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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

3 hours ago - World

Biden will move U.S. troops to Eastern Europe "in the near term"

President Biden boards Air Force One at Joint Base Andrews on Jan. 28. Photo: SAUL LOEB/AFP via Getty Images

President Biden said on Friday he plans to move U.S. troops to Eastern European and NATO countries “in the near term.”

Driving the news: “Not too many” U.S. troops, Biden added in remarks to reporters at Joint Base Andrew upon returning from a trip to Pennsylvania. 

Updated 3 hours ago - Energy & Environment

Bomb cyclone prompts blizzard warnings from Virginia to Maine

Computer model projection showing the intense storm off of Cape Cod on Jan 29, 2022, with heavy snow and strong winds lashing the coastline. (Weatherbell.com)

Blizzard warnings are in effect for 11 million people from coastal Virginia to eastern Maine as a potentially historic winter storm is set to slam the Mid-Atlantic and Northeast beginning Friday.

Why it matters: The storm will bring hazards ranging from zero visibility amid hurricane force wind gusts and heavy snow, to coastal flooding that will erode vulnerable beaches and threaten property from the Jersey shore to coastal Massachusetts.

Updated 7 hours ago - Politics & Policy

Swastikas found outside Union Station in D.C.

People walk through Union Station on Jan. 16 in Washington, D.C. Photo: Spencer Platt/Getty Images

Drawings of swastikas appeared etched around the entrance to Union Station in Washington, D.C., on Friday morning.

Driving the news: "An investigation is underway with Amtrak Police and the Metropolitan Police Department after swastikas were reported on the exterior of Washington Union Station on Friday," Amtrak spokesperson Kimberly Woods said in a statement to Axios.