The New York Times Company to Acquire The Athletic

The New York Times Company (NYSE: NYT) announced today that it has entered into an agreement to acquire The Athletic, the global digital subscription-based sports media business that provides national and local coverage of more than 200 clubs and teams in the U.S. and around the world, for an all cash purchase price of $550 million, subject to customary closing adjustments. The transaction is expected to close in the first quarter of 2022.

Meredith Kopit Levien, president and chief executive officer of The New York Times Company, said, “Acquiring The Athletic puts us in a position to be a global leader in sports journalism and offer English speakers around the world another reason to turn to the Times Company to meet their daily news and life needs. The Times already provides distinctive sports coverage for a general interest audience as part of our core report. As a stand-alone product, The Athletic will enable us to offer much more — extensive coverage for fans who seek a deep connection to and understanding of their favorite teams, leagues and players. With one of the largest dedicated teams of reporters covering sports globally and a commitment to everyday reporting, The Athletic is a great complement to The Times.”

The Times has been rapidly growing its consumer subscription business, doubling to over 8 million paid subscriptions across digital and print products in the last three years.

The Athletic is currently expected to be immediately accretive to The New York Times Company’s revenue growth rate. The Times Company expects the acquisition will be dilutive to The New York Times Company’s operating profit for approximately three years, as it scales subscriptions and builds an advertising business, and accretive thereafter.

The Athletic was founded in January 2016 by Alex Mather and Adam Hansmann, with the goal of providing smarter sports coverage for devoted fans through a subscription model. As of December 2021, the site had grown to 1.2 million subscribers.
more at source: https://investors.nytco.com/news-and-events/press-releases/#data-item=The-New-York-Times-Company-to-Acquire-The-Athletic

Related Posts

Court Rejects California Franchise Tax Board’s Demurrer in Complaint Case; Clears Path For ACMA to Gain Decision on Merits

On November 17th, the ACMA cleared a major hurdle in its complaint in the Superior Court in San Francisco that a previously-issued California Franchise Tax Board (FTB) regulation in the form of a technical advisory memorandum wrongly and substantially expanded the reach of income taxes on out-of-state merchants with no physical presence in the Golden State. The Superior Court of California County of San Francisco overruled the FTB's demurrer to ACMA's complaint for declaratory relief. “This is a significant and positive development in our case,” said ACMA CEO Hamilton Davison. “Although we still have aways to go, we now have a clear path to obtain a decision on the merits.” For more information, please visit www.catalogmailers.org.

Sears to close last store in the city it once called home

Sears Holdings is set to shutter its last remaining store in Chicago. The news was first reported by The Chicago Tribune, which said the store, located on the edge of the Portage Park neighborhood, will close in mid-July, with a liquidation sale scheduled to start April 2. Sears was based in Chicago for more than 100 years. The store, which opened in 1938, was one of 265 properties sold to Seritage Growth Properties in a 2015 sale-leaseback deal, the report said. Click Read More below for additional information.

Paper Industry Innovation – More Than You Might Think

Today, it seems we are conditioned to think about innovation in terms of disruption or the emergence of products that are bigger, brighter, sharper, contain more memory or longer battery life. Paper has been so embedded in our lives over multiple generations that it is not only taken for granted, but sometimes thought of as an analog industry in a digital world. Yet our industry has survived recessions, war, global competition, soaring energy costs, increasing environmental regulation, e-books, tablet computers. We have proven time and again, through the resilience and ingenuity of our people, we can evolve our products and meet new customer needs. The paper industry has found innovative ways to reduce costs, increase productivity and developed new, value-added products that continue to make life better. Innovation comes in many forms; sometimes accompanied by press releases and media coverage and sometimes through continuous improvement and optimization of operations that are implemented without major fanfare or hoopla. All deserve to be recognized during National Forest Products Week, celebrated this year from October 15- 21. By leveraging emerging technologies, the U.S. paper industry has made dramatic improvements in energy use, resource efficiency and operational flexibility, which has enabled it to compete in the global marketplace. Through innovation, older, inefficient facilities have been transformed into world-class operations that reduce energy consumption and carbon emissions, reduce water intake, extract more value from renewable biomass and are positioned to capture value in emerging markets. Click Read More below for additional information.
Back To Top
×Close search
Search