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Aug. 8, 2022, 10:20 a.m. EDT

Axios to be bought by Cox Enterprises in a deal with a reported value of $525 million

Digital media company Axios said it has agreed to be acquired by privately held media company Cox Enterprises Inc., in a deal that reportedly values Axios at $525 million. The deal, which is expected to close within the next few weeks, includes an additional investment of $25 million in Axios' media arm to help it expand its subscription news products. As as part of the deal, Axios will spin off its Axios HQ software business into a separate standalone company. After the deal closes, Axios management will continue to control editorial direction and day-to-day operations, while Cox will control the board of Axios' media business. "A big part of this investment is to expand the number of local markets we serve," Cox Chief Executive Alex Taylor said.

Link to MarketWatch's Slice.