Why Shares of The New York Times Company Are Falling Today

Shares of The New York Times Company (NYSE: NYT) were down roughly 10% as of 3:45 p.m ET today after the large news publisher on Thursday afternoon announced its plan to purchase popular sports news website The Athletic.

The company said it would buy the subscription sports publisher for $550 million in an all-cash deal. The Athletic got big by stealing away big-time sports journalists from newspapers and other publications as the industry faced financial pressure.

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Source Fool.com