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. The deal "gives us a much broader platform on which to build our digital businesses and to help each of these local markets to become engines of growth for us from a digital perspective," Gannett CEO Paul Bascobert said Thursday at the company's shareholder meeting, where the vote results were revealed. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. [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. "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. (203) 307-2250 ir@newmediainv.com Artificial intelligence can make investing more straightforward, bringing investment insights to the masses. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. 'Pivot' needed for digital transformation as merger is completed, Shareholders of USA TODAY owner Gannett and New Media Investment Group approve merger, New Media and Gannett announce board of directors for combined company, Your California Privacy Rights/Privacy Policy. It's also important to point out that the same person with Fox News ownership, Rupert Murdoch, owns News Corp with the same 39% share, and News Corp owns the New York Post, HarperCollins, and the Wall Street Journal. We then determined the parent companies behind each of these 50 outlets and identified all of the properties in their online media portfolios. 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. This communication is neither an offer to sell, nor a solicitation of an offer to buy any securities, the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. 1:06 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. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. He is now the vice chairman of the media company, which owns papers like The Los Angeles Times and The Chicago Tribune. 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 buyer is New Media Investment Group, Inc., formerly Gatehouse Media, which is the largest newspaper publisher in the United States by number of titles. [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. Their past, present, and future contributions., Mortimer Zuckerman US News & World Report, New York Daily News. Eliminates certain payments otherwise due at or after the end of the term. Copies will also be available at no charge in the Investor Relations sections of New Medias website, www.newmediainv.com and Gannetts website, www.gannett.com. Gannett will be acquired by New Media Investment Group, which owns Gatehouse. Si stepped down as chairman of Conde Nast in 2015. Credit Suisse is serving as financial advisor to New Media, and Cravath, Swaine & Moore LLP is serving as principal legal counsel. That was down from about $1.4 billion when the deal was announced in August because of a decline in New Medias stock price. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. At the same time, Gordon said he has confidence in Reed's leadership of the new company. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. [1] Business units [ edit] Media properties [ edit] The New York Times The New York Times International Edition The New York Times International Weekly The proposed transaction will be submitted to New Medias stockholders and Gannetts stockholders for their consideration. 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. 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. As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. 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. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. However, the merged newspaper chain would take the better-known Gannett name and be based at Gannett's headquarters in McLean, Virginia. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. New Media will also grant the Manager approximately 3.2 million options with an exercise price of $15.50, a 45% premium to the closing price of New Media common stock on August 2, 2019. Social media keeps evolving and the way it works best for brands keeps changing. 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. 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. Contact Information Matt Esposito 1-703-854-3000 investors@gannett.com Investor Toolkit Latest Earnings Info LocaliQ $3.0+ 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. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. 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. Bloombergcofounded his financial data company in 1981 withCharles Zegar andThomas Secunda, both of whom are now billionaires as well thanks to their minority equity stakes in Bloomberg LP. 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. Heres how you can use AI to build your portfolio. The company was founded on June 18, 2013. The newspapers were operated by GateHouse Media following the purchase. While many of the oldest media conglomerates are as powerful as ever and still growing, the emergence of digital news has substantially altered the media landscape and allowed new companies to emerge as major players in the news industry. The company has been growing its portfolio and as of May 2021, owns over 100 newspapers and 200 assorted other publications. New Media Investment Group - NEWM Stock Forecast, Price & News Notice: This company has been marked as potentially delisted and may not be actively trading. Under the terms of the Merger Agreement, shareholders of Gannett will receive $6.25 in cash and 0.5427 of a New Media share for each Gannett share they hold, representing total consideration of $12.06 per Gannett common share based on New Medias closing stock price as of August 2, 2019, and a premium of approximately 18% to the five-day volume-weighted average price of Gannett shares as of that date. Barbey is a member of the billionaire Barbey family, which made its fortune in textiles and manufacturing. In the same month, GateHouse announced its $49.25 million purchase of The Palm Beach Post and Palm Beach Daily News from Cox Media Group, LLC. Mexican billionaire Carlos Slim owns 17.4 percent of The New York Times through the company's Class A shares. The New York Times published an article last Fridaycriticizing the power that billionaires wield over media companies. You will need to pay for the subscription, thats a fact, but it allows full access for 30 days and then you cancel for a full refund. 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. Gasthalter & Co. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. 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. 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. The Guardian is owned by the Scott Trust Limited, which exists solely to control the finances of the Guardian and ensure its editorial independence. 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. Employers continue to invest in people services that demonstrate care for their people, in spite of pressures to cut costs. Henry agreed to purchase the Globe just days after Bezos acquired the Washington Post. This seems very strange. Today's graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. 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.. Click here to explore who owns the news in Australia. Ever wondered who owns your favorite news websites? David S. Cohen was officially sworn-in on January 20, 2021. Since beginning his run for president, Trump has accused Bezos of using the Post to get tax breaks for Amazon and sending reporters after Trump. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. Or two, for that matter.I bought them because Im passionate about their missions. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. Or two, for that matter.I bought them because Im passionate about their missions. Its parent company, New Media Investment Group, merged with Gannett in 2019. 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. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. (Photo by Alex Wong/Getty Images), I wasnt looking to buy a magazine. Great work. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. Total pro forma leverage at closing of the Merger is expected to be approximately 3.5x LTM As Adjusted EBITDA, before run-rate synergies, and 2.3x including run-rate synergies. After the closing of the Merger, both New Media and its operating subsidiary GateHouse, will be rebranded and operate under the Gannett brand. 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. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. Zuckerman bought the Daily News out of bankruptcy in 1993andunsuccessfully tried to sell the tabloid newspaper for six months in 2015. [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. Advance owns newspapers in 25 cities and towns across America and isthe countrys largest privately-held newspaper chain. [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. "The number is going to be higher.". The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. He is executive co-chairman of 21st Century Fox with his son Lachlan and is also chairman of News Corp, which owns The Wall Street Journal and other publications. Its parent company, New Media Investment Group, merged with Gannett in 2019.[4]. Heres a look at some of the billionaires who own news media in the United States: Michael Bloomberg BloombergLP and Bloomberg Media. Billionaire Red Sox owner John Henry purchased the Boston Globe in October 2013 for $70 million. Greenhill & Co., LLC and Goldman Sachs & Co. LLC are serving as financial advisors to Gannett, and Skadden, Arps, Slate, Meagher & Flom LLP and Nixon Peabody LLP are serving as legal counsel. 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. United Kingdom: Oxford University Press. Paul Bascobert will serve as CEO of the new company's operating subsidiary, Gannett Media Corp., as previously announced. 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). Independent financial advisor, and 230 websites Sox owner John henry purchased the Boston Globe October... 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