The New York Times (NYSE:NYT) has confirmed it will acquire sports subscription site The Athletic for about $550 million in an all-cash deal that is likely to close over the first quarter.
The Athletic has seen a lot of traction with its subscription model, holding a total of 1.2 million paid subscribers as of December 2021. This could be valuable to New York Times, as it looks to expand its subscriber base to around 10 million print and digital subscribers by 2025.
Investors appear to like the deal. NYT stock was up by over 4.5% in Thursday’s trading.
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