At a cost of $550 million, The New York Times acquired subscription-based sports outlet The Athletic

According to the U.S. Stock Research Agency, the Zhitong Financial APP learned that the New York Times (NYT.US) confirmed the acquisition of subscription-based sports media The Athletic for $550 million.

In 2020, The Athletic's annual revenue reached $47 million. In the early days of the pandemic, most live sporting events were cancelled or suspended, and The Athletic was affected by the impact and was mired in layoffs. The Athletic last quarter expected full-year 2021 revenue to be approximately $77 million, with a further reduction in net loss to $35 million.

The deal will help the New York Times further transform its digital subscription model, a 170-year-old newspaper that will focus on a business model of digital subscriptions in the future, helping it emerge from the predicament of a sharp decline in advertising and print readership.