Profits at The New York Times Company have dropped year-on-year due to losses from sports site The Athletic which it bought for $550m in January.

In its Wednesday earnings release for Q2 2022 the NYT Co. reported revenue up 11.5% year on year to $555.7m (£455.4m) but operating profit down $7.2m to $51.7m due to losses at The Athletic.

Subscriber numbers now stand at 9.17m and subscription numbers at 10.56m, an increase of 0.68% and 1.64% over the last quarter, respectively. (The company’s 1.2m new subscribers from The Athletic were first reflected in its Q1 2022 results.)