in ,

The Athletic Burns Through $100 Million

Sports subscription website The Athletic has lost nearly $100 million combined over the last two years, according to a report from Front Office Sports. The Athletic has recently attempted to find a buyer to help it turn a profit, to no avail. A second round of talks between The Athletic and New York Times centered on a Times takeover ended in June. Sources told OutKick at the time that there were no plans for a third round of negotiations. Since then, The Athletic has hired investment banking firm LionTree to locate a buyer, reportedly at a valuation of more than $750 million. It could be a hard sell, given that the website lost $41 million in 2020 and $54 million the year before that, according to Front Office Sports. Last year, The Athletic discussed a potential merger with news website Axios, but those talks fell flat in February. Co-founders Alex Mather and Adam Hansmann launched The Athletic in 2016 with the idea of generating all revenue from subscriptions and renewals. The site immediately brought on multiple highly regarded sportswriters and currently provides ad-free national and local coverage in 47 North American cities, as well as the United Kingdom. “We will […]

READ FEATURED OUTKICK CONTENT FOR 99¢

ALREADY A VIP? LOG IN

Written by Sam Amico

Sam Amico spent 15 years covering the NBA for Sports Illustrated, FOX Sports and NBA.com, along with a few other spots, and currently runs his own basketball website on the side, FortyEightMinutes.com.