The Athletic Lost $41M in 2020

    • The Athletic lost $95 million over 2019 and 2020, including $41 million last year.
    • The company is seeking a buyer at over $750 million.

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The Athletic anticipates profitability in 2023, but it has absorbed heavy losses over the last two years.

The subscription-based sports media company lost $41 million in 2020, after absorbing a $54 million loss the year before. Revenue rose to $47 million in 2020 from $26 million in 2019.

  • The San Francisco-based company projects $77 million in revenue with $35 million in net losses this year.
  • It projects revenue to increase 54.5% next year, followed by another 31% jump in 2023, bringing a $15 million profit that year.

The company has hired investment banking firm LionTree to find a buyer at a valuation of more than $750 million.

The Athletic previously held investment talks with the New York Times and Axios. Fanatics also explored acquiring the company. 

Investor Dave VanEgmond told FOS in June that it would make sense for a traditional broadcaster looking to increase its streaming subscriptions to purchase The Athletic. VanEgmond previously advised The Athletic on its BetMGM sports betting partnership.