EconomyMarkets

New York Times to acquire sports site the Athletic for $550 million By Reuters

© Reuters. FILE PHOTO: The New York Times building is seen in Manhattan, New York, U.S., August 3, 2020. REUTERS/Shannon Stapleton/File Photo

(Reuters) – The New York Times Co said on Thursday it has agreed to buy subscription-based sports site the Athletic for $550 million in cash, as the 170-year-old newspaper looks to bolster its digital offerings.

Founded in 2016, the Athletic had 1.2 million subscribers as of December, and covers more than 200 clubs and teams in the United States and around the world.

“Acquiring The Athletic puts us in a position to be a global leader in sports journalism,” said NYT Chief Executive Officer Meredith (NYSE:) Kopit Levien.

The deal is expected to immediately add to the newspaper’s revenue growth.

The Athletic will operate as a separate unit of the company and its founders, Alex Mather and Adam Hansmann, will stay on with the New York Times after the acquisition.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source link

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button