Axios Media is sold to Cox Enterprises

One of the buildings of the Cox Communications campus is surrounded by foliage in Atlanta on, Aug. 2, 2004. Cox Enterprises, which owns Cox Communications, is buying Axios Media for $525 million as it looks to grow and diversify its business. Cox, which became an investor in Axios last year, said Monday Aug. 8, 2022, that it will look to expand Axios into more cities, while having it cover more national topics and serve more premium niches for professionals. (AP Photo/Ric Feld, File)

NEW YORK (AP) — Axios Media is being acquired by Cox Enterprises, which said Monday that it plans to push the online news provider into new markets while broadening its coverage.

Axios, citing sources, reported that the deal is worth $525 million.

Cox, a conglomerate whose other media companies include The Atlanta Journal-Constitution and Dayton Daily News, first became an investor in Axios last year.

Axios co-founders and former Politico reporters 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.

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 and Roy Schwartz will be its CEO.

Axios, based in Virginia, was launched in 2017 and is known for brief, bullet-pointed stories. The company also publishes daily and weekly newsletters that are targeted to specific industries.