Business Maverick

Business Maverick

Axios Media to Be Bought by Cox Enterprises for $525 Million

Axios Media to Be Bought by Cox Enterprises for $525 Million
Jim VandeHei
By Bloomberg
08 Aug 2022
0

The online news company Axios Media Inc. agreed to be bought by Cox Enterprises Inc., the latest in a recent flurry of digital deals by traditional media companies.

The deal valued the company at $525 million, Axios said Monday. The company’s three founders will continue to hold substantial stakes and will lead editorial and day-to-day business decisions.The Washington, D.C.-area news site, which was launched by former Politico staffers in 2017, brought Cox in as an investor in November. Axios has been expanding its coverage increasingly beyond the Beltway, including the launch of local newsletters in more than a dozen cities.

Last August, German media giant Axel Springer SE agreed to buy Politico in a deal said to be valued at more than $1 billion. Around the same time, Nexstar Media Group Inc. acquired The Hill, which focuses on political news, for $130 million.

Axios Chief Executive Officer Jim VandeHei told the New York Times the founders opted to sell now because Cox offered a fair price, allowing early investors like NBCUniversal and Emerson Collective to get a substantial return.

The company’s 2022 revenue is projected to be more than $100 million, a person familiar with the deal told the Times.

Gallery

Comments - Please in order to comment.

Top Reads This Hour

Families seek clarity on travel with Zimbabwean Exemption Permits after extension
Africa

Families seek clarity on travel with Zimbabwean Exemption Permits after extension
Australia swelters as heatwave hits, and more from around the world
Maverick Life

Australia swelters as heatwave hits, and more from around the world
Residents advised to limit outdoor activities amidst city’s extreme air pollution, and more from around the world
Maverick Life

Residents advised to limit outdoor activities amidst city’s extreme air pollution, and more from around the world
David Teeger will captain SA under-19 at home Cricket World Cup next year
Maverick News

David Teeger will captain SA under-19 at home Cricket World Cup next year
Amnesty International urges arms embargo on all parties to the Israel-Gaza war
Maverick Citizen

Amnesty International urges arms embargo on all parties to the Israel-Gaza war

TOP READS IN SECTION

Dan Marokane expected to be appointed as new Eskom CEO
Maverick News

Dan Marokane expected to be appointed as new Eskom CEO
It’s now up to government to decide on R3.8bn bailout for SA Post Office
Maverick News

It’s now up to government to decide on R3.8bn bailout for SA Post Office
Two-pot retirement reform implementation moves to 1 September in ‘happy’ compromise
South Africa

Two-pot retirement reform implementation moves to 1 September in ‘happy’ compromise
SA’s current account deficit narrows more than expected as imports fade on weakening demand
Maverick News

SA’s current account deficit narrows more than expected as imports fade on weakening demand
Renewable energy producers must clear new Eskom hurdle to supply electricity to national grid
Maverick News

Renewable energy producers must clear new Eskom hurdle to supply electricity to national grid

Investigations

News & Analysis

Features

Newsletters

Community

DM168

Daily Maverick © All rights reserved

Please peer review 3 community comments before your comment can be posted

You’ll miss it when it’s gone...

It’s hard to imagine South Africa without journalism. Then again, it was unthinkable that we would be without electricity as much as we are. Daily Maverick is free to read. We don’t have a paywall because we believe that everyone, regardless of their financial status, should be able to access the news. Which gives our journalism a greater chance of broader impact on society.

If you agree that our work makes South Africa a better place (and want to see us keep doing it) then please consider joining Maverick Insider and supporting our journalism.

You choose the amount and you can cancel at any time.

JOIN THE CAUSE
Lightbulb
MavericKids vol 3

How can a child learn to read if they don't have a book?

81% of South African children aged 10 can't read for meaning. You can help by pre-ordering a copy of MavericKids.

For every copy sold we will donate a copy to Gift of The Givers for children in need of reading support.

A South African Hero: You

There’s a 99.8% chance that this isn’t for you. Only 0.2% of our readers have responded to this call for action.

Those 0.2% of our readers are our hidden heroes, who are fuelling our work and impacting the lives of every South African in doing so. They’re the people who contribute to keep Daily Maverick free for all, including you.

The equation is quite simple: the more members we have, the more reporting and investigations we can do, and the greater the impact on the country.

Be part of that 0.2%. Be a Maverick. Be a Maverick Insider.

Support Daily Maverick→
Payment options