I run a media company and I’m shocked at the purchase price! The Athletic and NYT make a lot of sense. NYT increased its total subscriber #’s and can make more money through bundling. I assume a lot of NYT audience might be interested in purchasing the Athletic and Vice versa.

But Axel Springer paid 5x revenue for Politico which was a better business with a “tech” product that had significant recurring revenue.

Athletic sold for at least 7x revenue. VCs got lucky here, but I can see the NYT doing very well with this deal!