The New York Times has agreed a deal to purchase the online sports journalism platform, The Athletic, in a deal worth a reported $550m. This comes after speculation that two of the United States' most prominent sports betting platforms, DraftKings and FanDuel, had an interest in purchasing the site.
The Athletic was founded in 2016 by Alex Mather and Adam Hansmann. The website has approximately 600 employees and has gained a reputation for recruiting some of the most prominent sports journalists in the industry. Currently, the platform has a reporter covering nearly every major sports team across the NFL, NBA, NHL and English Premier League.
If this deal were to be completed, it would mark the end of an almost year-long saga that has seen The Athletic keen to sell for some time. Previously, the company has held unsuccessful talks with both Axios and, although the result seems different this time, The New York Times. Moreover, in September, the sports site recruited the aid of the investment bank LionTree to help facilitate a sale.
While seemingly out of the running now, November saw reports arise that the United States' two largest sportsbooks were set to battle it out over the ownership of The Athletic. Both DraftKings and FanDuel reportedly approached the company with considerable war chests hoping to agree a takeover.
While deals were unable to be completed for both sports betting giants, their interest reflects a clear trend. Sports betting and sports media are becoming ever intertwined as the activity becomes more and more prominent in the average American’s life.
