Scripps Acquires Video News Provider Newsy.com - Video News Alert on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - December 11, 2013) - The E.W. Scripps Company (NYSE: SSP) has acquired video news provider Newsy.com for $35 million. Columbia, Missouri-based Newsy, a five-year old start-up, describes itself as a multisource video news service that highlights unique perspectives from across the media spectrum.
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Newsy's anchors deliver short news videos, which incorporate shorter videos from other news sources, giving viewers different perspectives. Its revenue comes from advertising on its digital products, selling news and original content to major digital journalism brands such as AOL/Huffington Post, Microsoft and Mashable, and syndicating its content.
Scripps, perhaps best known for its "Scripps Spelling Bee" educational program, delivers news through a growing portfolio of television, print and digital media brands. It owns 19 local television stations and daily newspapers in 13 markets across the United States, as well as an expanding collection of local and national digital journalism and information businesses.
Rich Boehne, Scripps president & CEO stated, "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 programs."
Adam Symson, senior vice president and chief digital officer for Scripps added, "Scripps is committed to participating in the future of digital media. Newsy is built for the digital audience, especially on the platforms we're seeing emerge now with highly connected consumers."
Newsy will operate as a wholly owned subsidiary of Scripps, and with 35 full-time employees that's a cool million per employee.
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Barry Morgan, CFO