New York Times to buy online sports website The Athletic for $550 million

• NYT expects to reach 10 million subscribers by 2025

• The Athletic expects it's 2021 revenue to be around $77 million and cash burn of $35 million

The New York Times Co has agreed to buy a subscription-based sports news website, The Athletic, for around $550 million. The Information reported on Thursday, citing a person familiar with the matter.

The deal will help expand the 170-year-old news publisher’s digital offerings, which moved to a subscription-first business model that allowed it to weather steep declines in advertising and print readership.