IRVING, TX (August 20, 2021) – Nexstar Media Inc., a wholly owned subsidiary of Nexstar Media Group,
Inc. (Nasdaq: NXST), today announced the acquisition of The Hill for $ 130 million (plus working capital
adjustments), as part of a transaction that is expected to have an immediate impact on Nexstar’s operating results.
The Hill is the country’s leading independent political digital media platform. The acquisition marks a
continuation of Nexstar’s content-first strategy, focused primarily on news, designed to leverage more
and monetize its vast digital reach.
The Hill is a leader in political news with 48 million average monthly users and 2.2 billion total pageviews
in 2020 according to Comscore; it has attracted more than 4 million followers and 914 million videos viewed on
Twitter and received five times more interactions on Facebook than other political news sites. The
the acquisition of The Hill complements Nexstar’s leading digital platform, which has achieved record growth and
audience engagement in 2020, ranking # 1 in local news for every month of the year and hitting a record high
KPIs including average monthly users of 91 million and 7.8 billion pageviews
according to Comscore. Together, The Hill and Nexstar are used by a third of all US digital media viewers.
With over 100 journalists covering current affairs and political events and providing a wide variety of
engaging content for its users, The Hill’s business model is primarily advertising supported by
programming and licensing revenues. Nexstar’s omnichannel approach to content distribution will enable
to expand The Hill’s reach and revenue channels while creating synergy opportunities with
growing national cable news network, NewsNation, and its leading local news gathering platform, which
has 5,500 journalists producing more than 275,000 hours of local and national news per year.
Commenting on the transaction, Tom Carter, President and COO of Nexstar said:
Accelerating Acquisition of Independent Political Digital Media Platform from The Hill Marks Continuous Progress
with Nexstar’s ‘content-driven strategy’ and reflects our organization-wide commitment to providing reliable services,
impartial and factual journalism that engages and informs our audiences on all screens and devices.
The Hill has a nationally recognized brand, known for its balanced political reporting, as well as its
genuine opinions and perspectives, and is highly complementary to Nexstar’s national cable news
network, NewsNation. According to the Ad Fontes Media Bias Chart of January 2021, The Hill and
NewsNation are two of the most centrist of the major news organizations in the United States
“The Hill Acquisition presents the Company with a new, fast-growing and profitable digital policy
Platform. Jimmy Finkelstein, owner and president of The Hill, has done a great job creating a
national brand with high profitability. The Hill marks the second digital transaction under our ‘content
first ”, following the acquisition in December 2020 of BestReviews, which already benefits from
its integration into the Nexstar digital network. Going forward, Nexstar will continue to focus on certain
strategic and profitable digital investments to complement, operate and develop our content offerings.
Karen Brophy, President of Nexstar Media Inc., Digital, added, “The Hill is a robust digital media platform.
with engaging content and products. With Nexstar, the combined digital network offers
extremely valuable and brand-safe environment for advertisers and other advertisers to achieve growing digital
informed and intention-driven consumer audience. As the largest local broadcast and media in the nation
company, Nexstar is uniquely positioned to accelerate the growth of The Hill and further penetrate the enormous
political information market to increase audience share and increase content monetization.
Jimmy Finkelstein, President of The Hill, added: “It has been an honor to lead and transform The Hill into
the first medium that it is today. With the help of HRS Management, we have significantly increased
the company and the public. We are confident that Nexstar will continue to accelerate this formidable
Bret Pearlman of HRS Management, The Hill’s largest investor, said: “We are delighted to have
have been investors in The Hill and partners of Mr. Finkelstein for the past five years as he and the
the management team transformed the company into a digital media powerhouse. With a solid foundation
in place and unique in the market, we are convinced that the future of the company is extremely
About Nexstar Media Group, Inc.
Nexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company that takes advantage of localism
bring new services and value to consumers and advertisers through its traditional, digital and
mobile media platforms. Its wholly owned operating subsidiary, Nexstar Media Inc., consists of three
divisions: Broadcasting, Digital and Networks. The Broadcasting Division operates, programs or provides
sales and other services to 199 television stations and related digital multicast signals reaching 116
markets or roughly 39% of all U.S. TV homes (reflecting the FCC’s UHF discount). The
the division’s portfolio includes the main subsidiaries of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. The
The digital division operates 120 local websites and 284 mobile apps offering hyper-local content and verticals
for consumers and advertisers, allowing audiences to choose where, when and how to access content
and create new income opportunities for the business. The Networks Division operates NewsNation,
formerly WGN America, a national cable news and entertainment network reaching 75 million televisions
homes, Antenna TV multicast network and WGN Radio in Chicago. Nexstar also owns a 31.3% stake
stake in TV Food Network, a leading cable asset. For more information, please visit www.nexstar.tv.
About La Colline
The Hill is a leading source for political and political news coverage in the United States and is now the largest
independent political site in the country.
About human resources management
Founded in 2010, HRS Management, LLC (HRS) is the private investment office of Josh Harris, co-founder of Apollo Global Management, Inc. HRS maintains a diversified portfolio, investing in several
industries, strategies and asset classes. The company has offices in New York and Miami.
This communication includes forward-looking statements. We based these prospects
statements about our current expectations and projections for future events. Forward-looking statements
include information preceded, followed by, or which includes the words “orientation”, “believes”,
“Expects”, “anticipates”, “could” or similar expressions. For these statements, Nexstar claims that the
safe harbor protection for forward-looking statements contained in Private Securities Litigation
Reform Act of 1995. The forward-looking statements contained in this communication, concerning,
among others, future financial performance, including changes in net sales, cash flows and
operating expenses, involve risks and uncertainties, and are subject to change based on various
factors, including the impact of changes in national and regional economies, the capacity to serve and
refinancing of our outstanding debt, successful integration of acquired television channels and digital
companies (including the achievement of synergies and cost reductions), price fluctuations in
national advertising, future regulatory actions and conditions in the operating areas of television stations,
competition from others in the television broadcasting markets, volatility of programming costs, effects
government regulation of broadcasting, industry consolidation, technological developments and
major world news events. Nexstar makes no commitment to update or revise the
statements, whether as a result of new information, future events or otherwise. Faced with these risks,
uncertainties and assumptions, the forward-looking events mentioned in this communication may not
happen. You should not place undue reliance on these forward-looking statements, which speak only to
the date of this release. For more details on the factors that could affect these expectations, please see
Other documents filed by Nexstar with the Securities and Exchange Commission.
President and Chief Operating Officer
Nexstar Media Group, Inc.
972 / 373-8800
Lee ann gliha
Executive Vice-President and Chief Financial Officer
Nexstar Media Group, Inc.
972 / 373-8800
Joseph Jaffoni or Jennifer Neuman
212 / 835-8500 or [email protected]
Nexstar media contact:
Executive Vice President and Head of Communications
972 / 373-8800
James Finkelstein press contact:
347 / 225-5111
Media contact for human resources management:
Vice-President, Strategy and Communications
646 / 761-2638