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. investors@gannett.com 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. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. Additional Information and Where to Find It. Kirk Davis, operating company CEO;[2] 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. 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. Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. Cohen previously served as Deputy Director of the CIA from 2015 to 2017. 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. 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.. The Globe was previously owned by the New York Times for twenty years. Enhanced scale. At the time of his purchase, Henry said he didnt plan to influence the papers sports coverage. Faced with problems, it downsized to 270 by June 2005. "I don't think this is going to be a lay-up," he said. 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 . The company will be based atGannett's headquarters in McLean, Virginia. Accelerate digital strategy. [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 family has also owned a local Pennsylvania paper, TheReading Eagle, for generations. 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. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. 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. 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. We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. Ashley Higgins, New Media Investor Relations The newspapers own reporting outed the billionaire buyer, who reportedly arranged the $140 million deal through his son-in-law. 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. Many firms are masters at making money. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. The media industry cant ignore these two fundamental problems on the platform side, but eliminating Section 230 isnt the answer. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. New Media Investment Group - NEWM Stock Forecast, Price & News Notice: This company has been marked as potentially delisted and may not be actively trading. Hogan sued Gawker after it published a sex tape. Ed Trissel / Tim Ragones / Tanner Kaufman Gannett Co., Inc. owns USA Today and over 250 dailies. The Guardian is owned by the Scott Trust Limited, which exists solely to control the finances of the Guardian and ensure its editorial independence. He has said he's confident of hitting the savings target. Here are some points to consider when building a reputation management strategy for hedge funds and private equity firms. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. To identify which companies and CEOs have the most titles and combined readerships, we generated a list of all the URLs for each publication under each respective CEO. Advance owns newspapers in 25 cities and towns across America and isthe countrys largest privately-held newspaper chain. At the same time, Gordon said he has confidence in Reed's leadership of the new company. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. 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. Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. GateHouse Media Inc. was an American publisher of locally based print and digital media. 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. [7], On September 4, 2013, News Corp announced that it would sell the Dow Jones Local Media Group, a group of 33 local newspapers, to Newcastle Investment Corp, an affiliate of Fortress, for $87 million. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. 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. "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. As the largest shareholder, his investment allows him to vote for approximately one . In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. 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. Its parent company, New Media Investment Group, merged with Gannett in 2019. List of assets owned by the New York Times Company (Redirected from List of assets owned by The New York Times Company) This is a list of assets owned by the New York Times Company. Henry agreed to purchase the Globe just days after Bezos acquired the Washington Post. Cautionary Statement Regarding Forward-Looking Statements. Click here to explore who owns the news in Australia. 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. We identified the owners of the top 50 news sites globally, in the United States, in the U.K., and in Australia, respectively, using financial filings, corporate press announcements, and other public sources. Heres a look at some of the billionaires who own news media in the United States: Michael Bloomberg BloombergLP and Bloomberg Media. 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. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). Gannett on Wednesdaynamed a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. 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. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. In November 2019, New Media Investment Group (which owns the legacy GateHouse Media assets) purchased Gannett, changing the name of the combined company to Gannett Co., Inc. and keeping the GCI stock ticker. [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. Or two, for that matter.I bought them because Im passionate about their missions. For a full list of sources that went into the creation of these graphics, please visit: https://bit.ly/WhoOwnsNews. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. Tax equity investing can be a complex and challenging process, especially for investors who are exploring this type of investment for the first time. Less than a year later, the companywentbankrupt. A significant share of the worlds media is owned by national governments. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. Credit Suisse is serving as financial advisor to New Media, and Cravath, Swaine & Moore LLP is serving as principal legal counsel. 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. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. Two Leading Media and Marketing Solutions Companies In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. Ashley Higgins, New Media Investor Relations ir@newmediainv.com (212) 479-3160 or Media: Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. (212) 257-4170 Or Investors: Sam Levenson Arbor . This site uses Akismet to reduce spam. Your email address will not be published. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. 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. 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. 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. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. Use Forbes logos and quotes in your marketing. 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. It delivers content and products related to eating, drinking, and entertaining with a Southern flair. It intends to operate newspaper, media directory and other media content businesses. Slim more than doubled his stake in The New York Times in June 2015 to approximately 17% of the media company. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. Sheldon Adelson The Las Vegas Review-Journal. They unquestionably get more than enough daily hits to qualify. These are the world's biggest investment firms, so Pepsico and Coca-Cola are not competitors, at all. [15] They also acquired Dolan Media Group[16] and Journal Multimedia,[17] adding business publications to their portfolio. There are no current stakeholders of New Media Investment Group Inc cmn. In a statement at the time, he wrote, I wasnt looking to buy a magazine. 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. In April 2019, for example, private equity firm Great Hill Partners acquired the Gizmodo Media Group and The Onion, and combined their digital news assets, which include Gizmodo, Jezebel, and The A.V. Club, into a new company named G/O Media Inc. Mike is a newspaper guy," Gordon said. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. Ever wondered who owns your favorite news websites? Read a newspaper, magazine, watch CNN, FOX, anything besides Social Media. Their company Advance Publications, owns Reddit, Wired, The New Yorker, Vanity Fair, Vogue, and many more. Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized 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. "The whole goal is to get rid of that," he said. Learn how your comment data is processed. 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. (212) 257-4170 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.. 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. 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 president of the company is James Pinkerton, while David J. Perel is the company director. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. By Marc Tracy Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger GateHouse Media, a newspaper company backed by a hedge fund, agrees to buy the venerable chain for roughly $1.4. Russian billionaire Viktor Vekselbergs investment arm, Columbus Nova Technology Partners, bought a minority stake in Gawker in January2016 for an undisclosed amount. 104.7 KCMB, 102.3 The River, NewsTalk103, 92.9 The Hawk, 94.5 KJDY . "The number is going to be higher.". On their own, New Media and Gannett have had early success in adding online subscriptions, which are viewed as key to replacing lost print revenue. the parties ability to consummate the proposed transaction and to meet expectations regarding the timing and completion of the proposed transaction; the satisfaction or waiver of the conditions to the completion of the proposed transaction, including the receipt of the required approval of New Medias stockholders and Gannetts stockholders with respect to the proposed transaction and the receipt of regulatory clearances required to consummate the proposed transaction, in each case, on the terms expected or on the anticipated schedule; the risk that the parties may be unable to achieve the anticipated benefits of the proposed transaction, including synergies and operating efficiencies, within the expected time-frames or at all; the risk that the committed financing necessary for the consummation of the proposed transaction is unavailable at the closing, and that any replacement financing may not be available on similar terms, or at all; the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected; the risk that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the proposed transaction; the retention of certain key employees; and. 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