The New York Times is the tip of the spear, and they're growing faster than ever. Once The Athletic's interest in merging became public knowledge, The New York Times approached The Athletic to buy the company. The New York Times wasn't initially invited to participate in the new auction, given the prior talks had died. As a separately run entity within The New York Times, that still might come to be. But if it happens, these critics of the deal say, it will be New York Times' shareholders who will realize that gain.

Source: The Times January 14, 2022 23:15 UTC