The digital media company, Axios on Monday announced that it agreed to sell itself to Cox Enterprises. The deal is to close this month with the value of Axios being $525 million.
Founders of the company, Jim VandeHei, Roy Schwartz, and Mike Allen would hold the position of minority shareholder and make day-to-day newsroom and business decisions. The chief executive and chairman of Cox Enterprises, Alex Taylor is to join the Axios board as well.
Taylor in his statement says, “We’ve been in the news business for 124 years, and this speaks to the legacy our grandparents left us.” Cox Enterprise held a company in Atlanta which generates most of its revenue from cable and broadband, the deal with Axios is an extension of the same passion.