Monday, August 8, 2022
Cox Enterprises, owner of The Atlanta Journal Constitution and Dayton Daily News has agreed to buy Axios Media, political news and analysis site, for $525M.
Axios co-founders Jim VandeHei, Mike Allen and Roy Schwartz will continue to lead the editorial and day-to-day operations of the site that launched in 2017.
VandeHei called Cox Enterprises, which was founded in 1898, “a kindred spirit for creating a great, trusted, consequential media company that can outlast us all."
Cox Enterprises CEO Alex Taylor said Axios “plays a critical role in delivering balance, trusted news that people need.” His company looks forward to helping Axios scale and grow.
Axios, which has more than 500 employees, owns 19 newsletters, a website and podcasts.
Its Axios HQ communications software arm will be spun off as an independent company.
Germany’s Axel Springer publishing giant had tried to acquire Axios last year but the deal fell through.
Axel Springer bought Politico in 2021 for $1B. VandeHei, Allen and Schwartz are veterans of Politico.
Cox Enterprises invested in Axios last fall.