US news website Axios, which has risen in prominence since its inception in 2016, has agreed to a $525 million deal to sell itself to US telecoms giant Cox Enterprises, the companies announced on Monday.
The site, created by veteran Washington journalists, quickly built a brand during Donald Trump’s turbulent and news-filled presidency.
Since launching Axios as a news source specializing in technology and politics, it has expanded into local news – and the buyout investment will help fuel that expansion.
Axios’ founders will retain equity in the company and continue to direct day-to-day editorial and business decisions, Cox said in a press release.
“With so much happening in the world, Axios plays a critical role in delivering the balanced, trusted news people need,” said Alex Taylor, Cox Chief Executive.
Founded in 1898 as a family business, Cox Enterprises is now based in Atlanta, Georgia.
Cox subsidiaries range from media companies such as the Atlanta Journal-Constitution to Internet service provider Cox Communications and an auto sales division of the same name.
Axios was founded by three former Politico journalists as an online media company known for short, crisp articles as well as podcasts and newsletters.
“Our shared ambitions should be clear: to spread clinical, impartial, trustworthy journalism to as many cities and on as many subjects as quickly as possible,” said Axios chief executive Jim VandeHei in a press release.
An Axios communications software entity will become an independent entity with co-founders Mike Allen, Roy Schwartz and VandeHei owning the majority of this company while Cox will hold a smaller stake, the press release said.
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