$ 550 Million Purchase of Athletic Sports Site
In a deal that costs around $ 550 million, the New York Times Company agreed to buy the sports website Athletic by subscription.
Athletic made $ 47 million in revenue in 2020, following the study, but was forced to slash staff and pay during the early months of the epidemic, when most direct athletic events were canceled.
Following the report, the company forecasted revenue of $ 77 million in the fall of 2021, with revenue of $ 35 million.
Requests for comment to the New York Times and Athletic were not immediately returned.
As the 170-year-old newspaper focuses on its subscription-based revenue model, which has allowed it to weather a steep loss in advertising and print viewership, the transaction will assist extend the New York Times’ digital capabilities.