Cox Enterprises said on Monday it has acquired digital media firm Axios as part of its ongoing efforts to further diversify the conglomerate.

The financial terms of the deal were not disclosed.

However, the New York Times earlier reported the deal valued Axios at $525 million, according to two people familiar with the matter.

Axios co-founders Jim VandeHei, Mike Allen and Roy Schwartz will continue to lead editorial decisions at Axios, Cox Enterprises said in a statement.

Cox, which operates Cox Automotive and Cox Communications, also owns the Atlanta Journal-Constitution, Dayton Daily News and other newspapers in Ohio.

  - Reuters