Cox will accelerate expansion into more cities, more national topics and more premium content.
ATLANTA, Aug. 8, 2022 /PRNewswire/ -- Cox Enterprises announced the acquisition of Axios Media Inc., a company dedicated to delivering vital, trustworthy news and analysis in the most efficient ways possible. Cox Enterprises has a long history in media and is committed to scaling and expanding Axios into more cities, covering more national topics and more premium niches for professionals. This acquisition follows a previous investment by Cox Enterprises in the fall of 2021 and is part of Cox's ongoing goal to grow and diversify the company.
"With so much happening in the world, Axios plays a critical role in delivering balanced, trusted news that people need," said Cox Enterprises Chairman and CEO Alex Taylor, who will join the Axios board. "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."
Axios co-founders Jim 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.
"We have found our kindred spirit for creating a great, trusted, consequential media company that can outlast us all," said Axios CEO Jim VandeHei. "Our shared ambitions should be clear: to spread clinical, nonpartisan, trusted journalism to as many cities and as many topics as fast as possible."
Axios launched in January 2017 based on the shared belief that sharper, more focused, more efficient coverage was needed on the topics shaping the fast-changing world. The company is known for its Smart Brevity communication formula. It's built by journalists to prioritize essential news, explain its impact on readers and deliver both in a concise and visual format.
Cox Enterprises' current media companies — The Atlanta Journal-Constitution, Dayton Daily News and other Ohio newspapers — are not impacted by the deal and each will continue to operate independently.
The Axios communications software business, Axios HQ, will become an independent company majority-owned by the founders and will include Cox as sole minority investor. Jim VandeHei will be chairman of the board of Axios HQ and Roy Schwartz will be its CEO.
"We are excited about entering into this new chapter with Cox and the opportunities we can explore with Axios HQ as a separate business," said Roy Schwartz, president of Axios. "For both companies, our mission is to help as many people and companies get smarter, faster on what matters."
About Cox Enterprises
Cox Enterprises is dedicated to building a better future through our leading communications, automotive and media companies. Our major operating subsidiaries include Cox Communications and Cox Automotive, and we are strategically investing in new industries and emerging technologies, with sizeable interests in cleantech. Headquartered in Atlanta, Georgia, Cox is a global company with $20 billion in annual revenues. Founded in 1898 by Ohio Governor James M. Cox, the company is a family-owned business committed to its people, communities and planet. To learn more about Cox, visit coxenterprises.com.
Axios is a digital media company delivering trustworthy breaking news and invaluable insights to help readers and viewers get smarter, faster across the topics reshaping our lives in politics, tech, business, media, science and the world. Axios was created around a simple proposition: deliver the cleanest, smartest, most efficient, and trust-worthy experience for readers and advertisers alike.
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SOURCE Cox Enterprises