Article author:
Reuters
Axios has agreed to sell its digital media company to Cox Enterprises in a deal valuing $ 525 million, sources familiar with the matter said Monday.
Atlanta-based Atlanta, a family-owned conglomerate that also owns Dayton Daily News and other newspapers in Ohio, said the acquisition would help diversify its business.
Axios is selling for more than $ 100 million, about five times the expected revenue for 2022, according to sources.
Founded in 2017, Axios is known for breaking news about politics, business and technology.
Jim VandeHei, Mike Allen and Roy Schwartz launched a media company after leaving Politico, a news website, in 2016. Politico sold to German publisher Axel Springer last year for over $ 1 billion.
VandeHei, Allen and Schwartz will continue to lead editorial decisions at Axios, Cox Enterprises said, adding that Cox CEO Alex Taylor will join Axios' board of directors. ..
Communications software business Axios HQ will be an independent company with a majority owned by the co-founders of Axios, with Cox Enterprises being the only minority investor.
The New York Times first reported on this transaction. (Report by Eva Mathews and Akash Sriram in Bangalore, edited by Shailesh Kuber and Shounak Dasgupta)
