Cox Enterprises, an Atlanta-based global conglomerate, recently announced that it has acquired the digital media company, Axios Media Inc.
This acquisition comes amid a previous investment made by Cox Enterprises in the fall of 2021 and is a part of Cox’s long-term goal to expand and diversify the company.
Commenting on the latest move, Alex Taylor, Chairman and CEO, Cox Enterprises, stated that with so many events taking place worldwide, Axios plays a crucial role in providing trusted and balanced news that most people seek today.
Alex added that Cox has forayed into the media business and has always been passionate about journalism. The firm is excited to welcome a dynamic organization like Axios to the group and looks forward to helping them scale and grow.
As per reports, Axios co-founders Roy Schwartz, Mike Allen, and Jim VandeHei, will continue to hold considerable stakes in the company and will also be heading editorial and day-to-day business decisions.
Speaking about this acquisition, Axios CEO, Jim VandeHei, said that the firm has finally found an ideal partner for creating a trusted and consequential media company. Both the firms will be working on shared ambitions, which include spreading nonpartisan, clinical and trusted journalism covering as many topics and to as many cities as possible.
Furthermore, Axios HQ, the communications software business of Axios, will operate as an independent company mainly owned by the founders, with Cox acting as a single minority investor. For Axios HQ, Jim VandeHei is expected to become the chairman of Axios HQ, and Roy Schwartz will become its CEO.
It is vital to mention that Cox Enterprises’ currently operating media companies, including Dayton Daily News and Atlanta Journal-Constitution, along with the other Ohio newspapers, have not been impacted and will continue to function independently.
Source credit - https://www.prnewswire.com/news-releases/cox-enterprises-acquires-axios-media-inc-301601524.html