Nexstar, the local broadcasting giant that recently bought The Hill for $130 million, is mounting an aggressive acquisition campaign, sources tell Axios.
Details: The company is going after smaller media companies that cover the three pillars of its content strategy: sports, news, and weather.
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According to two sources familiar with the deal conversations, Nexstar is trying to invest in smaller companies across digital and audio that can help bolster the digital presences of its local TV stations.
One source called Nexstar "thirsty," given how aggressive it is being in pursuing full acquisitions over shared content and distribution partnerships.
The big picture: Many media companies are looking to grow in scale by acquiring smaller players, as doing so allows them to stay independent, instead of needing to be acquired or merge with another company.
Crain Communications, one of the largest privately held business media publishers, is eyeing several small-scale acquisitions, two sources tell Axios. The company is eyeing smaller, distressed assets that can help it scale across new verticals.
Ozy Media, executives told Axios last week, has named billionaire businessman Marc Lasry as its chairman. Lasry said he intends to use his existing relationships with firms like Goldman Sachs and Morgan Stanley to help the company do more deals.
Go deeper: GovExec completes 9th acquisition as revenues double