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Axios sells itself to Cox Enterprises, Carlyle CEO to step down, CVS and Pfizer look to expand

Yahoo Finance's Julie Hyman breaks down leading business headlines today regarding M&A activity and leadership changes.

Video Transcript

[MUSIC PLAYING]

JULIE HYMAN: Just breaking in the last hour or so, digital media company Axios has agreed to sell itself to Cox Enterprises for $525 million. That transaction could be set to close this month. The company's three founders-- that is, Axios-- will be minority shareholders and will continue to make day-to-day newsroom and company decisions. Cox Enterprises CEO and chairman Alex Taylor will join the Axios board. Axios, remember, was founded in 2017 and is now selling to Cox at roughly 5 times its projected 2022 revenue.

Private equity giant Carlyle Group CEO Kewsong Lee is stepping down in an abrupt departure. Lee will leave the firm when his five-year employment agreement ends in a few months. And co-founder and former co-CEO of the firm, William Conway, will step in as interim CEO. Lee became the sole CEO of Carlyle in 2020 after serving as co-CEO with firm veteran Glenn Youngkin. Lee's departure comes 18 months after Carlyle announced a new plan to accelerate growth and increase shareholder value.

And dealmaking in the healthcare space as well, CBS seeking to buy Signify Health as it looks to broaden its in-home health service offerings. That's according to the Wall Street Journal. Signify is working with bankers to explore strategic alternatives. And initial bids are set to come this week, though shares surging today.

And Pfizer has agreed to buy blood disorder drug maker Global Blood Therapeutics in a $5.4 billion deal. That's a move that comes as Pfizer seeks out new products as waning pandemic concerns threaten revenue for its COVID-19 vaccine and its Paxlovid pill. Those Global Blood shares up by 4.4%.