E.W. Scripps Co. has acquired Newsy, a Columbia-based provider of digital news videos, for $35 million in cash. The purchase is part of a push by Scripps, a Cincinnati-based company that owns newspapers, television stations and digital media properties, to further develop its digital presence.
Newsy produces reports on the day’s top stories, taking bits and pieces from other media to create original videos that can be viewed on the web and mobile devices. Founded in 2008, the company says it now produces 1,500 videos each month and generates 100 million unique video views per month. Newsy produces content for major digital brands including AOL/Huffington Post, Microsoft and Mashable.
“Newsy adds an important dimension to our video news strategy,” Rich Boehne, Scripps chairman, president and CEO, said in a statement. “It’s a next-generation news network designed and built exclusively for digital audiences.”
Newsy founder and CEO Jim Spencer said Scripps shares the same mission as his company. “Leveraging the power of Scripps and Newsy together means reaching more consumers with the quality journalism they expect on a larger variety of platforms,” Spencer said in a statement.
Newsy will operate as a wholly owned subsidiary of Scripps after the deal closes. That’s expected to happen Jan. 1. Newsy’s 35 full-time employees and its part-time employees will remain in Columbia, Scripps said.
Privately held Newsy had raised a total of $3.5 million in funding from investors before the acquisition.
For more on Newsy, see the video explainer below.