It has over 300 clients.īe smart: Axios launched with a mission to deliver news to professionals in a simple format that helps them get smarter faster across an array of topics, including politics, science, business, health, tech and media. This year it will bring in roughly $6 million in annual recurring revenue. Axios HQ is being spun off with some seed capital and plans to raise money early next year to fuel its growth as an independent firm.The deal is structured to incentivize Axios' management and current employees to stay with the outlet and continue growing its business. Axios' management will maintain control of the company's editorial direction and day-to-day operations.Axios will still control the board of Axios HQ, where Cox will have one of three board seats.Taylor will take one of the four board seats.Cox will control the board of Axios' media arm with four board seats, and Axios' three co-founders - VandeHei, Mike Allen and Schwartz - will remain on Axios' board.It has been reported that Axios projects it will reach $100 million in revenue for 2022. It allows us to think and operate generationally, with a like-minded partner - and build something great and durable that lives long after we are gone,” Axios CEO Jim VandeHei said.ĭeal terms: The deal values Axios at $525 million, the sources said. “This is great for Axios, for our shareholders and American journalism.
#Allen schwartz software
Axios will spin off its software arm, Axios HQ, into a separate, stand-alone company led by Axios president Roy Schwartz.Eventually, it hopes to be in hundreds of cities. Axios Local currently operates in 24 cities and plans to expand its coverage to 30 U.S.Local watchdog journalism is so important to the health of any community, and no one is more focused on building that out nationally than Axios," Cox chairman and CEO Alex Taylor said.ĭetails: The deal, which was signed Sunday, includes an additional new investment of $25 million in Axios' media arm to help the company expand across its local, national and subscription news products. "A big part of this investment is to expand the number of local markets we serve. It wants to ensure local news remains a part of its legacy in the digital era. Cox is a multigenerational, family-owned business that got its start in local newspapers.In 2020, it began a significant expansion into local news. Axios was founded in 2016 by the same leaders who built Politico, with a focus on politics, tech and business.Why it matters: 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 cash deal values the company at $525 million, according to sources familiar with the deal. Axios has signed a deal to sell to its most recent lead investor, Cox Enterprises, the companies announced Monday.
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