If there was ever a statement that solidified Nexstar Media Group’s commitment to covering Capitol Hill, this is it.
The media company known for its ownership of broadcast TV stations and the struggling NewsNation has agreed to acquire one of the leading political news brands covering Congress and the Federal government in Washington.
For $130 million, Nexstar is buying The Hill.
“With more than 100 journalists who cover political news and events and provide a wide variety of engaging content to its users, The Hill’s business model is primarily advertising supported by direct, programmatic, and licensing revenue,” Nexstar said, noting that its “omni-channel approach to content distribution” will allow it to expand The Hill’s reach and revenue channels while creating synergistic opportunities with Nexstar’s NewsNation.
Commenting on the transaction, Nexstar President/COO Tom Carter said, “The accretive acquisition of The Hill’s independent, political digital media platform marks continued progress with Nexstar’s ‘content-first strategy’ and reflects our organization-wide commitment to deliver trusted, unbiased, fact-based journalism that engages and informs our audiences across all screens and devices. The Hill has a nationally recognized brand known for delivering balanced political reporting, as well as authentic opinions and perspectives, and is highly complementary to NewsNation.”
The Hill marks the second digital transaction under Nexstar’s “content first” strategy, following the December 2020 acquisition of BestReviews.
Bret Pearlman of HRS Management, the largest investor in The Hill, commented, “We are pleased to have been investors in The Hill and partners with [Chairman Bill] Finkelstein for the past five years as he and the company’s management team transformed the business into a digital media powerhouse. With a strong foundation in place and unique offering in the market, we are confident that the future of the company is extremely bright.”