The New York Times agreed to acquire the sports subscription site The Athletic for about $ 550 million (about $ 486 million), the Information website reported, explaining that in this way NYT is adding a significant share of subscribers by continuing to work for ambitious goal to reach 10 million by 2025.
As of September 30, the New York Times reported 8.3 million subscribers to digital and print media. The question is how the well-known newspaper can integrate The Athletic without putting too much pressure on profits. For its part, The Athletic said it does not expect to make a profit at least until 2023, due to its large staff.
The online magazine has generated a lot of sports fans, most of whom pay $ 72 a year to watch their favorite teams. Now The Athletic wants to increase advertising revenue and recently released a free daily newsletter. The company told investors last year that it expected the fund to reach $ 31 million by 2023.
Total revenue in 2020 amounted to 47 million, at a cost of 41 million. The release ran into some difficulties with the pandemic, but hit a milestone when it gained 1 million subscribers in September 2020. Last fall, the company forecast revenue of $ 77 million for 2021 and cost cuts to $ 35 million.
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