Jim VandeHei, Co-Founder and CEO of Axios speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, May 3, 2022.
Mike Blake | Reuters
Axios is being acquired by Cox Enterprises for a reported $525 million, the companies said Monday, with plans to expand the digital news site’s coverage into more cities.
Axios’ co-founders Jim VandeHei, Mike Allen and Roy Schwartz will remain on the company’s board and continue to manage its day-to-day operations, the companies said in a release. Cox Enterprises Chairman and CEO Alex Taylor will join the Axios board.
Financial terms of the deal were not disclosed, but Axios cited sources familiar with the deal saying it valued Axios at $525 million. Cox, which is privately held in and based in Atlanta, had previously invested in Axios in the fall of 2021.
Axios launched in 2017 and offers local coverage of cities including Austin, Boston and Seattle, according to its website. Cox, based in Atlanta, is privately held and owns cable and automotive businesses. It also owns The Atlanta Journal Constitution, Dayton Daily News and other Ohio newspapers, which the company said will continue to operate independently.
Axios HQ, the company’s software component, will become a separate entity led by Roy Schwartz, president of Axios.
“We are excited about entering into this new chapter with Cox and the opportunities we can explore with Axios HQ as a separate business,” Schwartz said.