Cyprus Mail

Axios agrees to $525 million buyout deal with Cox Enterprises


Axios has agreed to sell itself to Cox Enterprises in a deal that values the digital media firm at $525 million, a source familiar with the matter said on Monday.

Atlanta-based Cox, a family-owned conglomerate that also owns the Dayton Daily News and other newspapers in Ohio, said the acquisition will help diversify its business.

Axios is selling at roughly five times its projected 2022 revenue of more than $100 million, according to the source.

Founded in 2017, Axios is known for its bulletin-style reporting of politics, business and technology news.

Jim VandeHei, Mike Allen and Roy Schwartz started the media company after they left news website Politico in 2016, which VandeHei also helped found. Politico went on to sell itself to German publisher Axel Springer for more than $1 billion last year.

VandeHei, Allen and Schwartz will continue to lead editorial decisions at Axios, Cox Enterprises said, adding that Cox Chief Executive Alex Taylor will join Axios’ board.

Communications software business Axios HQ will become an independent company majority-owned by Axios co-founders and Cox Enterprises will be the sole minority investor.

The New York Times first reported about the deal.

Follow the Cyprus Mail on Google News

Related Posts

Stacks (STX) and SUI climb aggressively as market pumps – Algotech (ALGT) presale presents unique profit opportunity

CM Guest Columnist

Limassol maritime firm facilitating sustainable shipping practices

Souzana Psara

Cyprus Business Now

Kyriacos Nicolaou

Transport Minister meets with new board of Cyprus Ports Authority

Kyriacos Nicolaou

EU lawmakers ratify political deal on artificial intelligence rules

Reuters News Service

France cuts EV subsidy for higher-income buyers

Reuters News Service