The New York Times Co., doubling down on digital subscriptions and looking to reach younger audiences, announced that it has entered into an agreement to acquire The Athletic for $550 million in cash. The Times had reportedly been in talks to buy The Athletic since the spring of 2021. More from VarietyThe Times expects The Athletic to be immediately accretive to revenue growth rate and dilutive to operating profit for approximately three years. The Times said it will operate The Athletic as a subsidiary with both founders staying with the company (Mather as GM and co-president and Hansmann as COO and co-president). Meredith Kopit Levien, president and CEO of the New York Times Co., said the deal for The Athletic will complement its existing sports coverage.

Source: The Times January 06, 2022 23:11 UTC