NYT to acquire The Athletic for $550M cash; closes Q1 2022

NEW YORK TIMES CO

Purchase price of $550M all cash; The Athletic had 1.2M subscribers as of Dec 2021.
Expected to close in Q1 2022; founders Alex Mather and Adam Hansmann remain as co-presidents.
Deal immediately accretive to NYT revenue growth; dilutive to operating profit for ~3 years, then accretive.
The Athletic will operate as a separate subsidiary reporting to NYT's David Perpich.

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