Mixing old and new media: Axios Media, a digital news site known for breaking points on politics, technology and business, has been acquired by media conglomerate Cox Enterprises. It owns the Atlanta Journal-Constitution, Kelly Blue Book, and leading broadband Internet services.
Cox said Monday that the online news provider will expand into new markets, while also expanding its coverage to "more cities, more national topics and premium coverage for professionals." "covering a niche in the world," he said.
Axios reports that the deal is worth him $525 million, citing sources. In an article about the deal, Axios used its trademark "why it matters" section to explain both companies' motivations behind the acquisition.
It's a time when most commercial investors have abandoned the local market," the article said, adding that Axios began a "significant expansion" into local news in 2020.
Many digital-first media companies are in financial trouble.Buzzfeed, which went public in late 2021,has made an offer to acquire prominent news staff from its research, inequality, politics and science teams. Meanwhile, Vox Media recently laid off 39 people, according to multiple media reports.
The privately held Cox invested in Axios for the first time last year. 16} Reporters Jim VandeHei, Mike Allen and Roy Schwartzw will continue to own substantial equity stakes in the company and will guide editorial and day-to-day business decisions.
His Axios HQ, the Axios communications software business, will become an independent company majority-owned by its founders, with Cox as the only minority shareholder. VandeHei becomes Chairman and Roy Schwartz becomes his CEO. Based in
Virginiahis Axios was founded in 2017 and is known for his short, bulleted stories. The company also publishes daily and weekly newsletters targeted at specific industries.
