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 Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. Where are Clean Energy Technologies Manufactured? In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. Below is a look at the top 20 owners of Americas newspapers: Turnover in this segment of the market has been brisk. Gannett Co., Inc. is a subscription-led and digitally focused media and marketing solutions company committed to empowering . Chatham Asset Management owns the McClatchy newspapers (30 dailies . The sale closed on Oct. 1, 2018, for $12.5 million. Which Countries are Buying Russian Fossil Fuels? The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Bernie Szachara, previously president of newspaper operations for GateHouse, who will serve as president of U.S. publishing operations. New Media and FIG LLC, an affiliate of Fortress Investment Group (the Manager), have amended the external management agreement to set the termination date as December 31, 2021. 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. 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. Reporting by Vibhuti Sharma in Bengaluru; Editing by Shinjini Ganguli. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. Aug 5, 2019 Speculation became reality Monday with official word that the Milwaukee Journal Sentinel's owner will be sold to New Media Investment Group Inc. of New York City, which until. (Reuters) - Local media company New Media Investment Group, said on Monday it will buy USA Today-owner Gannett Co. in a $1.4 billion deal, creating the biggest newspaper owner in the United States as publishers struggle with readers shifting to online sources for news. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. "They are of enough scale that they are doing a good amount of digital national business, and the GateHouse properties added in there gives them more scale.". . 8, New Media Investment Group is a private equity firm which focuses on investing in local media assets, advertising, and digital marketing businesses. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp. , 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. Across many platforms, organic content is being overshadowed by paid content for one obvious reason: money. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. 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. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". The breadth and depth of each companys digital offerings will make the combined company a leading digital media player and a stronger partner for advertisers and SMBs. 13, In 2019, New Media Investment Group purchased newspaper publisher Gannett, the owner of USA Today and more than 100 other publications, for $1.4 billion. Kris Barton, previously Gannett's chief product officer, who will take on the same role. IFM Investors is one of the few truly aligned fund managers in the world. Initially, the combined company is expected to have an annual dividend of $0.76 per share. "The whole goal is to get rid of that," he said. [4] History [ edit] Liberty Group Publishing [ edit] 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. 2. announced acquisitions, the Company will operate in 362 markets across 26 states. GateHouse Media Inc. was an American publisher of locally based print and digital media. 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. 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. US Media Ownership | The Future of Media Project - Harvard University But by most official designations of territories, the UK and France are tied with 17 overseas territories. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. 1, Formed in 2013 to restructure GateHouse Medias $1.2 billion of debt chapter 11 bankruptcy, New Media Investment Group operated GateHouse Media as the then-largest newspaper publisher in terms of distinct publications. New Media Investment Group - CrunchBase The combined group of business publications was rebranded as BridgeTower Media.[18]. These options become exercisable upon the first trading day immediately following the first 20 consecutive trading day period in which the closing price of New Medias common stock (on its principal U.S. national securities exchange) is at or above $20 per share, and also upon a change in control and certain other extraordinary events. Earlier this year, Gannett fended off newspaper chain MNG Enterprises's MNGE.PK efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. 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. The Merger brings together the portfolios of two leading local newspaper companies, and includes USA TODAY, Gannetts flagship brand, and its more than 160 brands in the U.K., which will significantly expand the existing USA TODAY NETWORK. Fortress is owned by SoftBank, a Japanese conglomerate. Strategic, investment advisory and management services firm that focuses on technology, media and content companies. Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger. Unlike others on this list, the Cook Islands in the South Pacific is not only self-governing but also runs its own foreign and defense policy and is in free association with New Zealand. 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. He has said he's confident of hitting the savings target. Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. However, the merged newspaper chain would take the better-known Gannett name and be based at Gannett's headquarters in McLean, Virginia. How To Avoid Losing. Gatehouse, now called Gannett, has been operated by Fortress Investments, a New York private equity firm, in turn owned by Softbank, the diversified Japanese tech firm. Advance Local Publications (22 dailies). While not ideal, the latter option at least provides a potential route to revenue and cost synergies that make it easier to compete in a challenging environment. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, 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). 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. 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. (203) 307-2250 GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. 10 proprietary, georedundant ISO 27001 certified data centers. The top newspapers by average Sunday circulation (Pew Research and Alliance for Audited Media) GMs Aftermarket Parts Sales Rise; So Does Warehouse Investment, The Investing Blind Spot You Can't Afford To Ignore. New Media Investment Group to buy Commercial Appeal parent, Gannett Engel's role was announced previously. As a result, news deserts have been springing up all over America: var divElement = document.getElementById('viz1570233446064'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.minWidth='600px';vizElement.style.maxWidth='1100px';vizElement.style.width='100%';vizElement.style.minHeight='427px';vizElement.style.maxHeight='627px';vizElement.style.height=(divElement.offsetWidth*0.75)+'px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.minWidth='600px';vizElement.style.maxWidth='1100px';vizElement.style.width='100%';vizElement.style.minHeight='427px';vizElement.style.maxHeight='627px';vizElement.style.height=(divElement.offsetWidth*0.75)+'px';} else { vizElement.style.width='100%';vizElement.style.height='677px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); One option is to simply go out of business, while another traditional solution is to combine forces through consolidation. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. The company was founded on June 18, 2013 and is headquartered in New York, NY. For example, the LA Times is now in the hands of its third owner since 2000, after being purchased by billionaire biotech investor Patrick Soon-Shiong. 3. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. New Media CEO Mike Reed, who will become CEO of the new Gannett, told investors on Oct. 31 that "we feel great about the synergies.". Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. Now by merging, the companies expect to cut costs by $275-300 million annually and said they would together have 263 daily media organizations across 47 states, as well as USA Today. Growing a successful business on social media requires a combination of authenticity, passion, consistency, engagement and creativity. New Media Investment Group is a New York City-based private equity firm that is the parent company of Gannett Co., Inc., the largest newspaper publisher in the United States. New Media shareholders will own 50.5% of the combined company, while Gannett shareholders will own 49.5%. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. There are a total of 73 overseas territories listed on the map spread across the world. As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. I just hope its done for the right reasons. It intends to operate newspaper, media directory and other media content businesses. 5, Michael E. Reed is the president and CEO of New Media Investment Group. 2 In 2019, New Media Investment Group acquired rival publisher Gannett and merged the company with GateHouse to become the largest newspaper publisher in the United States. As part of his three running lawsuits against different publishers in the British press, Prince Harry's lawyers filed some paperwork alleging that Prince William received a substantial settlement (for phone hacking) from a Murdoch-owned entity in 2020. [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. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations [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. 1:02 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. [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. Some bought television stations and magazines, too. Media Investment Group | LinkedIn In a joint interview, Reed and Bascobert said they assembled their executive team with an eye on cohesion as the company aims to become a digital media powerhouse. Mike Reed - Chairman / CEO - Gannett | USA TODAY NETWORK - LinkedIn "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. 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. We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. Our Standards: The Thomson Reuters Trust Principles. 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. Who owns the news? The 25 CEOs that control the world - AddictiveTips The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. Neither New Media nor Gannett can give any assurance that its expectations will be attained. This island in the Indian Ocean 700 km off the coast of Madagascar was first settled by the French in the 17th century, though it was discovered earlier by the Portuguese. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. 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. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. Who owns New Media Investment Group Inc cmn? Top stakeholders of New The amendment, as described in more detail below, also reduces the incentive fee rate payable to the Manager for the remainder of the term. Thousands of American communities that had local newspapers in 2004 now have no news coverage at all, while remaining papers are increasingly becoming units within an umbrella company, with no direct stake in community reporting. Enhanced scale. ir@newmediainv.com Edit Lists Featuring This Company Section, New Media and Gannett Announce the Board of Directors for the Combined Company, New Media Announces European Commission Regulatory Clearance for Merger with Gannett, Greater New York Area Public Companies With More Than $100M in Revenue, East Coast Public Companies With Less Than $1B in Revenue, Northeastern US Public Companies With More Than $100M in Revenue, East Coast Public Companies With More Than $500 in Revenue. 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. Accelerate digital strategy. To finance the deal, New Media is borrowing $1.8 billion from private equity firm. If shareholders give the thumbs-up during the vote this November, Gannett will have amassed the largest online audience of any American news provider. 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). 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. The . Alison Engel expected to become Chief Financial Officer; How Does U.S. Electricity Generation Change Over One Week? New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. 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. Another highlight is that the majority of these regions are islands located quite a distance from their parent countries. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. 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. 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. [15] They also acquired Dolan Media Group[16] and Journal Multimedia,[17] adding business publications to their portfolio. Along with our owners - 17 world-leading pension funds - and other like-minded investors, we believe in the power of bold, long-term and sustainable investment commitments and strategies that aim to deliver results, which ultimately enhance people's retirement . As of June 30, 2019, New Media operates in over 600 markets across 39 states reaching over 21 million people on a weekly basis and serves over 200,000 business customers. 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. I think youre going to see that trend [of consolidation] across the industry. Who owns new media investment group? Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting Inaddition to USA TODAY, Gannett owns 109 local media properties operated as the USA TODAY Network including the Arizona Republic, Detroit Free Press, Milwaukee Journal Sentinel and Indianapolis Star as well as United Kingdom-based Newsquest Media Group and digital marketing assets like WordStream. Their histories vary, but most are tied to either modern colonialism from the 1400s onwards, or wars from the 19th and 20th centuries. Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized businesses. MGI - Media and Games Invest SE ("MGI") is an advertising software platform with strong first-party games content. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. New Media Investment Group Inc. - The New York Times Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. 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. More than 90,000 servers in operation. Arbor Advisory Group Where is newsquest based? - Camomienoteca.com Consumption of Fuel and Materials per Capita, The Periodic Table of Commodity Returns (2013-2022), Visualizing 25 Years of Lithium Production, by Country, Ranked: The Worlds Largest Copper Producers, Mapped: Air Pollution Levels Around the World in 2022. 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. Note: The graphic has been updated to reflect changes in ownership for Refinery29, Gizmodo, and Jezebel. [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]. "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. 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. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. The GateHouse Media corporate strategy continues to focus on acquiring and operating traditional local media businesses and transforming them from print-centric operations to multimedia operations. 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.