FanDuel and DraftKings reportedly submit bids for The Athletic

Fantasy sports and sportsbook giants FanDuel and DraftKings are reported to be among several businesses to have submitted bids to acquire sports media outlet, The Athletic, which values itself at more than $750m. Earlier in the year, investment bank LionTree was said to have been hired to seek a buyer. With betting companies around the world seeking to get into bed with media companies, a deal at a peak price point is not unrealistic, despite the fact that The Athletic loses money and is said to be ‘burning cash’. Investors in The Athletic include Founder Fund, Courtside Ventures and Powerhouse Capital and the subscription-only outlet currently has around 1.2m subscribers. It was valued at $530m following a 2020 funding round. Reports have said that 2021 revenue will be almost $80m, with 2022 revenue is expected to reach $120m.