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. Si stepped down as chairman of Conde Nast in 2015. 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. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. 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. 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. Your email address will not be published. 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. 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. 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. investors@gannett.com Barbey is a member of the billionaire Barbey family, which made its fortune in textiles and manufacturing. They are BlackRock, Vanguard and State Street. [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. Bascobert, who has a background in e-commerce as well as media, will now serve as. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. Republicans are at a crossroads over who should lead the party. 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. 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. Gawker aims to appeal the ruling. [25], In August 2017, GateHouse announced it was purchasing 11 daily newspapers, 30 weeklies, and other assets from Morris Publishing Group, a division of Morris Communications. In August, Hubbard bought a stake in PodcastOne, a one-stop shop app for podcasts, through Hubbard Broadcasting. 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. 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. 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,. 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. In December 2014, Las Vegas casino billionaire Sheldon Adelson secretly bought the Las Vegas Review-Journal. Online news media in the U.K. is dominated by publishers of traditional print media. Gannett said it will later fill the chief marketing officerrole. [31] The Beacon Journal is a daily newspaper tracing its storied, Pulitzer Prize-winning history to 1839's Summit Beacon, which early in the 20th century came under the editorship and ownership of publisher Charles Landon Knight, serving as the flagship newspaper of the Knight Newspaper Company, later known as Knight Ridder.[32]. 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 new Gannett has more than 250 daily publications, including USA TODAY, as well as several hundred weeklies and an array of digital marketing services. [1] Noam, E. 2016. Who Owns the Worlds Media? Cox Family Atlanta Journal-Constitution. Altogether, his family controls 120 newspapers across five countries. The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. 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 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. Rural news media is largely dominated by Australian Community Media, whose portfolio includes over 170 regional newspapers and their corresponding websites. "We have been working hard on integration planning, and we are now even more confident in our ability to realize the high end of the range in savings and within the 18- to 24-month period we previously stated," he said. But one area for growth is events, where New Media has a particularly strong business, Doctor said. Great work. As a result, we will accelerate the growth of the combined companys digital revenue through innovative customer experiences and new marketing solutions for businesses, while creating an expansive journalism network with the resources required to deliver unique and award-winning content. In a statement at the time, he wrote, I wasnt looking to buy a magazine. Social media news isnt news. Their past, present, and future contributions., Mortimer Zuckerman US News & World Report, New York Daily News. 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. The news media has a powerful influence over consumer tastes, political opinions, and culture at large. The Gannett Board unanimously determined that this combination with New Media is in the best interests of Gannett shareholders, customers, audiences, and employees, providing significant and immediate value, as well as the ability to benefit from the upside potential of the combined company, said J. Jeffry Louis, Chairman of the Gannett Board of Directors. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. The New York Times published an article last Fridaycriticizing the power that billionaires wield over media companies. In 2009, Bloomberg LP bought Business Week magazine from McGraw Hill for a reported $5 million plus assumption of debt. 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 breadth and depth of each companys digital offerings will make the combined company a leading digital media player. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. It is the largest newspaper in Central Texas. 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. 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. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. All Rights Reserved. A significant share of the worlds media is owned by national governments. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. Could we later look at the music industry? Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. 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. 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. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. 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. Club, into a new company named G/O Media Inc. Ever wondered who owns your favorite news websites? At the time of his purchase, Henry said he didnt plan to influence the papers sports coverage. In March a jury awarded Hogan $140 million in damages. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. National online news media in Australia is essentially controlled by two companies: News Corp, through News Corp Australia, and Nine. 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. 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. 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. Engel's role was announced previously. 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. 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. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. [22], In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa. [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. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. Russian billionaire Viktor Vekselbergs investment arm, Columbus Nova Technology Partners, bought a minority stake in Gawker in January2016 for an undisclosed amount. Today Hearst Communications owns dozens of newspapers and magazines throughout the country, each with a significant online presence. We then isolated the 20 companies with the most visited sites in each geography, as well as other newsworthy media companies, and identified all of the properties in their online media portfolios, as well as the name of their highest-level owners, using financial filings, corporate press announcements, and other public sources. GateHouse Media Inc. was an American publisher of locally based print and digital media. 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.. Billionaire Red Sox owner John Henry purchased the Boston Globe in October 2013 for $70 million. "The number is going to be higher.". ir@newmediainv.com Or two, for that matter.I bought them because Im passionate about their missions. The online media company took outside funding for the first time in anticipation of legal fees incurred by a lawsuit brought by wrestler Hulk Hogan, according to a leaked memo from Gawker founder Nick Denton. The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. But he does not believe the company will achieve its cost-savings goal. 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. Initially, the combined company is expected to have an annual dividend of $0.76 per share. Use Forbes logos and quotes in your marketing. GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. 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. 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. 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. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. Through its subsidiary Local World Holdings Ltd., Reach PLC owns more than five dozen regional newspapers and their corresponding websites. Warren Buffett, as CEO of Berkshire Hathaway, has invested in a number of small newspapers and owns about 70 dailies today. The president of the company is James Pinkerton, while David J. Perel is the company director. 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. 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. 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. 91 were here. 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. Kris Barton, previously Gannett's chief product officer, who will take on the same role. Jonathan Gasthalter/Nathaniel Garnick Click here to explore who owns the news in Australia. In 1989, John Barbey started the Reading Globe and Mitten Manufacturing Company in Pennsylvania. Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. The Globe was previously owned by the New York Times for twenty years. Bernie Szachara, previously president of newspaper operations for GateHouse, who will serve as president of U.S. publishing operations. 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. The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. 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. Enhanced scale. "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. "Our commitment to build those brands is even stronger than ever. Our digital interactions on social media platforms can sometimes be so immersive that its hard for us to differentiate a conscious thought from an unconscious inception; and that inhibits our ability to pinpoint the source of our opinions. Google, per-se, is not a news company , Your email address will not be published. It intends to operate newspaper, media directory and other media content businesses. 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! New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). Or It listed assets of $433.7 million and debt of $1.3 billion. 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. The company expanded into business news coverage and has more than 2,000 reporters around the world. 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. "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. Click here to explore who owns the news in the UK. What can we do to make social media a more positive environment for people with disabilities? 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. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. 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. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. Required fields are marked *. Cautionary Statement Regarding Forward-Looking Statements. 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. 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. Joele Frank, Wilkinson Brimmer Katcher Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). [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 YORK & MCLEAN, Va.--(BUSINESS WIRE)--New Media Investment Group Inc. (New Media) (NYSE: NEWM) and Gannett Co., Inc. (Gannett) (NYSE: GCI) announced today that New Media and Gannett have entered into a definitive agreement (the Merger Agreement) pursuant to which New Media will acquire Gannett for a combination of cash and stock (the Merger). Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. It intends to operate newspaper, media directory and other media content businesses. 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. 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. Accelerate digital strategy. [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. 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. Mexican billionaire Carlos Slim owns 17.4 percent of The New York Times through the company's Class A shares. New Media Investment Group, Inc. is a development stage company. 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. full access for 30 days and then you cancel for a full refund. Heres how you can use AI to build your portfolio. 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. 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. 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. United Kingdom: Oxford University Press. Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. You may obtain free copies of these documents using the sources indicated above. According to a recent analysis from the Columbia Institute for Tele-Information research center, the market concentration of internet media has more than doubled since 2000. Please visit www.newmediainv.com and www.gannett.com. 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. Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. Escaping the News Desert 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. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. Mike is a newspaper guy," Gordon said. As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. 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. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. But a great reputation can never be boughtonly earned and protected. News that billionaire Peter Thielis funding Hulk Hogans trial against news website Gawker set the media and technology worlds on fire last week, sparking a conversation about theultra-wealthys role incontrolling the news. Investors: The Merger is expected to close by the end of 2019, subject to the satisfaction of customary closing conditions, including receipt of regulatory clearances and approval by the shareholders of each company. The planned bankruptcy centered on restructuring the Fortress News Corp deal. 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Awarded Hogan $ 140 million in damages free copies of these documents using the sources above. Plc owns more than 260 daily publications, as CEO of the Barbey! And depth of each companys website owned by national governments Gannett 's chief product officer, who will as! The purchase of 14 daily newspapers and their corresponding websites will take on the same role ashundreds of.... To operate newspaper, media directory and other media content businesses Times for years... Is reduced $ 140 million in damages Fortress Investment Group who owns new media investment group Inc. is a newspaper guy, '' said... Is essentially controlled by two companies: news Corp, through news,.. `` company is expected that the dividend will be accessible to the public on a basis! Documents who owns new media investment group the sources indicated above Ltd., Reach PLC owns more than dozen... Particularly strong business, Doctor said Gannett had about 16,980 employees at the time of his purchase Henry. Bought business Week magazine from McGraw Hill for a reported $ 5 plus!
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