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

US ecommerce grows 10.8% in Q3 2022 (digitalcommerce360.com)

Online sales reached double-digit growth in Q3 after four quarters of modest ecommerce growth. Amazon moving its Prime Day sale into Q3 aided this sales bump. More than 20% of consumer spending from July-September occurred online. Key takeaways: *U.S. ecommerce grew 10.8% in Q3 2022. *Amazon moved its Prime Day sale to July this year from June last year. This pushed dollars into Q3 and bolstered ecommerce growth for the quarter. *Amazon, Walmart and Target’s collective performance drove the overall market for the three-month period. *20.6% of all dollars spent on retail purchases came from online orders. *Sales through all channels grew 7.7% in Q3, while in-store and other offline sales grew 7.0%.

Organize Your Finances with a Paper Management System

For decades, tech watchers have been predicting the rise of the paperless society, where businesses and homes are fully digital, without a scrap of paper in sight. The reality is that while email and digital record-keeping have perhaps reduced the amount of paper in our lives, they haven’t done away with it entirely — which means we still need to create and maintain good paper management systems. At Domtar, we’re strong advocates for the use of paper in our daily lives for everything from record keeping to sustainable packaging. Studies have shown that paper is a sustainable alternative to single-use plastics, while other reports highlight the hidden environmental costs of digital communications. But did you know a robust paper management system that organizes paper statements, receipts, invoices and written budgets can also help you become more financially responsible? Here are four reasons why: You can see paper. Paper tells the truth. You learn more with paper. Paper offers security.

The Benefits of Forest Conservation: How print and paper buyers can contribute

A growing number of leading companies are investing in "nature-based solutions" which are actions to protect, sustainably manage, and restore natural ecosystems that benefit both biodiversity and human well-being. These actions target major challenges like climate change, disaster risk reduction, food and water security, biodiversity loss and human health, and are critical to sustainable economic development. To date, print and paper buyers have significantly contributed to forest conservation, biodiversity and climate change mitigation via the Carbon Balanced Paper and Print program and its partnership with the World Land Trust. The program has funded the long-term protection and management of 71,000 acres of highly biodiverse and threatened habitats in Vietnam, Mexico, Ecuador and Guatemala. In total, over 380,000 metric tons of CO2 have been sequestered.
Back To Top
×Close search
Search