WSJ reports Axios is eyeing merger with the Athletic
Arlington news website would go public through SPAC, according to news reports
Arlington-based digital news company Axios Media Inc. is in discussions to merge with San Francisco-based sports media firm the Athletic, according to The Wall Street Journal, with the two companies potentially going public through a merger with a blank check company.
According to the article, negotiations are in early stages after the Athletic’s chief executive, Alex Mather, proposed the merger to Axios CEO Jim VandeHei last week. Options on the table include the two companies merging and going public through a special purpose acquisition company, or SPAC, the Journal reports. The two media outlets would continue operating independently under a combined corporate leadership, though it’s unclear which executive would take the lead role, according to the report.
Axios was co-founded in 2016 by VandeHei, a former Wall Street Journal and Washington Post journalist who also co-founded Politico. Axios earned more than $60 million in revenue during 2020. The company operates a daily news website and sends its content to more than 1.4 million subscribers via an array of specialized email newsletters. Axios also produces an HBO cable television news series as well as podcasts.