The New York Times Co. is buying San Francisco-based sports news site The Athletic for US $550 million.
Currently, The Times has nearly 8.4 million subscribers but has set target of 10 million by 2025.
The New York Times is an American morning daily newspaper based in New York City which is one of the world’s great newspapers with a worldwide readership. Founded in 1851, the Times has since won 132 Pulitzer Prizes.
The company publishes three major daily newspapers, the New York Times (the Times), the International Herald Tribune, and the Boston Globe, and 16 regional newspapers
It’s one of the Times’ largest-ever acquisitions. The company spent US $1.1 billion on the Boston Globe in 1993 and US $410 million for About.com in 2005, both of which it later sold for less.
The deal is likely to concluded within March, the report said.