Who owns the news? The 25 CEOs that control the world - AddictiveTips 11 12 As GateHouses parent company, New Media operated as many as 144 daily newspapers, 684 community publications, and 569 local market websites in 38 states. MGI's main operational presence is in North America and Europe. 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. "Our commitment to build those brands is even stronger than ever. Meanwhile, Vice recently acquired Refinery29 for $400 million, giving it access to a new audience skewed towards millennial women. 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. Website http://www.mediainvestmentgroup.com Industries Investment. He previously was CEO of New Media. 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. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. 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. Many of these regions still depend on their parent country to some capacity for economic, military, and diplomatic affairs. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. Including the announced acquisitions, New Medias portfolio of products, which will include 449 community publications, 366 related websites, and six yellow page directories, will serve more than 130,000 business advertising accounts and will reach over 12 million people on a weekly basis. IFM Investors - Overview 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. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). It is the largest newspaper in Central Texas. 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. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. It listed assets of $433.7 million and debt of $1.3 billion. [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. 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. New Media Investment Group Portfolio Investments, New Media Investment [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. Both companies announced layoffs in the past year, and this restructuring may help both companies win as they consolidate resources. 23 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 editorializing responsibilities, and cutting jobs to increase profits. GMs Aftermarket Parts Sales Rise; So Does Warehouse Investment, The Investing Blind Spot You Can't Afford To Ignore. 16 17 Following the merger, Gannett publishes 260 daily newspapers and 300 weekly publications in 47 states and Guam 18 and administers over 130,000 business advertising accounts with a weekly reach of over 12 million people. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. Jeff Gordon, a regional vice president for The NewsGuildwhose region represents journalists at four GateHouse newsrooms, expressed fears that the deal will lead to further distress for journalists who have already faced budget reductions. 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. Where are Clean Energy Technologies Manufactured? The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. New York, New York, United States. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. 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. Below is a look at the top 20 owners of America's newspapers: Source Turnover in this segment of the market has been brisk. (212) 479-3160 Twins Haley and Hanna Cavinder have been the face of name, image and likeness since its inception, and now they're charting a course for transitioning to a career in content creation. The newspapers were operated by GateHouse Media following the purchase. Visualized: The Largest Trading Partners of the U.S. Visualizing 90 Years of Stock and Bond Portfolio Performance, Visualizing the Link Between Unemployment and Recessions, Timeline: The Shocking Collapse of Silicon Valley Bank, Decoding Googles AI Ambitions (and Anxiety), Ranked: Americas 20 Biggest Tech Layoffs Since 2020, Infographic: Generative AI Explained by AI, Ranked: The U.S. Banks With the Most Uninsured Deposits, De-Dollarization: Countries Seeking Alternatives to the U.S. Dollar. Greenhill & Co., LLC and Goldman Sachs & Co. LLC are serving as financial advisors to Gannett, and Skadden, Arps, Slate, Meagher & Flom LLP and Nixon Peabody LLP are serving as legal counsel. That said, until the issue of monetization is definitively sorted out, consolidation may be the only way to keep the presses from stopping. Advance Local Publications (22 dailies). 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. There are no current stakeholders of New Media Investment Group Inc cmn. 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. 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. Newspaper Chain, Targets 'Inefficiencies', "Red ink pressing publisher; Liberty Group grew fast, but so did its debt Crains August 5, 2004", "International Directory of Company Histories. Arbor Advisory Group Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. Target net leverage within two years of closing is expected to be below 1.75x. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. To finance the deal, New Media is borrowing $1.8 billion from private equity firm. The Term Loan, which will be used to retire existing financial debt obligations of both companies and to fund the cash component of merger consideration, will be a five-year senior secured term loan facility in an aggregate principal amount of $1.792 billion. [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. Investors: Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. Stock ticker symbol (e.g. 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 scale will meaningfully enhance the combined companys financial profile by leveraging nationwide reach and local presence to expand and deepen relationships with consumers and businesses. The company can be reached via phone at 212-479-3160 or via email at ir@newmediainv.com. 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. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". 8 million customer contracts worldwide. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. It intends to operate newspaper, media directory and other media content businesses. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. 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. New Media expects to fund the cash portion of the Merger consideration through a combination of cash on the balance sheet and a new term loan facility (the Term Loan) to be funded at closing pursuant to a binding commitment from funds managed by affiliates of Apollo Global Management, LLC (NYSE:APO), a global alternative investment manager with approximately $312 billion in assets under management, as of June 30, 2019, and deep experience in supporting media companies. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. Gannett on Wednesdaynamed a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. [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. Unsurprisingly, two great empires of the pastBritish and Frenchstill have largest remnants of their past breadth. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. 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. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. Index of US Mainstream Media Ownership - Harvard University Align to Preserve and Enhance Quality Journalism, Creates the leading U.S. print and digital news organization with deep local roots and nationwide scale, Michael Reed to remain Chairman of the Board of Directors and Chief Executive Officer; New Media is focused primarily on investing in a high quality, diversified portfolio of local media assets, and on growing existing advertising and digital marketing businesses. Who Owns Newsmax 2022 And what is newsmax? - itsknows.com The Merger is expected to close by the end of 2019, subject to the satisfaction of customary closing conditions, including receipt of regulatory clearances and approval by the shareholders of each company. Gannett, New Media Investment Group deal: Shareholders to vote - USA Today (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. After the close of the transaction, Gannett shareholders will hold approximately 49.5% of the combined company and New Media shareholders will hold approximately 50.5%. (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 in the United States as publishers struggle with readers shifting to online sources for news. Each region has its own unique present-day status. Or More than half of the overseas territories were in either the Pacific Ocean (21) or the Caribbean (18). Vice Media Gets $250 Million in Debt Funding From George - Variety Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. 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. While news media isnt quite as consolidated as the broader media ecosystem, its certainly trending in that direction. 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. Across many platforms, organic content is being overshadowed by paid content for one obvious reason: money. Todays graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. 2. Where is newsquest based? - Camomienoteca.com It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. Please visit www.newmediainv.com and www.gannett.com. Mike is a newspaper guy," Gordon said. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. 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 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. All Rights Reserved. The Psychology Of Investing. the parties ability to consummate the proposed transaction and to meet expectations regarding the timing and completion of the proposed transaction; the satisfaction or waiver of the conditions to the completion of the proposed transaction, including the receipt of the required approval of New Medias stockholders and Gannetts stockholders with respect to the proposed transaction and the receipt of regulatory clearances required to consummate the proposed transaction, in each case, on the terms expected or on the anticipated schedule; the risk that the parties may be unable to achieve the anticipated benefits of the proposed transaction, including synergies and operating efficiencies, within the expected time-frames or at all; the risk that the committed financing necessary for the consummation of the proposed transaction is unavailable at the closing, and that any replacement financing may not be available on similar terms, or at all; the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected; the risk that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the proposed transaction; the retention of certain key employees; and. 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. 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.". About 25% of the combined companys revenue will come from digital, New Media Chief Executive Officer Michael Reed said on a conference call. They also vary mightily in terms of size, population, and political apparatus. Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). 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. Additional Information and Where to Find It. 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. In connection with the proposed transaction, New Media intends to file with the SEC a registration statement on Form S-4 (the Registration Statement), which will include a prospectus with respect to shares of its common stock to be issued in the proposed transaction and a joint proxy statement for New Medias stockholders and Gannetts stockholders (the Joint Proxy Statement), and each of New Media and Gannett will mail the Joint Proxy Statement to their respective stockholders and file other documents regarding the proposed acquisition with the SEC. As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. Mason Slaine, former CEO of business information publisher Thomson Financial, owns about 8%. It currently has an elected legislature and governor and is home to a large U.S. military base. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. Earlier this year, Gannett fended off newspaper chain MNG Enterprises's. This list of top 100 news sites was compiled using the following criteria: The top digital-native news outlets by monthly unique visitors (Pew Research and ComScore, excluding sports) The details are causing a stir in London. 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. Mike Reed - Chairman / CEO - Gannett | USA TODAY NETWORK - LinkedIn New Media Investment Group and Gannett finalized their merger Tuesday, putting top executives in position to move ahead with plans they believe will transform the new company's local and. The company will be based atGannett's headquarters in McLean, Virginia. "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.". Former colonies that would have been counted in the past include British India (which became India, Pakistan, and Bangladesh) and French Indochina (which became Cambodia, Laos, and Vietnam). 25, New Media Investment Group is managed by New York-based firm Fortress Investment Group through an affiliate.