The three year-old San Francisco-based sports publication attracted 300,000 subscribers in 2018 and crossed the half-million mark in June 2019, according to Alex Mather, co-founder and chief executive officer. “We’ll end the year somewhere close to a million,” Mather said. He revealed that the average revenue per user for The Athletic is US$64, putting its overall annual revenues at over US$30 million. Under a traditional software-as-a-service business 10-times multiple, the company would be valued at US$300 million. (Bloomberg)

Talking point: We’re obviously bullish on subscription-focused digital media publications here at The Logic. A US$300-million valuation would put The Athletic in the ballpark of what advertising-focused Business Insider was sold for in 2015. Much has happened in digital media since then. Vox, BuzzFeed and Vice are the most notable examples of venture-backed media companies coming back down to earth after soaring valuations. The Athletic, which began as a Y Combinator company, closed a Series C led by Founders Fund for US$21.8 million in May, and has raised almost US$90 million so far. The publication is aiming to become a global media brand. Toronto was one of its earliest and most successful markets, and the company is actively expanding into the U.K.