Media conglomerate E.W. Scripps is expanding into the digital video game with the acquisition of Newsy, a five-year-old video news startup that produces content for Web and mobile platforms. The deal, in which Scripps is paying $35 million for the startup, is expected to close on Jan. 1.
In a statement, Scripps chairman, president and CEO Rich Boehne explained, “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,” and noted that Scripps has plans to further develop its existing digital media businesses.
Newsy, which will continue to be based in its current home of Columbia, Mo., produces more than 1,500 videos per month. In addition to selling advertising and syndication rights to its videos, Newsy has content partnerships with publishers including AOL, the Huffington Post, Mashable and MSN. It also offers mobile news apps and a website.