Nearly nine years after its creation and three years after it was sold to The New York Times, The Athletic can finally claim a profit.
On Monday, the NYT released its earnings for the third quarter of 2024, touting more than 11 million total subscribers for the first time. And that growth includes a $2.6 million operating profit for The Athletic, marking the sports outlet’s first profitable quarter since it was purchased by the Times in 2022.
Per the publication:
The Athletic, the sports news website that The Times bought in 2022 for $550 million, made a quarterly profit for the first time since the purchase. The Athletic’s adjusted operating profit for the third quarter rose to $2.6 million, from a loss of $7.9 million in the same period last year. The company said the increase came from higher subscription and advertising revenue.
The Athetic’s now being profitable is certainly notable, as it marks a significant milestone for the outlet that was first founded in San Francisco in 2016. In the three years since its $550 million purchase of the publication, the Times hasn’t been shy about its desire to get it into the black, with The Athletic replacing the newspaper’s own sports desk in 2023.
While reaching profitability is undoubtedly an accomplishment for The Athletic, it’s been interesting to see the shifts in strategy it’s taken for it to get there.
After initially launching with a hyperlocal approach, the outlet has undeniably shifted to a more national outlook, with fewer beat writers dedicated to individual teams. It was also notable that the Times cited its ads as one of the primary reasons for the publication turning a profit, as it had previously been ad-free prior to late-2022.
Although it hasn’t been without controversy — including as recently as last week — The Athletic has largely made good on its promise to deliver high quality sports journalism to its subscribers. It will be worth monitoring how its newfound profitability affects its plans moving forward, especially considering its evolving strategy under New York Times ownership.
