New York (CNN Business)Axios, a high-profile digital media venture founded in 2017, is being sold to Cox Enterprises. was announced on Monday.
The deal, which is expected to close this month, values Axios at $525 million, he told CNN, a person familiar with the matter told CNN.
Axios is known for delivering news in short articles consisting of bite-sized pieces of information. The publication is also known for its popular newsletter, which often drives national conversations, especially in Washington, DC.
Cox Enterprises, already the largest investor in Axios, said that Axios co-founders Jim VandeHei, Mike Allen, and Roy Schwartz are responsible for the outlet's day-to-day editorial and business decisions. He said he would continue to lead.
VandeHei, Allen and Schwartz will also continue to hold a "substantial stake in the company," Cox Enterprises said. The three co-founders will remain on the board, but Cox Enterprises will control the board with his four-person board.
"We have found allies to build a great media company that is trusted and delivers results that will outlast all of us," VandeHei said. "Our shared ambition should be clear: to spread clinical, non-partisan and authoritative journalism to as many cities and topics as possible, as quickly as possible."
Chief Executive Officer, Cox Enterprises Alex Taylor praised Axios as "a forward-thinking organization." Taylor said he looks forward to Cox Enterprises "helping them scale and continue to grow."
"With so much going on in the world, Axios plays a key role in delivering the balanced and reliable news that people need," says Taylor. says Mr. “Our company started in the media business and has always been passionate about journalism.
The company's software division, Axios HQ, will not be sold to Cox Enterprises as part of the transaction and will be transferred to a separate company led by VandeHei as chairman and Schwartz as chief executive.
"We look forward to the opportunity to enter this new chapter with Cox and develop Axios HQ as a separate business. For both companies, our mission is to help as many people as possible. People and businesses get smarter and get things done faster.”
