(Bloomberg) -- New York Times Co. shares fell the most in nearly two years after the newspaper publisher told investors that its $550 million acquisition of the Athletic would eat into profit.
Times shares dropped as much as 11%, their biggest intraday decline since March 2020. The stock lost 6.7% in 2021, its first annual decline in five years.
In a statement Thursday, the Times said that the Athletic acquisition will add to revenue growth immediately, but reduce its operating profit for about three years. The Athletic lost $55 million in 2021. The Times plans to sell the product along with some of its other subscription services.
