Cox Enterprises will purchase Axios, the two firms said on Monday, with intentions to broaden the coverage of the online news source to more cities. Axios is valued at $525 million as a result of the agreement.
The co-founders of Axios, Jim VandeHei, Mike Allen, and Roy Schwartz, will continue to serve on the board of directors and oversee daily operations, the firms announced in a press release. Cox Enterprises’ CEO and chair, Alex Taylor, will become a member of the Axios board.
VandeHei said, “We were looking for two things: a buyer that was authentically committed for the very long term to serious media, and someone who was fine with us being in control for a long time.” He added, “That’s not because we’re arrogant but because we have a clear mind about what a good journalism business looks like.”