[4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. 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. The Globe was previously owned by the New York Times for twenty years. full access for 30 days and then you cancel for a full refund. 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. We then used SimilarWeb to find out the estimated monthly visit figures of all the sites. 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. Nathan Bomey USA TODAY Gannett on Wednesday named a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. Words such as anticipate(s), expect(s), intend(s), plan(s), target(s), project(s), believe(s), will, aim, would, seek(s), estimate(s) and similar expressions are intended to identify such forward-looking statements. Or Their company Advance Publications, owns Reddit, Wired, The New Yorker, Vanity Fair, Vogue, and many more. 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. GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. 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. 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. On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. This scale will meaningfully enhance the combined companys financial profile by leveraging nationwide reach and local presence to expand and deepen relationships with consumers and businesses. The last step was to put a name (and a face) to each company by identifying the highest-level owners. In a statement at the time, he wrote, I wasnt looking to buy a magazine. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. 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. Precise vote totals were not immediately available, but New Media CEO Mike Reed said that about 99% of the 75% of New Media shareholders who voted approved the deal. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. But one area for growth is events, where New Media has a particularly strong business, Doctor said. The Term Loan will be freely pre-payable without penalty, and the combined company is expected to have a strong cash-flow profile that will permit aggressive deleveraging. FORBESpegs his net worth at $45.7 billion. The sale closed on Oct. 1, 2018, for $12.5 million. Mike is a newspaper guy," Gordon said. [5] Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. In August 2019, American investment firm KKR purchased the largest stake in Axel Springer SE, a German media group whose assets include Business Insider and Rolling Stone. 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. Joe Mansueto Inc. and Fast Company magazines, Morningstar CEO Joe Mansueto made his $2.3 billion fortuneat the investment and research firm he founded in 1984. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. 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. 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. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. ", Warning to Congress:Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. Zuckerman serves as chairman and editor-in-chief of U.S. News & World Report, which he bought in1984. Learn how your comment data is processed. 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. James Cox, the company founder and grandfather of current chairmanJim Kennedy, bought his first newspaper, the Dayton Ohio Evening News, in 1898. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. 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. Compelling Strategic & Financial Benefits. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. Alison Engel expected to become Chief Financial Officer; Forward-looking statements are based on New Medias and Gannetts respective managements current expectations and beliefs and are subject to a number of known and unknown risks, uncertainties and other factors that could lead to actual results materially different from those described in the forward-looking statements. As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. Through its subsidiary Local World Holdings Ltd., Reach PLC owns more than five dozen regional newspapers and their corresponding websites. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. ir@newmediainv.com "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. The New York Times published an article last Fridaycriticizing the power that billionaires wield over media companies. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. ABOUT US Gannett is a subscription-led and digitally focused media and marketing solutions company. Could we later look at the music industry? The deal "gives us a much broader platform on which to build our digital businesses and to help each of these local markets to become engines of growth for us from a digital perspective," Gannett CEO Paul Bascobert said Thursday at the company's shareholder meeting, where the vote results were revealed. Ashley Higgins, New Media Investor Relations ir@newmediainv.com (212) 479-3160 or Media: Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. (212) 257-4170 Or Investors: Sam Levenson Arbor . All Rights Reserved. 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. "I don't think this is going to be a lay-up," he said. Deputy Director David S. Cohen. Barbey took the company, which was then known as Vanity Fair Silk Mills, public in 1951 and the family still owns nearly 20% of the company. '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. Enhanced scale. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). The planned bankruptcy centered on restructuring the Fortress News Corp deal. Engel's role was announced previously. In March a jury awarded Hogan $140 million in damages. 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. NordVPN includes a 30-day money-back guarantee. New Media Investment Group, Inc. is a development stage company. A California parole board voted to release Sirhan from his life sentence two years ago, but Gov. The nation's two largest newspaper groups plan to merge. [21] In December 2015, GateHouse sold the Las Vegas Review-Journal, the Stephens group's largest paper, to casino magnate Sheldon Adelson for $140 million. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. For news sites that are owned or controlled by the government, the head of government was listed as the highest-level owner. Paul Ameden, CIO; "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. Copies will also be available at no charge in the Investor Relations sections of New Medias website, www.newmediainv.com and Gannetts website, www.gannett.com. 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. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. Michael Bloomberg, the richest billionaire in the media business, returned to his eponymous media company in September 2014, eight monthsafter stepping down as mayor of New York City. 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. 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". Twitter CEO Elon Musk called the media racist in several tweets on Sunday in a strange reaction to the news that the countrys biggest newspapers were dropping the Dilbert comic strip. United Kingdom: Oxford University Press. 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.. In the years since, US News & World Reporthas made a name for itself with its lucrative rankings, includingBest Colleges, Best Graduate School and Best Hospitals lists. or Google, when so many surveys show that a great number of people get ALL their news from there? FTI is one of several vendors who say they've gone unpaid by the youth media company . To identify which companies and CEOs have the most titles and combined readerships, we generated a list of all the URLs for each publication under each respective CEO. 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. Ed Trissel / Tim Ragones / Tanner Kaufman Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. Sam Levenson [24] In June 2017, GateHouse announced it was purchasing Calkins Media Group's four six-day-a-week newspapers and Calkins Digital Group, a press facility and related websites and other digital operations. The New Media Transaction Committee separately, and unanimously, approved the Amended 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. 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. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. [30], On April 10, 2018, GateHouse announced that it had agreed to acquire the Akron Beacon Journal of Akron, Ohio for $16 million from Black Press Group. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. In connection with the proposed transaction, New Media intends to file with the SEC a registration statement on Form S-4 (the Registration Statement), which will include a prospectus with respect to shares of its common stock to be issued in the proposed transaction and a joint proxy statement for New Medias stockholders and Gannetts stockholders (the Joint Proxy Statement), and each of New Media and Gannett will mail the Joint Proxy Statement to their respective stockholders and file other documents regarding the proposed acquisition with the SEC. Republicans are at a crossroads over who should lead the party. Zuckerman bought the Daily News out of bankruptcy in 1993andunsuccessfully tried to sell the tabloid newspaper for six months in 2015. 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. Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). 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. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. New Medias purchase of Gannett, using a combination of cash and stock, was valued at approximately $1.1 billion as of Mondays market close, according to a regulatory filing with the Securities and Exchange Commission. Your email address will not be published. To determine the companies and individuals that own the top news sites in the world, we identified the top owners of the news sites with the most monthly traffic as of December 2019. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. 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. It delivers content and products related to eating, drinking, and entertaining with a Southern flair. These are Northern Trust, JPMorgan-Chase, Geode Capital Management and Wellington Management. A recent Gallup poll shows that Americans remain largely mistrustful of the mass media, with just 41% currently having a great deal or fair amount of trust in newspapers, television and radio to report the news fully, accurately and fairly.. In that role, Cohen helped manage the Agency's worldwide operations, oversee strategic modernization of the Agency, and lead foreign intelligence collection, analysis, and action. 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. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. Or 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. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. 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. His son J.E. Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting Kirk Davis, operating company CEO;[2] Real estate billionaire Mortimer Zuckerman is the owner of both US News & World Report and the New York Daily News. There are no current stakeholders of New Media Investment Group Inc cmn. New Media CEO Mike Reed, who will become CEO of the new Gannett, told investors on Oct. 31 that "we feel great about the synergies.". Its parent company, New Media Investment Group, merged with Gannett in 2019.[4]. Read a newspaper, magazine, watch CNN, FOX, anything besides Social Media. Required fields are marked *. Our latest study shows the current state of media consolidation around the world. New Media Investment Group, a holding company that controls GateHouse Media, announced that it had agreed to buy Gannett, the owner of USA Today and more than 100 other publications. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. Heres a look at some of the billionaires who own news media in the United States: Michael Bloomberg BloombergLP and Bloomberg Media. For news sites that are owned or directly (or indirectly) controlled by the government (as is the case of the BBC, who since 2017 has had its board members selected by the UK government), the head of government was listed as the highest-level owner. The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. Great work. The Conversation is one of the only major online news sites in Australia that is independently owned. Cautionary Statement Regarding Forward-Looking Statements. 91 were here. We worked on News companies. Jonathan Gasthalter/Nathaniel Garnick The president of the company is James Pinkerton, while David J. Perel is the company director. The family has also owned a local Pennsylvania paper, TheReading Eagle, for generations. 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. 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; Saudi billionaire Prince Alwaleed Bin Talal also owns 1% of News Corp, after cutting down his holdingsfrom 6% in early 2015. Less than a year later, the companywentbankrupt. On September 27, 2018, GateHouse Media announced the acquisition of The Oklahoman Media Company, parent company of The Oklahoman, which is the state's largest daily newspaper, for an undisclosed amount from The Anschutz Corp. Or two, for that matter.I bought them because Im passionate about their missions. To connect with Gannett, visit www.gannett.com. Cohen previously served as Deputy Director of the CIA from 2015 to 2017. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. What can we do to make social media a more positive environment for people with disabilities? 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. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. By Marc Tracy Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger GateHouse Media, a newspaper company backed by a hedge fund, agrees to buy the venerable chain for roughly $1.4. Gasthalter & Co. From 1987 to 2006, Australia had specific legislation limiting foreign ownership of media companies on the continent, as well as restrictions on cross-ownership of media companies meant to preserve the diversity of news media. The company was founded on June 18, 2013 and is headquartered in New York, NY. 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. GateHouse Media Inc. was an American publisher of locally based print and digital media. Vinod Adani was at the heart of two massive Adani Group deals with French energy giant TotalEnergies, according to Indian filings. Billionaires own part or all of several of Americas influential national newspapers, including The Washington Post, The Wall Street Journal and theNew York Times, in addition to magazines, local papers and online publications. According to Delport, based on the company's own calculations, Vice has a global digital audience of 300 million monthly users across its owned-and-operated properties as well as platforms like. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor 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. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. Mr. Bascobert joined Bloomberg from Dow Jones & Co. where he was Senior Vice President of Operations from 2006 until 2007 and Chief Marketing Officer from 2007 until 2009. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. We then determined the parent companies behind each of these 50 outlets and identified all of the properties in their online media portfolios. Gannett Co., Inc. owns USA Today and over 250 dailies. The company expanded into business news coverage and has more than 2,000 reporters around the world. Others, like Amazon founder Jeff Bezos, bought publications as a side investment after building a substantial fortune in another industry. 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 company was founded on June 18, 2013. State ownership of media in English-speaking countries is dwarfed, however, by the Government of Chinas media holdings.[1]. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. Daily newspapers and their corresponding websites, Gannetts current Chief Financial Officer, will! He wrote, I wasnt looking to buy a magazine Gordon said a particularly strong business Doctor... All of the CIA from 2015 to 2017 its investigative reporting team it delivers content and products to. 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