Scripps acquires Newsy for $35 million
Michelle Clancy | 11-12-2013
Scripps has acquired Columbia-based digital video news provider Newsy – a five-year-old start-up that takes a multisource, multi-platform approach to storytelling – for $35 million. Newsy will become a news source on the Scripps digital products in local markets across the country.
"Newsy adds an important dimension to our video news strategy," said Rich Boehne, Scripps chairman, president and CEO. "It's a next-generation news network designed and built exclusively for digital audiences. Newsy's uncommon approach to curation and storytelling has helped it build a strong national brand, which fits well with both our current media assets and our ambitions to further develop digital media businesses."
Newsy produces and curates video news reports for Web, mobile, tablet and connected TV, allowing its audience access to a variety of news and information sources. Its revenue comes from advertising on its digital products, selling news and original content to major digital journalism brands that include AOL/Huffington Post, Microsoft and Mashable, and syndicating its content.
He added: "This acquisition fits our digital strategy to run a national news brand that both enhances our local content offerings and gives us more access to the fast-growing digital news audiences and revenues on national platforms."
The deal is expected to close on 1 January. Newsy's 35 full-time employees will continue to work out of the Columbia office.
"Scripps is committed to participating in the future of digital media," said Adam Symson, senior vice president and chief digital officer for Scripps. "Newsy is built for the digital audience, especially on the platforms we're seeing emerge now with highly connected consumers."