Founders will continue to run the digital newspaper; the Axios HQ service will become an independent company
O axios announced this Monday (8.Aug.2022) which was sold to the media conglomerate Cox Enterprises. The value of the deal signed on Sunday (7.Aug) was US$ 525 million. The transaction must be finalized by the end of August.
Vehicle founders Jim Vandehei, Mike Allen and Roy Schwarts will continue to run the company. Alex Taylor, chief executive and chairman of Cox Enterprises, will occupy the 4th seat of the board.
according to axiosthe deal also envisages a new investment of $25 million to help the company expand its local, national and subscription news services.
“The deal is structured to ensure that investments continue to flow into local news at a time when most commercial investors have abandoned the market”said.
The digital newspaper currently operates in 24 US cities and plans to expand coverage to 30 US cities by the end of the year. The vehicle is also expected to reach revenue of $100 million in 2022.
With the purchase, Axios HQ, software created by the North American newspaper for companies that want to improve their internal communication systems, becomes a separate company.
It will be led by the president of the digital newspaper, Roy Schwartz. Cox Enterprises will be entitled to one of the 3 Axios HQ board seats.
The service, which has more than 300 customers, also plans to raise investments in early 2023 in order to “drive your growth as an independent company”.
MODEL
O axios was founded in 2016 with a focus on coverage of politics, economics and technology. In 2020, it started publishing newsletterswhen the newspaper annexed the Charlotte Agenda news agency – today, Axios Local.
management created newslettershort and free s, with themes about business, urban mobility and local government. This business model was one of the inspirations for the Power 360 it’s the Premium Drive. The digital newspaper and the newsletter are inspired by the best practices of digital native US companies that emerged in the 21st century, including the Political it’s the axios.
PREMIUM DRIVE
the team of Power 360 produces the editions of Premium Drivethe best-informed publication on matters of power and politics.
O drive anticipates facts, analyzes and sends exclusive news to the subscriber’s email at 6 am, around noon and in the early evening. At the same time, if the reader wishes, he receives alerts via WhatsApp or Telegram.
O drive it is the best way to follow what is happening in the Executive, Legislative, Judiciary, civil society and in all sectors that influence national life. THE newsletter it is a unique and essential tool for those who need to make decisions taking into account the country’s situation and future scenarios. It is offered in the form of paid corporate subscriptions (for companies and for email packages).
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