In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. The cash and stock deal values Gannett at about $1.4 billion. Your email address will not be published. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Except to the extent required by law, New Media and Gannett expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. New Media Investment Group, Inc. is a development stage company. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. Several other billionaires, including Comcast CEO Brian Roberts and Liberty Media Chairman John Malone, own or control cable TV networks that are powerful but not primarily news focused. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. Patrick Soon-Shiong Tribune Publishing Co. OnMay 23, Tribune Publishing Co. announced that L.A. doctor and pharmaceutical billionairePatrick Soon-ShiongsNant Capital was investing $70.5 million into the media company, making Soon-Shiongthe second-largest shareholder. Eliminates certain payments otherwise due at or after the end of the term. Rural news media is largely dominated by Australian Community Media, whose portfolio includes over 170 regional newspapers and their corresponding websites. Some of the top media owners in the U.S. have dominated the news media landscape for over a century, and continue to grow in the era of digital news. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. Founded Date 1906 Founders Jason Taylor Operating Status Active Investor Type Private Equity Firm Stock Symbol NYSE:NEWM Company Type For Profit Contact Email ir@newmediainv.com Phone Number 212.479.3160 Henry agreed to purchase the Globe just days after Bezos acquired the Washington Post. Paul Ameden, CIO; Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. 91 were here. Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. ir@newmediainv.com Jason Taylor, previously president of New Media Ventures and GateHouse Live, the company's events business, will serve as president of events and promotions at the new company. Their past, present, and future contributions., Mortimer Zuckerman US News & World Report, New York Daily News. New Media Investment Group Inc. (NYSE: NEWM) supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to small and medium business partners. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. Or two, for that matter.I bought them because Im passionate about their missions. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. The Merger is expected to close by the end of 2019, subject to the satisfaction of customary closing conditions, including receipt of regulatory clearances and approval by the shareholders of each company. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. The family has also owned a local Pennsylvania paper, TheReading Eagle, for generations. State ownership of media in English-speaking countries is dwarfed, however, by the Government of Chinas media holdings.[1]. Paul Bascobert will serve as CEO of the new company's operating subsidiary, Gannett Media Corp., as previously announced. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. Learn how your comment data is processed. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. [1] Noam, E. 2016. Who Owns the Worlds Media? Mexican billionaire Carlos Slim owns 17.4 percent of The New York Times through the company's Class A shares. New Media and Gannett and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of shares of New Media common stock and holders of shares of Gannett common stock in respect of the proposed transaction. Forbes also found that Vinod is nearly five times richer than previously known. In December 2014, Las Vegas casino billionaire Sheldon Adelson secretly bought the Las Vegas Review-Journal. Total pro forma leverage at closing of the Merger is expected to be approximately 3.5x LTM As Adjusted EBITDA, before run-rate synergies, and 2.3x including run-rate synergies. If you need a VPN for a short while when traveling for example, you can get our top ranked VPN free of charge. This seems very strange. Nathan Bomey USA TODAY Gannett on Wednesday named a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. Mike Reed will serve as CEO of the newly combined public company, which took on the name of Gannett Co. when the merger was finalized Tuesday. Compelling Strategic & Financial Benefits. Please visit www.newmediainv.com and www.gannett.com. Tech giants like Microsoft and Amazon owner Jeff Bezos, as well as telecommunications conglomerates such as Verizon and AT&T, now rank among the top owners of the worlds media. Could we later look at the music industry? ABOUT US Gannett is a subscription-led and digitally focused media and marketing solutions company. New Media and Gannett will co-host a conference call to discuss the transaction and second quarter earnings on August 5, 2019 at 4:15 p.m. Eastern Time. National online news media in Australia is essentially controlled by two companies: News Corp, through News Corp Australia, and Nine. These are Northern Trust, JPMorgan-Chase, Geode Capital Management and Wellington Management. Gannett will be acquired by New Media Investment Group, which owns Gatehouse. 2023 Forbes Media LLC. The nation's two largest newspaper groups plan to merge. His son J.E. It began late last week, when New Media Investment Group, the company that had bought The Review-Journal as part of a package of newspapers for $102 million this year, announced it had sold the . May 21, 2021 Tribune Publishing, the owner of some of the largest metropolitan newspapers in the United States, will be acquired by a hedge fund with a reputation for slashing costs and cutting. As the concentration of online news has increased, so has public distrust in mass media. Mike is a newspaper guy," Gordon said. Also based in the US are the Newhouse family, who have built a media empire that includes 47 titles, with a combined monthly readership of 1.5 billion. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. About 15 billionaires and six corporations own most of the U.S. media outlets. For news sites that are owned by investment firms with a majority stake, we opted for the CEO or director of the investment firm. Effective November 20, 2019, following the completion of its merger with Gannett, New Media Investment Group Inc. trades on the New York Stock Exchange under Gannett Co., Inc. and its ticker symbol has changed to "GCI". Republicans are at a crossroads over who should lead the party. "The number is going to be higher.". Less than a year later, the companywentbankrupt. How can you possibly not list any social media sites, such as Facebook, etc. Cohen previously served as Deputy Director of the CIA from 2015 to 2017. New Media CEO Mike Reed, who will become CEO of the new Gannett, told investors on Oct. 31 that "we feel great about the synergies.". Hogan sued Gawker after it published a sex tape. Revenue One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index. New Media and Gannett share a strategic vision, and the combined companys significantly enhanced scale of operations will enable it to realize this vision more rapidly, while generating value for shareholders and benefits for employees and other stakeholders. 104.7 KCMB, 102.3 The River, NewsTalk103, 92.9 The Hawk, 94.5 KJDY . The Registration Statement, the Joint Proxy Statement and other relevant materials (when they become available) and any other documents filed or furnished by New Media or Gannett with the SEC may be obtained free of charge at the SECs web site, http://www.sec.gov. Gannett Co., Inc. owns USA Today and over 250 dailies. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. Ownership News Corp is the parent company and officially owns the website and all its other outlets. The companies believe that diversity can strengthen board performance and New Media is actively searching for women and other candidates with diverse backgrounds and experiences. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. Kris Barton, previously Gannett's chief product officer, who will take on the same role. It's crucial because, at an interest rate of 11.5%, the Apollo loan could become onerous ifnot paid off quickly, said Tim Hynes, head of North American research for debt analysis service Debtwire. New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). In addition to its national presence through USA TODAY, the new Gannett will operatenews organizations in 47 states and Guam, as well as the United Kingdom. Achieving a faster EB-5 processing time is possible now thanks to the new law passed by the U.S. Congress. The Hearst name, for example, first appeared on a newspaper masthead in 1887. MNG Enterprises, Inc., doing business as Digital First Media and MediaNews Group, is a Denver, Colorado -based newspaper publisher owned by Alden Global Capital. Chances are, we can find what you're looking for: We are reader supported and may earn a commission when you buy through links on our site. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. The rest of the combined companys senior executive team, which is expected to be composed of highly experienced leaders from both companies, will be announced at a later date. ", Warning to Congress:Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. Mike Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. Inaddition to USA TODAY, Gannett owns 109 local media properties operated as the USA TODAY Network including the Arizona Republic, Detroit Free Press, Milwaukee Journal Sentinel and Indianapolis Star as well as United Kingdom-based Newsquest Media Group and digital marketing assets like WordStream. In a joint interview, Reed and Bascobert said they assembled their executive team with an eye on cohesion as the company aims to become a digital media powerhouse. FTI is one of several vendors who say they've gone unpaid by the youth media company . New Media and Gannett believe that a digital transformation of the newspaper industry is vital to the preservation of journalism, and the Merger will accelerate the combined companys digital transformation. He previously was CEO of New Media. The combined companys Board of Directors will have nine members, including Mr. Reed as Chairman, five independent directors from New Media, and three independent directors from Gannett. Since then, there have been reports of Adelson influencing coverage of himself at a newspaper that in the past was often critical of the billionaire. [30], On April 10, 2018, GateHouse announced that it had agreed to acquire the Akron Beacon Journal of Akron, Ohio for $16 million from Black Press Group. The Gannett Board unanimously determined that this combination with New Media is in the best interests of Gannett shareholders, customers, audiences, and employees, providing significant and immediate value, as well as the ability to benefit from the upside potential of the combined company, said J. Jeffry Louis, Chairman of the Gannett Board of Directors. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. The media industry cant ignore these two fundamental problems on the platform side, but eliminating Section 230 isnt the answer. Sam Levenson Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). 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[25], In August 2017, GateHouse announced it was purchasing 11 daily newspapers, 30 weeklies, and other assets from Morris Publishing Group, a division of Morris Communications. We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. Celta Vigo Star Gabri Veiga Is Alerting Wealthy Teams In The Premier League, RFK Killer Sirhan Sirhan Denied Parole For 16th TimeReversing 2021 Decision, Wednesday, March 1. Compare Today's Range N/A 50-Day Range $1.25 $6.28 52-Week Range N/A Volume 4.10 million shs Average Volume 1.03 million shs Market Capitalization $87.70 million P/E Ratio 212.00 To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. According to Delport, based on the company's own calculations, Vice has a global digital audience of 300 million monthly users across its owned-and-operated properties as well as platforms like. Nexstar Media Group Completes Tribune Media Acquisition Creating the Nation's Largest Local Television Broadcaster. "Our commitment to build those brands is even stronger than ever. Peter Schorsch Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida's most influential new media websites, including Florida Politics and Sunburn,. Today's graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. Certain statements in this communication may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect New Medias and Gannetts current views regarding, among other things, the proposed transaction between New Media and Gannett, the expected timetable for completing the proposed transaction, the benefits and synergies of the proposed transaction and future opportunities for the combined company, as well as other statements that are other than historical fact. [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. Neither New Media nor Gannett can give any assurance that its expectations will be attained. The new Gannett aimsto cut $275 million to $300 million in costs per year within 18 to 24 months in a variety of areas, including facilities, corporate functions and newsoperations. In 1989, John Barbey started the Reading Globe and Mitten Manufacturing Company in Pennsylvania. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. This equates to a combined monthly readership of over 1 billion people. Ed Trissel / Tim Ragones / Tanner Kaufman The planned bankruptcy centered on restructuring the Fortress News Corp deal. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. The company has been in communication with the NYSE regarding its noncompliance with continued listing standards, but was unsuccessful in its efforts to avoid suspension and delisting. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. However, the merged newspaper chain would take the better-known Gannett name and be based at Gannett's headquarters in McLean, Virginia. You will need to pay for the subscription, thats a fact, but it allows full access for 30 days and then you cancel for a full refund. Altogether, his family controls 120 newspapers across five countries. You may obtain free copies of these documents using the sources indicated above. Click here to explore who owns the news in Australia. [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard. Contact Information Matt Esposito 1-703-854-3000 investors@gannett.com Investor Toolkit Latest Earnings Info LocaliQ $3.0+ Now, let's look at the four biggest stock owners. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. But he does not believe the company will achieve its cost-savings goal. Faced with problems, it downsized to 270 by June 2005. News that billionaire Peter Thielis funding Hulk Hogans trial against news website Gawker set the media and technology worlds on fire last week, sparking a conversation about theultra-wealthys role incontrolling the news. Arbor Advisory Group The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. Engel's role was announced previously. T, and has built the largest chain of local U.S. papers, including 156 dailies from the Austin American-Statesman to the Register-Guard in Eugene, Oregon. The president of the company is James Pinkerton, while David J. Perel is the company director. 1:00 NEW YORK New Media Investment Group Inc., the public parent company of GateHouse Media, the owner of the Telegram & Gazette, has signed an agreement to acquire Gannett Co. Inc.. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. The webcast replay of the conference call will also be available approximately two hours following the completion of the call on the Investor Relation section of each companys website. Through its subsidiary Local World Holdings Ltd., Reach PLC owns more than five dozen regional newspapers and their corresponding websites. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Bloombergcofounded his financial data company in 1981 withCharles Zegar andThomas Secunda, both of whom are now billionaires as well thanks to their minority equity stakes in Bloomberg LP. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. While many of the oldest media conglomerates are as powerful as ever and still growing, the emergence of digital news has substantially altered the media landscape and allowed new companies to emerge as major players in the news industry. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. Jeff Gordon, a regional vice president for The NewsGuildwhose region represents journalists at four GateHouse newsrooms, expressed fears that the deal will lead to further distress for journalists who have already faced budget reductions. In connection with the proposed transaction, New Media intends to file with the SEC a registration statement on Form S-4 (the Registration Statement), which will include a prospectus with respect to shares of its common stock to be issued in the proposed transaction and a joint proxy statement for New Medias stockholders and Gannetts stockholders (the Joint Proxy Statement), and each of New Media and Gannett will mail the Joint Proxy Statement to their respective stockholders and file other documents regarding the proposed acquisition with the SEC. Ever wondered who owns your favorite news websites? The New York Times published an article last Fridaycriticizing the power that billionaires wield over media companies. [22], In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa. Alison Engel expected to become Chief Financial Officer; [8], The company received notification from the New York Stock Exchange (NYSE) on August 21, 2008, that it had fallen below the NYSE's continued listing standards for average global market capitalization over a consecutive 30-trading-day period of not less than $75 million and $1.00 average closing price, and had submitted a business plan to the NYSE Regulation for coming back into compliance for continued listing. Google, per-se, is not a news company , Your email address will not be published. We identified the owners of the top 50 news sites globally, in the United States, in the U.K., and in Australia, respectively, using financial filings, corporate press announcements, and other public sources. Newspaper Chain, Targets 'Inefficiencies', "Red ink pressing publisher; Liberty Group grew fast, but so did its debt Crains August 5, 2004", "International Directory of Company Histories. [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. List of assets owned by the New York Times Company (Redirected from List of assets owned by The New York Times Company) This is a list of assets owned by the New York Times Company. [10] The company filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on September 27, 2013. [36][37] The acquisition of Gannett by New Media Investment Group was completed on November 19, 2019, making the combined company the largest newspaper publisher in the United States. After the closing of the Merger, both New Media and its operating subsidiary GateHouse, will be rebranded and operate under the Gannett brand. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, Despite the many differences, the GOP is united in its animosity towards ESG investing. Information about the directors and executive officers of Gannett is set forth in the proxy statement for its 2019 Annual Meeting of Stockholders, which was filed with the SEC on March 26, 2019. The majority of synergies is expected to be realized within 24 months of closing and result from the increased scale of the new organization, sharing of best practices, leveraging existing infrastructure, facility rationalization and other judicious cost reductions. "I don't think this is going to be a lay-up," he said. This scale will meaningfully enhance the combined companys financial profile by leveraging nationwide reach and local presence to expand and deepen relationships with consumers and businesses. Forward-looking statements are based on New Medias and Gannetts respective managements current expectations and beliefs and are subject to a number of known and unknown risks, uncertainties and other factors that could lead to actual results materially different from those described in the forward-looking statements. Importantly, we have found in New Media a strong partner and cultural fit for Gannett as we continue delivering on a shared commitment to journalistic excellence for the communities we serve.. the parties ability to consummate the proposed transaction and to meet expectations regarding the timing and completion of the proposed transaction; the satisfaction or waiver of the conditions to the completion of the proposed transaction, including the receipt of the required approval of New Medias stockholders and Gannetts stockholders with respect to the proposed transaction and the receipt of regulatory clearances required to consummate the proposed transaction, in each case, on the terms expected or on the anticipated schedule; the risk that the parties may be unable to achieve the anticipated benefits of the proposed transaction, including synergies and operating efficiencies, within the expected time-frames or at all; the risk that the committed financing necessary for the consummation of the proposed transaction is unavailable at the closing, and that any replacement financing may not be available on similar terms, or at all; the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected; the risk that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the proposed transaction; the retention of certain key employees; and. Joele Frank, Wilkinson Brimmer Katcher One name towers above all the rest when it comes to owning media outlets, and that name is Michael Reed and hes the CEO of New Media Investment Group. Such forward-looking statements speak only as of the date on which they are made. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. (212) 355-4449, Internet Explorer presents a security risk. Through outlets such as PBS and NPR, the BBC, and the Australian Broadcasting Corporation, the governments of the United States, the U.K., and Australia all have significant media holdings. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. The company was founded on June 18, 2013 and is headquartered in New York, NY. Warren Buffett, as CEO of Berkshire Hathaway, has invested in a number of small newspapers and owns about 70 dailies today. 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