Sports Media Brand The Athletic Is Bought By New York

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After on-again, off-again conversations in recent months, The New York Times Co. has reportedly agreed to acquire digital sports media brand The Athletic for $550 million.  The Information, citing a source familiar with the deal, said it was sealed despite ongoing losses at The Athletic. The startup had $47 million in revenue in 2020 while burned through $41 million.  Axios had also explored a potential acquisition of The Athletic, but those talks did not last. After things went quiet for a time last year, The New York Times Co. resumed negotiations on an exclusive basis in December.  Axios also reported the news of the Times deal, following The Information, indicating that a formal announcement was expected after the close of the stock market today.    The Athletic, which was founded in …
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