Axel Springer Is in Talks to Buy Axios

Axios co-founder Mike Allen. Photo by Bloomberg.

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German media conglomerate Axel Springer is in talks to acquire Axios, according to people familiar with the matter, continuing a consolidation of the digital media sector. The valuation under discussion is around $400 million, said one of the people.

Axel Springer already owns Insider and is an investor in Group Nine Media, owner of digital sites such as The Dodo and news site NowThis.

Axios, started by journalists Jim VandeHei and Mike Allen in 2016, was recently in talks to merge with sports-focused digital media company The Athletic but those talks are no longer active, The Wall Street Journal reported.