Alex and Adam’s contrarian thesis was simple: pay for great reporting. Instead of chasing clicks, they hired the best beat writers and doubled down on depth that made readers feel like they were in the locker room. Almost no one believed it could work. But we did. We invested early, then watched as they built the subscription funnel: running pricing tests, refining onboarding, shaping new reader habits. They recruited strong talent to anchor new markets. Momentum followed as local sports reporting grew into national coverage. The result wasn’t just an audience. It was a durable product and a brand strong enough to become the sports layer inside The New York Times bundle.