Cox Enterprises has today announced the acquisition of Axios Media Inc., for a reported US$525m. Axios was first founded by former Politico journalists Jim VandeHei, Mike Allen and Roy Schwartz at the beginning of 2017, and has fast amassed a strong reputation for timely and trustworthy reporting across media, tech, and current affairs.
“With so much happening in the world, Axios plays a critical role in delivering balanced, trusted news that people need,” said Cox Enterprises Chairman and CEO Alex Taylor, who will join the Axios board.
“Our company started in the media business, and we have always had a passion for journalism. Bringing a forward-thinking organization like Axios into Cox Enterprises is exciting for us on many levels, and we look forward to helping them continue to scale and grow.”
Axios co-founders Jim VandeHei, Mike Allen and Roy Schwartz will continue to hold substantial stakes in the company and will lead editorial and day-to-day business decisions.
“We have found our kindred spirit for creating a great, trusted, consequential media company that can outlast us all,” said Axios CEO Jim VandeHei. “Our shared ambitions should be clear: to spread clinical, nonpartisan, trusted journalism to as many cities and as many topics as fast as possible.”
Cox Enterprises has a long history in media and says that the company is committed to scaling and expanding Axios to cover more cities, national topics and more premium niches. The acquisition follows a previous investment by Cox in the fall of 2021 and you can find out more here.