He is now the vice chairman of the media company, which owns papers like The Los Angeles Times and The Chicago Tribune. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become 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. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. Neither New Media nor Gannett can give any assurance that its expectations will be attained. Contact Information Matt Esposito 1-703-854-3000 investors@gannett.com Investor Toolkit Latest Earnings Info LocaliQ $3.0+ It intends to operate newspaper, media directory and other media content businesses. This seems very strange. Cautionary Statement Regarding Forward-Looking Statements. 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. (203) 307-2250 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. [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. The proposed transaction will be submitted to New Medias stockholders and Gannetts stockholders for their consideration. [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 New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. 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. 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. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. 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.". The planned bankruptcy centered on restructuring the Fortress News Corp deal. Ashley Higgins, New Media Investor Relations New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. Club, into a new company named G/O Media Inc. [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. Required fields are marked *. The company will be based atGannett's headquarters in McLean, Virginia. A significant share of the worlds media is owned by national governments. This combination will create a broad network of talented, experienced journalists poised to deliver unique and award-winning content for local communities and national audiences. 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. Eliminates certain payments otherwise due at or after the end of the term. Heres how you can use AI to build your portfolio. Significant synergies. 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 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. 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.. At the same time, Gordon said he has confidence in Reed's leadership of the new company. [33], On January 28, 2019, it was announced that GateHouse Media had acquired the publishing division of Schurz Communications including The Herald-Times in Bloomington, Indiana, South Bend Tribune in South Bend, Indiana, and other papers in Clay, Lawrence, Monroe, Morgan, Orange, Owen, and Putnam counties in Indiana. The combined group of business publications was rebranded as BridgeTower Media.[18]. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. (Photo by Alex Wong/Getty Images), I wasnt looking to buy a magazine. 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; In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. Mike is a newspaper guy," Gordon said. Since then, there have been reports of Adelson influencing coverage of himself at a newspaper that in the past was often critical of the billionaire. NordVPN includes a 30-day money-back guarantee. Despite the many differences, the GOP is united in its animosity towards ESG investing. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. Today Hearst Communications owns dozens of newspapers and magazines throughout the country, each with a significant online presence. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. 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. 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. 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. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. Sheldon Adelson The Las Vegas Review-Journal. Fox News is owned by the Fox Corporation, which is owned in part by the Murdoch Family (39% share). Cox Family Atlanta Journal-Constitution. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. For a full list of sources that went into the creation of these graphics, please visit: https://bit.ly/WhoOwnsNews. 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 . 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. National online news media in Australia is essentially controlled by two companies: News Corp, through News Corp Australia, and Nine. ABOUT US Gannett is a subscription-led and digitally focused media and marketing solutions company. We then determined the parent companies behind each of these 50 outlets and identified all of the properties in their online media portfolios. Bezos denied the allegations at a tech conference at the Washington Post in May. For news sites that are owned or directly (or indirectly) controlled by the government (as is the case of the BBC, who since 2017 has had its board members selected by the UK government), the head of government was listed as the highest-level owner. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. GateHouse Media Inc. was an American publisher of locally based print and digital media. 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. 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. Cohen previously served as Deputy Director of the CIA from 2015 to 2017. [1] Noam, E. 2016. Who Owns the Worlds Media? 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. 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. Christopher Ruddy has been serving as the CEO of the company since 1997. The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. The cash and stock deal values Gannett at about $1.4 billion. full access for 30 days and then you cancel for a full refund. Donald Newhouse and his brother Samuel Si Newhouse inheritedAdvance Publications, a privately-held media company that controls a plethora of newspapers, magazine, cable TV and entertainment assets, from their father. The amendment, as described in more detail below, also reduces the incentive fee rate payable to the Manager for the remainder of the term. 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. Click here to explore who owns the news in Australia. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. 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. New Media expects to fund the cash portion of the Merger consideration through a combination of cash on the balance sheet and a new term loan facility (the Term Loan) to be funded at closing pursuant to a binding commitment from funds managed by affiliates of Apollo Global Management, LLC (NYSE:APO), a global alternative investment manager with approximately $312 billion in assets under management, as of June 30, 2019, and deep experience in supporting media companies. 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. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. The Globe was previously owned by the New York Times for twenty years. Onemonth after taking Morningstar public in 2005, Mansuetobought Inc. and Fast Company magazine from G&J USA. But a great reputation can never be boughtonly earned and protected. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. 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. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. 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. 91 were here. As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. 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. Engel's role was announced previously. In that role, Cohen helped manage the Agency's worldwide operations, oversee strategic modernization of the Agency, and lead foreign intelligence collection, analysis, and action. "There are a lot of vultures circling the industry right now, and Mike is not one of them.. 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 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. For news sites that are owned or controlled by the government, the head of government was listed as the highest-level owner. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player and a stronger partner for advertisers and SMBs. The sale closed on Oct. 1, 2018, for $12.5 million. Could we later look at the music industry? NordVPN includes a 30-day money-back guarantee. As the largest shareholder, his investment allows him to vote for approximately one . ir@newmediainv.com Concurrent with the entry into the Merger Agreement, New Media and the Manager have agreed to amend the Management and Advisory Agreement dated as of March 6, 2015 (such amendment, the Amended Management Agreement), pursuant to which the Manager provides a management team (including the Chief Executive Officer) and other professionals who provide services to New Media. ", Warning to Congress:Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. As the concentration of online news has increased, so has public distrust in mass media. New Media and Gannett believe that a digital transformation of the newspaper industry is vital to the preservation of journalism, and the Merger will accelerate the combined companys digital transformation. They are BlackRock, Vanguard and State Street. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. New Media is one of the largest publishers of locally based print and online media in the United States as measured by its 154 daily publications. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. "Weve spent a lot of time carefully selecting the management team for the company, and itll be a good blend of the two companies on the management team, which will help the culture issue," Reed said. [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. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. Its parent company, New Media Investment Group, merged with Gannett in 2019.[4]. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. Gasthalter & Co. There are no current stakeholders of New Media Investment Group Inc cmn. 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. All Rights Reserved. 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. 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. Effective November 20, 2019, following the completion of its merger with Gannett, New Media Investment Group Inc. trades on the New York Stock Exchange under Gannett Co., Inc. and its ticker symbol has changed to "GCI". 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. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. One ultra-wealthy media investor not mentioned in the story: Mexican billionaire Carlos Slim Helu, who owns the largest individual stake in the Times. [1] Despite these restrictions, today Australia has a relatively high degree of media concentration. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. The Term Loan will be freely pre-payable without penalty, and the combined company is expected to have a strong cash-flow profile that will permit aggressive deleveraging. [3] [4] It is the largest U.S. newspaper publisher as measured by total daily circulation. Joe Mansueto Inc. and Fast Company magazines, Morningstar CEO Joe Mansueto made his $2.3 billion fortuneat the investment and research firm he founded in 1984. Through its subsidiary Local World Holdings Ltd., Reach PLC owns more than five dozen regional newspapers and their corresponding websites. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations 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. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. But financial challenges in the industry haveproved to be an obstacle in Gannetts quest to remake itself, asdigital advertising and consumer revenuehavebeen less lucrative than in print. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. The Guardian is owned by the Scott Trust Limited, which exists solely to control the finances of the Guardian and ensure its editorial independence. Fortress owned 52% of GateHouse debt. 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. Escaping the News Desert GateHouse Media Inc. was an American publisher of locally based print and digital media. 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 New York Times published an article last Fridaycriticizing the power that billionaires wield over media companies. Nathan Bomey USA TODAY Gannett on Wednesday named a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. The healthcare industry is facing immense economic pressures. 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. [9], By 2013, GateHouse Media grew, operating in 330 markets across 21 states, but they found themselves in a debt situation that would prohibit future growth. 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. (212) 479-3160 Sam Levenson Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. 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. 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