New York Times One Step Closer To 10M Subscriber Goal Via Latest Acquisition
In January 2022, The New York Times Company (NYT) announced it had entered into an agreement to acquire The Athletic, an online sports news platform with over one million subscribers, for $550.0 million in cash. This acquisition not only increases NYT’s subscribers to more than eight million but also expands its market share in the sports world. The Athletic provides in-depth coverage of over 200 professional sports teams. This acquisition is a stepping stone towards NYT’s goal of ten million subscribers by 2025.
Balance Sheet|New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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