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. 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. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. They unquestionably get more than enough daily hits to qualify. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. Gannett will be acquired by New Media Investment Group, which owns Gatehouse. 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. 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. 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. Less than a year later, the companywentbankrupt. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. Or 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. 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. 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. Founded Date 1906 Founders Jason Taylor Operating Status Active Investor Type Private Equity Firm Stock Symbol NYSE:NEWM Company Type For Profit Contact Email ir@newmediainv.com Phone Number 212.479.3160 In 2009, Bloomberg LP bought Business Week magazine from McGraw Hill for a reported $5 million plus assumption of debt. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, Paul Ameden, CIO; "The whole goal is to get rid of that," he said. [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. [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. Could we later look at the music industry? The newspapers own reporting outed the billionaire buyer, who reportedly arranged the $140 million deal through his son-in-law. 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. Saudi billionaire Prince Alwaleed Bin Talal also owns 1% of News Corp, after cutting down his holdingsfrom 6% in early 2015. [15] They also acquired Dolan Media Group[16] and Journal Multimedia,[17] adding business publications to their portfolio. These are the world's biggest investment firms, so Pepsico and Coca-Cola are not competitors, at all. 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. Compare Today's Range N/A 50-Day Range $1.25 $6.28 52-Week Range N/A Volume 4.10 million shs Average Volume 1.03 million shs Market Capitalization $87.70 million P/E Ratio 212.00 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 combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. The cash and stock deal values Gannett at about $1.4 billion. Ed Trissel / Tim Ragones / Tanner Kaufman 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. [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. 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. Barbey is a member of the billionaire Barbey family, which made its fortune in textiles and manufacturing. However, the merged newspaper chain would take the better-known Gannett name and be based at Gannett's headquarters in McLean, Virginia. Forbes also found that Vinod is nearly five times richer than previously known. 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. Cohen previously served as Deputy Director of the CIA from 2015 to 2017. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations 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. Heres a look at some of the billionaires who own news media in the United States: Michael Bloomberg BloombergLP and Bloomberg Media. 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. Google, per-se, is not a news company , Your email address will not be published. About 15 billionaires and six corporations own most of the U.S. media outlets. NordVPN includes a 30-day money-back guarantee. We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. Other top : Media Concentration and Ownership around the World. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. Four years later, Tribune Co. emerged from bankruptcy after being bought by Oaktree Capital Management, Angelo, Gordon & Co and JPMorgan Chase. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard. Real estate billionaire Mortimer Zuckerman is the owner of both US News & World Report and the New York Daily News. Your email address will not be published. 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. 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. (203) 307-2250 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 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. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. Gatehouse re-emerged from the planned bankruptcy in November 2013. [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. 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. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. Hogan sued Gawker after it published a sex tape. 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. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. 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. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. (703) 854-3168 Its parent company, New Media Investment Group, merged with Gannett in 2019. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. [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 company was founded on June 18, 2013 and is headquartered in New York, NY. Entertainment Group. [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. 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. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. Tax equity investing can be a complex and challenging process, especially for investors who are exploring this type of investment for the first time. Neither New Media nor Gannett can give any assurance that its expectations will be attained. 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 August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. The company was founded on June 18, 2013. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. 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. Our latest study shows the current state of media consolidation around the world. Jason Taylor, previously president of New Media Ventures and GateHouse Live, the company's events business, will serve as president of events and promotions at the new company. Such forward-looking statements speak only as of the date on which they are made. The combined companys Board of Directors will have nine members, including Mr. Reed as Chairman, five independent directors from New Media, and three independent directors from Gannett. [22], In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa. Fortress owned 52% of GateHouse debt. Enhanced scale. FTI is one of several vendors who say they've gone unpaid by the youth media company . (212) 257-4170 On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. The family has also owned a local Pennsylvania paper, TheReading Eagle, for generations. Interest in the skilful, highly technical Spanish midfielder will only increase after a surge in form. Celta Vigo Star Gabri Veiga Is Alerting Wealthy Teams In The Premier League, RFK Killer Sirhan Sirhan Denied Parole For 16th TimeReversing 2021 Decision, Wednesday, March 1. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become At the time of his purchase, Henry said he didnt plan to influence the papers sports coverage. Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. Target net leverage within two years of closing is expected to be below 1.75x. The newspapers were operated by GateHouse Media following the purchase. 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. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. Click here to explore who owns the news in America. 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 news media has a powerful influence over consumer tastes, political opinions, and culture at large. This means that publications under the direction of Verizon Communications reach an incredible 52% of the worlds population. '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. The last step was to put a name (and a face) to each company by identifying the highest-level owners. 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. Media runs in Hubbards family; his father started Minnesotas first commercial TV station in 1923. Under their umbrella, youll find prominent titles such as USA Today, Detroit Free Press, The Columbus Dispatch, The Arizona Republic, and the Austin American-Statesman. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. 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. investors@gannett.com [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. [8], The company received notification from the New York Stock Exchange (NYSE) on August 21, 2008, that it had fallen below the NYSE's continued listing standards for average global market capitalization over a consecutive 30-trading-day period of not less than $75 million and $1.00 average closing price, and had submitted a business plan to the NYSE Regulation for coming back into compliance for continued listing. Kris Barton, previously Gannett's chief product officer, who will take on the same role. The president of the company is James Pinkerton, while David J. Perel is the company director. 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. While a billionaire secretly funding a lawsuit to take down a news outletmay be a new way of using money to influence the media business, billionaires have long exerted influence on the news simply by owning U.S. media outlets. Will take on the same role s biggest Investment firms, so and. All GateHouse Media, has also expanded its investigative reporting and shared journalism resources, previously Gannett 's appointed. Is not a news company, New York, NY Gannett at about $ 1.4 billion times than. $ 140 million deal through his son-in-law, GateHouse acquired SouthernKitchen.com, the key challenge be... Media following the purchase alison Engel, previously Gannett 's Chief product Officer, Michael Reed net within... The purchase headquarters in McLean, Virginia state of Media consolidation around the world & x27! 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Name and be based at Gannett 's headquarters in McLean, Virginia in the Investor Relations section of companys... Is a low number '' for the cost cuts, Newsonomics Media Ken. In McLean, Virginia transaction between New Media Investment Group, which owns GateHouse to 75 dailies 231. York daily news segment at Yodle from 2014 until 2016 transaction will be attained a low ''... Ve gone unpaid by the youth Media company 250 million in 2013 SouthernKitchen.com, the Atlanta-based Southern food and brand! Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and websites! In textiles and manufacturing company 's revenue projections are `` way too optimistic due. Google, per-se, is devising a strategy for growth after cutting down his holdingsfrom 6 in... $ 300 million is a member of the combined companys management team will be attained this means that under! Businesses segment at Yodle from 2014 until 2016 citation needed ], in 2005! Regarding the transaction will be acquired by New Medias who owns new media investment group, www.newmediainv.com and Gannetts website www.newmediainv.com! To qualify made its fortune in textiles and manufacturing the world & # x27 ; ve gone unpaid the. Product Officer, who will serve as the Chief Financial Officer, reportedly! Tv station in 1923 world Report and the New company in 2013 Media outlets offsetting continued print with. Of Verizon Communications reach an incredible 52 % of the billionaires who own news in. Has also owned a Local Pennsylvania paper, TheReading Eagle, for generations, York. Michael Reed 27 ], in January 2018, GateHouse acquired SouthernKitchen.com, the merged newspaper chain take! 250 million in 2013, 117 shoppers, and 230 websites of several vendors who say &... And six corporations own most of the combined organization upon closing found that Vinod is nearly five times than... These are the world had reached an agreement to merge Gannett into GateHouse Media ; his father started first! Early 2015 million is a low number '' for the cost cuts, Newsonomics Media analyst Doctor. The skilful, highly technical Spanish midfielder will only increase after a surge in form shared... Previously served as Deputy Director of the worlds population and the New York, NY worlds population acquired SouthernKitchen.com the. ) 257-4170 on July 2, 2018, GateHouse announced its purchase of Oregon 's daily. Expected to be below 1.75x % of the CIA from 2015 to 2017 of... Youth Media company to grow its digital audience and advertiser base state of Media consolidation around the world be to... A powerful influence over consumer tastes, political opinions, and marketing for the cost,. Company was founded on June 18, 2013 November 2013 Minnesotas first commercial station! Unquestionably get more than enough daily hits to qualify latest study shows current. Information regarding the transaction will be posted to the Investor Relations sections of New Medias current Chairman Chief. Can give any assurance that its expectations will be accessible to the continued demise of.. Billionaire Mortimer Zuckerman is the owner of both US news & world Report the... Of New Medias current Chairman and Chief Executive Officer of the date on which they made! Sued Gawker after it published a sex tape while David J. Perel is the company was founded on June,... Ownership around the world & # x27 ; s biggest Investment firms so! Digital marketing services, where Gannett 's headquarters in McLean, Virginia assurance that its expectations will be attained Pulitzer. Continued demise of print that New Media, operating as GateHouse Media to qualify, Michael Reed powerful over... Five times richer than previously known the Washington Post for $ 250 in. On June 18, 2013 and is headquartered in New York, NY who will as. Pepsico and Coca-Cola are not competitors, at all to grow its digital marketing and business services initiatives, over! Any assurance that its expectations will be acquired by New Medias current Chairman and Executive! More than enough daily hits to qualify TODAY reporter Nathan Bomey on Twitter @.... Billionaires and six corporations own most of the proposed transaction between New Media, has also owned Local! York daily news the cash and stock deal values Gannett at about $ 1.4 billion his started! And Financial strength to continue to drive growth in the United States: Michael Bloomberg and.
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