Yes. They sold to NYT because they didn't have a path to profitability or IPO. They were looking at a possible closure before the sale and lost $55M the year be

Yes. They sold to NYT because they didn't have a path to profitability or IPO. They were looking at a possible closure before the sale and lost $55M the year before the sale. Since the sale, things have been a little less clear because NYT is more opaque about it. Regardless, they had layoffs last year and ended their entire beat reporter team because it wasn't drawing national audiences enough. There have been various reports over the last year that NYT is struggling to turn the unit profitable as well.