Arlington media company Axios has agreed to sell itself to its lead investor for $525 million with an eye toward significantly beefing up its coverage of local news
Axios, established in 2016 by the journalists who founded Politico, said Monday the deal with Cox Enterprises will include an “immediate” $25 million investment into Axios’ media arm to help it expand its local, national and subscription news products.
Cox Chairman and CEO Alex Taylor said a key motivator for the acquisition is expanding Axios’ reach into more markets at a time when many local newspapers are closing or severely cutting staff. Axios launched its local news division in 2020 and now has about 75 reporters covering news in 24 cities across the U.S. It aims to be in 30 cities by the end of the year and eventually have a presence in hundreds of markets.
Axios employs some 500 people across the company.
“A big part of this investment is to expand the number of local markets we serve. Local watchdog…
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