Tech

Axios bought to Cox Enterprises for $525 million

Digital media firm Axios is being bought to Cox Enterprises for $525 million, the corporate introduced Monday.

As a part of the deal, which is predicted to be finalized over the approaching weeks, CEO Jim VandeHei, President Roy Schwartz, and Government Editor Mike Allen are anticipated to remain on board. The $525 million is markedly greater than the corporate’s reported $100 million income projections for 2022.

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“That is nice for Axios, for our shareholders, and American journalism. It permits us to suppose and function generationally, with a like-minded accomplice — and construct one thing nice and sturdy that lives lengthy after we’re gone,” VandeHei proclaimed, per Axios.

As a part of the deal, Cox will management the board of Axios’s media arm, and the outlet will remodel its software program operation, Axios HQ, right into a stand-alone firm helmed by Schwartz. Cox may have one in all three seats on Axios HQ.

Axios was fashioned in 2016 by the creators of Politico. The corporate made a reputation for itself with its distinctive reporting fashion that featured bullet factors supposed to determine brevity in information tales. Star reporters reminiscent of Jonathan Swan additionally propelled the outlet to prominence.



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