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Photo by Jamie McCarthy/WireImage

Jimmy Finkelstein, most recently the owner of The Hill, is planning to launch a new media company, sources tell Axios.

Why it matters: Finkelstein sold The Hill, a D.C.-based political newspaper, to Nexstar in August for $130 million.

Details: Finkelstein is looking to raise money in addition to using some of his own capital, sources tell Axios.

  • The company will include digital, streaming, and social media components across an array of topics, primarily news, politics, sports and entertainment.
  • The entity will be based in Florida, where Finkelstein now resides, but will have offices in major cities in the U.S.
  • Finkelstein is looking to hire hundreds of reporters and staffers for the venture.

The big picture: Finkelstein has been a long-time media investor and entrepreneur.

  • He co-founded a media holding group that purchased outlets like Adweek, Billboard and The Hollywood Reporter from Nielsen in 2009 and bought out of that investment in 2013.

What to watch: Finkelstein has been eyeing a number of other media investments over the past few months, including The Miami Herald, according to one source familiar with the conversations.

  • Finkelstein says he can’t comment on anything he’s looked at.

Go deeper

Jan 11, 2022 - Economy & Business

Media experts sound alarm on rise of paywalled content

Illustration: Sarah Grillo/Axios

It’s a bull market for media companies targeting high-end readers, with Justin Smith and Ben Smith joining the likes of Puck, Air Mail, The Information, Axios, Punchbowl News, and others targeting influential, wealthy individuals with new digital publications.

Why it matters: "In this commercial environment, quality is being supported by paying audiences," said Rodney Benson, chair of NYU's Department of Media, Culture, and Communication. "Obviously, long-term, this is going to have tremendously negative civic effects."

Jan 11, 2022 - Economy & Business

Candle Media acquires Faraway Road Productions amid buying spree

Candle Media, a new media rollup company backed by Blackstone and led by former Disney executives Tom Staggs and Kevin Mayer, has acquired Faraway Road Productions, the content studio behind Fauda.

Why it matters: It's the latest production studio to be snapped up by the pair. They are looking to create a global media company via rollup brands that they can one day take public, per The Information.

China builds its own movie empire

Expand chart
Data: Gower Street citing Comscore; Chart: Kavya Beheraj/Axios

China blocked all four of Disney's Marvel movies from being released in its theaters last year, a grim sign for U.S. film giants being squeezed out of the world's fastest-growing box office.

Why it matters: The Chinese Communist Party is using domestic films as a key conduit for mass messaging aimed at achieving political goals, leaving little room for foreign views.