[23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. Chances are, we can find what you're looking for: We are reader supported and may earn a commission when you buy through links on our site. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. 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. 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. (703) 854-3168 Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations 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. 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. Media mogul Stanley Hubbard is CEO ofHubbard Broadcasting, which has 13 TV stations, including a number of ABC and NBC news affiliates in the Midwest, and48 radio stations. Bernie Szachara, previously president of newspaper operations for GateHouse, who will serve as president of U.S. publishing operations. Now, let's look at the four biggest stock owners. 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. Less than a year later, the companywentbankrupt. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. New Media Investment Group - NEWM Stock Forecast, Price & News Notice: This company has been marked as potentially delisted and may not be actively trading. 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.". On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. It began late last week, when New Media Investment Group, the company that had bought The Review-Journal as part of a package of newspapers for $102 million this year, announced it had sold the . The company has been growing its portfolio and as of May 2021, owns over 100 newspapers and 200 assorted other publications. Russian billionaire Viktor Vekselbergs investment arm, Columbus Nova Technology Partners, bought a minority stake in Gawker in January2016 for an undisclosed amount. Significant synergies. What can we do to make social media a more positive environment for people with disabilities? 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. 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 media industry cant ignore these two fundamental problems on the platform side, but eliminating Section 230 isnt the answer. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. 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. 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. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, We identified the owners of the top 50 news sites globally, in the United States, in the U.K., and in Australia, respectively, using financial filings, corporate press announcements, and other public sources. Or The company was founded on June 18, 2013. The Cox Media Group Division today owns the Journal-Constitution and six other daily newspapers, more than a dozen non-daily publications, 14 broadcast television stations, one local cable channel and 59 radio stations. Media: In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. Kris Barton, previously Gannett's chief product officer, who will take on the same role. Target net leverage within two years of closing is expected to be below 1.75x. The Registration Statement, the Joint Proxy Statement and other relevant materials (when they become available) and any other documents filed or furnished by New Media or Gannett with the SEC may be obtained free of charge at the SECs web site, http://www.sec.gov. Through its subsidiary Local World Holdings Ltd., Reach PLC owns more than five dozen regional newspapers and their corresponding websites. 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. While many believed the internet would bring openness and diversity to the worlds media, online news media has become increasingly consolidated over the past several decades. His son J.E. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. The last step was to put a name (and a face) to each company by identifying the highest-level owners. 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. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. Ever wondered who owns your favorite news websites? 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. 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. Joele Frank, Wilkinson Brimmer Katcher Four years later, Tribune Co. emerged from bankruptcy after being bought by Oaktree Capital Management, Angelo, Gordon & Co and JPMorgan Chase. Or two, for that matter.I bought them because Im passionate about their missions. The newspapers were operated by GateHouse Media following the purchase. Advance owns newspapers in 25 cities and towns across America and isthe countrys largest privately-held newspaper chain. Mike is a newspaper guy," Gordon said. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. Jonathan Gasthalter/Nathaniel Garnick We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. Revenue Deputy Director David S. Cohen. They unquestionably get more than enough daily hits to qualify. 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. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. In an analysis of 30 countries, researchers found that, on average, the top four media companies in each country hold 40% of that countrys media content market. Data on average visitor traffic for the past one to three months and the relative rank of each news site came from Alexa, an Amazon company, and market intelligence provider SimilarWeb. Several other billionaires, including Comcast CEO Brian Roberts and Liberty Media Chairman John Malone, own or control cable TV networks that are powerful but not primarily news focused. Two Leading Media and Marketing Solutions Companies This seems very strange. 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. Alison Engel expected to become Chief Financial Officer; Their past, present, and future contributions., Mortimer Zuckerman US News & World Report, New York Daily News. Advance Publications, which was founded by Samuel Irving Newhouse Sr. in 1922 and is still family-owned today, has a portfolio that includes Reddit, Vanity Fair, The New Yorker, and American City Business Journals. Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. In recent years, asset management firms and private investors have increasingly bought majority stakes in legacy newspapers and have come to dominate the list of the top media owners worldwide. Slim more than doubled his stake in The New York Times in June 2015 to approximately 17% of the media company. Our latest study shows the current state of media consolidation around the world. Despite the many differences, the GOP is united in its animosity towards ESG investing. 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. 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. 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.. 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. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. Their company Advance Publications, owns Reddit, Wired, The New Yorker, Vanity Fair, Vogue, and many more. We then used SimilarWeb to find out the estimated monthly visit figures of all the sites. Interest in the skilful, highly technical Spanish midfielder will only increase after a surge in form. The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. "The whole goal is to get rid of that," he said. Forbes also found that Vinod is nearly five times richer than previously known. The rest of the combined companys senior executive team, which is expected to be composed of highly experienced leaders from both companies, will be announced at a later date. 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=1141218731, This page was last edited on 23 February 2023, at 23:45. News Corp, through News Corp UK, and Daily Mail and General Trust plc own many of the largest national news sites in the U.K. 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. These options become exercisable upon the first trading day immediately following the first 20 consecutive trading day period in which the closing price of New Medias common stock (on its principal U.S. national securities exchange) is at or above $20 per share, and also upon a change in control and certain other extraordinary events. 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! Altogether, his family controls 120 newspapers across five countries. 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; The cash and stock deal values Gannett at about $1.4 billion. 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. The nation's two largest newspaper groups plan to merge. Rupert Murdoch, former CEO of 21st Century Fox, the parent of powerhouse cable TV channel Fox News, may well be the worlds most powerful media tycoon. "There are a lot of vultures circling the industry right now, and Mike is not one of them.. Use Forbes logos and quotes in your marketing. Such forward-looking statements speak only as of the date on which they are made. [1] Despite these restrictions, today Australia has a relatively high degree of media concentration. It delivers content and products related to eating, drinking, and entertaining with a Southern flair. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. 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. Gawker aims to appeal the ruling. Google, per-se, is not a news company , Your email address will not be published. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. In 1989, John Barbey started the Reading Globe and Mitten Manufacturing Company in Pennsylvania. Si stepped down as chairman of Conde Nast in 2015. 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. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. Compelling Strategic & Financial Benefits. The Globe was previously owned by the New York Times for twenty years. National online news media in Australia is essentially controlled by two companies: News Corp, through News Corp Australia, and Nine. Many firms are masters at making money. 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. MNG Enterprises, Inc., doing business as Digital First Media and MediaNews Group, is a Denver, Colorado -based newspaper publisher owned by Alden Global Capital. Ashley Higgins, New Media Investor Relations Peter Schorsch Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida's most influential new media websites, including Florida Politics and Sunburn,. While many of the oldest media conglomerates are as powerful as ever and still growing, the emergence of digital news has substantially altered the media landscape and allowed new companies to emerge as major players in the news industry. The company expanded into business news coverage and has more than 2,000 reporters around the world. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. Social media keeps evolving and the way it works best for brands keeps changing. GateHouse Media Inc. was an American publisher of locally based print and digital media. Escaping the News Desert Gatehouse re-emerged from the planned bankruptcy in November 2013. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. They are BlackRock, Vanguard and State Street. All Rights Reserved. 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. 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. In December 2014, Las Vegas casino billionaire Sheldon Adelson secretly bought the Las Vegas Review-Journal. New Media Investment Group, Inc. is a development stage company. Conde Nast, a unit of Advance Publications, publishes magazines including Wired, Vanity Fair, The New Yorker and Vogue. 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. Hogan sued Gawker after it published a sex tape. 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. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. 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. Required fields are marked *. There are no current stakeholders of New Media Investment Group Inc cmn. Entertainment Group. These are Northern Trust, JPMorgan-Chase, Geode Capital Management and Wellington Management. 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. Bascobert, who has a background in e-commerce as well as media, will now serve as. 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. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. Paul Ameden, CIO; 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. Bloombergcofounded his financial data company in 1981 withCharles Zegar andThomas Secunda, both of whom are now billionaires as well thanks to their minority equity stakes in Bloomberg LP. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. [5] David S. Cohen was officially sworn-in on January 20, 2021. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. Gannett Co., Inc. owns USA Today and over 250 dailies. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. In 2009, Bloomberg LP bought Business Week magazine from McGraw Hill for a reported $5 million plus assumption of debt. "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. 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. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. 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 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. About 15 billionaires and six corporations own most of the U.S. media outlets. 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. The new company's financial success will hingeon its ability to shed overlapping costs and achieve what it calls a "digital transformation" built on increased revenue from digital products and marketing services. Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. [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. 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. Also based in the US are the Newhouse family, who have built a media empire that includes 47 titles, with a combined monthly readership of 1.5 billion. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. 104.7 KCMB, 102.3 The River, NewsTalk103, 92.9 The Hawk, 94.5 KJDY . Henry agreed to purchase the Globe just days after Bezos acquired the Washington Post. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. 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. How to Pin Folders and Files to Finder Menu, How To Autofill Letters from A-Z in Excel. Arbor Advisory Group Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. Several names are synonymous with media domination around the world: News Corp in the United States, the U.K., and Australia, Globo in Brazil, Yomiuri Shimbun in Japan. 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. Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized businesses. 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. 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. 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. Donald and Samuel Si Newhouse -Advance Publications. 2023 Forbes Media LLC. Greenhill & Co., LLC and Goldman Sachs & Co. LLC are serving as financial advisors to Gannett, and Skadden, Arps, Slate, Meagher & Flom LLP and Nixon Peabody LLP are serving as legal counsel. [1] Such a high degree of media concentration which is only projected to increase in the near future has far-reaching implications for social, cultural, economic, and political life. Cohen previously served as Deputy Director of the CIA from 2015 to 2017. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. 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 Zuckerman serves as chairman and editor-in-chief of U.S. News & World Report, which he bought in1984. Neither New Media nor Gannett can give any assurance that its expectations will be attained. For news sites that are owned by investment firms with a majority stake, the CEO or director of the investment firm was listed as the highest-level owner. 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.

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