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Expand chart
Data: Axios research; Table: Axios Visuals

D.C.-based media companies that have enjoyed a robust advocacy and corporate social responsibility ad market in the wake of the pandemic are seeing valuations rise.

Driving the news: Axios on Monday told staffers in an internal note that the company raised a series D funding round from Cox Enterprises, Inc., valuing the company at $430 million. Axios will bring in roughly $85 million in revenue in 2021.

  • The investment signals that the company is looking to grow independently after sales talks ended with German publishing giant Axel Springer.
  • Axel Springer closed on its deal to buy Politico for roughly $1 billion two weeks ago. Politico sold for a multiple of 5x its annual revenue, which is roughly $200 million.
  • The Hill sold to Nexstar over the summer for $130 million, roughly 3x its 2020 annual revenue of $40 million.

Flashback: In 2013, Jeff Bezos bought the Washington Post for $250 million.

  • Three years ago, CQ Roll Call sold to FiscalNote for $180 million. As Axios noted, FiscalNote was at one point looking to go public via a blank check company at a valuation well north of $1 billion.

What to watch: Punchbowl News is on its way towards building a small D.C. empire.

  • In a memo to investors obtained by Axios, the company's founders say they've locked down a space for its HQ near Capitol Hill.
  • The company is "in the early stages of planning a new editorial business next year" and is overhauling its website and CMS.
  • The memo confirms a Wall Street Journal report that Punchbowl will bring in more than $10 million in revenue in 2021.
  • The company says paid subscriptions account for more than $1 million of its total revenue. The company also sells advertising and events.

Go deeper

Post-Thanksgiving shopping looks to make up for lost time

Illustration: Sarah Grillo/Axios

Americans are itching to get back into their holiday traditions this year — including the traditional post-Thanksgiving shopping blitz.

Why it matters: Black Friday and Cyber Monday aren't the seismic economic and cultural events they used to be, and supply-chain issues have put a damper on things this year, but retailers expect shoppers to come back after a year of isolation — and to spend big.

1 hour ago - World

Scoop: Iran preparing to enrich weapons-grade uranium, Israel warns U.S.

Iranian President Ebrahim Raisi holds a press conference. Photo: Presidency of Iran handout via Getty

Israel has shared intelligence over the past two weeks with the U.S. and several European allies suggesting that Iran is taking technical steps to prepare to enrich uranium to 90% purity — the level needed to produce a nuclear weapon, two U.S. sources briefed on the issue tell me.

Why it matters: Enriching to 90% would bring Iran closer than ever to the nuclear threshold. The Israeli warnings come as nuclear talks resume in Vienna, with Iran returning to the negotiating table on Monday after a five-month hiatus.

Biden: Fight against Omicron won't include "shutdowns or lockdowns"

Photo: Mandel Ngan/AFP via Getty Images

President Biden on Monday said that the new coronavirus variant, Omicron, is "a cause for concern, not a cause for panic."

Driving the news: Biden said later this week the administration will be releasing a strategy on how "we're going to fight COVID this winter. Not with shutdowns or lockdowns, but with more widespread vaccinations, boosters, testing and more."

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