Round-the-clock personalized customer service - 24/7/365. 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. IFM Investors is one of the few truly aligned fund managers in the world. Mike is a newspaper guy," Gordon said. The $1.4 billion equity value is based on 116.7 million outstanding shares as of June 30. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. New York, New York, United States. 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. 15 facilities in 9 countries around the globe. GateHouse Media Inc. was an American publisher of locally based print and digital media. 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. The United States is delivering strong sales now that domestic and international travel is flying high again. Angel, Fund of Funds, Venture Capital), Whether an Organization is for profit or non-profit, General contact email for the organization, The date when the Organization went public. IFM Investors - Overview While Cook Islanders are New Zealand citizens, with the same monarch as head of state, they are also separate Cook Island nationals. These 15 Billionaires Own America's News Media Companies - Forbes GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. 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. Mike Reed - Chairman / CEO - Gannett | USA TODAY NETWORK - LinkedIn 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. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984.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. Precise vote totals were not immediately available, but New Media CEO Mike Reed said that about 99% of the 75% of New Media shareholders who voted approved the deal. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. Mike Reed will serve as CEO of the newly. Across many platforms, organic content is being overshadowed by paid content for one obvious reason: money. 3, New Media Investment Group oversees the operations and publishing of 260 daily newspapers and 300 weekly publications in 47 states and Guam 4 and administers over 130,000 business advertising accounts with a weekly reach of over 12 million people. Michael E. Reed is the president and CEO of New Media Investment Group. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. Additional Information and Where to Find It. "A lot of the focus in the early days will be on integration and cost savings, and the key to success will end up being how much of those cost savings are they able to ultimately plow back into the product itself and serving the local communities," saidSilberman, a former general manager of digital media at New York Media, the parent company of New York magazine. 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. 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. After the merger closes, expected by the second half of 2019, New Media will hold about 50.5% stake in the combined company, to be led by Reed. They are all of Jewish descent. It is one of the many French Overseas Territories that together are home to 2.6 million people. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. [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. Enhanced scale. (212) 355-4449, Internet Explorer presents a security risk. These mergers have resulted in industrywide layoffs and caused the printing of what critics have called ghost papers, so named for being diminished versions of once larger papers that are published by bare-bones staff. announced acquisitions, the Company will operate in 362 markets across 26 states. [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. New Media Investment Group | Company Overview & News - Forbes Concurrent with the entry into the Merger Agreement, New Media and the Manager have agreed to amend the Management and Advisory Agreement dated as of March 6, 2015 (such amendment, the Amended Management Agreement), pursuant to which the Manager provides a management team (including the Chief Executive Officer) and other professionals who provide services to New Media. (212) 257-4170 "Our commitment to build those brands is even stronger than ever. 5, Michael E. Reed is the president and CEO of New Media Investment Group. 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. 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. 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. Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. But, more importantly, it will push users away from spending time on general social media sites. To finance the deal, New Media is borrowing $1.8 billion from private equity firm. 8 million customer contracts worldwide. More than half of them (382) are owned by just seven companies. GMs Aftermarket Parts Sales Rise; So Does Warehouse Investment, The Investing Blind Spot You Can't Afford To Ignore. Gatehouse re-emerged from the planned bankruptcy in November 2013. It now has a constitution, a parliament, and a governor who exercises power on behalf of the British head of state. A group of impact organizations just formed the Dignified Jobs Collaborative, aimed at increasing investment in companies creating quality jobs for those living in extreme poverty in developing markets. As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. [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. New Media to buy Gannett for $1.4 billion, creating biggest U.S 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). 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. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. New Media Investment Group to Acquire Gannett - Business Wire New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. 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. 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. Two Leading Media and Marketing Solutions Companies 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. Sales, however, havent quite picked up as yet. Are The Days Of Organic Social Media Reach Over? If shareholders give the thumbs-up during the vote this November, Gannett will have amassed the largest online audience of any American news provider. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. New Media Investment Group (NEWM) Stock Forecast, Price & News - MarketBeat Additionally, the joining of New Medias UpCurve and GateHouse Live businesses with Gannetts ReachLocal and WordStream subsidiaries will provide multiple, diversified marketing and revenue solutions and position the combined company as a stronger partner for advertisers and small businesses (SMBs) in the markets served. Adam Reinbach will serve as president and CEO of BridgeTower Media, which produces business, home furnishings,legislative and other digital and print publications and events. That said, until the issue of monetization is definitively sorted out, consolidation may be the only way to keep the presses from stopping. 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. 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. Reporting by Vibhuti Sharma in Bengaluru; Editing by Shinjini Ganguli. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. JPIMedia The Scotsman Mapped: Asias Biggest Sources of Electricity by Country. Jonathan Gasthalter/Nathaniel Garnick Initially, the combined company is expected to have an annual dividend of $0.76 per share. New Media Investment Group - CrunchBase Sam Levenson 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. Below is a look at the top 20 owners of America's newspapers: Source Turnover in this segment of the market has been brisk. 2. New Media Investment Group to buy Commercial Appeal parent, Gannett 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. The company, which also owns local papers ranging from the Detroit Free Press to the El Paso Times, missed second-quarter revenue on Monday. [4] History [ edit] Liberty Group Publishing [ edit] "Weve spent a lot of time carefully selecting the management team for the company, and itll be a good blend of the two companies on the management team, which will help the culture issue," Reed said. Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger. 1:02 Gannett on Wednesday named a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. Nov 2019 - Present3 years 6 months. In addition to its national presence through USA TODAY, the new Gannett will operatenews organizations in 47 states and Guam, as well as the United Kingdom. At first it was used by passing ships as a replenishment spot, but the English eventually settled it in the 17th century. The official website for the company is www.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. 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. This massive map highlights overseas territories and dependencies around the world and their sovereign states. Significant synergies. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. 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. The storytelling bias is one of the most important, yet least known blindspots that affects our investing behavior. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. The combined group of business publications was rebranded as BridgeTower Media.[18]. Note: The graphic has been updated to reflect changes in ownership for Refinery29, Gizmodo, and Jezebel. 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 companies believe that diversity can strengthen board performance and New Media is actively searching for women and other candidates with diverse backgrounds and experiences. MGI's main operational presence is in North America and Europe. While New Media reported revenue of $404 million in its second quarter on Monday, Gannett had revenue of $660 million. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. or Gasthalter & Co. 1. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. Our Standards: The Thomson Reuters Trust Principles. Below is a look at the top 20 owners of Americas newspapers: Turnover in this segment of the market has been brisk. For example, the U.S. territory of Puerto Rico has 3 million people, and its own constitution and elected government, while another U.S. territory of Johnston Atoll is tiny and entirely uninhabited. This communication is neither an offer to sell, nor a solicitation of an offer to buy any securities, the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. Neither New Media nor Gannett can give any assurance that its expectations will be attained. 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. Index of US Mainstream Media Ownership - Harvard University Gannett, New Media Investment Group complete merger: 'Pivot' coming Arbor Advisory Group Joele Frank, Wilkinson Brimmer Katcher Or The company was founded on June 18, 2013. The industry may be facing another dramatic drop off in ownership diversity as the two largest players, New Media Investment Group and Gannett, are on the path to merging. 25, New Media Investment Group is managed by New York-based firm Fortress Investment Group through an affiliate. 6 7 Reed has faced criticisms in the past from the NewsGuild, an affiliate of the left-wing Communications Workers of America labor union, for purchasing newspapers, consolidating editorial practices, and reducing jobs to increase profits. Depending on if you count island territories independently or group them together, the final accounting of overseas territories and dependencies by country can vary. The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. 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. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. Growing a successful business on social media requires a combination of authenticity, passion, consistency, engagement and creativity. The News Media Alliance says there are 672 major daily newspapers in the United States. This match-up seems awkward on the surface, but it allows advertisers to reach a broader cross-section of people within each ad ecosystem. 9 10 The firm was formed in 2013 to restructure $1.2 billion of debt and restructure newspaper publisher GateHouse Media following Chapter 11 bankruptcy. The Psychology Of Investing. "I don't think this is going to be a lay-up," he said. [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. Visualizing the Flow of Energy-Related CO2 Emissions in the U.S. It is the largest newspaper in Central Texas. 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. 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. This graphic by Pranav Gavali maps the overseas territories of various countries, using a variety of sources including WorldAtlas, Statista, and official country releases. New Media is one of the largest publishers of locally based print and online media in the United States as measured by its 154 daily publications. Alexas top sites under the category of news (U.S. only, excluding user-generated). AAPL, FB, TWTR), Total number of diversity investments made by an investor, Total number of employee profiles an organization has on Crunchbase, Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. USA TODAY owner Gannett acquired by GateHouse Media owner Alden Global Capital Venture Capital owns Digital First Media (56 dailies). 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 have created three indices (time-stamped May 11, 2021): US Mainstream Media Ownership (176 parent companies and standalone news outlets) Emerging Digital Nonprofits and Their Donors (231) Seven Big Owners of Daily Newspapers in America (own more than half of the major daily newspapers in the U.S. Index is organized by the state to highlight . 20 21 Reed was GateHouse CEO prior to the companys acquisition by New Media Investment Group. We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. Another highlight is that the majority of these regions are islands located quite a distance from their parent countries. [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. The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. New Media shareholders will own 50.5% of the combined company, while Gannett shareholders will own 49.5%. 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.. "There are a lot of vultures circling the industry right now, and Mike is not one of them.. Compelling Strategic & Financial Benefits. 26. For various reasons from tech disruption to changing media consumption habits the U.S. has seen a net loss of 1,800 local newspapers over the past 15 years. The majority is always wrong; the minority is rarely right. The Company is one of the largest publishers of locally based print and online media in the United States as measured by number of daily publications. Cautionary Statement Regarding Forward-Looking Statements. Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting The layoffs will primarily affect management positions. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become There are no current stakeholders of New Media Investment Group Inc cmn. 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. 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. 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. The company will be based atGannett's headquarters in McLean, Virginia. Where are Clean Energy Technologies Manufactured? Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized businesses. 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. Ed Trissel / Tim Ragones / Tanner Kaufman [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. 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. The company's nine-member board will consist of five directors from New Media,. Stock ticker symbol (e.g. Mason Slaine, former CEO of business information publisher Thomson Financial, owns about 8%. '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. GateHouse Media - Wikipedia Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. New York-based New Media Investment Group Inc., which runs the Gatehouse chain of local community newspapers, announced it was acquiring newspaper publisher Gannett for about $1.34 billion in cash . With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. More than 90,000 servers in operation. 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 details are causing a stir in London. In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett.
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