Market Updates
Cox Enterprises to Buy Axios Media
Scott Peters
08 Aug, 2022
New York City
Axios Media Inc agreed to be acquired by Cox Enterprises in a deal that values the news publisher at $525 million.
The deal was announced by two companies in a press release on Monday and the price of the transaction was confirmed by two people familiar with the deal.
Axios co-founders Jim VandeHei, Mike Allen and Roy Schwartz will continue to hold substantial stakes in the company and will lead editorial and day-to-day business decisions, the press release noted.
Cox Enterprise said its other media assets, Atlanta Journal-Constitution, Dayton Daily News and other Ohio newspapers, are not expected to be impacted by the Axios transaction.
Axios HQ, the Axios communication software business, will be spun off as a separate company and will be owned by three founders with a minority investment from Cox Enterprise.
Axios has recently expanded beyond its political and business news to cover local news in 19 cities including Boston and San Francisco.
Three founders left Politico in 2016 to start Axios in the following year with a sharper focus on brief stories.
In late October 2021, Politico agreed to be acquired by German publishing firm Axle Springer for more than one billion dollars which Axios' CEO Jim VandeHei also helped to found in 2007.
Axios' first round of $10 million investment in 2017 included NBC News, Emerson Collective controlled by Lauren Powell Jobs, Greycroft Partners, and Atlantic Media owned by David and Katherine Bradley.
Cox Enterprises was already the largest investor in Axios Media prior to the announcement of the deal.
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