Cox Enterprises acquired Axios Media Inc., a company dedicated to delivering news and analysis.
The amount of the deal was $525m.
Cox Enterprises has a long history in media and is committed to scaling and expanding Axios into more cities, covering more national topics and more premium niches for professionals. This acquisition follows a previous investment by Cox Enterprises in the fall of 2021 and is part of Cox’s ongoing goal to grow and diversify the company.
Cox Enterprises Chairman and CEO Alex Taylor will join the Axios board whole 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.
Launched in January 2017, Axios is known for its Smart Brevity communication formula built by journalists to prioritize essential news, explain its impact on readers and deliver both in a concise and visual format.
Cox Enterprises operates communications, automotive and media companies. The company, whose major operating subsidiaries include Cox Communications and Cox Automotive, is strategically investing in new industries and emerging technologies, with sizeable interests in cleantech. Headquartered in Atlanta, Georgia, Cox is a global company with $20 billion in annual revenues.
Cox Enterprises’ current media companies — The Atlanta Journal-Constitution, Dayton Daily News and other Ohionewspapers — are not impacted by the deal and each will continue to operate independently.
The Axios communications software business, Axios HQ, will become an independent company majority-owned by the founders and will include Cox as sole minority investor. Jim VandeHei will be chairman of the board of Axios HQ and Roy Schwartz will be its CEO.
FinSMEs
08/08/2022