NEW YORK (AP) – It’s an old and new media marriage: Axios Media, the digital news site known for its to-the-point blurbs on politics, tech and business, is being acquired by Cox Enterprises, the media conglomerate that owns the Atlanta Journal-Constitution, the Kelley Blue Book and major broadband internet services.
Cox said Monday that it plans to push the online news provider into new markets while broadening its coverage “into more cities, covering more national topics and more premium niches for professionals.”
Axios, citing sources, reported that the deal is worth $525 million. In a story about the deal, Axios used its trademark “Why it matters:” section to explain the companies’ motives behind the acquisition.
“The deal is structured to ensure investments will continue to flow into local news at a time when most commercial investors have abandoned local markets,” the story says, adding that Axios began a “significant expansion” into local news in 2020.
For Cox, the deal may be speculative, but “they see it as a way forward, as there is still great loss and great change in local media,” said news media analyst Ken Doctor. The deal is a sign that media company sees Axios’s “low-cost model that is digital only” as one that might work in other, local markets.