N.Y. Times’ M&A: Lots of Mixed Results

A look at the paper’s deals as it spends big for The Athletic — part of an overall strategy to hit 10M paying subscribers by 2025

SOLD AT A LOSS BOSTON GLOBE

(New England paper) Bought for $1.1 billion from Affiliated Publications in

1993, then sold for $70 million to Boston Red Sox owner John Henry in 2013.

TELEGRAM & GAZETTE

(New England paper) Acquired for

$295 million from Chronicle Publishing in 1999, then sold as part of the $70 million deal with the Globe in 2013.

ABOUT.COM

(web portal)

Bought for $410 million from Primedia Inc. in 2005; sold for $300 million to Barry Diller’s IAC in 2012. It since has rebranded as Dotdash.

LEGACY DEALS DISCOVERY CIVILIZATION CHANNEL

(cable TV)

Bought a 50 percent stake from Discovery Inc. in

2002 for $100 million, rebranded Discovery Times Channel; sold back to Discovery in 2006 for $100 million.

REGIONAL MEDIA GROUP

(local papers) Bought 16 regional

and metro papers over multiple decades, then sold them for $143 million in 2011 to Halifax Media Group at a price described at the time by analyst Ken Doctor to the Times as “incredibly low.”

BROADCAST MEDIA GROUP

(local TV stations) From 1971 to 2005, nine stations were acquired by the paper, which sold them in 2007 for $575 million to equity firm Oak Hill Capital Partners.

WE’LL SEE WIRECUTTER

(product rec site) Picked up from founder Brian Lam in a 2016 deal valued at $30 million in a bet to grow affiliate marketing revenue.

SERIAL PRODUCTIONS

(podcasting firm) Nabbed in 2020 for $25 million, shortly after acquiring audio subscription service Audm for $8.6 million.

THE ATHLETIC

(sports news) Acquired Jan. 6 for $550 million in a deal that brings aboard its 1 million paying subscribers and 400plus editorial staff.