who owns new media investment group

The News Media Alliance says there are 672 major daily newspapers in the United States. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become To finance the deal, New Media is borrowing $1.8 billion from private equity firm. An overseas territory or dependency is a region with ties abroad to a sovereign nationnot a completely independent state, but also not a constituent part or administrative subdivision of the parent country. As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. 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. It's crucial because, at an interest rate of 11.5%, the Apollo loan could become onerous ifnot paid off quickly, said Tim Hynes, head of North American research for debt analysis service Debtwire. 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. Each region has its own unique present-day status. At the forefront of intellectual property valuation, acquisition and utilization, the Concord investment underscores the partners' belief in the lasting and appreciating global value of superior original creative content. Its parent company, New Media Investment Group, merged with Gannett in 2019.[4]. There are a total of 73 overseas territories listed on the map spread across the world. Who owns the Scotsman newspaper? [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. Gannett Co., Inc. is a subscription-led and digitally focused media and marketing solutions company committed to empowering . Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). 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. (212) 257-4170 New Media Investment Group (NEWM) Stock Forecast, Price & News - MarketBeat 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. 1:02 Gannett on Wednesday named a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. New Media Investment Group | Company Overview & News - Forbes Visualizing the Flow of Energy-Related CO2 Emissions in the U.S. The company, which also owns local papers ranging from the Detroit Free Press to the El Paso Times, missed second-quarter revenue on Monday. Joele Frank, Wilkinson Brimmer Katcher After the close of the transaction, Gannett shareholders will hold approximately 49.5% of the combined company and New Media shareholders will hold approximately 50.5%. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. 20 21 Reed was GateHouse CEO prior to the companys acquisition by New Media Investment Group. 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: The State of Democracy Around the World, Mapped: The Largest 15 U.S. Cities by GDP, Visualized: The Most (and Least) Expensive Cities to Live In, Mapped: The Population of Indias States Compared with Countries, Charted: 30 Years of Central Bank Gold Demand, Visualizing U.S. Website http://www.mediainvestmentgroup.com Industries Investment. Use Forbes logos and quotes in your marketing. [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. New Media Investment Group, Inc. is a development stage company. 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. The combined group of business publications was rebranded as BridgeTower Media.[18]. [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. 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=1150183880, This page was last edited on 16 April 2023, at 19:22. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. The webcast replay of the conference call will also be available approximately two hours following the completion of the call on the Investor Relation section of each companys website. New Media Investment Group's mailing address is 1345 AVENUE OF THE AMERICAS, NEW YORK NY, 10105. Inaddition to USA TODAY, Gannett owns 109 local media properties operated as the USA TODAY Network including the Arizona Republic, Detroit Free Press, Milwaukee Journal Sentinel and Indianapolis Star as well as United Kingdom-based Newsquest Media Group and digital marketing assets like WordStream. 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. 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 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. Earlier this year, Gannett fended off newspaper chain MNG Enterprises's. The Erie Times-News, family-owned since its founding, is sold (212) 479-3160 In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. 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. Mike is a newspaper guy," Gordon 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 . Please visit www.newmediainv.com and www.gannett.com. Growing a successful business on social media requires a combination of authenticity, passion, consistency, engagement and creativity. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. Gannett Co., Inc. owns USA Today and over 250 dailies. 2. The GateHouse Media corporate strategy continues to focus on acquiring and operating traditional local media businesses and transforming them from print-centric operations to multimedia operations. It currently has an elected legislature and governor and is home to a large U.S. military base. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. Below is a look at the top 20 owners of Americas newspapers: Turnover in this segment of the market has been brisk. 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.". If shareholders give the thumbs-up during the vote this November, Gannett will have amassed the largest online audience of any American news provider. 8 Contents History and Leadership [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. It intends to operate newspaper, media directory and other media content businesses. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. Eliminates certain payments otherwise due at or after the end of the term. All interested parties are welcome to participate. The United States is delivering strong sales now that domestic and international travel is flying high again. 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. 3. The company was founded on June 18, 2013 and is headquartered in New York, NY. 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. Company | MGI - Media and Games Invest 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 storytelling bias is one of the most important, yet least known blindspots that affects our investing behavior. Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard. "I don't think this is going to be a lay-up," he said. Adam Reinbach will serve as president and CEO of BridgeTower Media, which produces business, home furnishings,legislative and other digital and print publications and events. 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. Bascobert said they sought to "create a careful balance between the two organizations" with a goal of ensuring people are on the same page culturally and strategically. Enhanced scale. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. 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. These 15 Billionaires Own America's News Media Companies - Forbes Under terms of the deal, Apollo has the right to appoint two observers to the company's board and could appoint one or two voting directors if the company's debt exceeds its earnings by too great of a margin. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. The planned bankruptcy centered on restructuring the Fortress News Corp deal. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. Strategic, investment advisory and management services firm that focuses on technology, media and content companies. 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; All quotes delayed a minimum of 15 minutes. Ed Trissel / Tim Ragones / Tanner Kaufman Accelerate digital strategy. About 15 billionaires and six corporations own most of the U.S. media outlets. Their histories vary, but most are tied to either modern colonialism from the 1400s onwards, or wars from the 19th and 20th centuries. 15 facilities in 9 countries around the globe. Gannett Co. to be sold to New Media Investment Group - Milwaukee All Rights Reserved. The largest hosting company in Europe. After the merger closes, expected by the second half of 2019, New Media will hold about 50.5% stake in the combined company, to be led by Reed. On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. How Many Music Streams Does it Take to Earn a Dollar? For various reasons from tech disruption to changing media consumption habits the U.S. has seen a net loss of 1,800 local newspapers over the past 15 years. 6 7 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 editorial practices, and reducing jobs to increase profits. Where are Clean Energy Technologies Manufactured? While Cook Islanders are New Zealand citizens, with the same monarch as head of state, they are also separate Cook Island nationals. Who Owns Your News? The Top 100 Digital News Outlets and - TitleMax 2,000 employees from 40 countries. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. The Newsmax Media Group is the parent company of Newsmax TV, which is carried on various cable and satellite networks, as well as Newsmax.com Newsmax Media Group, founded by Newsmax Media CEO Christopher Ruddy, President James Pinkerton, and Newsmax Media Chairman and CEO Christopher Ruddy. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. The . Mason Slaine, former CEO of business information publisher Thomson Financial, owns about 8%. 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? New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984.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. Meanwhile, Vice recently acquired Refinery29 for $400 million, giving it access to a new audience skewed towards millennial women. or All Rights Reserved. (212) 355-4449, Internet Explorer presents a security risk. 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 isnt just regional papers being swept up in the latest round of mergers and acquisitions new media is getting into the mix as well. There are no current stakeholders of New Media Investment Group Inc cmn. Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. Media Investment Group | LinkedIn Its parent company, New Media Investment Group, merged with Gannett in 2019. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. 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. (203) 307-2250 Shares of Gannett closed up 2.6% at $11.04, while those of New Media Investment Group closed down 7.6% at $9.89. Consumption of Fuel and Materials per Capita, The Periodic Table of Commodity Returns (2013-2022), Visualizing 25 Years of Lithium Production, by Country, Ranked: The Worlds Largest Copper Producers, Mapped: Air Pollution Levels Around the World in 2022. The United States by itself accounts for 11 of the territories spread out across the North and South Pacific. Our Standards: The Thomson Reuters Trust Principles. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. 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. Mapped: Asias Biggest Sources of Electricity by Country. "There are a lot of vultures circling the industry right now, and Mike is not one of them.. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. MGI - Media and Games Invest SE ("MGI") is an advertising software platform with strong first-party games content. The company can be reached via phone at 212-479-3160 or via email at ir@newmediainv.com. Both companies announced layoffs in the past year, and this restructuring may help both companies win as they consolidate resources. But one area for growth is events, where New Media has a particularly strong business, Doctor said. New Media Investment Group - CrunchBase 1:02 Shareholders cleared the way Thursday for New Media Investment Group and USA TODAY owner Gannett to join forces in a deal that will create the largest U.S. media company by print. New Media Investment Group Inc. - The New York Times New Media shareholders would own 50.5% of the combined company, while Gannett stockholders would own 49.5%. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. 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. [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. 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. I just hope its done for the right reasons. 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. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. Others, like Amazon founder Jeff Bezos, bought publications as. Who Owns Newsmax? (The Ultimate Guide 2023) Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. Arbor Advisory Group Alden Global Capital Venture Capital owns Digital First Media (56 dailies). Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. Shareholders cleared the way Thursday for New Media Investment Group and USA TODAY owner Gannett to join forces in adeal that willcreatethe largest U.S.media company by print circulation and one that will also vie for the biggestonline news audience nationwide. The top newspapers by average Sunday circulation (Pew Research and Alliance for Audited Media) [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. 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. Both New Media and its operating subsidiary GateHouse will be rebranded and operate under brand Gannett. 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. Including the announced acquisitions, New Medias portfolio of products, which will include 449 community publications, 366 related websites, and six yellow page directories, will serve more than 130,000 business advertising accounts and will reach over 12 million people on a weekly basis. It now has a constitution, a parliament, and a governor who exercises power on behalf of the British head of state. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. 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. Gannett, New Media Investment Group deal: Shareholders to vote - USA Today Engel's role was announced previously. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. Sam Levenson As a result, news deserts have been springing up all over America: var divElement = document.getElementById('viz1570233446064'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.minWidth='600px';vizElement.style.maxWidth='1100px';vizElement.style.width='100%';vizElement.style.minHeight='427px';vizElement.style.maxHeight='627px';vizElement.style.height=(divElement.offsetWidth*0.75)+'px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.minWidth='600px';vizElement.style.maxWidth='1100px';vizElement.style.width='100%';vizElement.style.minHeight='427px';vizElement.style.maxHeight='627px';vizElement.style.height=(divElement.offsetWidth*0.75)+'px';} else { vizElement.style.width='100%';vizElement.style.height='677px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); One option is to simply go out of business, while another traditional solution is to combine forces through consolidation. 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. 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. Sales, however, havent quite picked up as yet. And consider that this list reflects current status as of 2023. Timeline: Cannabis Legislation in the U.S. Visualizing the Relationship Between Cancer and Lifespan, Visualizing How COVID-19 Antiviral Pills and Vaccines Work at the Cellular Level, Global EV Production: BYD Surpasses Tesla. With the advent of technology and the globalization of markets, investors have more choices than ever. External Management Agreement. Target net leverage within two years of closing is expected to be below 1.75x. "They are of enough scale that they are doing a good amount of digital national business, and the GateHouse properties added in there gives them more scale.". 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. However, the merged newspaper chain would take the better-known Gannett name and be based at Gannett's headquarters in McLean, Virginia. 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. We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. 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. GateHouse Media Inc. was an American publisher of locally based print and digital media. 22 He assumed the New Media Investment Group CEO role in 2019 after the company merged of New Media and Gannett.
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