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Nexstar Media acquires The Hill for $130M. Nexstar, which became the largest owner of local TV stations in the country following its 2018 acquisition of Tribune Media, says the deal will allow the company to expand its digital reach and political coverage. It also says that the combination of The Hill and Nexstar are used by a third of all US digital media viewers, with the transaction making Nexstar the fourth-largest digital news property in the country, ahead of Fox, ABC, CBS, the New York Times and BuzzFeed. The Hill owner Jimmy Finkelstein, who is leaving the company, says the platform is highly profitable, with revenue growing 50 percent annually. According to Comscore, The Hill had 48 million average monthly users and 2.2 billion total pageviews in 2020. “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,” said Nexstar president and COO Tom Carter.
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The Washington Post is bolstering its TikTok team. The company is looking for an associate producer and community editor to expedite the growth of the channel and focus its strategy on topics that resound with the audience. The Post says that the TikTok channel is its most popular channel, with more than one million followers. It currently produces 10 TikToks per week, addressing topics covered by the paper. “When we launched our TikTok channel two years ago, we saw an opportunity to deliver the news in a unique way and reach new audiences,” said director of editorial video Micah Gelman.
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ONYX Media launches EMPOWER ONYX, a diverse multi-channel platform celebrating the stories and transformative power of sports for Black women and girls. Each week, ONYX Media will create and distribute content on empoweronyx.com and social channels as well as distribute content to mission-aligned organizations. Produced in partnership with Sports Illustrated, the content will focus on and feature stories of Black women who are pioneers, innovators and creators, employing in-depth profiles, articles, podcasts and documentaries. “Our goal is to foster an environment allowing Black women and girls to share information, inspirational stories and intimate conversations about their successes, journeys, as well as their struggles,” said ONYM Media CEO Michelle Blake-Wilson.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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