Aug 5, 2019 Speculation became reality Monday with official word that the Milwaukee Journal Sentinel's owner will be sold to New Media Investment Group Inc. of New York City, which until. Information about the directors and executive officers of Gannett is set forth in the proxy statement for its 2019 Annual Meeting of Stockholders, which was filed with the SEC on March 26, 2019. The largest hosting company in Europe. Misfits continues to move into the creator space by bringing in top talent from outside the gaming industry. It listed assets of $433.7 million and debt of $1.3 billion. The Merger is expected to close by the end of 2019, subject to the satisfaction of customary closing conditions, including receipt of regulatory clearances and approval by the shareholders of each company. The storytelling bias is one of the most important, yet least known blindspots that affects our investing behavior. They are all of Jewish descent. The Company combines organic growth with value-generating synergetic acquisitions, which has demonstrated continuous strong profitable growth with a revenue . This graphic by Pranav Gavali maps the overseas territories of various countries, using a variety of sources including WorldAtlas, Statista, and official country releases. [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. 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. Faced with problems, it downsized to 270 by June 2005. 2. Alison Engel expected to become Chief Financial Officer; And consider that this list reflects current status as of 2023. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. New Media Investment Group, Inc. is a development stage company. Which Countries are Buying Russian Fossil Fuels? They created a news website called Phoenix New Media, which was renamed New Media Investment Group in 2008. 16 17 Following the merger, Gannett publishes 260 daily newspapers and 300 weekly publications in 47 states and Guam 18 and administers over 130,000 business advertising accounts with a weekly reach of over 12 million people. 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. Some are autonomous territories or constituent countries, while some are administered almost entirely as part of the parent country. Mike is a newspaper guy," Gordon said. "Our commitment to build those brands is even stronger than ever. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. Across many platforms, organic content is being overshadowed by paid content for one obvious reason: money. 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. "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 . or However, the merged newspaper chain would take the better-known Gannett name and be based at Gannett's headquarters in McLean, Virginia. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. (212) 257-4170 Gannett Co., Inc. owns USA Today and over 250 dailies. On their own, New Media and Gannett have had early success in adding online subscriptions, which are viewed as key to replacing lost print revenue. With the advent of technology and the globalization of markets, investors have more choices than ever. [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. [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard. The company was founded on June 18, 2013. While New Media reported revenue of $404 million in its second quarter on Monday, Gannett had revenue of $660 million. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. The company was founded on June 18, 2013 and is headquartered in New York, NY. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. Sam Levenson Who Owns Your Favorite News Media Outlet? - Visual Capitalist Alden Global Capital Venture Capital owns Digital First Media (56 dailies). More than half of them (382) are owned by just seven companies. Delivery Hero Cautious On New Investments In Grocery Delivery, Navigating The New Era Of Sustainable Investing: How Family Offices Can Adapt To Evolving Regulations And Values, Misfits Gaming Group Hires Former Bleacher Report Exec Sam Toles As Chief Media & Entertainment Officer, Prince Harry Claims Murdochs News Group Paid Large Sum To Settle Phone Hacking Suit In 2020, New Collaborative Aims To Boost Investment In Companies Creating Quality Jobs For The Very Poor, WHSmith Invests In New North American Stores As It Eyes $62 Million In Profit, The Cavinder Twins Take Content Creation Beyond NIL With New Media Partnership, Why Alternative Strategies Represent A New Frontier In Investing, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. [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. GateHouse Media - Wikipedia 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. Below is a look at the top 20 owners of America's newspapers: Source Turnover in this segment of the market has been brisk. 5, Michael E. Reed is the president and CEO of New Media Investment Group. They also vary mightily in terms of size, population, and political apparatus. 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. Gannett Co., Inc. is a subscription-led and digitally focused media and marketing solutions company committed to empowering . 9 10 The firm was formed in 2013 to restructure $1.2 billion of debt and restructure newspaper publisher GateHouse Media following Chapter 11 bankruptcy. 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. (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. 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. New York, New York, United States. Bonus Gift: Celebrating the Best of the VC+ Archive, More U.S. Tech Companies are Adopting Unequal Dual-Class Voting Structures, How Gen Z Feels About Its Financial Future, Interested in an overview of who leads countries around the world? [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. Earlier this year, Gannett fended off newspaper chain MNG Enterprises's MNGE.PK efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. 2,000 employees from 40 countries. New Media is one of the largest publishers of locally based print and online media in the United States as measured by its 154 daily publications. 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. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. 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. 3. 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. Compelling Strategic & Financial Benefits. 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). New Media and Gannett believe that a digital transformation of the newspaper industry is vital to the preservation of journalism, and the Merger will accelerate the combined companys digital transformation. About 15 billionaires and six corporations own most of the U.S. media outlets. Who owns new media investment group? While news media isnt quite as consolidated as the broader media ecosystem, its certainly trending in that direction. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. All Rights Reserved. IFM Investors - Overview Depending on if you count island territories independently or group them together, the final accounting of overseas territories and dependencies by country can vary. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. Mapped: Asias Biggest Sources of Electricity by Country. Gasthalter & Co. The island was briefly occupied by Japan during World War IIattacked at the same time as Pearl Harborbefore being recaptured by the United States. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. Advance Local Publications (22 dailies). The British still maintain many ties to several territories in the Caribbean (formerly the British West Indies) while French influence stretches from the Pacific to South America. 25, New Media Investment Group is managed by New York-based firm Fortress Investment Group through an affiliate. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. Angel, Fund of Funds, Venture Capital), Whether an Organization is for profit or non-profit, General contact email for the organization, The date when the Organization went public. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. The Rise of a New Media Baron To finance the deal, New Media is borrowing $1.8 billion from private equity firm. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. The sale closed on Oct. 1, 2018, for $12.5 million. New Media Investment Group, Inc. is a development stage company. GateHouse Media Inc. was an American publisher of locally based print and digital media. In the same month, GateHouse announced its $49.25 million purchase of The Palm Beach Post and Palm Beach Daily News from Cox Media Group, LLC. Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. I just hope its done for the right reasons. Please visit www.newmediainv.com and www.gannett.com. Analysts are split on whether the company can pull off the savings, which are critical to paying off a $1.8 billion loan that New Media obtained from private equity firm Apollo Global Management to help finance the deal. The official website for the company is www.newmediainv.com. Visualizing the Flow of Energy-Related CO2 Emissions in the U.S. Except to the extent required by law, New Media and Gannett expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. The company has been in communication with the NYSE regarding its noncompliance with continued listing standards, but was unsuccessful in its efforts to avoid suspension and delisting. The company has been on a. But financial challenges in the industry haveproved to be an obstacle in Gannetts quest to remake itself, asdigital advertising and consumer revenuehavebeen less lucrative than in print. All Rights Reserved. New Media Investment Group to Acquire Gannett Two Leading Media and Marketing Solutions Companies Align to Preserve and Enhance Quality Journalism Creates the leading U.S. print and. The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. Investors: "The number is going to be higher.". Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. Jonathan Gasthalter/Nathaniel Garnick Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. 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. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. 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. Mapped: Top Countries by Tourist Spending. There are no current stakeholders of New Media Investment Group Inc cmn. New Media Investment Group to buy Commercial Appeal parent, Gannett But he does not believe the company will achieve its cost-savings goal. 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. [8], The company received notification from the New York Stock Exchange (NYSE) on August 21, 2008, that it had fallen below the NYSE's continued listing standards for average global market capitalization over a consecutive 30-trading-day period of not less than $75 million and $1.00 average closing price, and had submitted a business plan to the NYSE Regulation for coming back into compliance for continued listing. Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. 10 proprietary, georedundant ISO 27001 certified data centers. New Media Investment Group (NEWM) Stock Forecast, Price & News - MarketBeat Initially, the combined company is expected to have an annual dividend of $0.76 per share. The planned bankruptcy centered on restructuring the Fortress News Corp deal. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). 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. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. Media: 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. Shareholders of USA TODAY owner Gannett and New Media Investment Group How Many Music Streams Does it Take to Earn a Dollar? Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. 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. 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. 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. Arbor Advisory Group (212) 479-3160 To connect with Gannett, visit www.gannett.com. Mason Slaine, former CEO of business information publisher Thomson Financial, owns about 8%. If shareholders give the thumbs-up during the vote this November, Gannett will have amassed the largest online audience of any American news provider. Eliminates certain payments otherwise due at or after the end of the term. The industry may be facing another dramatic drop off in ownership diversity as the two largest players, New Media Investment Group and Gannett, are on the path to merging. "The whole goal is to get rid of that," he said. New York-based New Media Investment Group Inc., which runs the Gatehouse chain of local community newspapers, announced it was acquiring newspaper publisher Gannett for about $1.34 billion in cash . 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. 14 In November of 2019, New Media merged GateHouse and Gannett into a newly constituted Gannett, 15 creating the largest U.S. media company by print circulation and one of the nations largest online news and information audiences. External Management Agreement. In recent years, Gannett has pursued a unified journalism and business strategy through the promotion of the USA TODAY Network, which includes all of its U.S. publications. 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. The company can be reached via phone at 212-479-3160 or via email at ir@newmediainv.com. Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger. [36][37] The acquisition of Gannett by New Media Investment Group was completed on November 19, 2019, making the combined company the largest newspaper publisher in the United States. About us - The company at a glance | IONOS (212) 355-4449, Internet Explorer presents a security risk. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. 23 Reed has faced criticisms in the past from the NewsGuild, an affiliate of the left-wing Communications Workers of America labor union, for purchasing newspapers, consolidating editorializing responsibilities, and cutting jobs to increase profits. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. The top newspapers by average Sunday circulation (Pew Research and Alliance for Audited Media) 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. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. Mike Reed will serve as CEO of the newly. 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. 1. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. He previously was CEO of New Media. JPIMedia The Scotsman Who Owns Your News? The Top 100 Digital News Outlets and - TitleMax He told the Chicago Tribune last year . Note: The graphic has been updated to reflect changes in ownership for Refinery29, Gizmodo, and Jezebel. 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. 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 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. We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. 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. Index of US Mainstream Media Ownership - Harvard University 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. Two Leading Media and Marketing Solutions Companies 24, Since its founding, New Media Investment Group has purchased, merged, reorganized, and reconstituted hundreds of newspapers in large and small markets across the United States. 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. The biggest media conglomerates in America are AT&T, Comcast, The Walt Disney Company, National Amusements (which includes Viacom Inc. and CBS), News Corp and Fox Corporation (which are both owned in part by the Murdochs), Sony, and Hearst Communications. The details are causing a stir in London. At first it was used by passing ships as a replenishment spot, but the English eventually settled it in the 17th century. Ranked: The Largest Bond Markets in the World. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. 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. New Media and Gannett share a commitment to rationalizing costs as the media industry evolves, while continuing to invest in product development, training for newsrooms and understanding readers needs. 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. 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. 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. [31] The Beacon Journal is a daily newspaper tracing its storied, Pulitzer Prize-winning history to 1839's Summit Beacon, which early in the 20th century came under the editorship and ownership of publisher Charles Landon Knight, serving as the flagship newspaper of the Knight Newspaper Company, later known as Knight Ridder.[32]. New Media Investment Group Inc. - The New York Times Its parent company, New Media Investment Group, merged with Gannett in 2019. Nov 2019 - Present3 years 6 months. '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. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. This massive map highlights overseas territories and dependencies around the world and their sovereign states. New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). 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. Chatham Asset Management owns the McClatchy newspapers (30 dailies . We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. General Motors is investing heavily in another strain of its business besides EVs: warehouses for distributing replacement parts for the existing park of GM vehicles, nearly all of which run on internal-combustion engines. Ed Trissel / Tim Ragones / Tanner Kaufman 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.