https://www.axios.com/new-york-times-nytimes-acquisition-athletic-7f1dabf4-9315-4975-93f9-68e13c642a43.htmlThe New York Times is looking into a potential acquisition of The Athletic, three sources familiar with the matter tell Axios.
Driving the news: Sources say the Times approached The Athletic following a report about a potential deal between The Athletic and Axios in March.
The Times has been reaching out to former employees to vet The Athletic's business and culture, sources say.
- The Wall Street Journal reported in May that The Athletic and Axios are no longer in talks for a potential merger via SPAC, and that The Athletic viewed The Times as a better contender for a merger.
By the numbers: Sources say The Athletic has about 1.2 million subscribers, some on discounted rate plans.
- The Times is eyeing a full acquisition, not a joint venture or strategic partnership.
- The Athletic raised $50 million last year in a Series D funding round, just before the pandemic, putting its latest valuation at around $500 million.
- The company did around $80 million in revenue last year, sources say, confirming a report from the Wall Street Journal. It isn't profitable.
I don't know how I would feel about this, hopefully they let them do their thing and dont try to interfere with the good work they have done