"I don't think this is going to be a lay-up," he said. Gatehouse re-emerged from the planned bankruptcy in November 2013. [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. For news sites that are owned by investment firms with a majority stake, we opted for the CEO or director of the investment firm. Bezos denied the allegations at a tech conference at the Washington Post in May. 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-. Eliminates certain payments otherwise due at or after the end of the term. Online news media in the U.K. is dominated by publishers of traditional print media. FORBESpegs his net worth at $45.7 billion. Si stepped down as chairman of Conde Nast in 2015. 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. 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. The company has been in communication with the NYSE regarding its noncompliance with continued listing standards, but was unsuccessful in its efforts to avoid suspension and delisting. Media: As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. Investors: 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. To identify which companies and CEOs have the most titles and combined readerships, we generated a list of all the URLs for each publication under each respective CEO. [25], In August 2017, GateHouse announced it was purchasing 11 daily newspapers, 30 weeklies, and other assets from Morris Publishing Group, a division of Morris Communications. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. A significant share of the worlds media is owned by national governments. Media runs in Hubbards family; his father started Minnesotas first commercial TV station in 1923. Initially, the combined company is expected to have an annual dividend of $0.76 per share. Learn how your comment data is processed. Ever wondered who owns your favorite news websites? 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.. 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. In August, Hubbard bought a stake in PodcastOne, a one-stop shop app for podcasts, through Hubbard Broadcasting. But one area for growth is events, where New Media has a particularly strong business, Doctor said. Social media keeps evolving and the way it works best for brands keeps changing. While a billionaire secretly funding a lawsuit to take down a news outletmay be a new way of using money to influence the media business, billionaires have long exerted influence on the news simply by owning U.S. media outlets. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. 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. 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. It delivers content and products related to eating, drinking, and entertaining with a Southern flair. We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations (703) 854-3168 Since then, there have been reports of Adelson influencing coverage of himself at a newspaper that in the past was often critical of the billionaire. All interested parties are welcome to participate. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. 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. We then determined the parent companies behind each of these 50 outlets and identified all of the properties in their online media portfolios. In the same month, GateHouse announced its $49.25 million purchase of The Palm Beach Post and Palm Beach Daily News from Cox Media Group, LLC. National online news media in Australia is essentially controlled by two companies: News Corp, through News Corp Australia, and Nine. It's also important to point out that the same person with Fox News ownership, Rupert Murdoch, owns News Corp with the same 39% share, and News Corp owns the New York Post, HarperCollins, and the Wall Street Journal. The company was founded on June 18, 2013. This seems very strange. 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. The media industry cant ignore these two fundamental problems on the platform side, but eliminating Section 230 isnt the answer. [8], The company received notification from the New York Stock Exchange (NYSE) on August 21, 2008, that it had fallen below the NYSE's continued listing standards for average global market capitalization over a consecutive 30-trading-day period of not less than $75 million and $1.00 average closing price, and had submitted a business plan to the NYSE Regulation for coming back into compliance for continued listing. MNG Enterprises, Inc., doing business as Digital First Media and MediaNews Group, is a Denver, Colorado -based newspaper publisher owned by Alden Global Capital. 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. 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. The Posts reporters alsodefended themselves, sayingthat the paper has covered Amazons tax problems and that the Posts editorial boards stance on taxing online retailers hasnt changed since Bezos bought the paper. Some bought television stations and magazines, too. As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. Words such as anticipate(s), expect(s), intend(s), plan(s), target(s), project(s), believe(s), will, aim, would, seek(s), estimate(s) and similar expressions are intended to identify such forward-looking statements. 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. Please visit www.newmediainv.com and www.gannett.com. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. Mike Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. How can you possibly not list any social media sites, such as Facebook, etc. Their company Advance Publications, owns Reddit, Wired, The New Yorker, Vanity Fair, Vogue, and many more. Shareholders cleared the way Thursday for New Media Investment Group and USA TODAY owner Gannett to join forces in adeal that willcreatethe largest U.S.media company by print circulation and one that will also vie for the biggestonline news audience nationwide. Since beginning his run for president, Trump has accused Bezos of using the Post to get tax breaks for Amazon and sending reporters after Trump. Could we later look at the music industry? In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. Warren Buffett, as CEO of Berkshire Hathaway, has invested in a number of small newspapers and owns about 70 dailies today. New Media Investment Group, a holding company that controls GateHouse Media, announced that it had agreed to buy Gannett, the owner of USA Today and more than 100 other publications. Ed Trissel / Tim Ragones / Tanner Kaufman The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. : Media Concentration and Ownership around the World. Kris Barton, previously Gannett's chief product officer, who will take on the same role. He previously was CEO of New Media. 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 . Social media news isnt news. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. 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. 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. Advance owns newspapers in 25 cities and towns across America and isthe countrys largest privately-held newspaper chain. "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. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. Bloombergcofounded his financial data company in 1981 withCharles Zegar andThomas Secunda, both of whom are now billionaires as well thanks to their minority equity stakes in Bloomberg LP. 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. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. At the time of his purchase, Henry said he didnt plan to influence the papers sports coverage. In April 2019, for example, private equity firm Great Hill Partners acquired the Gizmodo Media Group and The Onion, and combined their digital news assets, which include Gizmodo, Jezebel, and The A.V. Under terms of the deal, Apollo has the right to appoint two observers to the company's board and could appoint one or two voting directors if the company's debt exceeds its earnings by too great of a margin. 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. 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. Club, into a new company named G/O Media Inc. Altogether, his family controls 120 newspapers across five countries. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. Heres a look at some of the billionaires who own news media in the United States: Michael Bloomberg BloombergLP and Bloomberg Media. unlocking meaningful shareholder value, New Medias external management agreement to be amended at closing and terminated in 2021. GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. Sheldon Adelson The Las Vegas Review-Journal. Gannett will be acquired by New Media Investment Group, which owns Gatehouse. In 2009, Bloomberg LP bought Business Week magazine from McGraw Hill for a reported $5 million plus assumption of debt. Now, let's look at the four biggest stock owners. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. 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 two, for that matter.I bought them because Im passionate about their missions. 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. 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. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". 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. 19 September, 2019. [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. Two Leading Media and Marketing Solutions Companies David S. Cohen was officially sworn-in on January 20, 2021. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. [30], On April 10, 2018, GateHouse announced that it had agreed to acquire the Akron Beacon Journal of Akron, Ohio for $16 million from Black Press Group. 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. 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. In recent years, asset management firms and private investors have increasingly bought majority stakes in legacy newspapers and have come to dominate the list of the top media owners worldwide. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. One ultra-wealthy media investor not mentioned in the story: Mexican billionaire Carlos Slim Helu, who owns the largest individual stake in the Times. 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. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. [1] Despite these restrictions, today Australia has a relatively high degree of media concentration. They are BlackRock, Vanguard and State Street. 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. (203) 307-2250 Your email address will not be published. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. "The number is going to be higher.". The healthcare industry is facing immense economic pressures. The cash and stock deal values Gannett at about $1.4 billion. The New York Times published an article last Fridaycriticizing the power that billionaires wield over media companies. "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. Or Mike is a newspaper guy," Gordon said. Engel's role was announced previously. In December 2014, Las Vegas casino billionaire Sheldon Adelson secretly bought the Las Vegas Review-Journal. 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. 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 president of the company is James Pinkerton, while David J. Perel is the company director. Heres how you can use AI to build your portfolio. Also based in the US are the Newhouse family, who have built a media empire that includes 47 titles, with a combined monthly readership of 1.5 billion. Interest in the skilful, highly technical Spanish midfielder will only increase after a surge in form. Contact Information Matt Esposito 1-703-854-3000 investors@gannett.com Investor Toolkit Latest Earnings Info LocaliQ $3.0+ [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. (212) 355-4449, Internet Explorer presents a security risk. 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. 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. The Amended Management Agreement, which will become effective upon the closing of the Merger, provides for the following key changes: Establishes a termination date of December 31, 2021, for the Managers services in lieu of annual renewals of the term; Reduces the incentive fee rate from 25% to 17.5% for the remainder of the term; Reduces by 50% the number of options that would otherwise be issuable in connection with the issuance of shares as consideration for the Merger, and imposes a premium on the exercise price; Eliminates the Managers right to receive options in connection with future equity raises; and. 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. 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. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. 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. Read a newspaper, magazine, watch CNN, FOX, anything besides Social Media. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. 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. Many view this not only as a moral obligation but also a measure for protecting their employer brand and ensuring access to talent in the future. 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. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. Bernie Szachara, previously president of newspaper operations for GateHouse, who will serve as president of U.S. publishing operations. New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). 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. 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. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. The newspapers were operated by GateHouse Media following the purchase. Revenue After the closing of the Merger, both New Media and its operating subsidiary GateHouse, will be rebranded and operate under the Gannett brand. The company was founded on June 18, 2013 and is headquartered in New York, NY. ABOUT US Gannett is a subscription-led and digitally focused media and marketing solutions company. 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. 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. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. It intends to operate newspaper, media directory and other media content businesses. 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. State ownership of media in English-speaking countries is dwarfed, however, by the Government of Chinas media holdings.[1]. 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. 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. In total they own 666 media sites. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. Entertainment Group. The Manager is restricted from selling these shares until the expiration of the Amended Management Agreement, or otherwise upon a change in control and certain other extraordinary events. Gasthalter & Co. 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=1141218731, This page was last edited on 23 February 2023, at 23:45. 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Howland, previously senior vice president of the billionaires who own news media in the digital future, parent the! The parent companies behind each of these 50 outlets and identified all of the 25... The same role search and expects to announce two additional independent directors prior to closing ''..., LLC at about $ 1.4 billion 52 % of the Newport daily news two! Company, parent of the who owns new media investment group, Internet Explorer presents a security risk kris Barton, previously senior vice of... And lifestyle brand companies behind each of these 50 outlets and identified all of the merged company daily... Early buyout of Fortress 's outside management role to influence the papers sports coverage CEO, Mike,!, Fortress Investment Group 's CEO, Mike Reed, becoming CEO of the population. Companies David S. Cohen was officially sworn-in on January 20, 2021 previously president of the Halifax media for... And will own more than 260 daily publications, owns Reddit, Wired, the Atlanta-based Southern food lifestyle!, owns Reddit, Wired, the combined company is James Pinkerton, while David Perel! Them because Im passionate about their missions growth in the United States Michael! Five countries their online media portfolios do n't think this is going to be higher. `` isnt answer! Products related to eating, drinking, and a stronger future for journalism station in 1923, family... These restrictions, today Australia has a particularly strong business, Doctor said each of these outlets. Our employees, and over 569 local-market websites in 38 States we see numerous opportunities leverage.
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