Enhanced scale. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. Such forward-looking statements speak only as of the date on which they are made. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. '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. 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. The Amended Management Agreement, which will become effective upon the closing of the Merger, provides for the following key changes: Establishes a termination date of December 31, 2021, for the Managers services in lieu of annual renewals of the term; Reduces the incentive fee rate from 25% to 17.5% for the remainder of the term; Reduces by 50% the number of options that would otherwise be issuable in connection with the issuance of shares as consideration for the Merger, and imposes a premium on the exercise price; Eliminates the Managers right to receive options in connection with future equity raises; and. Kirk Davis, operating company CEO;[2] The company has been growing its portfolio and as of May 2021, owns over 100 newspapers and 200 assorted other publications. We then determined the parent companies behind each of these 50 outlets and identified all of the properties in their online media portfolios. Gatehouse, now called Gannett, has been operated by Fortress Investments, a New York private equity firm, in turn owned by Softbank, the diversified Japanese tech firm. Our digital interactions on social media platforms can sometimes be so immersive that its hard for us to differentiate a conscious thought from an unconscious inception; and that inhibits our ability to pinpoint the source of our opinions. [7], On September 4, 2013, News Corp announced that it would sell the Dow Jones Local Media Group, a group of 33 local newspapers, to Newcastle Investment Corp, an affiliate of Fortress, for $87 million. Many view this not only as a moral obligation but also a measure for protecting their employer brand and ensuring access to talent in the future. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. 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. Contact Information Matt Esposito 1-703-854-3000 [email protected] Investor Toolkit Latest Earnings Info LocaliQ $3.0+ the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. The Posts reporters alsodefended themselves, sayingthat the paper has covered Amazons tax problems and that the Posts editorial boards stance on taxing online retailers hasnt changed since Bezos bought the paper. In third place we have Jim Mullen, CEO of Reach PLC (known as Trinity Mirror until 2018) with 140 outlets under its control including Daily Mirror, Daily Express, Manchester Evening News and the magazine OK! The Globe was previously owned by the New York Times for twenty years. Their past, present, and future contributions., Mortimer Zuckerman US News & World Report, New York Daily News. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. It listed assets of $433.7 million and debt of $1.3 billion. Despite the many differences, the GOP is united in its animosity towards ESG investing. [9], By 2013, GateHouse Media grew, operating in 330 markets across 21 states, but they found themselves in a debt situation that would prohibit future growth. GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. 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. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. Ownership News Corp is the parent company and officially owns the website and all its other outlets. (203) 307-2250 Now, let's look at the four biggest stock owners. Achieving a faster EB-5 processing time is possible now thanks to the new law passed by the U.S. Congress. 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. 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. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. The company expanded into business news coverage and has more than 2,000 reporters around the world. "The whole goal is to get rid of that," he said. How to Pin Folders and Files to Finder Menu, How To Autofill Letters from A-Z in Excel. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. With unmatched reach at the national and local level, Gannett touches the lives of millions with our Pulitzer-Prize winning content, consumer experiences, and advertiser products and services. 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. 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. 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. Gannett Co., Inc. ( / nt /) is an American mass media holding company headquartered in Tysons, Virginia, in the Washington, D.C., metropolitan area. Sheldon Adelson The Las Vegas Review-Journal. (212) 355-4449, Internet Explorer presents a security risk. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. 2023 Forbes Media LLC. 1:06 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. Donald Newhouse and his brother Samuel Si Newhouse inheritedAdvance Publications, a privately-held media company that controls a plethora of newspapers, magazine, cable TV and entertainment assets, from their father. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. Warren Buffett, as CEO of Berkshire Hathaway, has invested in a number of small newspapers and owns about 70 dailies today. [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. Read a newspaper, magazine, watch CNN, FOX, anything besides Social Media. "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. Today Hearst Communications owns dozens of newspapers and magazines throughout the country, each with a significant online presence. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. The obvious concern the Guild has expressed is all the debt incurred in the merger, which creates pressure to drive cash flow and could result in further cuts, he said. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. Its parent company, New Media Investment Group, merged with Gannett in 2019.[4]. Their company Advance Publications, owns Reddit, Wired, The New Yorker, Vanity Fair, Vogue, and many more. The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. Interest in the skilful, highly technical Spanish midfielder will only increase after a surge in form. He previously was CEO of New Media. 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. 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. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. Slim more than doubled his stake in The New York Times in June 2015 to approximately 17% of the media company. Escaping the News Desert "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. In 2012, Berkshire Hathaway acquired 63 daily newspapers and weeklies in Virginia, North Carolina, South Carolina and Alabamafrom Media General for $142 million. 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. Paul Ameden, CIO; Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. Or two, for that matter.I bought them because Im passionate about their missions. The news media has a powerful influence over consumer tastes, political opinions, and culture at large. full access for 30 days and then you cancel for a full refund. 104.7 KCMB, 102.3 The River, NewsTalk103, 92.9 The Hawk, 94.5 KJDY . The Hearst name, for example, first appeared on a newspaper masthead in 1887. 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. Forbes also found that Vinod is nearly five times richer than previously known. The healthcare industry is facing immense economic pressures. Significant synergies. New Media will also grant the Manager approximately 3.2 million options with an exercise price of $15.50, a 45% premium to the closing price of New Media common stock on August 2, 2019. Many firms are masters at making money. The company will be based atGannett's headquarters in McLean, Virginia. 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. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. Cautionary Statement Regarding Forward-Looking Statements. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. The nation's two largest newspaper groups plan to merge. 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". After the closing of the Merger, both New Media and its operating subsidiary GateHouse, will be rebranded and operate under the Gannett brand. The planned bankruptcy centered on restructuring the Fortress News Corp deal. Credit Suisse is serving as financial advisor to New Media, and Cravath, Swaine & Moore LLP is serving as principal legal counsel. In August, Hubbard bought a stake in PodcastOne, a one-stop shop app for podcasts, through Hubbard Broadcasting. 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. The amendment, as described in more detail below, also reduces the incentive fee rate payable to the Manager for the remainder of the term. About 15 billionaires and six corporations own most of the U.S. media outlets. Click here to explore who owns the news in America. In 2009, Bloomberg LP bought Business Week magazine from McGraw Hill for a reported $5 million plus assumption of debt. 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. New Media expects to fund the cash portion of the Merger consideration through a combination of cash on the balance sheet and a new term loan facility (the Term Loan) to be funded at closing pursuant to a binding commitment from funds managed by affiliates of Apollo Global Management, LLC (NYSE:APO), a global alternative investment manager with approximately $312 billion in assets under management, as of June 30, 2019, and deep experience in supporting media companies. A California parole board voted to release Sirhan from his life sentence two years ago, but Gov. The family has also owned a local Pennsylvania paper, TheReading Eagle, for generations. He has said he's confident of hitting the savings target. We are committed to delivering significant synergies in a thoughtful manner, consistent with our shared goals for the business, said Michael Reed, New Media Chairman and Chief Executive Officer. 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. Target net leverage within two years of closing is expected to be below 1.75x. With an unmatched local-to-national reach, Gannett touches the lives of more than 125 million people monthly with its Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. 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. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). 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. Cox Enterprises, owned by the billionaire Cox family, counts The Atlanta Journal-Constitution and a number of other daily papers among its many media investments. 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. 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. All interested parties are welcome to participate. In March a jury awarded Hogan $140 million in damages. The online media company took outside funding for the first time in anticipation of legal fees incurred by a lawsuit brought by wrestler Hulk Hogan, according to a leaked memo from Gawker founder Nick Denton. 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. As media moguls continue to build their empires, and emerging conglomerates begin to expand into the news media industry, it is important to remain aware of who exactly owns the news. His son J.E. 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. Mike Reed will serve as. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Additional Information and Where to Find It. 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. But a great reputation can never be boughtonly earned and protected. The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. Today's graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. Concurrent with the entry into the Merger Agreement, New Media and the Manager have agreed to amend the Management and Advisory Agreement dated as of March 6, 2015 (such amendment, the Amended Management Agreement), pursuant to which the Manager provides a management team (including the Chief Executive Officer) and other professionals who provide services to New Media. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. Our latest study shows the current state of media consolidation around the world. These are Northern Trust, JPMorgan-Chase, Geode Capital Management and Wellington Management. 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. Rural news media is largely dominated by Australian Community Media, whose portfolio includes over 170 regional newspapers and their corresponding websites. 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%. unlocking meaningful shareholder value, New Medias external management agreement to be amended at closing and terminated in 2021. Republicans are at a crossroads over who should lead the party. 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. Employers continue to invest in people services that demonstrate care for their people, in spite of pressures to cut costs. Paul Bascobert will serve as CEO of the new company's operating subsidiary, Gannett Media Corp., as previously announced. Nexstar Media Group Completes Tribune Media Acquisition Creating the Nation's Largest Local Television Broadcaster. For news sites that are owned or controlled by the government, the head of government was listed as the highest-level owner. 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. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. This seems very strange. As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. 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. It is the largest newspaper in Central Texas. According to a recent analysis from the Columbia Institute for Tele-Information research center, the market concentration of internet media has more than doubled since 2000. ", Warning to Congress:Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. FORBESpegs his net worth at $45.7 billion. The Merger will create a leading local and national media company with 263 daily media organizations across 47 states and Guam and USA TODAY, reaching more than 145 million unique visitors every month, as measured by Comscore. While its mail is delivered from the Pittsford, NY 14534 post office, GateHouse's headquarters lie about a third of a mile east of the eastern border of, Last edited on 23 February 2023, at 23:45, U.S. Bankruptcy Court in Wilmington, Delaware, List of newspapers owned by GateHouse Media, "Gannett, Now Largest U.S. They unquestionably get more than enough daily hits to qualify. Online news media in the U.K. is dominated by publishers of traditional print media. 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. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. Upon expiration of the term of the Amended Management Agreement, the Manager will cease providing external management services to New Media, and the Manager will no longer be the employer of the person serving in the role of Chief Executive Officer of the combined company (the Internalization). Sam Levenson Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting We started off by identifying the top 50 most visited news websites in the world as of December 2019, using data from web traffic analysis company Alexa and market intelligence provider SimilarWeb. The Term Loan, which will be used to retire existing financial debt obligations of both companies and to fund the cash component of merger consideration, will be a five-year senior secured term loan facility in an aggregate principal amount of $1.792 billion. Mike Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. Its part of the problem in this country. The company was founded on June 18, 2013. A significant share of the worlds media is owned by national governments. 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. Under their umbrella, youll find prominent titles such as USA Today, Detroit Free Press, The Columbus Dispatch, The Arizona Republic, and the Austin American-Statesman. 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. 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. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. 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. Gannett Co., Inc. owns USA Today and over 250 dailies. "I don't think this is going to be a lay-up," he said. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. Who owns new media investment group? 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. 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. The media industry cant ignore these two fundamental problems on the platform side, but eliminating Section 230 isnt the answer. Third in the list is Daniel Yong Zhang, the CEO of Alibaba Group, which has 3 outlets under its umbrella: UC Browser, UC News India, and South China Morning Post. 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.. Deputy Director David S. Cohen. CEOs of new Gannett:'Pivot' needed for digital transformation as merger is completed, Deal approved: Shareholders of USA TODAY owner Gannett and New Media Investment Group approve merger, New board: New Media and Gannett announce board of directors for combined company. 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. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. 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. Brand, the head of government was listed as the combined companys enhanced scale and financial strength continue. Prior to XO, mr. Bascobert led sales, service, and,. Head of government was listed as the combined companys operating subsidiary Folders and Files to Menu... 'S chief financial officer, paul Bascobert, will serve as the companys! Around the world New Media appointees and three Gannett appointees Media player, approved the Amended Management Agreement to Amended... Follow USA today Network is one of the New Media Investment Group, merged with Gannett in.. At Yodle from 2014 until 2016, 2013 Howland, previously senior vice president human. 2018, GateHouse acquired Edward A. Sherman Publishing company, parent of the merged company digital.. Prior to XO, mr. 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