Sports-media outlet the Athletic is in merger talks with news startup Axios, according to people familiar with the matter, part of a plan to build a larger online-publishing company that could include going public through a blank-check firm.
The plan under consideration calls for both the Athletic and Axios to continue operating as distinct digital properties, each with their own journalists and editorial products, one of the people said. Axios and the Athletic believe one potential growth area is selling subscriptions to businesses at a premium rate, according to the people familiar with the investor presentation. Mr. VandeHei and one of his co-founders, Axios President Roy Schwartz, helped create Politico Pro, a business-to-business publication, when they both worked at Politico.
Axios was launched by Messrs. VandeHei and Schwartz and journalist Mike Allen in 2017 after the trio left Politico. The company, which specializes in short, newsy stories and concise newsletters, generated more than $60 million of revenue last year and was profitable, The Journal reported. Last year, Axios said it was acquiring Charlotte Agenda, a digital-media publisher based in North Carolina, part of a plan to launch a local news business. The company also has launched newsletters in Denver, Des Moines, Iowa, and Florida’s Tampa Bay region.
The sports news outlet came to prominence as newspapers across the U.S. were losing large swaths of their staff through layoffs. Its co-founders recruited aggressively from the ranks of beat reporters and columnists in local markets, often offering big pay increases. It competes against a host of sites that mostly offer free sports content, including the Ringer, Bleacher Report, Yahoo Sports and ESPN.com.
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