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Cox Enterprises, owner of The Atlanta Journal Constitution and Dayton Daily News has agreed to buy Axios Media, political news and analysis site, for $525M.
Axios co-founders Jim VandeHei, Mike Allen and Roy Schwartz will continue to lead the editorial and day-to-day operations of the site that launched in 2017.
VandeHei called Cox Enterprises, which was founded in 1898, “a kindred spirit for creating a great, trusted, consequential media company that can outlast us all."
Cox Enterprises CEO Alex Taylor said Axios “plays a critical role in delivering balance, trusted news that people need.” His company looks forward to helping Axios scale and grow.
Axios, which has more than 500 employees, owns 19 newsletters, a website and podcasts.
Its Axios HQ communications software arm will be spun off as an independent company.
Germany’s Axel Springer publishing giant had tried to acquire Axios last year but the deal fell through.
Axel Springer bought Politico in 2021 for $1B. VandeHei, Allen and Schwartz are veterans of Politico.
Cox Enterprises invested in Axios last fall.
Fox Corp. reports fiscal Q3 revenues plummeted 15.4 percent to $3.4B from the year ago period that included the broadcast of advertising-rich Super Bowl LVII.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
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Aug. 9, 2022, by Joe Honick
When all may be said and done, still more acquisitions will happen until it will be impossible to know who is really owned by whom but with everyone promising to be reliable and trustworthy like the Boy Scouts, and look what happened to them?