Eliminates certain payments otherwise due at or after the end of the term. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. All Rights Reserved. Its no secret that news media is a tough industry. 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. Paul Bascobert will serve as CEO of the new company's operating subsidiary, Gannett Media Corp., as previously announced. [36][37] The acquisition of Gannett by New Media Investment Group was completed on November 19, 2019, making the combined company the largest newspaper publisher in the United States. 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 shareholders will own 50.5% of the combined company, while Gannett shareholders will own 49.5%. Note: The graphic has been updated to reflect changes in ownership for Refinery29, Gizmodo, and Jezebel. Gannett on Wednesdaynamed a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. The details are causing a stir in London. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. Fortress is owned by SoftBank, a Japanese conglomerate. Website http://www.mediainvestmentgroup.com Industries Investment. Thematic Investing During A Transformative Year, 2023 Media Layoffs: Vice Media Reportedly Cuts 100 Jobs, The Future Of Social Media Will Be Special Interest Focused, Five Strategies For Growing A Business On Social Media. 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. Chart: Automakers Adoption of Fuel-Saving Technologies, Explainer: What to Know About the Ohio Train Derailment, Infographic: 11 Tech Trends to Watch in 2023. Alexas top sites under the category of news (U.S. only, excluding user-generated). Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become See here for a complete list of exchanges and delays. 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.". The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. (212) 479-3160 Active, Closed, This describes the type of investor this organization is (e.g. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. 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. JPIMedia The Scotsman Target net leverage within two years of closing is expected to be below 1.75x. 15 facilities in 9 countries around the globe. It is one of the many French Overseas Territories that together are home to 2.6 million people. Others, like Amazon founder Jeff Bezos, bought publications as. Ranked: The Largest Bond Markets in the World. 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. To finance the deal, New Media is borrowing $1.8 billion from private equity firm. Fortress owned 52% of GateHouse debt. The company was founded on June 18, 2013 and is headquartered in New York, NY. 24, Since its founding, New Media Investment Group has purchased, merged, reorganized, and reconstituted hundreds of newspapers in large and small markets across the United States. The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. Jonathan Gasthalter/Nathaniel Garnick 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. 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. Bernie Szachara, previously president of newspaper operations for GateHouse, who will serve as president of U.S. publishing operations. 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. There are no current stakeholders of New Media Investment Group Inc cmn. 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 New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. It currently has an elected legislature and governor and is home to a large U.S. military base. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. Ranked: Americas Most Searched and Visited News Sites by State. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. ", Warning to Congress: Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. On September 27, 2018, GateHouse Media announced the acquisition of The Oklahoman Media Company, parent company of The Oklahoman, which is the state's largest daily newspaper, for an undisclosed amount from The Anschutz Corp. 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. Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). 26. 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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. 14 In November of 2019, New Media merged GateHouse and Gannett into a newly constituted Gannett, 15 creating the largest U.S. media company by print circulation and one of the nations largest online news and information audiences. Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting 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. 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. 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. 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. 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. "Our commitment to build those brands is even stronger than ever. announced acquisitions, the Company will operate in 362 markets across 26 states. Each region has its own unique present-day status. 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. Misfits continues to move into the creator space by bringing in top talent from outside the gaming industry. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. 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. The Company combines organic growth with value-generating synergetic acquisitions, which has demonstrated continuous strong profitable growth with a revenue . He told the Chicago Tribune last year . Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. MGI - Media and Games Invest SE ("MGI") is an advertising software platform with strong first-party games content. 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. It listed assets of $433.7 million and debt of $1.3 billion. [22], In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa. 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. Faced with declining revenue, Gannet has invested millions in the last few years to scale up its digital footprint. While news media isnt quite as consolidated as the broader media ecosystem, its certainly trending in that direction. How To Avoid Losing. I suspect broad social media sites could lose a lot of steam in the future as more dedicated sites meeting the needs of people with similar interests will become more popular. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. 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. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. 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 . It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. unlocking meaningful shareholder value, New Medias external management agreement to be amended at closing and terminated in 2021. 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. 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. 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. 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. The sale closed on Oct. 1, 2018, for $12.5 million. 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. I just hope its done for the right reasons. "The number is going to be higher.". Nov 2019 - Present3 years 6 months. Another highlight is that the majority of these regions are islands located quite a distance from their parent countries. 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. Christopher Ruddy became the CEO of the company and decided to take it in a new direction. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. 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. 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 The Psychology Of Investing. Or Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. That was down from about $1.4 billion when the deal was announced in August because of a decline in New Medias stock price. [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. As outlets battle the duopoly of Google and Facebook for advertising revenue, the local news game has become increasingly difficult. The company, which also owns local papers ranging from the Detroit Free Press to the El Paso Times, missed second-quarter revenue on Monday. Uniting our talented employees and complementary portfolios will enable us to expand our comprehensive, hyperlocal coverage for consumers, deepen our product offering for local businesses, and accelerate our shift from print-centric to dynamic multimedia operations. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. 10 proprietary, georedundant ISO 27001 certified data centers. Additional Information and Where to Find It. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. The amendment, as described in more detail below, also reduces the incentive fee rate payable to the Manager for the remainder of the term. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. 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. 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. New Media and Gannett are the largest U.S. newspaper owners by circulation, according to Statista. 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. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. 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. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. You see too many of these things done for financial engineering. Todays graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. Arbor Advisory Group 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. 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. But he does not believe the company will achieve its cost-savings goal. He previously was CEO of New Media. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. The company will be based atGannett's headquarters in McLean, Virginia. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. Accelerate digital strategy. One of the furthest is New Caledonia, a French territory around 17,000 km away from European France. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. [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. GateHouse Media Inc. was an American publisher of locally based print and digital media. It now has a constitution, a parliament, and a governor who exercises power on behalf of the British head of state. 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. Copyright 2006 by The Gale Group, Inc", GateHouse Media stock being delisted from NYSE - October 22, 2008, "GateHouse Buying 14 Dailies, Other Pubs, From Morris For $115 Million", "News Corp. sells 33 papers to New York investors", "GateHouse Media Files for Pre-packaged Chapter 11", "GateHouse Media officially done with bankruptcy", "GateHouse Media Files Chapter 11 to Form New Company", "GateHouse Media to Buy Morris Communications", "GateHouse acquires News-Journal, Halifax Media", "Review-Journal, parent Stephens Media to be sold to New Media", "Sheldon Adelson's Purchase of Las Vegas Paper Seen as a Power Play", "GateHouse to acquire Kansas-based Harris newspapers", "Fox Business - GateHouse Media Buys Dix Communications Newspaper Chain", "Business Wire - New Media Announces Agreement to Acquire Calkins Media", "GateHouse acquires Morris Publishing's 11 daily newspapers", "Providence Journal parent buys publisher of Newport Daily News", "The Register-Guard sold to GateHouse Media", "GateHouse Media grows its empire by buying top exec's publishing company", "New Media Investment Group to Acquire The Palm Beach Post and Palm Beach Daily News", "Gatehouse Media purchases Akron Beacon Journal", GateHouse Media Buys Akron Beacon Journal and Ohio.com, "New Media Announces Solid Fourth Quarter & Full Year 2018 Results, Dividend of $0.38 per Common Share", "Herald-Times, Other Local Papers Sold To GateHouse Media", "GateHouse Media to acquire New Jersey Herald", "USA Today owner Gannett merges with GateHouse Media to form massive newspaper company", "New Media Investment Group to Acquire Gannett", https://en.wikipedia.org/w/index.php?title=GateHouse_Media&oldid=1150183880, This page was last edited on 16 April 2023, at 19:22. "We have been working hard on integration planning, and we are now even more confident in our ability to realize the high end of the range in savings and within the 18- to 24-month period we previously stated," he said. Below is a look at the top 20 owners of Americas newspapers: Turnover in this segment of the market has been brisk. Such forward-looking statements speak only as of the date on which they are made. That said, until the issue of monetization is definitively sorted out, consolidation may be the only way to keep the presses from stopping. In addition to islands ceded by Spain, the rest were unclaimed islands incorporated as part of the Guano Islands Act of 1856, which sought sources of guanofeces of bats and seabirds used as agricultural fertilizer and for gunpowder production. 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. Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Heres a brief look at some of the best known territories on the list: First colonized by Spain in the 16th century, the U.S. occupied the North Pacific islands in the aftermath of the SpanishAmerican war (along with Puerto Rico and the Philippines). [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. To connect with Gannett, visit www.gannett.com. Mapped: Asias Biggest Sources of Electricity by Country. Faced with problems, it downsized to 270 by June 2005. 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. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. Gannett brands include USA TODAY NETWORK with the iconic USA TODAY and more than 100 local media brands, digital marketing services companies ReachLocal, WordStream and SweetIQ, and U.K. media company Newsquest. 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. CEOs of new Gannett:'Pivot' needed for digital transformation as merger is completed, Deal approved:Shareholders of USA TODAY owner Gannett and New Media Investment Group approve merger, New board:New Media and Gannett announce board of directors for combined company. There are a total of 73 overseas territories listed on the map spread across the world. It delivers content and products related to eating, drinking, and entertaining with a Southern flair. (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. 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. 2,000 employees from 40 countries. 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. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations The next name on the list is Alex Waislitz, founder and Chairman of the Australian-based Throney Investment Group, which owns 169 outlets, including The Advertiser, The Canberra Times, and Illawarra Mercury. Some are autonomous territories or constituent countries, while some are administered almost entirely as part of the parent country. In the third quarter, Gannett's digital subscriptions rose 27% to 607,000, compared with the same period a year earlier, while New Media's rose 65% to 217,000 over the same stretch. I think youre going to see that trend [of consolidation] across the industry. At first it was used by passing ships as a replenishment spot, but the English eventually settled it in the 17th century. 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. 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. 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 is one of the largest publishers of locally based print and online media in the United States as measured by its 154 daily publications. 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. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. (703) 854-3168 The British still maintain many ties to several territories in the Caribbean (formerly the British West Indies) while French influence stretches from the Pacific to South America. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. ir@newmediainv.com 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. Timeline: Cannabis Legislation in the U.S. Visualizing the Relationship Between Cancer and Lifespan, Visualizing How COVID-19 Antiviral Pills and Vaccines Work at the Cellular Level, Global EV Production: BYD Surpasses Tesla.
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