New York Times buys sports site The Athletic for $550M

By TALI ARBEL and JOE REEDY
Associated Press

The New York Times Co. is buying sports news site The Athletic for $550 million. It’s the Times’ latest move in its strategy to expand its audience of paying subscribers as the newspaper print ads business fades. The Times gained millions of subscribers during the Trump presidency and the pandemic, keeping it on track for its goal of 10 million by 2025. As of the most recent quarter, it had nearly 8.4 million. The Athletic’s website says it has over 400 editorial employees, making it a major acquisition for The Times, whose newsroom stands at more than 2,000. Digital media outlets have been consolidating recently to help them compete with tech giants like Google and Facebook.