The article presents a network analysis of 22,861,013 geocoded external hyperlinks, collected from 230 Danish, 220 Norwegian and 208 Swedish news websites in 2016. The analysis asks what the structural properties of the Scandinavian media systems—including its geography and ownership structures—mean for news outlets’ centrality within the hyperlinked news ecology. The analysis finds that whereas incumbent legacy media occupy central positions, about one third of the network is absent from the hyperlinked interaction, primarily local, independently owned newspapers. A multiple linear regression analysis shows that national distribution and corporate ownership correlates to network centrality more than other predictors. As brokers in the network consist of the large, legacy, capital-based news organisations, hyperlink connectivity is primarily characterised by proximity to the centres of power, corporate ownership, agenda setting incumbency and national distribution.