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

Over the last 5 years, The Athletic has proven to be an incredible case study on the business of sports media. They have raised $140 million. They aggressively expanded their coverage domestically and abroad, from 0 markets in 2016 to ~50 markets just 5 years later. They now have more than 600 full-time employees, and at over 80%, they boast about their incredible customer retention rates.

But there is just one problem: Despite 1.2 million subscribers, $80 million in revenue last year, and a valuation north of $500 million, The Athletic still isn’t profitable. The company has reached desired size and scale, but the business model isn't working. That’s not me being harsh. It’s the truth.


I subscribe to The Athletic and cannot see how in the hell they would need 600 employees. Frankly, I'm amazed at how many employees a lot of these online outfits have. Can someone explain where the need for that much manpower is?