Axios is being sold to Cox Enterprises for $525 million
Axios
- Axios is being sold to Cox Enterprises.
- The deal is worth $525 million.
- It follows other recent major media mergers.
The media company Axios is being sold to its lead investor Cox Enterprises, Cox announced on Monday. The deal is worth $525 million, according to Axios reporter Sara Fischer.
"With so much happening in the world, Axios plays a critical role in delivering balanced, trusted news that people need," Cox Enterprises chairman and CEO Alex Taylor said in a statement. "Our company started in the media business, and we have always had a passion for journalism. Bringing a forward-thinking organization like Axios into Cox Enterprises is exciting for us on many levels, and we look forward to helping them continue to scale and grow."
Axios had recently expanded its Axios Local line of newsletters into three new cities — Boston, Phoenix, and Salt Lake City — in an effort to strengthen local news coverage. It now has newsletters in 24 cities.
Axios was launched in 2017 by former Politico reporters Jim VandeHei, Mike Allen and Roy Schwartz, who will remain on the company's board.
The deal follows other recent blockbuster major media acquisitions, as some news companies faced headwinds during the pandemic.
Politico sold to Insider's parent company Axel Springer last year; BuzzFeed acquired Complex Networks last year; and Vox completed its purchase of Group Nine Media earlier this year, bringing PopSugar, Thrillist, NowThis, and more into its media umbrella that already included New York Magazine and others.