The New York Times Co. has agreed to purchase sports media outlet The Athletic for $550 million in cash, according to a report. Shares of the New York Times Company rose by more than 2 percent in trading after news of the deal leaked. That brings the Times closer to its stated goal of reaching 10 million subscribers by the year 2025. The New York Times Company will acquire The Athletic for $550 million, it was reported Thursday. Getty ImagesIn August, the New York Times Company released a quarterly earnings report indicating it was sitting on close to $1 billion in cash.

Source: The Times January 07, 2022 07:01 UTC