Digital media company Axios is being sold to Cox Enterprises for $525 million, the company announced Monday.
As part of the deal, which is expected to be finalized over the coming weeks, CEO Jim VandeHei, President Roy Schwartz, and Executive Editor Mike Allen are expected to stay on board. The $525 million is markedly higher than the company’s reported $100 million revenue projections for 2022.
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“This is great for Axios, for our shareholders, and American journalism. It allows us to think and operate generationally, with a like-minded partner — and build something great and durable that lives long after we are gone,” VandeHei proclaimed, per Axios.
As part of the deal, Cox will control the board of Axios’s media arm, and the outlet will transform its software operation, Axios HQ, into a stand-alone company helmed by Schwartz. Cox will have one of three seats on Axios HQ.
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Axios was formed in 2016 by the creators of Politico. The company made a name for itself with its unique reporting style that featured bullet points intended to establish brevity in news stories. Star reporters such as Jonathan Swan also propelled the outlet to prominence.
