Axios agrees to be acquired by Cox Enterprises for $525 million

Axios on Monday announced that it is being acquired by Cox Enterprises, as the company plans to expand its news site’s coverage to more cities.

"A big part of this investment is to expand the number of local markets we serve. 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.

The deal is valued at $525 million.

Co-founders of Axios Jim VandeHei, Mike Allen and Roy Schwartz will remain on the company’s board, the companies said in a release. The co-founders will continue to manage its day-to-day operations.