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Photo: Andrew Harrer/Bloomberg via Getty Images

The Hill, a Beltway-based print publication that receives significant national traffic to its digital website, has sold to Nexstar for $130 million, Axios has learned.

Why it matters: The Hill’s owner, Jimmy Finkelstein, has been shopping the outlet around for months. Axios previously reported that it was in talks to sell to Nexstar earlier this summer.

In an email to staff, Finkelstein said, “We have done this with mixed feelings.  First, I realize with a heavy heart that it is time for me to move on to new ventures. Those will be known in the next several months. Yet at the same time I recognize with great pride all we have accomplished together and are about to produce.”

“I kept it probably longer than I would longer keep the property because I just really care about it … I’m going to miss The Hill a lot," Finkelstein told Axios.

The big picture: As Axios has previously reported, Finkelstein co-founded a media holding group that purchased outlets like Adweek, Billboard and The Hollywood Reporter from Nielsen in 2009. He was bought out of that investment in 2013.

  • The Hill, which was co-founded by Finkelstein's father in 1994, launched as a newspaper and has since expanded aggressively into digital. It's faced increasing pressure over the past 15 years as upstarts launched and expanded to cover D.C. and politics.
  • Despite increased competition, The Hill often receives more monthly unique visitors to its site than most of its Beltway peers, per Comscore.

What’s next: Finkelstein says he is “Looking for the right next media property” to buy.

Go deeper

Ben Geman, author of Generate
24 mins ago - Energy & Environment

China vows end to building coal-fired power plants abroad

Chinese President Xi Jinping. Photo: Mary Altaffer - Pool/Getty Images

Chinese President Xi Jinping told the United Nations General Assembly Tuesday that his country "will not build new coal-fired power projects abroad" and plans to boost support for clean energy in developing nations.

Why it matters: The pledge, if maintained, would mark a breakthrough in efforts to transition global power away from the most carbon-emitting fuel.

House Democrats strip Iron Dome money from government funding bill

Photographer: Sarah Silbiger/Bloomberg via Getty Images

House Democrats on Tuesday stripped $1 billion for Israel's Iron Dome defense system from its short-term government funding bill after backlash from progressives, people familiar with the decision tell Axios.

Why it matters: There has never a situation where military aid for Israel was held up because of objections from members of Congress. While the funding will get a vote in its current defense bill, the clash underscores the deep divisions within the Democratic party over Israel.

Oversight Board calls for more Facebook transparency

Illustration: Aïda Amer/Axios

The Facebook Oversight Board on Tuesday called on the social media giant to "commit to transparency" in the wake of a Wall Street Journal report last week that millions of high-profile users get special treatment by content moderators.

Why it matters: Although initially funded by Facebook, the Oversight Board operates independently as a kind of Supreme Court for the platform. The company has agreed to obey its rulings on specific content disputes, but the board's broader policy advice is strictly on a "recommendation" basis.