Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations He is now the vice chairman of the media company, which owns papers like The Los Angeles Times and The Chicago Tribune. One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index. Club, into a new company named G/O Media Inc. Building those subscription bases will require investing in journalism, said Michael Silberman, senior vice president of strategy at subscription commerce and tech provider Piano, which counts New Media as a client. 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. (203) 307-2250 Certain statements in this communication may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect New Medias and Gannetts current views regarding, among other things, the proposed transaction between New Media and Gannett, the expected timetable for completing the proposed transaction, the benefits and synergies of the proposed transaction and future opportunities for the combined company, as well as other statements that are other than historical fact. 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 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. 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. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. 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. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. The newspapers own reporting outed the billionaire buyer, who reportedly arranged the $140 million deal through his son-in-law. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. 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. GateHouse Media Inc. was an American publisher of locally based print and digital media. For news sites that are owned or controlled by the government, the head of government was listed as the highest-level owner. Neither New Media nor Gannett can give any assurance that its expectations will be attained. 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. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. Its part of the problem in this country. 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. David S. Cohen was officially sworn-in on January 20, 2021. GateHouse Media Inc. was an American publisher of locally based print and digital media. Read a newspaper, magazine, watch CNN, FOX, anything besides Social Media. 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. Gatehouse re-emerged from the planned bankruptcy in November 2013. A significant share of the worlds media is owned by national governments. Sam Levenson [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. 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. [1] Business units [ edit] Media properties [ edit] The New York Times The New York Times International Edition The New York Times International Weekly 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. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. Gannett will be acquired by New Media Investment Group, which owns Gatehouse. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. 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. 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). 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. Ed Trissel / Tim Ragones / Tanner Kaufman What can we do to make social media a more positive environment for people with disabilities? Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. As the concentration of online news has increased, so has public distrust in mass media. The cash and stock deal values Gannett at about $1.4 billion. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. Two Leading Media and Marketing Solutions Companies [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. In 2009, Bloomberg LP bought Business Week magazine from McGraw Hill for a reported $5 million plus assumption of debt. Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. Gannett on Wednesdaynamed a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. 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. 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. 91 were here. 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. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. 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. 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. It intends to operate newspaper, media directory and other media content businesses. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. 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. 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. or [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard. He has said he's confident of hitting the savings target. Hogan sued Gawker after it published a sex tape. In November 2019, New Media Investment Group (which owns the legacy GateHouse Media assets) purchased Gannett, changing the name of the combined company to Gannett Co., Inc. and keeping the GCI stock ticker. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. Christopher Ruddy has been serving as the CEO of the company since 1997. Mike Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. 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. The CEO with the biggest audience is Hans Vestberg, CEO of American multinational telecommunications conglomerate Verizon Communications Inc. Vestbergs outlets boast a combined monthly readership of over 3.8 billion and include media powerhouses of the likes of Yahoo, AOL, Huff Post, TechCrunch, Engadget and Autoblog. Compelling Strategic & Financial Benefits. Such forward-looking statements speak only as of the date on which they are made. [1] Noam, E. 2016. Who Owns the Worlds Media? As the largest shareholder, his investment allows him to vote for approximately one . New Media Investment Group Inc. (NYSE: NEWM) supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to small and medium business partners. Real estate billionaire Mortimer Zuckerman is the owner of both US News & World Report and the New York Daily News. Patrick Soon-Shiong Tribune Publishing Co. OnMay 23, Tribune Publishing Co. announced that L.A. doctor and pharmaceutical billionairePatrick Soon-ShiongsNant Capital was investing $70.5 million into the media company, making Soon-Shiongthe second-largest shareholder. All interested parties are welcome to participate. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Kirk Davis, operating company CEO;[2] Bernie Szachara, previously president of newspaper operations for GateHouse, who will serve as president of U.S. publishing operations. 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. ABOUT US Gannett is a subscription-led and digitally focused media and marketing solutions company. The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. 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. Compare Today's Range N/A 50-Day Range $1.25 $6.28 52-Week Range N/A Volume 4.10 million shs Average Volume 1.03 million shs Market Capitalization $87.70 million P/E Ratio 212.00 May 21, 2021 Tribune Publishing, the owner of some of the largest metropolitan newspapers in the United States, will be acquired by a hedge fund with a reputation for slashing costs and cutting. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. The news media has a powerful influence over consumer tastes, political opinions, and culture at large. New Media and FIG LLC, an affiliate of Fortress Investment Group (the Manager), have amended the external management agreement to set the termination date as December 31, 2021. 2023 Forbes Media LLC. (703) 854-3168 Others, like Amazon founder Jeff Bezos, bought publications as. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. 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. The company has been growing its portfolio and as of May 2021, owns over 100 newspapers and 200 assorted other publications. Four years later, Tribune Co. emerged from bankruptcy after being bought by Oaktree Capital Management, Angelo, Gordon & Co and JPMorgan Chase. In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. Mike Reed will serve as. Key executives, who will report to Bascobert, include: In addition, Henry Faure Walker will serve as CEO of Newsquest Media Group, a publishing arm in the United Kingdom. Their past, present, and future contributions., Mortimer Zuckerman US News & World Report, New York Daily News. 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. "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. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. Initially, the combined company is expected to have an annual dividend of $0.76 per share. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. 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.. 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. It intends to operate newspaper, media directory and other media content businesses. 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. (Photo by Alex Wong/Getty Images), I wasnt looking to buy a magazine. New Media Investment Group, Inc. is a development stage company. 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. Could we later look at the music industry? 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. 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. Investors: Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. (212) 257-4170 [4] History [ edit] Liberty Group Publishing [ edit] 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. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. Gavin Newsom (D) blocked the move. [10] The company filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on September 27, 2013. 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. Cox Family Atlanta Journal-Constitution. [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. "There are a lot of vultures circling the industry right now, and Mike is not one of them.. These are Northern Trust, JPMorgan-Chase, Geode Capital Management and Wellington Management. [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. (212) 355-4449, Internet Explorer presents a security risk. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. In a statement at the time, he wrote, I wasnt looking to buy a magazine. At the same time, Gordon said he has confidence in Reed's leadership of the new company. Mexican billionaire Carlos Slim owns 17.4 percent of The New York Times through the company's Class A shares. Tax equity investing can be a complex and challenging process, especially for investors who are exploring this type of investment for the first time. Slim more than doubled his stake in The New York Times in June 2015 to approximately 17% of the media company. ", Warning to Congress:Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. The combined group of business publications was rebranded as BridgeTower Media.[18]. 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. Escaping the News Desert Heres a look at some of the billionaires who own news media in the United States: Michael Bloomberg BloombergLP and Bloomberg Media. The media industry cant ignore these two fundamental problems on the platform side, but eliminating Section 230 isnt the answer. But he does not believe the company will achieve its cost-savings goal. 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. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. 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.. 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. Our latest study shows the current state of media consolidation around the world. Or Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized businesses. Gannett Co., Inc. ( / nt /) is an American mass media holding company headquartered in Tysons, Virginia, in the Washington, D.C., metropolitan area. The proposed transaction will be submitted to New Medias stockholders and Gannetts stockholders for their consideration. Fox News is owned by the Fox Corporation, which is owned in part by the Murdoch Family (39% share). One ultra-wealthy media investor not mentioned in the story: Mexican billionaire Carlos Slim Helu, who owns the largest individual stake in the Times. One name towers above all the rest when it comes to owning media outlets, and that name is Michael Reed and hes the CEO of New Media Investment Group. Who owns new media investment group? 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. [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. 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 . 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