Cox Enterprises announced Monday that it has acquired digital media company Axios as part of its ongoing effort to further diversify its conglomerate.
Financial terms of the transaction were not disclosed.
However, according to two people familiar with the matter, the New York Times previously reported that thedeal was valued at $525 million by Axios . reported.
Axios co-founders Jim VandeHei, Mike Allen, Cox Enterprises will continue to lead editorial decisions for Axios, Roy Schwartz said in a statement.
Cox, which operates Cox Automotive and Cox Communications, also owns the Atlanta Journal-Constitution, Dayton Daily News, and other Ohio newspapers.
