In an exclusive CNBC interview, The Athletic co-founders explain why they sold to The New York Times.
Alex Mather, The Athletic co-founder:
But why sell? There was a lot of reporting around this in terms of how much cash you guys were burning. I think the numbers reported were you burned through $100 million, roughly, from 2019 to 2020. There are some people that see those numbers and say, 'OK, this sale wasn't about finding a great fit in The New York Times.' This was a distressed asset that needed capital. Is that partially fair?Definitely not. We're absolutely at an inflection point as a company in many ways.
Can you add some more specific clarity on what exactly it is that The New York Times can do for you that made it the best option? In other words, is it they can grow the most subscribers? Or is it something more specific to the content itself?That's definitely a super exciting area for us to dig in on. First and foremost, we both mentioned it: the core of what we do remains the same. We are still an assortment of the best sportswriters in the world.
When we spoke in 2020, it was because you guys had reached 1 million subscribers. This past month, I believe you guys said you now have 1.2 million subscribers. That suggests your growth rate had slowed down from what it was earlier.
, at The Times, or a board. We couldn't be more excited about the opportunity to have a boss with a very clear vision on what they want from us and their resources to help us get there.
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