The combined group of business publications was rebranded as BridgeTower Media.[18]. 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%. 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. Powell: USdebt is 'on unsustainable path', Store releases ad with $129 Apple Watch, TV deals, In the third quarter, Gannett's digital subscriptions rose 27% to 607,000, Your California Privacy Rights/Privacy Policy. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984.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. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. That said, until the issue of monetization is definitively sorted out, consolidation may be the only way to keep the presses from stopping. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Gannett Co. to be sold to New Media Investment Group - Milwaukee 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. New Media Investment Group, Inc. is a development stage company. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. 1. The GateHouse Media corporate strategy continues to focus on acquiring and operating traditional local media businesses and transforming them from print-centric operations to multimedia operations. They are all of Jewish descent. announced acquisitions, the Company will operate in 362 markets across 26 states. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. The Manager is restricted from selling these shares until the expiration of the Amended Management Agreement, or otherwise upon a change in control and certain other extraordinary events. Michael E. Reed is the president and CEO of New Media Investment Group. 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). 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. Additional Information and Where to Find It. Initially, the combined company is expected to have an annual dividend of $0.76 per share. At the forefront of intellectual property valuation, acquisition and utilization, the Concord investment underscores the partners' belief in the lasting and appreciating global value of superior original creative content. From scientific breakthroughs in healthcare to investments in a greener economy to major developments in experiential technologies, its clear that the economy of tomorrow will look very different than the one of today. Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. As an overseas map, it also excludes territories sharing a border, or that are part of a larger state or province (like Germanys Heligoland, part of the state of Schleswig-Holstein). [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. That was down from about $1.4 billion when the deal was announced in August because of a decline in New Medias stock price. As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. This massive map highlights overseas territories and dependencies around the world and their sovereign states. [10] The company filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on September 27, 2013. Who Owns Newsmax 2022 And what is newsmax? - itsknows.com Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. 2 In 2019, New Media Investment Group acquired rival publisher Gannett and merged the company with GateHouse to become the largest newspaper publisher in the United States. The . Investors: [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard. 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. 11 12 As GateHouses parent company, New Media operated as many as 144 daily newspapers, 684 community publications, and 569 local market websites in 38 states. The News Media Alliance says there are 672 major daily newspapers in the United States. The company was founded on June 18, 2013 and is headquartered in New York, NY. 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=1150183880, This page was last edited on 16 April 2023, at 19:22. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. How Does U.S. Electricity Generation Change Over One Week? But he does not believe the company will achieve its cost-savings goal. The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. Please visit www.newmediainv.com and www.gannett.com. 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. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. US Media Ownership | The Future of Media Project - Harvard University For example, the LA Times is now in the hands of its third owner since 2000, after being purchased by billionaire biotech investor Patrick Soon-Shiong. Timeline: Cannabis Legislation in the U.S. Visualizing the Relationship Between Cancer and Lifespan, Visualizing How COVID-19 Antiviral Pills and Vaccines Work at the Cellular Level, Global EV Production: BYD Surpasses Tesla. About 15 billionaires and six corporations own most of the U.S. media outlets. New Media Investment Group Inc. - The New York Times Joele Frank, Wilkinson Brimmer Katcher New York, New York, United States. 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. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. Meanwhile, Vice recently acquired Refinery29 for $400 million, giving it access to a new audience skewed towards millennial women. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting It listed assets of $433.7 million and debt of $1.3 billion. Uniting our talented employees and complementary portfolios will enable us to expand our comprehensive, hyperlocal coverage for consumers, deepen our product offering for local businesses, and accelerate our shift from print-centric to dynamic multimedia operations. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. While not ideal, the latter option at least provides a potential route to revenue and cost synergies that make it easier to compete in a challenging environment. Gannett Co., Inc. is a subscription-led and digitally focused media and marketing solutions company committed to empowering . 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. "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. Copyright 2023 InfluenceWatch. [15] They also acquired Dolan Media Group[16] and Journal Multimedia,[17] adding business publications to their portfolio. About 25% of the combined companys revenue will come from digital, New Media Chief Executive Officer Michael Reed said on a conference call. New Media Investment Group, Inc. is a development stage company. In the third quarter, Gannett's digital subscriptions rose 27% to 607,000, compared with the same period a year earlier, while New Media's rose 65% to 217,000 over the same stretch. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations Chatham Asset Management owns the McClatchy newspapers (30 dailies . https://eu.usatoday.com/story/money/2019/11/19/gannett-new-media-investment-group-merger-gatehouse-media/4203820002/, https://www.forbes.com/companies/new-media-investment-group/, https://www.nytimes.com/2019/08/05/business/media/gannett-acquired-gatehouse-media.html, https://www.crunchbase.com/organization/new-media-investment-group, https://www.reuters.com/article/us-gannett-co-m-a-new-media-investment-g/new-media-to-buy-gannett-for-1-4-billion-creating-biggest-u-s-newspaper-publisher-idUSKCN1UV21L, https://www.crunchbase.com/organization/new-media-investment-group/people, https://www.texasmonthly.com/news-politics/new-mediagatehouse-buys-the-statesman/, https://www.niemanlab.org/2018/06/newsonomics-gatehouse-media-thinks-services-for-small-local-businesses-can-help-replace-long-gone-advertising/, https://www.niemanlab.org/2018/06/newsonomics-gatehouses-mike-reed-talks-about-rolling-up-americas-news-industry/, https://eu.gastongazette.com/story/news/2018/06/12/gazettes-poteat-wins-national-award/11991528007/, https://www.businesswire.com/news/home/20191029006108/en/New-Media-and-Gannett-Announce-the-Board-of-Directors-for-the-Combined-Company, https://eu.usatoday.com/story/money/2019/11/20/gannett-new-media-investment-group-merger-key-executives-appointed/4246906002/#:~:text=Gannett%20on%20Wednesday%20named%20a,the%20merger%20was%20finalized%20Tuesday. This communication is neither an offer to sell, nor a solicitation of an offer to buy any securities, the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. New Media shareholders would own 50.5% of the combined company, while Gannett stockholders would own 49.5%. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. 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. With their capital, family offices play a significant role in shaping the future of wealth management and have an opportunity to lead in sustainable investments. The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. Note: The graphic has been updated to reflect changes in ownership for Refinery29, Gizmodo, and Jezebel. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player and a stronger partner for advertisers and SMBs. 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. Both New Media and its operating subsidiary GateHouse will be rebranded and operate under brand Gannett. This island in the Indian Ocean 700 km off the coast of Madagascar was first settled by the French in the 17th century, though it was discovered earlier by the Portuguese. It delivers content and products related to eating, drinking, and entertaining with a Southern flair. Todays graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. Their histories vary, but most are tied to either modern colonialism from the 1400s onwards, or wars from the 19th and 20th centuries. These 15 Billionaires Own America's News Media Companies - Forbes Below is a look at the top 20 owners of America's newspapers: Source Turnover in this segment of the market has been brisk. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. It isnt just regional papers being swept up in the latest round of mergers and acquisitions new media is getting into the mix as well. Mike is a newspaper guy," Gordon said. 'Pivot' needed for digital transformation as merger is completed, Shareholders of USA TODAY owner Gannett and New Media Investment Group approve merger, New Media and Gannett announce board of directors for combined company, Your California Privacy Rights / Privacy Policy. Who Owns Your Favorite News Media Outlet? - Visual Capitalist Misfits continues to move into the creator space by bringing in top talent from outside the gaming industry. At first it was used by passing ships as a replenishment spot, but the English eventually settled it in the 17th century. This is normal when the security: Has been acquired or taken private Has merged with another entity Has changed its name and has a new CUSIP (and/or symbol) Has been delisted and the ticker has changed Please use Search to find the security you were looking for. The amendment, as described in more detail below, also reduces the incentive fee rate payable to the Manager for the remainder of the term. "A lot of the focus in the early days will be on integration and cost savings, and the key to success will end up being how much of those cost savings are they able to ultimately plow back into the product itself and serving the local communities," saidSilberman, a former general manager of digital media at New York Media, the parent company of New York magazine. Ranked: The Largest Bond Markets in the World. Where is newsquest based? - Camomienoteca.com They also vary mightily in terms of size, population, and political apparatus. . Neither New Media nor Gannett can give any assurance that its expectations will be attained. The largest hosting company in Europe. All Rights Reserved. Jonathan Gasthalter/Nathaniel Garnick These mergers have resulted in industrywide layoffs and caused the printing of what critics have called ghost papers, so named for being diminished versions of once larger papers that are published by bare-bones staff. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. 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. Media Investment Group | LinkedIn New Media Investment Group is a New York City-based private equity firm that is the parent company of Gannett Co., Inc., the largest newspaper publisher in the United States. 1, Formed in 2013 to restructure GateHouse Medias $1.2 billion of debt chapter 11 bankruptcy, New Media Investment Group operated GateHouse Media as the then-largest newspaper publisher in terms of distinct publications.

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