The New York Times will buy the sports-news operation The Athletic for $550 million in cash, the company announced Thursday.
The acquisition will help the storied media company move closer to its goal of 10 million paid subscribers by 2025, adding The Athletic’s 1.2 million subscribers added to the paper’s existing stable of 8.3 million subscribers.
The Athletic will continue to be operated separately from The Times’ newsroom and sports section, the paper said, though longtime Times executive David Perpich will assume the role of publisher.
Alex Mather and Adam Hansmann, who jointly launched The Athletic in 2016, will remain as co-presidents; Mather will also serve as general manager, while Hansmann will become chief operating officer.