Late Thursday morning it was reported that the New York Times had purchased The Athletic for $550 million. The deal was later confirmed in a press release by the New York Times Company and is subject to customary closing adjustments. The transaction is expected to close in the first quarter of 2022.

According to MLB Trade Rumors’ James Hicks, The Athletics’ ample subscriber base played a major role in the Times’ decision to acquire the San Francisco-based sports outlet.

New York Times Company’s president and CEO Meredith Kopit Levien made it clear that The Athletic will be given relative free reign, describing the deal as a “complement to” the Times as a subsidiary and will “continue to operate separately.” The Athletics’ founders Alex Mather and Adam Hansmann will remain on board following the acquisition, though each will now report to Times Company executive David Perpich, who will be named The Athletics’ publisher.

MLBTR notes that although the role is multi-faceted and varies from organization to organization, a publisher broadly sets the editorial and commercial direction for a publication, particularly with regard to big-picture decisions like target markets, forms of content, and the scope and nature of advertising. Perpich previously served as president and general manager for Wirecutter, another New York Times subsidiary, and is the first cousin of Times publisher A.G. Sulzberger. MLBTR adds that Perpich’s precise role in the future of The Athletic remains unclear.

As of this writing, there has been no change to The Athletics‘ annual ($35.88) and monthly ($7.99) subscription rates.

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