The Athletic sold die-hard fans a simple promise: better reporting on their teams. The wager bought it a $550 million exit, but the harder game was making all those reporters pay for themselves.

He learned media by paying for airtime, then turned a Denver website into a five-city network of shows, memberships, merchandise, events, and one very literal sports bar.
The Denver company built a five-city sports network without buying game rights. Its real product is a daily habit - and the business gets interesting when that habit is strong enough to sell ads, shirts, memberships, and a seat at the watch party.