News Major Axios to be Acquired by Coz Enterprises for $525 Million


Cox Enterprises will purchase Axios, the two firms said on Monday, with intentions to broaden the coverage of the online news source to more cities. Axios is valued at $525 million as a result of the agreement.

The co-founders of Axios, Jim VandeHei, Mike Allen, and Roy Schwartz, will continue to serve on the board of directors and oversee daily operations, the firms announced in a press release. Cox Enterprises’ CEO and chair, Alex Taylor, will become a member of the Axios board.

VandeHei said, “We were looking for two things: a buyer that was authentically committed for the very long term to serious media, and someone who was fine with us being in control for a long time.” He added, “That’s not because we’re arrogant but because we have a clear mind about what a good journalism business looks like.”