Home Finance The Athletic Halts Merger Talks With Axios, Eyes New York Times

The Athletic Halts Merger Talks With Axios, Eyes New York Times

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The Athletic Halts Merger Talks With Axios, Eyes New York Times

< img src= "https://images.wsj.net/im-335012/social" class= "ff-og-image-inserted"/ > Sports-media outlet the Athletic is no longer in merger talks with news publisher Axios, individuals knowledgeable about the circumstance stated, however the business is continuing to pursue an offer that could broaden its subscription-oriented organization.

The Athletic views the New York Times Co. as a leading competitor for a merger tie-up, the people stated. Such an offer would bring the Athletic’s more than one million paying customers to the Times, which has actually seen digital-news subscriptions slow because previous President Donald Trump left office.

The Athletic charges $7.99 a month for sports material, consisting of protection of groups in all the major sports. The outlet has actually recruited beat reporters and columnists in regional markets, often by offering big pay increases to attract them from conventional news companies.

The business completes against a host of sites that primarily offer free sports content, consisting of the Ringer, Bleacher Report, Yahoo Sports and ESPN.com. The Athletic was valued at $475 million in its last funding round, announced in January 2020, according to PitchBook.

The Athletic doesn’t disclose in-depth monetary outcomes, including whether it is rewarding. The business created about $80 million in profits in 2020, according to an individual acquainted with the matter. It raised $55 million in January 2020 and has significant expenditures, according to individuals knowledgeable about the matter, including more than 600 workers, a lot of them top-tier reporters recruited from other wire service.

Published at Thu, 06 May 2021 16:14:00 +0000

Attribution – For Additional Information here is the Short Article Post Source: https://www.wsj.com/articles/sports-media-outlet-the-athletic-shifts-its-search-for-merger-partner-11620317675?mod=pls_whats_news_us_business_f