Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. Required fields are marked *. Initially, the combined company is expected to have an annual dividend of $0.76 per share. The Hearst name, for example, first appeared on a newspaper masthead in 1887. Mike Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. 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. Mexican billionaire Carlos Slim owns 17.4 percent of The New York Times through the company's Class A shares. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. The company was founded on June 18, 2013. It intends to operate newspaper, media directory and other media content businesses. In total they own 666 media sites. 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 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. In August, Hubbard bought a stake in PodcastOne, a one-stop shop app for podcasts, through Hubbard Broadcasting. Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). New Media and Gannett and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of shares of New Media common stock and holders of shares of Gannett common stock in respect of the proposed transaction. Compelling Strategic & Financial Benefits. Washington Post executive editor Martin Baron and, Amazon founder Jeff Bezos, who owns the Washington Post, on stage at the Posts Transformers conference in May 2016. The combined group of business publications was rebranded as BridgeTower Media.[18]. According to Delport, based on the company's own calculations, Vice has a global digital audience of 300 million monthly users across its owned-and-operated properties as well as platforms like. Peter Schorsch Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida's most influential new media websites, including Florida Politics and Sunburn,. Gannett will be acquired by New Media Investment Group, which owns Gatehouse. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become ABOUT US Gannett is a subscription-led and digitally focused media and marketing solutions company. After the closing of the Merger, both New Media and its operating subsidiary GateHouse, will be rebranded and operate under the Gannett brand. 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. Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. Mike Reed will serve as. Slim more than doubled his stake in The New York Times in June 2015 to approximately 17% of the media company. But one area for growth is events, where New Media has a particularly strong business, Doctor said. [31] The Beacon Journal is a daily newspaper tracing its storied, Pulitzer Prize-winning history to 1839's Summit Beacon, which early in the 20th century came under the editorship and ownership of publisher Charles Landon Knight, serving as the flagship newspaper of the Knight Newspaper Company, later known as Knight Ridder.[32]. The new Gannett has more than 250 daily publications, including USA TODAY, as well as several hundred weeklies and an array of digital marketing services. How to Pin Folders and Files to Finder Menu, How To Autofill Letters from A-Z in Excel. Leading Local Content Distribution and Marketing Solutions Platform Now Reaches 15 of the Top 25 U.S. Markets; Produces over 254,000 Hours of Locally-. 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 Registration Statement, the Joint Proxy Statement and other relevant materials (when they become available) and any other documents filed or furnished by New Media or Gannett with the SEC may be obtained free of charge at the SECs web site, http://www.sec.gov. "We have been working hard on integration planning, and we are now even more confident in our ability to realize the high end of the range in savings and within the 18- to 24-month period we previously stated," he said. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. National online news media in Australia is essentially controlled by two companies: News Corp, through News Corp Australia, and Nine. Artificial intelligence can make investing more straightforward, bringing investment insights to the masses. NordVPN includes a 30-day money-back guarantee. Forward-looking statements are based on New Medias and Gannetts respective managements current expectations and beliefs and are subject to a number of known and unknown risks, uncertainties and other factors that could lead to actual results materially different from those described in the forward-looking statements. 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. What can we do to make social media a more positive environment for people with disabilities? Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. MNG Enterprises, Inc., doing business as Digital First Media and MediaNews Group, is a Denver, Colorado -based newspaper publisher owned by Alden Global Capital. [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 breadth and depth of each companys digital offerings will make the combined company a leading digital media player. It is the largest newspaper in Central Texas. Today's graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. 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. Tax equity investing can be a complex and challenging process, especially for investors who are exploring this type of investment for the first time. Four years later, Tribune Co. emerged from bankruptcy after being bought by Oaktree Capital Management, Angelo, Gordon & Co and JPMorgan Chase. 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. As the concentration of online news has increased, so has public distrust in mass media. Today Hearst Communications owns dozens of newspapers and magazines throughout the country, each with a significant online presence. GateHouse Media Inc. was an American publisher of locally based print and digital media. To connect with Gannett, visit www.gannett.com. Rupert Murdoch, former CEO of 21st Century Fox, the parent of powerhouse cable TV channel Fox News, may well be the worlds most powerful media tycoon. Credit Suisse is serving as financial advisor to New Media, and Cravath, Swaine & Moore LLP is serving as principal legal counsel. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. or Google, when so many surveys show that a great number of people get ALL their news from there? 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. One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index. Please visit www.newmediainv.com and www.gannett.com. The Posts reporters alsodefended themselves, sayingthat the paper has covered Amazons tax problems and that the Posts editorial boards stance on taxing online retailers hasnt changed since Bezos bought the paper. Others, like Amazon founder Jeff Bezos, bought publications as. Our latest study shows the current state of media consolidation around the world. 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 family has also owned a local Pennsylvania paper, TheReading Eagle, for generations. Certain statements in this communication may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect New Medias and Gannetts current views regarding, among other things, the proposed transaction between New Media and Gannett, the expected timetable for completing the proposed transaction, the benefits and synergies of the proposed transaction and future opportunities for the combined company, as well as other statements that are other than historical fact. 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. GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. In December 2014, Las Vegas casino billionaire Sheldon Adelson secretly bought the Las Vegas Review-Journal. [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. Gavin Newsom (D) blocked the move. As the largest shareholder, his investment allows him to vote for approximately one . Zuckerman bought the Daily News out of bankruptcy in 1993andunsuccessfully tried to sell the tabloid newspaper for six months in 2015. [15] They also acquired Dolan Media Group[16] and Journal Multimedia,[17] adding business publications to their portfolio. [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. 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. Many firms are masters at making money. 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. At the same time, Gordon said he has confidence in Reed's leadership of the new company. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Sheldon Adelson The Las Vegas Review-Journal. Its part of the problem in this country. The newspapers were operated by GateHouse Media following the purchase. Bascobert said they sought to "create a careful balance between the two organizations" with a goal of ensuring people are on the same page culturally and strategically. 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. In 1989, John Barbey started the Reading Globe and Mitten Manufacturing Company in Pennsylvania. Additional Information and Where to Find It. Vinod Adani was at the heart of two massive Adani Group deals with French energy giant TotalEnergies, according to Indian filings. 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. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. Paul Ameden, CIO; Come procurarsi un indirizzo IP del Regno Unito dalla Cina: 5 semplici modi, veloci e sicuri. 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. It intends to operate newspaper, media directory and other media content businesses. The company was founded on June 18, 2013 and is headquartered in New York, NY. 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. [22], In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa. Google, per-se, is not a news company , Your email address will not be published. We started off by identifying the top 50 most visited news websites in the world as of December 2019, using data from web traffic analysis company Alexa and market intelligence provider SimilarWeb. 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. The company has been growing its portfolio and as of May 2021, owns over 100 newspapers and 200 assorted other publications. As media moguls continue to build their empires, and emerging conglomerates begin to expand into the news media industry, it is important to remain aware of who exactly owns the news. "There are a lot of vultures circling the industry right now, and Mike is not one of them.. Analysts are split on whether the company can pull off the savings, which are critical to paying off a $1.8 billion loan that New Media obtained from private equity firm Apollo Global Management to help finance the deal. If you need a VPN for a short while when traveling for example, you can get our top ranked VPN free of charge. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. In an analysis of 30 countries, researchers found that, on average, the top four media companies in each country hold 40% of that countrys media content market. New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). Ever wondered who owns your favorite news websites? This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. New Media and Gannett share a commitment to rationalizing costs as the media industry evolves, while continuing to invest in product development, training for newsrooms and understanding readers needs. United Kingdom: Oxford University Press. Accelerate digital strategy. 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. 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. Alison Engel expected to become Chief Financial Officer; Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. Through its subsidiary Local World Holdings Ltd., Reach PLC owns more than five dozen regional newspapers and their corresponding websites. In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. With unmatched reach at the national and local level, Gannett touches the lives of millions with our Pulitzer-Prize winning content, consumer experiences, and advertiser products and services. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. He previously was CEO of New Media. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. 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. Zuckerman serves as chairman and editor-in-chief of U.S. News & World Report, which he bought in1984. Barbey took the company, which was then known as Vanity Fair Silk Mills, public in 1951 and the family still owns nearly 20% of the company. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. Henry agreed to purchase the Globe just days after Bezos acquired the Washington Post. Fortress owned 52% of GateHouse debt. Engel's role was announced previously. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. FORBESpegs his net worth at $45.7 billion. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. 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 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. 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. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. 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. Si stepped down as chairman of Conde Nast in 2015. The cash and stock deal values Gannett at about $1.4 billion. Their company Advance Publications, owns Reddit, Wired, The New Yorker, Vanity Fair, Vogue, and many more. [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. 91 were here. As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. There are no current stakeholders of New Media Investment Group Inc cmn. Heres how you can use AI to build your portfolio. The company expanded into business news coverage and has more than 2,000 reporters around the world. Entertainment Group. Ed Trissel / Tim Ragones / Tanner Kaufman "Our commitment to build those brands is even stronger than ever. Heres a look at some of the billionaires who own news media in the United States: Michael Bloomberg BloombergLP and Bloomberg Media. (212) 355-4449, Internet Explorer presents a security risk. These are the world's biggest investment firms, so Pepsico and Coca-Cola are not competitors, at all. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. Kris Barton, previously Gannett's chief product officer, who will take on the same role. 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. Investors: We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. 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. [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 number is going to be higher.". This site uses Akismet to reduce spam. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. Achieving a faster EB-5 processing time is possible now thanks to the new law passed by the U.S. Congress. It delivers content and products related to eating, drinking, and entertaining with a Southern flair. The planned bankruptcy centered on restructuring the Fortress News Corp deal. Enhanced scale. 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.. From 1987 to 2006, Australia had specific legislation limiting foreign ownership of media companies on the continent, as well as restrictions on cross-ownership of media companies meant to preserve the diversity of news media. 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. 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. (703) 854-3168 Despite the many differences, the GOP is united in its animosity towards ESG investing. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. (Reuters) - Local media company New Media Investment Group NEWM.N said on Monday it will buy USA Today-owner Gannett Co GCI.N in a $1.4 billion deal, creating the biggest newspaper owner. 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.