Shares of Gannett closed up 2.6% at $11.04, while those of New Media Investment Group closed down 7.6% at $9.89. (212) 257-4170 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. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. Strategic, investment advisory and management services firm that focuses on technology, media and content companies. Check out, Visualized: The Head of State of Each Country, by Age and Generation, Patriot Ledger, The Columbus Dispatch, The Providence Journal, USA Today, Detroit Free Press, Arizona Republic, Oakland Tribune, San Jose Mercury News, Denver Post, Niagara Gazette, The Huntsville Item, The Lebanon Reporter, Arizona Daily Sun, St. Louis Post Dispatch, The Maui News, The Toledo Chronicle, Salem News, Chicago Tribune, Los Angeles Times, The Baltimore Sun, Buffalo News, Winston-Salem Journal, Omaha World-Herald, Suburban Life Magazine, Putnam County Record, The Austin Daily Herald, The Charlotte Gazette, San Francisco Chronicle, Seattlepi.com, Houston Chronicle, Daily Corinthian, Connersville News-Examiner, Citrus County Chronicle, The News-Enterprise, Idaho Statesman, Miami Herald, The Sacramento Bee, The New Yorker, Vanity Fair, Wired, The Oregonian, NJ.com, Cherokee Chronicle Times, Southeast Missourian, Cheyenne Minuteman, Brookings Register, Newport News Times, Pitcairn, Henderson, Ducie & Oeno Islands, Saint Helena, Ascension & Tristan da cunha. New Media shareholders will own 50.5% of the combined company, while Gannett shareholders will own 49.5%. 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. Twins Haley and Hanna Cavinder have been the face of name, image and likeness since its inception, and now they're charting a course for transitioning to a career in content creation. Mason Slaine, former CEO of business information publisher Thomson Financial, owns about 8%. The combined group of business publications was rebranded as BridgeTower Media.[18]. 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. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. 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. 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 New Media owns 152 daily publications including The Palm Beach Post, The Columbus Dispatch, The Oklahoman andAustin American-Statesman as well as284 weekly newspapers operated as GateHouse Mediaand digital marketing assets like ThriveHive. 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. As of June 30, 2019, New Media operates in over 600 markets across 39 states reaching over 21 million people on a weekly basis and serves over 200,000 business customers. The newspapers were operated by GateHouse Media following the purchase. As part of his three running lawsuits against different publishers in the British press, Prince Harry's lawyers filed some paperwork alleging that Prince William received a substantial settlement (for phone hacking) from a Murdoch-owned entity in 2020. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. 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%. 1:02 Shareholders cleared the way Thursday for New Media Investment Group and USA TODAY owner Gannett to join forces in a deal that will create the largest U.S. media company by print. Enhanced scale. 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. 2023 Forbes Media LLC. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. GateHouse Media - Wikipedia Chatham Asset Management owns the McClatchy newspapers (30 dailies . AAPL, FB, TWTR), Total number of diversity investments made by an investor, Total number of employee profiles an organization has on Crunchbase, Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). 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. Who Owns Your Favorite News Media Outlet? - Visual Capitalist 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. 25, New Media Investment Group is managed by New York-based firm Fortress Investment Group through an affiliate. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp. , 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. New York, New York, United States. Use Forbes logos and quotes in your marketing. The Merger also affords an opportunity to realize run-rate cost synergies of $275 - $300 million annually across the combined company in a judicious manner, while continuing to invest in newsrooms. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. More than 90,000 servers in operation. Mapped: The State of Democracy Around the World, Mapped: The Largest 15 U.S. Cities by GDP, Visualized: The Most (and Least) Expensive Cities to Live In, Mapped: The Population of Indias States Compared with Countries, Charted: 30 Years of Central Bank Gold Demand, Visualizing U.S. Engel's role was announced previously. Faced with problems, it downsized to 270 by June 2005. Earlier this year, Gannett fended off newspaper chain MNG Enterprises's. The Company is one of the largest publishers of locally based print and online media in the United States as measured by number of daily publications. 8 million customer contracts worldwide. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. The company can be reached via phone at 212-479-3160 or via email at ir@newmediainv.com. (Reuters) - Local media company New Media Investment Group, said on Monday it will buy USA Today-owner Gannett Co. in a $1.4 billion deal, creating the biggest newspaper owner in the United States as publishers struggle with readers shifting to online sources for news. The companies will co-host a call to discuss the transaction and second quarter earnings on August 5, 2019 at 4:15 p.m. Eastern Time. "I don't think this is going to be a lay-up," he said. Who Owns Newsmax? (The Ultimate Guide 2023) "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. New investments by Delivery Hero in grocery delivery start-ups is not on the agenda, according to the companys chief executive. 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. 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. Edit Lists Featuring This Company Section, New Media and Gannett Announce the Board of Directors for the Combined Company, New Media Announces European Commission Regulatory Clearance for Merger with Gannett, Greater New York Area Public Companies With More Than $100M in Revenue, East Coast Public Companies With Less Than $1B in Revenue, Northeastern US Public Companies With More Than $100M in Revenue, East Coast Public Companies With More Than $500 in Revenue. 3, New Media Investment Group oversees the operations and publishing of 260 daily newspapers and 300 weekly publications in 47 states and Guam 4 and administers over 130,000 business advertising accounts with a weekly reach of over 12 million people. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. 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. Ranked: The Largest Bond Markets in the World. 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.. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. Note: The graphic has been updated to reflect changes in ownership for Refinery29, Gizmodo, and Jezebel. At the same time, Gordon said he has confidence in Reed's leadership of the new company. 2,000 employees from 40 countries. . 19, Michael E. Reed is the president and CEO of New Media Investment Group. 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. More than half of them (382) are owned by just seven companies. It currently has an elected legislature and governor and is home to a large U.S. military base. 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. About 15 billionaires and six corporations own most of the U.S. media outlets. Mapped: Asias Biggest Sources of Electricity by Country. Align to Preserve and Enhance Quality Journalism, Creates the leading U.S. print and digital news organization with deep local roots and nationwide scale, Michael Reed to remain Chairman of the Board of Directors and Chief Executive Officer; He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". Mike Reed - Chairman / CEO - Gannett | USA TODAY NETWORK - LinkedIn Sales, however, havent quite picked up as yet. Additional Information and Where to Find It. When Bermuda was first discovered in the 1500s by the Spanish in the Caribbean, and then a century later by the English, there was no Indigenous population documented. Significant synergies. 5, Michael E. Reed is the president and CEO of New Media Investment Group. Initially, the combined company is expected to have an annual dividend of $0.76 per share. The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. 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. 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. 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. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. (Reuters) - Local media company New Media Investment Group NEWM.N said on Monday it will buy USA Today-owner Gannett Co GCI.N in a $1.4 billion deal, creating the biggest newspaper owner. Alison Engel expected to become Chief Financial Officer; The terms involved the cancellation of shares of Gatehouse, but those owners receiving warrants to buy shares in New Media Investment Group Inc.[11][12], Subsequently, Gatehouse Media acquired several newspaper groups between 2014 and 2017, including Halifax,[13] Stephens Media,[14] Calkins Media and Morris Publications. Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. Bascobert said they sought to "create a careful balance between the two organizations" with a goal of ensuring people are on the same page culturally and strategically. Who owns New Media Investment Group Inc cmn? Top stakeholders of New The majority is always wrong; the minority is rarely right. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. 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. New Media Investment Group | Company Overview & News - Forbes 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. Kirk Davis, operating company CEO;[2] Additionally, the joining of New Medias UpCurve and GateHouse Live businesses with Gannetts ReachLocal and WordStream subsidiaries will provide multiple, diversified marketing and revenue solutions and position the combined company as a stronger partner for advertisers and small businesses (SMBs) in the markets served. Who owns the news? The 25 CEOs that control the world - AddictiveTips The . In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. Alexas top sites under the category of news (U.S. only, excluding user-generated). Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. 10 proprietary, georedundant ISO 27001 certified data centers. 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. 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. (203) 307-2250 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 Reed will serve as CEO of the newly. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. 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. Compelling Strategic & Financial Benefits. [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. Who Owns Your News? The Top 100 Digital News Outlets and - TitleMax About - Concord 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. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. This list of top 100 news sites was compiled using the following criteria: The top digital-native news outlets by monthly unique visitors (Pew Research and ComScore, excluding sports) New Media and FIG LLC, an affiliate of Fortress Investment Group (the Manager), have amended the external management agreement to set the termination date as December 31, 2021.
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