Wednesday, December 7

‘Axios’, the ‘star’ of US online ‘new journalism’, sold for 525 million dollars


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In its five years of existence, ‘Axios’ has reinvented American political and economic journalism, the result has been spectacular

Headquarters of Cox, a company that has acquired AxiosAP

‘Smart brevity’, which comes to mean ‘intelligent brevity’. That is the slogan of the web ‘Axios‘. And, apparently, it is a slogan that the company has internalized. After barely five years of existence, this American news website, specialized in political and economic information, It has been sold for 525 million dollars (515 million euros), which is approximately five times its annual turnover. the buyer is Cox, a family business with two very different branches of activity: one, automotive components; the other, from newspapers.

In its five years of existence, ‘Axios’ has reinvented American political and economic journalism. In a world in which everyone suffers from a lack of attention, their news is, more than brief, schematic. Few of his articles require more than three minutes of reading to reach the end. The style, moreover, is more that of a presentation than that of a journalistic text, purely schematic, and the design is totally adapted to the mobile phone. This is combined with a massive use of ‘newsletters’ and agreements with other media, including HBO television, with which ‘Axios’ has produced programs in which they provided the content, and their partners, the audience. .

The result has been spectacular. Although Axios does not publish its results, since it is not listed on the Stock Exchange, it has been profitable since 2020, despite the fact that that was the year in which the Covid-19 hit the United States, according to the ‘Wall Street Journal’. The company has grown almost without interruption since the time it was created. It started out as a company specializing in political news from Washington. From there I went to economics. And then to local information, with the creation of units throughout the United States. That’s where your integration into Cox Communications makes the most sense, since that company owns several regional newspaper titles in the US Midwest. The American local press is on the verge of extinction, and the Axios formula seems to be the only one capable of guaranteeing its viability.

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Thus, Axios becomes another of the American ‘new media’ that, after a few years of existence, is acquired by a company in the sector that has been operating for decades. This is the case of ‘Athletic’a sports website created in 2016 that the ‘New York Times’ bought for 550 million dollars in January, with the aim of gaining an audience, since it is not profitable. They are also in that group two assets acquired by the German Axel Springerwho allocates the money he earns from the tabloid tabloid ‘bild‘ to buy serious media: ‘Business Insider‘ (created in 2007 and sold in 2017 for 343 million, and ‘Poltico’, which was born in 2007 and was sold last year for a figure that was not made public but exceeded 1,000 million dollars. Each of these media It has a very different character and style, which seems to indicate that there is no single formula for success on the Internet.

Precisely, ‘Axios’ was born as an offshoot of ‘Politico’, when one of the two founders of this medium, Jim VandeHei, left slamming the door, for reasons that have never been well explained. VandeHei took with him Mike Allen, the ‘star’ of the publication.

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