These are Northern Trust, JPMorgan-Chase, Geode Capital Management and Wellington Management. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. Required fields are marked *. Some bought television stations and magazines, too. 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. Read a newspaper, magazine, watch CNN, FOX, anything besides Social Media. [3] [4] With its acquisition of Tribune Publishing in late . 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. Mike Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. Donald and Samuel Si Newhouse -Advance Publications. 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-. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. Also based in the US are the Newhouse family, who have built a media empire that includes 47 titles, with a combined monthly readership of 1.5 billion. Additional Information and Where to Find It. 1:00 NEW YORK New Media Investment Group Inc., the public parent company of GateHouse Media, the owner of the Telegram & Gazette, has signed an agreement to acquire Gannett Co. Inc.. 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. Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). [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. MNG Enterprises, Inc., doing business as Digital First Media and MediaNews Group, is a Denver, Colorado -based newspaper publisher owned by Alden Global Capital. ir@newmediainv.com Gatehouse re-emerged from the planned bankruptcy in November 2013. At the same time, Gordon said he has confidence in Reed's leadership of the new company. Or 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. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. Zuckerman serves as chairman and editor-in-chief of U.S. News & World Report, which he bought in1984. Gannett will be acquired by New Media Investment Group, which owns Gatehouse. 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. 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. 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. In November 2019, New Media Investment Group (which owns the legacy GateHouse Media assets) purchased Gannett, changing the name of the combined company to Gannett Co., Inc. and keeping the GCI stock ticker. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. [1] Noam, E. 2016. Who Owns the Worlds Media? Their no-questions-asked cancellation policy lives up to its name. Its parent company, New Media Investment Group, merged with Gannett in 2019. They unquestionably get more than enough daily hits to qualify. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. Here are some points to consider when building a reputation management strategy for hedge funds and private equity firms. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. Since beginning his run for president, Trump has accused Bezos of using the Post to get tax breaks for Amazon and sending reporters after Trump. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. Donald Newhouse and his brother Samuel Si Newhouse inheritedAdvance Publications, a privately-held media company that controls a plethora of newspapers, magazine, cable TV and entertainment assets, from their father. Other top Bascobert, who has a background in e-commerce as well as media, will now serve as. One ultra-wealthy media investor not mentioned in the story: Mexican billionaire Carlos Slim Helu, who owns the largest individual stake in the Times. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. Cautionary Statement Regarding Forward-Looking Statements. 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. It intends to operate newspaper, media directory and other media content businesses. 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). [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. How can you possibly not list any social media sites, such as Facebook, etc. Google, per-se, is not a news company , Your email address will not be published. Sheldon Adelson The Las Vegas Review-Journal. [4] History [ edit] Liberty Group Publishing [ edit] Data on average visitor traffic for the past one to three months and the relative rank of each news site came from Alexa, an Amazon company, and market intelligence provider SimilarWeb. 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. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. [5] 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. 104.7 KCMB, 102.3 The River, NewsTalk103, 92.9 The Hawk, 94.5 KJDY . The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. Shareholders cleared the way Thursday for New Media Investment Group and USA TODAY owner Gannett to join forces in adeal that willcreatethe largest U.S.media company by print circulation and one that will also vie for the biggestonline news audience nationwide. Escaping the News Desert Zuckerman bought the Daily News out of bankruptcy in 1993andunsuccessfully tried to sell the tabloid newspaper for six months in 2015. 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 amendment, as described in more detail below, also reduces the incentive fee rate payable to the Manager for the remainder of the term. According to a recent analysis from the Columbia Institute for Tele-Information research center, the market concentration of internet media has more than doubled since 2000. However, the merged newspaper chain would take the better-known Gannett name and be based at Gannett's headquarters in McLean, Virginia. Barbey is a member of the billionaire Barbey family, which made its fortune in textiles and manufacturing. [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 majority of synergies is expected to be realized within 24 months of closing and result from the increased scale of the new organization, sharing of best practices, leveraging existing infrastructure, facility rationalization and other judicious cost reductions. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. Mexican billionaire Carlos Slim owns 17.4 percent of The New York Times through the company's Class A shares. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. The Amended Management Agreement, which will become effective upon the closing of the Merger, provides for the following key changes: Establishes a termination date of December 31, 2021, for the Managers services in lieu of annual renewals of the term; Reduces the incentive fee rate from 25% to 17.5% for the remainder of the term; Reduces by 50% the number of options that would otherwise be issuable in connection with the issuance of shares as consideration for the Merger, and imposes a premium on the exercise price; Eliminates the Managers right to receive options in connection with future equity raises; and. Tech giants like Microsoft and Amazon owner Jeff Bezos, as well as telecommunications conglomerates such as Verizon and AT&T, now rank among the top owners of the worlds media. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. As the concentration of online news has increased, so has public distrust in mass media. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. 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. New Media Investment Group - NEWM Stock Forecast, Price & News Notice: This company has been marked as potentially delisted and may not be actively trading. Sam Levenson Employers continue to invest in people services that demonstrate care for their people, in spite of pressures to cut costs. [15] They also acquired Dolan Media Group[16] and Journal Multimedia,[17] adding business publications to their portfolio. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. 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. Onemonth after taking Morningstar public in 2005, Mansuetobought Inc. and Fast Company magazine from G&J USA. 91 were here. 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. This means that publications under the direction of Verizon Communications reach an incredible 52% of the worlds population. [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard. 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.. Nexstar Media Group Completes Tribune Media Acquisition Creating the Nation's Largest Local Television Broadcaster. New Media Investment Group Inc. (NYSE: NEWM) supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to small and medium business partners. (Photo by Alex Wong/Getty Images), I wasnt looking to buy a magazine. 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. Target net leverage within two years of closing is expected to be below 1.75x. The combined group of business publications was rebranded as BridgeTower Media.[18]. In August 2019, American investment firm KKR purchased the largest stake in Axel Springer SE, a German media group whose assets include Business Insider and Rolling Stone. 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. We are committed to delivering significant synergies in a thoughtful manner, consistent with our shared goals for the business, said Michael Reed, New Media Chairman and Chief Executive Officer. : Media Concentration and Ownership around the World. It listed assets of $433.7 million and debt of $1.3 billion. It delivers content and products related to eating, drinking, and entertaining with a Southern flair. NordVPN includes a 30-day money-back guarantee. One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. 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. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. Fox News is owned by the Fox Corporation, which is owned in part by the Murdoch Family (39% share). Media mogul Stanley Hubbard is CEO ofHubbard Broadcasting, which has 13 TV stations, including a number of ABC and NBC news affiliates in the Midwest, and48 radio stations. For news sites that are owned or directly (or indirectly) controlled by the government (as is the case of the BBC, who since 2017 has had its board members selected by the UK government), the head of government was listed as the highest-level owner. Alison Engel expected to become Chief Financial Officer; Altogether, his family controls 120 newspapers across five countries. 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. 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. Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. Others, like Amazon founder Jeff Bezos, bought publications as a side investment after building a substantial fortune in another industry. 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. 1:06 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. 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. In October 2015, investor Peter Barbey bought the Village Voice, a New York City alternative weekly, through his investment company Black Walnut Holdings LLC for an undisclosed price. A California parole board voted to release Sirhan from his life sentence two years ago, but Gov. Advance owns newspapers in 25 cities and towns across America and isthe countrys largest privately-held newspaper chain. Contact Information Matt Esposito 1-703-854-3000 investors@gannett.com Investor Toolkit Latest Earnings Info LocaliQ $3.0+ Some of the top media owners in the U.S. have dominated the news media landscape for over a century, and continue to grow in the era of digital news. The Cox Media Group Division today owns the Journal-Constitution and six other daily newspapers, more than a dozen non-daily publications, 14 broadcast television stations, one local cable channel and 59 radio stations. [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. For news sites that are owned or controlled by the government, the head of government was listed as the highest-level owner. 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. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. Now, let's look at the four biggest stock owners. "The number is going to be higher.". The obvious concern the Guild has expressed is all the debt incurred in the merger, which creates pressure to drive cash flow and could result in further cuts, he said. New Media Investment Group, Inc. is a development stage company. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, The last step was to put a name (and a face) to each company by identifying the highest-level owners. 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. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. 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. Revenue 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 combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. The nation's two largest newspaper groups plan to merge. While many believed the internet would bring openness and diversity to the worlds media, online news media has become increasingly consolidated over the past several decades. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. We worked on News companies. Third in the list is Daniel Yong Zhang, the CEO of Alibaba Group, which has 3 outlets under its umbrella: UC Browser, UC News India, and South China Morning Post. He previously was CEO of New Media. 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. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. Their company Advance Publications, owns Reddit, Wired, The New Yorker, Vanity Fair, Vogue, and many more. ABOUT US Gannett is a subscription-led and digitally focused media and marketing solutions company. The companies can now move forward to finalize the deal, which is expected to close Tuesday, Nov. 19, "subject to the satisfaction of customary closing conditions," New Media said in a statement. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. Less than a year later, the companywentbankrupt. [9], By 2013, GateHouse Media grew, operating in 330 markets across 21 states, but they found themselves in a debt situation that would prohibit future growth. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. Great work. Cohen previously served as Deputy Director of the CIA from 2015 to 2017. 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