The New York Times Co has agreed to acquire subscription sports site The Athletic in a deal valued at around $550 million, the company announced, confirming The Information's report earlier today.
The deal is a major acquisition for the Times, giving it a new pocket of subscription customers to the New York Times, which has set an ambitious goal of reaching 10 million subscribers by 2025. As of Sept 30, the Times reported 8.3 million digital and print subscribers.
The big question is how the Times can integrate The Athletic without squeezing its bottom line too much. The Athletic has said it doesn’t expect to be profitable until 2023, thanks to its hefty staff.