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Cox Enterprises acquires digital media firm Axios

Cox Enterprises acquires digital media firm Axios

FILE PHOTO: Jim VandeHei, Co-Founder and CEO of Axios speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2022. REUTERS/Mike Blake

Cox Enterprises said on Monday it has acquired digital media firm Axios as part of its ongoing efforts to further diversify the conglomerate.

The financial terms of the deal were not disclosed.

However, the New York Times earlier reported the deal valued Axios at US$525 million, according to two people familiar with the matter.

Axios co-founders Jim VandeHei, Mike Allen and Roy Schwartz will continue to lead editorial decisions at Axios, Cox Enterprises said in a statement.

Cox, which operates Cox Automotive and Cox Communications, also owns the Atlanta Journal-Constitution, Dayton Daily News and other newspapers in Ohio.

Source: Reuters

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