re: The New York Times buying The Athletic for $550 million.

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Ehhh tons of successful businesses lose money in their first 3-5 years. Usually part of their business model to profitability and they plan for it.

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Certainly. Those businesses however weren’t in a completely dying industry and aren’t competing with free and extremely easily accessible services for room in the space, again much like Movie Pass or pretty much any other form of newspaper reporting that still exists (See: The NY Times)