If The Athletic’s head honchos cash out, what was the point?
If the New York Times ends up buying The Athletic, as Axios reported is in the works, it could be good for readers. There’s a scenario where the NYT simply absorbs The Athletic as a sort of sports vertical and lets all the local journalists they’ve hired the past few years continue as they have been. There’s also a chance they make a series of cuts in an attempt to “right-size the business” when it becomes part of a public company and is no longer propped up by venture capital, and readers, local news outlets, and journalists are all left out to dry while a few executives and their VC backers make a tidy profit off the NYT’s optimism.
Either way, the primary lesson of The Athletic saga that I think not enough people have learned is how much news — radio, television, digital — is built upon the foundation of local general interest newspapers, and that the entire ecosystem goes to hell without that foundation.