The New York Times Co said Thursday it had agreed to buy subscription-based sports site The Athletic for $ 550 million in cash, as the 170-year-old newspaper seeks to bolster its digital offerings. Founded in 2016, The Athletic had 1.2 million subscribers in December, and covers more than 200 clubs and teams in the United States and around the world.
“The acquisition of The Athletic positions us to be a world leader in sports journalism,” said NYT Managing Director Meredith Kopit Levien.
The transaction should immediately contribute to the newspaper’s revenue growth.
The Athletic will operate as a separate unit from the company and its founders, Alex Mather and Adam Hansmann, will continue with The New York Times after the acquisition.