The New York Times has reached an agreement to acquire The Athletic in an all-cash deal valued at $550 million.
The acquisition deal of the online sports news outlet will bring The Times closer to its goal of having 10 million subscriptions by 2025, while also offering its audience more in-depth coverage of the more than 200 professional teams in North America, Britain and Europe.
Meredith Kopit Levien, the chief executive of the Times Company, called The Athletic “a great complement to The Times.”
“We are now in pursuit of a goal meaningfully larger than 10 million subscriptions and believe The Athletic will enable us to expand our addressable market of potential subscribers,” she said.
The Athletic will be operated separately from The Times’s newsroom.
Read more here.
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