Axios agrees to $525 million sale to Cox Enterprises
Axios' co-founders will continue to lead editorial and daily business decisions
Axios agreed to sell to Cox Enterprises for an estimated $525 million, the companies announced on Monday.
Cox Enterprises, a global media company with 50,000 employees, is Axios' most recent lead investor.
Axios CEO and co-founder Jim VandeHei celebrated the deal.
"This is great for Axios, for our shareholders and American journalism. It allows us to think and operate generationally, with a like-minded partner — and build something great and durable that lives long after we are gone," he said, Axios reported.
The outlet reported that sources say the cash deal, which was signed Sunday, values Axios at $525 million.
Axios co-founders 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," Cox Enterprises said in a press release.
"Our company started in the media business, and we have always had a passion for journalism. Bringing a forward-thinking organization like Axios into Cox Enterprises is exciting for us on many levels, and we look forward to helping them continue to scale and grow," Cox Enterprises Chairman and CEO Alex Taylor said.