NY Times Seals The Deal To Buy 'The Athletic' For $550 Million
The Athletic, which debuted in 2016, has concentrated on local teams and other sports-related topics with a subscription-based model. Further along the road, the firm recruited some of the greatest athletics beat writers in various locations, allowing them to continue covering their respective clubs underneath the Athletic brand. The N.Y. Times CEO Meredith Kopit Levien said in a release that, by having acquired The Athletic positions the team to become a worldwide leader in professional sports and reporting that gives English speakers all over the globe additional incentive to turn to the Times Company for their news headlines and lifestyle needs.
Starting the year with a bang, the N.Y. team has acquired The Athletics for a whopping $550 million. The acquisition will support the growth of the N.Y. team to deliver all the latest news and headlines taking care of the lifestyle needs of the public.
The Times already delivers specialized sports news for a specific interest readership as part of its core coverage. As a stand-alone brand, the Athletic will allow people to access far more comprehensive coverage for followers who want a special bond to it and appreciation of their favorite sports teams, league, and athletes. The Athletic is a terrific supplement to The Times, with a few of the biggest dedicated writers covering the sports globe and dedication to daily reporting. Alex Mather and Adam Hansmann, co-founders of The Athletic, will remain with the Times when the transaction is completed. Mather serves as The Athletics’ managing partner and co-president, and Hansmann serves as its COO and co-president. Both would report to Times executive David Perpich, who will take over as editor of The Athletic. While rumors of conversations between the corporations had circulated, The Information was the first to reveal that perhaps the deal had been completed. The corporation has also expanded aggressively into audio, with sports-related podcasts continuously being a popular genre. According to Hollywood Reporter, starting with its podcasting push, the business also began to investigate sponsored promotion content.
This emphasis on textual and auditory journalism appears to mesh well for the Times, which has likewise made significant investments in audio. Like The Athletic, the New York Times wants to expand subscriptions, with advertisements playing a reduced part in its income mix. Likewise, The New York Times focused on podcasts and broadened its core publication, The Daily. In 2020, the business paid $25 million for Serial Productions (the creator of Serial, among other podcasts) and released the new podcasts presented by Kara Swisher and Ezra Klein, and many others. This has also dabbled in television and movies, with an FX series (including last year's Britney Spears documentary), an awards season drive into short-form documentaries, and a new management post concentrating on written content, according to ESPN.
According to Kopit Levien, the deal would speed expanding and enhance customer connections. Finally, The Athletic contributes to achieving The New York Times, an indispensable membership for anybody looking to learn and respond to the world.
Sources: Hollywood Reporter, ESPN
from TheRichest - Feed https://ift.tt/3KBAMUd
Post a Comment