Cox buys VC-backed Axios for reported $525m

This acquisition follows a previous investment by Cox Enterprises in the fall of 2021.

  • Axios co-founders Jim VandeHei, Mike Allen and Roy Schwartz will continue to lead editorial and day-to-day business decisions
  • Axios’ backers include Glade Brook Capital Partners, Greycroft, Lerer Hippeau and NBC News
  • Axios launched in January 2017

Cox Enterprises has acquired Axios Media Inc, a digital media company. Various outlets are reporting the price tag to be $525 million.

This acquisition follows a previous investment by Cox Enterprises in the fall of 2021.

According to a news release, this acquisition “is part of Cox’s ongoing goal to grow and diversify the company.”

Axios co-founders Jim VandeHei, Mike Allen and Roy Schwartz will continue to hold substantial stakes in the company and lead editorial and day-to-day business decisions.

“We have found our kindred spirit for creating a great, trusted, consequential media company that can outlast us all,” VandeHei, who is CEO of Axios, said in a statement. “Our shared ambitions should be clear: to spread clinical, nonpartisan, trusted journalism to as many cities and as many topics as fast as possible.”

Axios launched in January 2017. Its backers include Glade Brook Capital Partners, Greycroft, Lerer Hippeau and NBC News, according to Crunchbase.

Cox Enterprises’ current media companies — The Atlanta Journal-Constitution, Dayton Daily News and other Ohio newspapers — 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. VandeHei will be chairman of the board of Axios HQ and Roy Schwartz will be its CEO.

Headquartered in Atlanta, Georgia, Cox is a global company with $20 billion in annual revenues. Founded in 1898 by Ohio Governor James M. Cox, the company is a family-owned business.