Cox Enterprises today announced its acquisition of national digital media company Axios Media Inc.
According to a press release, the acquisition follows a previous investment by Cox Enterprises in the fall of 2021 and is part of Cox's ongoing goal to grow and diversify the company. Cox Enterprises has a long history in media and says it is committed to scaling and expanding Axios into more cities, covering more national topics, and more premium niches for professionals.
Axios launched in January 2017 based on the shared belief that sharper, more focused, more efficient news and analysis coverage was needed on the topics shaping the fast-changing world. The company is known for its Smart Brevity communication formula, built by journalists to prioritize essential news, explain its impact on readers and deliver both in a concise and visual format.
Post-acquisition Axios co-founders Jim VandeHei, Mike Allen and Roy Schwartz will continue to hold substantial stakes in the company and will 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," said Axios CEO Jim VandeHei. "Our shared ambitions should be clear: to spread clinical, nonpartisan, trusted journalism to as many cities and as many topics as fast as possible."
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. Jim VandeHei will be chairman of the board of Axios HQ and Roy Schwartz will be its CEO.
"We are excited about entering into this new chapter with Cox and the opportunities we can explore with Axios HQ as a separate business," said Roy Schwartz, president of Axios. "For both companies, our mission is to help as many people and companies get smarter, faster on what matters."