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. Shares of Gannett closed up 2.6% at $11.04, while those of New Media Investment Group closed down 7.6% at $9.89. USA TODAY owner Gannett acquired by GateHouse Media owner 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. Gannett, New Media Investment Group deal: Shareholders to vote - USA Today "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.". Media: 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. [4] History [ edit] Liberty Group Publishing [ edit] 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. 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 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. To connect with Gannett, visit www.gannett.com. 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. They created a news website called Phoenix New Media, which was renamed New Media Investment Group in 2008. The layoffs will primarily affect management positions. While news media isnt quite as consolidated as the broader media ecosystem, its certainly trending in that direction. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. 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. 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 is one of the largest publishers of locally based print and online media in the United States as measured by its 154 daily publications. 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. Who owns New Media Investment Group Inc cmn? Top stakeholders of New 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. New investments by Delivery Hero in grocery delivery start-ups is not on the agenda, according to the companys chief executive. New Media shareholders would own 50.5% of the combined company, while Gannett stockholders would own 49.5%. 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. Meanwhile, Vice recently acquired Refinery29 for $400 million, giving it access to a new audience skewed towards millennial women. The terms involved the cancellation of shares of Gatehouse, but those owners receiving warrants to buy shares in New Media Investment Group Inc.[11][12], Subsequently, Gatehouse Media acquired several newspaper groups between 2014 and 2017, including Halifax,[13] Stephens Media,[14] Calkins Media and Morris Publications. He previously was CEO of New Media. New Media and Gannett are the largest U.S. newspaper owners by circulation, according to Statista. The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. 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. Stockholders of New Media and Gannett are urged to read all relevant documents filed with the SEC, including the Registration Statement and the Joint Proxy Statement, as well as any amendments or supplements to these documents, carefully when they become available because they will contain important information about the proposed transaction. Alden Global Capital Venture Capital owns Digital First Media (56 dailies). From scientific breakthroughs in healthcare to investments in a greener economy to major developments in experiential technologies, its clear that the economy of tomorrow will look very different than the one of today. Some are autonomous territories or constituent countries, while some are administered almost entirely as part of the parent country. At the same time, Gordon said he has confidence in Reed's leadership of the new company. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player and a stronger partner for advertisers and SMBs. 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) Neither New Media nor Gannett can give any assurance that its expectations will be attained. 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. [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard. 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. Significant synergies. All quotes delayed a minimum of 15 minutes. GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. 20 21 Reed was GateHouse CEO prior to the companys acquisition by New Media Investment Group. Gannett Co., Inc. owns USA Today and over 250 dailies. While New Media reported revenue of $404 million in its second quarter on Monday, Gannett had revenue of $660 million. 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. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. Growing a successful business on social media requires a combination of authenticity, passion, consistency, engagement and creativity. 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. But, more importantly, it will push users away from spending time on general social media sites. Vice Media Gets $250 Million in Debt Funding From George - Variety New Media owns 152 daily publications including The Palm Beach Post, The Columbus Dispatch, The Oklahoman andAustin American-Statesman as well as284 weekly newspapers operated as GateHouse Mediaand digital marketing assets like ThriveHive. New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). About 15 billionaires and six corporations own most of the U.S. media outlets. It now has a constitution, a parliament, and a governor who exercises power on behalf of the British head of state. 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). 19, Michael E. Reed is the president and CEO of New Media Investment Group. The United States is delivering strong sales now that domestic and international travel is flying high again. CEO Robert James Thomson indicated that the newspapers "were not strategically consistent with the emerging portfolio" of the company, which had been formed as a spin-off of News Corporation. The island was briefly occupied by Japan during World War IIattacked at the same time as Pearl Harborbefore being recaptured by the United States. In 2004, conservative businessman Christopher Ruddy partnered with New Media Investment Group, and the name was changed to Newsmax. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. Mike is a newspaper guy," Gordon said. The company has been on a. Now by merging, the companies expect to cut costs by $275-300 million annually and said they would together have 263 daily media organizations across 47 states, as well as USA Today. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. Compelling Strategic & Financial Benefits. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. At the forefront of intellectual property valuation, acquisition and utilization, the Concord investment underscores the partners' belief in the lasting and appreciating global value of superior original creative content. 1. ", Warning to Congress: Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. Mason Slaine, former CEO of business information publisher Thomson Financial, owns about 8%. Vox Media recently inked a deal to acquire New York Media, the firm behind New York Magazine, Vulture, and The Cut. He has said he's confident of hitting the savings target. Who Owns Your Favorite News Media Outlet? - Visual Capitalist In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. 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. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. Under the terms of the Merger Agreement, shareholders of Gannett will receive $6.25 in cash and 0.5427 of a New Media share for each Gannett share they hold, representing total consideration of $12.06 per Gannett common share based on New Medias closing stock price as of August 2, 2019, and a premium of approximately 18% to the five-day volume-weighted average price of Gannett shares as of that date. Todays graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. The company was founded on June 18, 2013 and is headquartered in New York, NY. This is normal when the security: Has been acquired or taken private Has merged with another entity Has changed its name and has a new CUSIP (and/or symbol) Has been delisted and the ticker has changed Please use Search to find the security you were looking for. 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 "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. Credit Suisse is serving as financial advisor to New Media, and Cravath, Swaine & Moore LLP is serving as principal legal counsel. 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 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. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. 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. Advance Local Publications (22 dailies). 13, In 2019, New Media Investment Group purchased newspaper publisher Gannett, the owner of USA Today and more than 100 other publications, for $1.4 billion. Another highlight is that the majority of these regions are islands located quite a distance from their parent countries. The Company combines organic growth with value-generating synergetic acquisitions, which has demonstrated continuous strong profitable growth with a revenue . 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. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. You may obtain free copies of these documents using the sources indicated above. 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 . Bonus Gift: Celebrating the Best of the VC+ Archive, More U.S. Tech Companies are Adopting Unequal Dual-Class Voting Structures, How Gen Z Feels About Its Financial Future, Interested in an overview of who leads countries around the world? New Media and FIG LLC, an affiliate of Fortress Investment Group (the Manager), have amended the external management agreement to set the termination date as December 31, 2021. Misfits continues to move into the creator space by bringing in top talent from outside the gaming industry. There are no current stakeholders of New Media Investment Group Inc cmn. Shareholders of USA TODAY owner Gannett and New Media Investment Group
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