Scripps to buy Newsy for $30 million
E.W. Scripps is acquiring digital news video company Newsy for $35 million. Scripps is known for owning 19 local TV stations and newspapers in 13 markets across the U.S. Newsy will become a subsidiary of Scripps. Newsy works with MSN, AOL, Huffington Post, and Mashable. The company produces 1,500 videos per month. Newsy was founded in 2008 and raised $3.5 million in funding. Newsy started with 4 employees in 2008 and now has around 35 full-time employees.
“Scripps is committed to participating in the future of digital media,” stated 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.”
Newsy’s full-time employees and part-time employees will continue to maintain operations in Columbia, MO.
“We are proud to be joining with Scripps, which shares our values of innovation and editorial integrity,” added Newsy founder and CEO Jim Spencer.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry