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. 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. Mike Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. Significant synergies. They unquestionably get more than enough daily hits to qualify. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. 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. Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. 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. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. 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. 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.. For news sites that are owned by investment firms with a majority stake, the CEO or director of the investment firm was listed as the highest-level owner. ir@newmediainv.com As a result, we will accelerate the growth of the combined companys digital revenue through innovative customer experiences and new marketing solutions for businesses, while creating an expansive journalism network with the resources required to deliver unique and award-winning content. Donald and Samuel Si Newhouse -Advance Publications. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. They are BlackRock, Vanguard and State Street. 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. The media industry cant ignore these two fundamental problems on the platform side, but eliminating Section 230 isnt the answer. Great work. Cox Enterprises, owned by the billionaire Cox family, counts The Atlanta Journal-Constitution and a number of other daily papers among its many media investments. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. Social media keeps evolving and the way it works best for brands keeps changing. It's crucial because, at an interest rate of 11.5%, the Apollo loan could become onerous ifnot paid off quickly, said Tim Hynes, head of North American research for debt analysis service Debtwire. Cox Family Atlanta Journal-Constitution. This equates to a combined monthly readership of over 1 billion people. Fox News is owned by the Fox Corporation, which is owned in part by the Murdoch Family (39% share). 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. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". The company was founded on June 18, 2013 and is headquartered in New York, NY. or Google, when so many surveys show that a great number of people get ALL their news from there? There are no current stakeholders of New Media Investment Group Inc cmn. The combined group of business publications was rebranded as BridgeTower Media.[18]. As the largest shareholder, his investment allows him to vote for approximately one . 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. In the years since, US News & World Reporthas made a name for itself with its lucrative rankings, includingBest Colleges, Best Graduate School and Best Hospitals lists. The GateHouse Media corporate strategy continues to focus on acquiring and operating traditional local media businesses and transforming them from print-centric operations to multimedia operations. New Media Investment Group to Acquire Gannett Two Leading Media and Marketing Solutions Companies Align to Preserve and Enhance Quality Journalism Creates the leading U.S. print and. Your email address will not be published. [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. Several big-name newspaper companies Gannett, Knight Ridder, Lee, McClatchy, Pulitzer, Scripps, Dow Jones, The New York Times and The Washington Post raised capital for acquisitions by selling stock on either the New York or American stock exchanges. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. While its mail is delivered from the Pittsford, NY 14534 post office, GateHouse's headquarters lie about a third of a mile east of the eastern border of, Last edited on 23 February 2023, at 23:45, U.S. Bankruptcy Court in Wilmington, Delaware, List of newspapers owned by GateHouse Media, "Gannett, Now Largest U.S. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. The companies will co-host a call to discuss the transaction and second quarter earnings on August 5, 2019 at 4:15 p.m. Eastern Time. This site uses Akismet to reduce spam. "Our commitment to build those brands is even stronger than ever. 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. Today Hearst Communications owns dozens of newspapers and magazines throughout the country, each with a significant online presence. Before that, he spent four years at Bloomberg LP as President of Bloomberg Businessweek from 2010 until 2014, in addition to serving as Chief Operating Officer of the Media Group from 2011 to 2014. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. Zuckerman bought the Daily News out of bankruptcy in 1993andunsuccessfully tried to sell the tabloid newspaper for six months in 2015. Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations The online media company took outside funding for the first time in anticipation of legal fees incurred by a lawsuit brought by wrestler Hulk Hogan, according to a leaked memo from Gawker founder Nick Denton. Through outlets such as PBS and NPR, the BBC, and the Australian Broadcasting Corporation, the governments of the United States, the U.K., and Australia all have significant media holdings. unlocking meaningful shareholder value, New Medias external management agreement to be amended at closing and terminated in 2021. "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. : Media Concentration and Ownership around the World. [5] From 1987 to 2006, Australia had specific legislation limiting foreign ownership of media companies on the continent, as well as restrictions on cross-ownership of media companies meant to preserve the diversity of news media. (212) 479-3160 Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. Effective November 20, 2019, following the completion of its merger with Gannett, New Media Investment Group Inc. trades on the New York Stock Exchange under Gannett Co., Inc. and its ticker symbol has changed to "GCI". Mike is a newspaper guy," Gordon said. Mike Reed will serve as. Now, let's look at the four biggest stock owners. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. 19 September, 2019. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). Information about the directors and executive officers of Gannett is set forth in the proxy statement for its 2019 Annual Meeting of Stockholders, which was filed with the SEC on March 26, 2019. For news sites that are owned or controlled by the government, the head of government was listed as the highest-level owner. Bezos denied the allegations at a tech conference at the Washington Post in May. "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. How can you possibly not list any social media sites, such as Facebook, etc. The Conversation is one of the only major online news sites in Australia that is independently owned. To connect with Gannett, visit www.gannett.com. Jason Taylor, previously president of New Media Ventures and GateHouse Live, the company's events business, will serve as president of events and promotions at the new company. Warren Buffett, as CEO of Berkshire Hathaway, has invested in a number of small newspapers and owns about 70 dailies today. It began late last week, when New Media Investment Group, the company that had bought The Review-Journal as part of a package of newspapers for $102 million this year, announced it had sold the . He is executive co-chairman of 21st Century Fox with his son Lachlan and is also chairman of News Corp, which owns The Wall Street Journal and other publications. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. Gannett Co., Inc. owns USA Today and over 250 dailies. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. Jonathan Gasthalter/Nathaniel Garnick It is the largest newspaper in Central Texas. NordVPN includes a 30-day money-back guarantee. 2023 Forbes Media LLC. The nation's two largest newspaper groups plan to merge. 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. 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. Gannett will be acquired by New Media Investment Group, which owns Gatehouse. Investors: Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. ABOUT US Gannett is a subscription-led and digitally focused media and marketing solutions company. 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. [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. 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. Arbor Advisory Group Rupert Murdoch, former CEO of 21st Century Fox, the parent of powerhouse cable TV channel Fox News, may well be the worlds most powerful media tycoon. Or 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. But a great reputation can never be boughtonly earned and protected. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. 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. 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. 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. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. 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. (203) 307-2250 But one area for growth is events, where New Media has a particularly strong business, Doctor said. The proposed transaction will be submitted to New Medias stockholders and Gannetts stockholders for their consideration. 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. He previously was CEO of New Media. The company expanded into business news coverage and has more than 2,000 reporters around the world. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. [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]. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. Ownership News Corp is the parent company and officially owns the website and all its other outlets. The cash and stock deal values Gannett at about $1.4 billion. Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. 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. But he does not believe the company will achieve its cost-savings goal. Two Leading Media and Marketing Solutions Companies [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. Our latest study shows the current state of media consolidation around the world. Si stepped down as chairman of Conde Nast in 2015. 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. 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. 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. In that role, Cohen helped manage the Agency's worldwide operations, oversee strategic modernization of the Agency, and lead foreign intelligence collection, analysis, and action. Please visit www.newmediainv.com and www.gannett.com. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. Billionaires own part or all of several of Americas influential national newspapers, including The Washington Post, The Wall Street Journal and theNew York Times, in addition to magazines, local papers and online publications. (212) 355-4449, Internet Explorer presents a security risk. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. Many firms are masters at making money. These are Northern Trust, JPMorgan-Chase, Geode Capital Management and Wellington Management. 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. Gawker aims to appeal the ruling. Accelerate digital strategy. 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. Saudi billionaire Prince Alwaleed Bin Talal also owns 1% of News Corp, after cutting down his holdingsfrom 6% in early 2015. In total they own 666 media sites. In March a jury awarded Hogan $140 million in damages. "The combined operations will have a broad local-to-national network of incredibly talented, experienced journalists who can continue to deliver unique award-winning content for both local communities and national audiences," Bascobert told investors in a conference call Nov. 4. The amendment, as described in more detail below, also reduces the incentive fee rate payable to the Manager for the remainder of the term. To determine the companies and individuals that own the top news sites in the world, we identified the top owners of the news sites with the most monthly traffic as of December 2019. Joe Mansueto Inc. and Fast Company magazines, Morningstar CEO Joe Mansueto made his $2.3 billion fortuneat the investment and research firm he founded in 1984. A significant share of the worlds media is owned by national governments. All Rights Reserved. Or two, for that matter.I bought them because Im passionate about their missions. 91 were here. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. Heres a look at some of the billionaires who own news media in the United States: Michael Bloomberg BloombergLP and Bloomberg Media. Conde Nast, a unit of Advance Publications, publishes magazines including Wired, Vanity Fair, The New Yorker and Vogue. Peter Schorsch Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida's most influential new media websites, including Florida Politics and Sunburn,. 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 company was founded on June 18, 2013. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. 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. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. Alison Engel expected to become Chief Financial Officer; One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index. The Globe was previously owned by the New York Times for twenty years. At the time of his purchase, Henry said he didnt plan to influence the papers sports coverage. Deputy Director David S. Cohen. We identified the owners of the top 50 news sites globally, in the United States, in the U.K., and in Australia, respectively, using financial filings, corporate press announcements, and other public sources. 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