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Nexstar Media Group, the local TV station giant, is buying the Washington D.C. news outlet The Hill for $130 million, the company said Friday.
Nexstar has made expanding its national news operations a a top priority, with The Hill joining its NewsNation cable news channel in its stable of news brands.
The company cited the January 2021 Ad Fontes Media Bias Chart, which positioned The Hill and NewsNation as “two of the most centrist of leading news outlets in the U.S.”
Indeed, in the official announcement of the deal, the company said there are “synergistic opportunities” between The Hill and NewsNation, with likely overlap in content, advertising, and business opportunities.
Nexstar rebranded its WGN America channel as NewsNation earlier this year, promising an “unbiased” alternative to the existing cable news competitors. After a soft launch, the company brought on former Good Morning America executive producer Michael Corn as president of NewsNation, and has tapped Dan Abrams to host a new primetime program.
The local TV giant continues to pursue acquisitions, with an emphasis in the digital space.
Nexstar president and COO Tom Carter said in a statement Friday that “The Hill marks the second digital transaction under our ‘content first’ strategy, following the December 2020 acquisition of BestReviews, which is already benefiting from its incorporation into Nexstar’s digital network. Going forward, Nexstar will continue to focus on select strategic, accretive digital investments to complement, leverage and scale our content offerings.”
“Together with Nexstar, the combined digital network offers an extremely valuable, brand-safe environment for issue and other advertisers to reach a growing digital audience of informed, intent-oriented consumers,” said Karen Brophy, Nexstar’s president of digital, in a statement. “As the nation’s largest local broadcast and media company, Nexstar is ideally positioned to accelerate The Hill’s growth and further penetrate the massive political news market to grow audience share and drive increased content monetization.”
Jimmy Finkelstein, who has owned The Hill since 2012, has been trying to sell the brand in recent years, at one point seeking more than $300 million for the outlet.
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