(NEXSTAR) — Nexstar Media Inc., the parent company of this website, has reached an agreement to acquire The Hill in a move that is expected to add political reporting depth to an organization that currently operates the nation’s largest network of local television stations and affiliated websites.
Founded as a newspaper in 1994, The Hill has established itself as a comprehensive, balanced source of congressional news and policy coverage across print and digital formats.
The $130 million acquisition, announced Friday, is expected to extend Nexstar Media’s reach to a third of all U.S. digital media viewers. The deal is also expected to provide synergistic growth opportunities for Nexstar’s emerging national cable news network, News Nation.
“The Hill has a nationally recognized brand known for delivering balanced political reporting, as well as authentic opinions and perspectives, and is highly complementary,” Tom Carter, Nexstar President and Chief Operating Officer stated in a press release.
The deal is the culmination of years of growth under The Hill Chairman Jimmy Finkelstein.
“It has been an honor to lead and transform The Hill into the premier news outlet that it is today,” Finkelstein said of the acquisition.
Comscore data shows The Hill garnering 48 million average monthly users in 2020, adding heft to Nexstar’s local news category-leading 91 million monthly users.
“The Hill is a robust digital media platform with engaging content and products,” said Karen Brophy, Nexstar Media Inc. President, Digital. “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.”
The deal is the second major acquisition in the digital space for Nexstar over the last year. In December 2020, Nexstar purchased BestReviews, an online product review website that has since been integrated into the company’s digital division.