Deals
Hearst Plans More Acquisitions in 2017 to Rely Less on Media
- ESPN streaming audience has ‘grown significantly,’ Hearst says
- Hearst spent more than $2 billion on deals in 2016, CEO says
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Hearst Corp., the publisher and TV station owner, will be an active buyer of companies in 2017 as part of an effort to cut its reliance on traditional media businesses, President Steven R. Swartz said.
The closely held company, which owns a stable of newspapers, magazines and TV stations, spent more than $2 billion in 2016 on acquisitions to “significantly reshape our business mix,” Swartz said in his annual year-end letter to staff.