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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. [3] [4] It is the largest U.S. newspaper publisher as measured by total daily circulation. 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. In November 2019, New Media Investment Group (which owns the legacy GateHouse Media assets) purchased Gannett, changing the name of the combined company to Gannett Co., Inc. and keeping the GCI stock ticker. Sam Levenson Bezos denied the allegations at a tech conference at the Washington Post in May. 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. But a great reputation can never be boughtonly earned and protected. 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. 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. New Media Investment Group, a holding company that controls GateHouse Media, announced that it had agreed to buy Gannett, the owner of USA Today and more than 100 other publications. The conference call may be accessed by dialing 1-855-319-1124 (from within the U.S.) or 1-703-563-6359 (from outside of the U.S.) 10 minutes prior to the scheduled start of the call; please reference access code 3747329. A simultaneous webcast of the conference call will be accessible to the public on a listen-only basis through each companys website. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. After the closing of the Merger, both New Media and its operating subsidiary GateHouse, will be rebranded and operate under the Gannett brand. The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. 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. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. The planned bankruptcy centered on restructuring the Fortress News Corp deal. All interested parties are welcome to participate. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. 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. Jonathan Gasthalter/Nathaniel Garnick ", Warning to Congress:Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. [1] Despite these restrictions, today Australia has a relatively high degree of media concentration. (Photo by Alex Wong/Getty Images), I wasnt looking to buy a magazine. Alison Engel expected to become Chief Financial Officer; These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially from expectations or estimates reflected in such forward-looking statements, including, among others: Additional risk factors that could cause actual results to differ materially from expectations include, but are not limited to, the risks identified by New Media and Gannett in their respective most recent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. It is the largest newspaper in Central Texas. Gannett will be acquired by New Media Investment Group, which owns Gatehouse. For news sites that are owned or controlled by the government, the head of government was listed as the highest-level owner. 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. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. The Term Loan will be freely pre-payable without penalty, and the combined company is expected to have a strong cash-flow profile that will permit aggressive deleveraging. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. In total they own 666 media sites. Read a newspaper, magazine, watch CNN, FOX, anything besides Social Media. Several names are synonymous with media domination around the world: News Corp in the United States, the U.K., and Australia, Globo in Brazil, Yomiuri Shimbun in Japan. 2023 Forbes Media LLC. The new company's financial success will hingeon its ability to shed overlapping costs and achieve what it calls a "digital transformation" built on increased revenue from digital products and marketing services. Information about the directors and executive officers of New Media is set forth in the proxy statement for its 2019 Annual Meeting of Stockholders, which was filed with the SEC on April 12, 2019. 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.". "Our commitment to build those brands is even stronger than ever. NEW YORK & MCLEAN, Va.--(BUSINESS WIRE)--New Media Investment Group Inc. (New Media) (NYSE: NEWM) and Gannett Co., Inc. (Gannett) (NYSE: GCI) announced today that New Media and Gannett have entered into a definitive agreement (the Merger Agreement) pursuant to which New Media will acquire Gannett for a combination of cash and stock (the Merger). [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. For news sites that are owned by investment firms with a majority stake, the CEO or director of the investment firm was listed as the highest-level owner. Artificial intelligence can make investing more straightforward, bringing investment insights to the masses. Advance Publications, which was founded by Samuel Irving Newhouse Sr. in 1922 and is still family-owned today, has a portfolio that includes Reddit, Vanity Fair, The New Yorker, and American City Business Journals. Kirk Davis, operating company CEO;[2] "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. A recent Gallup poll shows that Americans remain largely mistrustful of the mass media, with just 41% currently having a great deal or fair amount of trust in newspapers, television and radio to report the news fully, accurately and fairly.. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. Bill Church, Senior VP News; Liberty Group Publishing was formed in 1998 when Kenneth L. Serota, a former Hollinger International attorney with backing from Leonard Green & Partners, bought 160 community newspapers from Hollinger. Arbor Advisory Group Tax equity investing can be a complex and challenging process, especially for investors who are exploring this type of investment for the first time. Achieving a faster EB-5 processing time is possible now thanks to the new law passed by the U.S. Congress. 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. In April 2019, for example, private equity firm Great Hill Partners acquired the Gizmodo Media Group and The Onion, and combined their digital news assets, which include Gizmodo, Jezebel, and The A.V. Gannett brands include USA TODAY NETWORK with the iconic USA TODAY and more than 100 local media brands, digital marketing services companies ReachLocal, WordStream and SweetIQ, and U.K. media company Newsquest. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. State ownership of media in English-speaking countries is dwarfed, however, by the Government of Chinas media holdings.[1]. 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. The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. Under terms of the deal, Apollo has the right to appoint two observers to the company's board and could appoint one or two voting directors if the company's debt exceeds its earnings by too great of a margin. Before that, he spent four years at Bloomberg LP as President of Bloomberg Businessweek from 2010 until 2014, in addition to serving as Chief Operating Officer of the Media Group from 2011 to 2014. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. At the same time, Gordon said he has confidence in Reed's leadership of the new company. The next name on the list is Alex Waislitz, founder and Chairman of the Australian-based Throney Investment Group, which owns 169 outlets, including The Advertiser, The Canberra Times, and Illawarra Mercury. While a billionaire secretly funding a lawsuit to take down a news outletmay be a new way of using money to influence the media business, billionaires have long exerted influence on the news simply by owning U.S. media outlets. Some bought television stations and magazines, too. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. He has said he's confident of hitting the savings target. "Weve spent a lot of time carefully selecting the management team for the company, and itll be a good blend of the two companies on the management team, which will help the culture issue," Reed said. "The combined operations will have a broad local-to-national network of incredibly talented, experienced journalists who can continue to deliver unique award-winning content for both local communities and national audiences," Bascobert told investors in a conference call Nov. 4. Faced with problems, it downsized to 270 by June 2005. As a result, we will accelerate the growth of the combined companys digital revenue through innovative customer experiences and new marketing solutions for businesses, while creating an expansive journalism network with the resources required to deliver unique and award-winning content. About 15 billionaires and six corporations own most of the U.S. media outlets. [22], In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa. Gavin Newsom (D) blocked the move. or He is now the vice chairman of the media company, which owns papers like The Los Angeles Times and The Chicago Tribune. Media mogul Stanley Hubbard is CEO ofHubbard Broadcasting, which has 13 TV stations, including a number of ABC and NBC news affiliates in the Midwest, and48 radio stations. 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. Social media news isnt news. 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. Enhanced scale. NordVPN includes a 30-day money-back guarantee. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. [21] In December 2015, GateHouse sold the Las Vegas Review-Journal, the Stephens group's largest paper, to casino magnate Sheldon Adelson for $140 million. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. In the years since, US News & World Reporthas made a name for itself with its lucrative rankings, includingBest Colleges, Best Graduate School and Best Hospitals lists. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. [4] History [ edit] Liberty Group Publishing [ edit] Leading Local Content Distribution and Marketing Solutions Platform Now Reaches 15 of the Top 25 U.S. Markets; Produces over 254,000 Hours of Locally-. Credit Suisse is serving as financial advisor to New Media, and Cravath, Swaine & Moore LLP is serving as principal legal counsel. Today's graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. Less than a year later, the companywentbankrupt. But one area for growth is events, where New Media has a particularly strong business, Doctor said. Their past, present, and future contributions., opportunity to actually transform this newspaper world into this next generation. In 2014, Tribune Publishing Co. was spun out of, funding Hulk Hogans trial against news website Gawker. Copies will also be available at no charge in the Investor Relations sections of New Medias website, www.newmediainv.com and Gannetts website, www.gannett.com. 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. The nation's two largest newspaper groups plan to merge. "They are of enough scale that they are doing a good amount of digital national business, and the GateHouse properties added in there gives them more scale.". [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. After the close of the transaction, Gannett shareholders will hold approximately 49.5% of the combined company and New Media shareholders will hold approximately 50.5%. Since beginning his run for president, Trump has accused Bezos of using the Post to get tax breaks for Amazon and sending reporters after Trump. To identify which companies and CEOs have the most titles and combined readerships, we generated a list of all the URLs for each publication under each respective CEO. Data on average visitor traffic for the past one to three months and the relative rank of each news site came from Alexa, an Amazon company, and market intelligence provider SimilarWeb. In October 2015, investor Peter Barbey bought the Village Voice, a New York City alternative weekly, through his investment company Black Walnut Holdings LLC for an undisclosed price. On September 27, 2018, GateHouse Media announced the acquisition of The Oklahoman Media Company, parent company of The Oklahoman, which is the state's largest daily newspaper, for an undisclosed amount from The Anschutz Corp. ABOUT US Gannett is a subscription-led and digitally focused media and marketing solutions company. Nexstar Media Group Completes Tribune Media Acquisition Creating the Nation's Largest Local Television Broadcaster. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. They unquestionably get more than enough daily hits to qualify. The new Gannett has more than 250 daily publications, including USA TODAY, as well as several hundred weeklies and an array of digital marketing services. or Google, when so many surveys show that a great number of people get ALL their news from there? Zuckerman serves as chairman and editor-in-chief of U.S. News & World Report, which he bought in1984. Shareholders cleared the way Thursday for New Media Investment Group and USA TODAY owner Gannett to join forces in adeal that willcreatethe largest U.S.media company by print circulation and one that will also vie for the biggestonline news audience nationwide. Stockholders of New Media and Gannett are urged to read all relevant documents filed with the SEC, including the Registration Statement and the Joint Proxy Statement, as well as any amendments or supplements to these documents, carefully when they become available because they will contain important information about the proposed transaction. The president of the company is James Pinkerton, while David J. Perel is the company director. Several big-name newspaper companies Gannett, Knight Ridder, Lee, McClatchy, Pulitzer, Scripps, Dow Jones, The New York Times and The Washington Post raised capital for acquisitions by selling stock on either the New York or American stock exchanges. Your email address will not be published. [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. The company was founded on June 18, 2013. Gannett said it will later fill the chief marketing officerrole. Revenue Gannett on Wednesdaynamed a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. CEO Robert James Thomson indicated that the newspapers "were not strategically consistent with the emerging portfolio" of the company, which had been formed as a spin-off of News Corporation. This combination will create a broad network of talented, experienced journalists poised to deliver unique and award-winning content for local communities and national audiences. 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. But Apollo believes that the new Gannett can afford to pay the debt off on time or potentially early with no prepayment penalty, according to people with knowledge of the Apollo financing deal who spoke on the condition of anonymity because they were not authorized to speak publicly. Gasthalter & Co. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). The Merger brings together the portfolios of two leading local newspaper companies, and includes USA TODAY, Gannetts flagship brand, and its more than 160 brands in the U.K., which will significantly expand the existing USA TODAY NETWORK. Cox Family Atlanta Journal-Constitution. The companies can now move forward to finalize the deal, which is expected to close Tuesday, Nov. 19, "subject to the satisfaction of customary closing conditions," New Media said in a statement. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. Greenhill & Co., LLC and Goldman Sachs & Co. LLC are serving as financial advisors to Gannett, and Skadden, Arps, Slate, Meagher & Flom LLP and Nixon Peabody LLP are serving as legal counsel. [33], On January 28, 2019, it was announced that GateHouse Media had acquired the publishing division of Schurz Communications including The Herald-Times in Bloomington, Indiana, South Bend Tribune in South Bend, Indiana, and other papers in Clay, Lawrence, Monroe, Morgan, Orange, Owen, and Putnam counties in Indiana. One ultra-wealthy media investor not mentioned in the story: Mexican billionaire Carlos Slim Helu, who owns the largest individual stake in the Times. (703) 854-3168 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The buyer is New Media Investment Group, Inc., formerly Gatehouse Media, which is the largest newspaper publisher in the United States by number of titles. 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 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. The newspapers were operated by GateHouse Media following the purchase. Gawker aims to appeal the ruling. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. Washington Post executive editor Martin Baron and, Amazon founder Jeff Bezos, who owns the Washington Post, on stage at the Posts Transformers conference in May 2016. However, the merged newspaper chain would take the better-known Gannett name and be based at Gannett's headquarters in McLean, Virginia. Copyright 2006 by The Gale Group, Inc", GateHouse Media stock being delisted from NYSE - October 22, 2008, "GateHouse Buying 14 Dailies, Other Pubs, From Morris For $115 Million", "News Corp. sells 33 papers to New York investors", "GateHouse Media Files for Pre-packaged Chapter 11", "GateHouse Media officially done with bankruptcy", "GateHouse Media Files Chapter 11 to Form New Company", "GateHouse Media to Buy Morris Communications", "GateHouse acquires News-Journal, Halifax Media", "Review-Journal, parent Stephens Media to be sold to New Media", "Sheldon Adelson's Purchase of Las Vegas Paper Seen as a Power Play", "GateHouse to acquire Kansas-based Harris newspapers", "Fox Business - GateHouse Media Buys Dix Communications Newspaper Chain", "Business Wire - New Media Announces Agreement to Acquire Calkins Media", "GateHouse acquires Morris Publishing's 11 daily newspapers", "Providence Journal parent buys publisher of Newport Daily News", "The Register-Guard sold to GateHouse Media", "GateHouse Media grows its empire by buying top exec's publishing company", "New Media Investment Group to Acquire The Palm Beach Post and Palm Beach Daily News", "Gatehouse Media purchases Akron Beacon Journal", GateHouse Media Buys Akron Beacon Journal and Ohio.com, "New Media Announces Solid Fourth Quarter & Full Year 2018 Results, Dividend of $0.38 per Common Share", "Herald-Times, Other Local Papers Sold To GateHouse Media", "GateHouse Media to acquire New Jersey Herald", "USA Today owner Gannett merges with GateHouse Media to form massive newspaper company", "New Media Investment Group to Acquire Gannett", https://en.wikipedia.org/w/index.php?title=GateHouse_Media&oldid=1141218731, This page was last edited on 23 February 2023, at 23:45. 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