The Athletic, Axios Raising Money as Rivals Consolidate

Jessica Toonkel

and

Tom Dotan

Nov. 11, 2019 1:04 PM PST ·

Comments by Anthony Eales and Aaron Wall

Two of the younger digital media startups, The Athletic and Axios, are raising money to fuel diversification of their businesses, even as older media firms are consolidating.

The Athletic, a subscription sports news site, is raising around $50 million at a valuation north of $500 million, said people familiar with the situation. The company has raised a total of about $90 million in the past, including $22 million in May at a valuation of around $300 million. Its backers include Founders Fund and Y Combinator.

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