Cox Enterprises is in plans to buy Axios with the latter being valued at $525 million. The move comes with plans to expand the news site’s coverage to encompass more cities. An excerpt from CNBC reads:
Axios co-founders Jim VandeHei, Mike Allen and Roy Schwartz will remain on the company’s board and continue to manage its day-to-day operations, the companies said in a release. Alex Taylor, the CEO and chair of Cox Enterprises, will join the Axios board.
“Cox, which is privately held in and based in Atlanta, had previously invested in Axios in fall 2021. The company ramped up talks to buy Axios several months ago, intrigued by the company’s push into local journalism, VandeHei said in an interview. Axios, which focuses heavily on politics and business news, launched in 2017 and offers local coverage of cities that include Austin, Texas, Boston and Seattle, according to its website.”
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