The Athletic, Axios Raising Money as Rivals Consolidate

The Athletic's Alex Mather with The Information's Jessica Lessin at an event last year. Photo by Erin Beach

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Two of the younger digital media startups, The Athletic and Axios, are raising money to fuel diversification of their businesses, even as older media firms are consolidating.

The Athletic, a subscription sports news site, is raising around $50 million at a valuation north of $500 million, said people familiar with the situation. The company has raised a total of about $90 million in the past, including $22 million in May at a valuation of around $300 million. Its backers include Founders Fund and Y Combinator.