Axios, the digital media startup covering politics, technology and media, has agreed to be purchased by Cox Enterprises, the communications, automotive and media company. The value of the deal for Axios Media was $525 million, according to a source familiar with the transaction and other reports. Cox Enterprises bought a stake in Axios last year.
The news organization that prides itself on short-format writing has big plans to expand in local news, paid newsletters and even the emails sent by your bosses.
German media conglomerate Axel Springer is in talks to acquire Axios, according to people familiar with the matter, continuing a consolidation of the digital media sector. Axel Springer already owns Business Insider and is an investor in Group Nine Media, owner of digital sites such as The Dodo and news site NowThis.
Axios, the Washington-area-based national politics site, says it will establish online newsletters focusing on news in eight places this year, with a goal of expanding to 50 by the end of next year. The initial list comprises D.C.; Atlanta; Chicago; Dallas; Philadelphia; Columbus, Ohio; Nashville; and northwest Arkansas.
The site focuses on service journalism for North Carolina’s largest city. Now it has been scooped up in a deal valued at nearly $5 million and will be a partial model for other cities. Above, T
In a company memo, Jim VandeHei, the chief executive of the politics news site, said he supported staff members’ right to march, adding that the publisher would cover bail for any employee who is arrested.
Axios’ bi-weekly news series for HBO is ramping up production and moving to Monday nights. The company’s co-founder and CEO Jim VandeHei wants the show to wield an influence similar to 60 Minutes for a new generation.
Axios has decided to do away with the established model for digital publishers’ video businesses. It is no longer producing editorial videos to distribute primarily on its site or platforms like YouTube and Facebook. Less than 20 months after the news publisher’s January 2017 launch, Axios announced a deal in August 2018 to produce a documentary news show for HBO that premiered three months later, was renewed in February 2019 for a second season and on Oct. 8 was picked up for two more seasons.
The media startup plans to use some of the financing to expand its capacity for data analysis, product development and audience growth, as well as developing new coverage areas and increasing staffing.
The much-chattered about startup from Jim VandeHei and Mike Allen is getting a key early boost from partner NBC News, Erik Wemple writes. It’s happening through four events on health care, energy, economy, and infrastructure that will be hosted by NBC’s Chuck Todd, and its Axios AM ads are fetching between $50,000 and $60,000 per week right out of the gate.