To connect with Gannett, visit www.gannett.com. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. 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%. [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. After the closing of the Merger, both New Media and its operating subsidiary GateHouse, will be rebranded and operate under the Gannett brand. 9 10 The firm was formed in 2013 to restructure $1.2 billion of debt and restructure newspaper publisher GateHouse Media following Chapter 11 bankruptcy. 8, New Media Investment Group is a private equity firm which focuses on investing in local media assets, advertising, and digital marketing businesses. Round-the-clock personalized customer service - 24/7/365. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting Information about the directors and executive officers of Gannett is set forth in the proxy statement for its 2019 Annual Meeting of Stockholders, which was filed with the SEC on March 26, 2019. Before that, he spent four years at Bloomberg LP as President of Bloomberg Businessweek from 2010 until 2014, in addition to serving as Chief Operating Officer of the Media Group from 2011 to 2014. 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. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. Who owns new media investment group? To finance the deal, New Media is borrowing $1.8 billion from private equity firm. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. The company can be reached via phone at 212-479-3160 or via email at ir@newmediainv.com. Who owns the news? The 25 CEOs that control the world - AddictiveTips [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. 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. All Rights Reserved. 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. Eliminates certain payments otherwise due at or after the end of the term. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. 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. Mike is a newspaper guy," Gordon said. New Media to buy Gannett for $1.4 billion, creating biggest U.S 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. Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized businesses. Former colonies that would have been counted in the past include British India (which became India, Pakistan, and Bangladesh) and French Indochina (which became Cambodia, Laos, and Vietnam). 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. The Erie Times-News, family-owned since its founding, is sold It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. 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. [15] They also acquired Dolan Media Group[16] and Journal Multimedia,[17] adding business publications to their portfolio. 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. The biggest media conglomerates in America are AT&T, Comcast, The Walt Disney Company, National Amusements (which includes Viacom Inc. and CBS), News Corp and Fox Corporation (which are both owned in part by the Murdochs), Sony, and Hearst Communications. The industry may be facing another dramatic drop off in ownership diversity as the two largest players, New Media Investment Group and Gannett, are on the path to merging. Others, like Amazon founder Jeff Bezos, bought publications as. 15 facilities in 9 countries around the globe. [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. They also vary mightily in terms of size, population, and political apparatus. The British still maintain many ties to several territories in the Caribbean (formerly the British West Indies) while French influence stretches from the Pacific to South America. 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. The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. GMs Aftermarket Parts Sales Rise; So Does Warehouse Investment, The Investing Blind Spot You Can't Afford To Ignore. New Media is focused primarily on investing in a high quality, diversified portfolio of local media assets. Below is a look at the top 20 owners of America's newspapers: Source Turnover in this segment of the market has been brisk. US Media Ownership | The Future of Media Project - Harvard University Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). [4] History [ edit] Liberty Group Publishing [ edit] Please visit www.newmediainv.com and www.gannett.com. The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. Delivery Hero Cautious On New Investments In Grocery Delivery, Navigating The New Era Of Sustainable Investing: How Family Offices Can Adapt To Evolving Regulations And Values, Misfits Gaming Group Hires Former Bleacher Report Exec Sam Toles As Chief Media & Entertainment Officer, Prince Harry Claims Murdochs News Group Paid Large Sum To Settle Phone Hacking Suit In 2020, New Collaborative Aims To Boost Investment In Companies Creating Quality Jobs For The Very Poor, WHSmith Invests In New North American Stores As It Eyes $62 Million In Profit, The Cavinder Twins Take Content Creation Beyond NIL With New Media Partnership, Why Alternative Strategies Represent A New Frontier In Investing, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. These mergers have resulted in industrywide layoffs and caused the printing of what critics have called ghost papers, so named for being diminished versions of once larger papers that are published by bare-bones staff. You may obtain free copies of these documents using the sources indicated above. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. 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. New Media Investment Group's mailing address is 1345 AVENUE OF THE AMERICAS, NEW YORK NY, 10105. 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. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. Copyright 2023 InfluenceWatch. 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. As for the U.S. at #3, though the majority of its territories are in the Pacific, they were acquired well before World War II. 3. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. They created a news website called Phoenix New Media, which was renamed New Media Investment Group in 2008. Strategic, investment advisory and management services firm that focuses on technology, media and content companies. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. 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. Chatham Asset Management owns the McClatchy newspapers (30 dailies . New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. 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). 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. New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). The largest hosting company in Europe. A group of impact organizations just formed the Dignified Jobs Collaborative, aimed at increasing investment in companies creating quality jobs for those living in extreme poverty in developing markets. Media Investment Group | LinkedIn 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 . 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. For example, the U.S. territory of Puerto Rico has 3 million people, and its own constitution and elected government, while another U.S. territory of Johnston Atoll is tiny and entirely uninhabited. (203) 307-2250 The majority is always wrong; the minority is rarely right. Compelling Strategic & Financial Benefits. The United States by itself accounts for 11 of the territories spread out across the North and South Pacific. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. How Does U.S. Electricity Generation Change Over One Week? It currently has an elected legislature and governor and is home to a large U.S. military base. And consider that this list reflects current status as of 2023. More than 90,000 servers in operation. Mike Reed will serve as CEO of the newly combined public company, which took on the name of Gannett Co. when the merger was finalized Tuesday. The Merger will create a leading local and national media company with 263 daily media organizations across 47 states and Guam and USA TODAY, reaching more than 145 million unique visitors every month, as measured by Comscore. Words such as anticipate(s), expect(s), intend(s), plan(s), target(s), project(s), believe(s), will, aim, would, seek(s), estimate(s) and similar expressions are intended to identify such forward-looking statements. Alden Global Capital Venture Capital owns Digital First Media (56 dailies). 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. 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. There are no current stakeholders of New Media Investment Group Inc cmn. 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. 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. In the third quarter, Gannett's digital subscriptions rose 27% to 607,000, compared with the same period a year earlier, while New Media's rose 65% to 217,000 over the same stretch. CEO Robert James Thomson indicated that the newspapers "were not strategically consistent with the emerging portfolio" of the company, which had been formed as a spin-off of News Corporation. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. The details are causing a stir in London. Michael E. Reed is the president and CEO of New Media Investment Group. The layoffs will primarily affect management positions. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. investors@gannett.com We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. He has said he's confident of hitting the savings target. New Media shareholders would own 50.5% of the combined company, while Gannett stockholders would own 49.5%. It listed assets of $433.7 million and debt of $1.3 billion. Faced with problems, it downsized to 270 by June 2005. 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 rest of the combined companys senior executive team, which is expected to be composed of highly experienced leaders from both companies, will be announced at a later date. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. It intends to operate newspaper, media directory and other media content businesses. 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. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. The Rise of a New Media Baron How Many Music Streams Does it Take to Earn a Dollar? New Media Investment Group to buy Commercial Appeal parent, Gannett All interested parties are welcome to participate. Note: The graphic has been updated to reflect changes in ownership for Refinery29, Gizmodo, and Jezebel. Two Leading Media and Marketing Solutions Companies But Apollo believes that the new Gannett can afford to pay the debt off on time or potentially early with no prepayment penalty, according to people with knowledge of the Apollo financing deal who spoke on the condition of anonymity because they were not authorized to speak publicly. Misfits continues to move into the creator space by bringing in top talent from outside the gaming industry. Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. About - Concord [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. 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, U.S. Bankruptcy Court in Wilmington, Delaware, List of newspapers owned by GateHouse Media, "Gannett, Now Largest U.S. While New Media reported revenue of $404 million in its second quarter on Monday, Gannett had revenue of $660 million. Target net leverage within two years of closing is expected to be below 1.75x. "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. They are all of Jewish descent. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. . [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.
