New York Times Acquiring Subscription-Based Sports Site The Athletic in $550 Million Cash Deal

The New York Times building is seen in Manhattan, New York, on Aug. 3, 2020. Shannon Stapleton/Reuters

The New York Times Company is set to acquire subscription-based sports site The Athletic, the company announced on Thursday.

In a statement announcing the deal, the Times said it was acquiring The Athletic for an all-cash purchase price of $550 million and expects to close the deal in the first quarter of 2022.