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.