to be finalized in the first quarter of 2022. Athletic provides national and local coverage of more than 200 teams in the United States and around the world in a range of sports and has 1.2 million subscribers as of December 2021 .
The Times expects The Athletic to be immediately accretive to the rate of revenue growth and dilutive to operating income of The New York Times Co. for approximately three years. Athletic was founded in January 2016 by Alex Mather and Adam Hansmann.
The Times has rapidly grown its core consumer subscription business, doubling to more than 8 million paid subscriptions to digital and print products in the past three years.
Meredith Kopit Levien, President and CEO of The New York Times Company, said in a statement: “The acquisition of The Athletic allows us to be a global leader in sports journalism and to offer English speakers around the world a different reason to turn to the Times. Business to meet their daily news and life needs. The Times already provides distinctive sports coverage for general interest audiences as part of our core report. As a standalone product, The Athletic will allow us to offer much more – extensive coverage for fans looking for a deep connection and understanding of their favorite teams, leagues and players. With one of the largest dedicated teams of journalists covering sports in the world and a commitment to daily reporting, The Athletic is a great addition to The Times. “
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