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.

The Athletic, which was founded in 2016 by Alex Mather and Adam Hansmann and had 1.2 million subscribers as of December, covers more than 200 clubs and teams in the United States and around the world.