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. Who owns the news? The 25 CEOs that control the world - AddictiveTips 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. How To Avoid Losing. Engel's role was announced previously. They created a news website called Phoenix New Media, which was renamed New Media Investment Group in 2008. Others, like Amazon founder Jeff Bezos, bought publications as. They also vary mightily in terms of size, population, and political apparatus. 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. New Media Investment Group (NYSE:NEWM) is focused primarily on investing in a diversified portfolio of local print and online media assets, and on growing existing advertising and digital marketing businesses. T, and has built the largest chain of local U.S. papers, including 156 dailies from the Austin American-Statesman to the Register-Guard in Eugene, Oregon. But one area for growth is events, where New Media has a particularly strong business, Doctor said. 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. GMs Aftermarket Parts Sales Rise; So Does Warehouse Investment, The Investing Blind Spot You Can't Afford To Ignore. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. Or 3, New Media Investment Group oversees the operations and publishing of 260 daily newspapers and 300 weekly publications in 47 states and Guam 4 and administers over 130,000 business advertising accounts with a weekly reach of over 12 million people. 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. 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. 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. 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. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. New Media will also grant the Manager approximately 3.2 million options with an exercise price of $15.50, a 45% premium to the closing price of New Media common stock on August 2, 2019. At first it was used by passing ships as a replenishment spot, but the English eventually settled it in the 17th century. "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. Edit Lists Featuring This Company Section, New Media and Gannett Announce the Board of Directors for the Combined Company, New Media Announces European Commission Regulatory Clearance for Merger with Gannett, Greater New York Area Public Companies With More Than $100M in Revenue, East Coast Public Companies With Less Than $1B in Revenue, Northeastern US Public Companies With More Than $100M in Revenue, East Coast Public Companies With More Than $500 in Revenue. 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 planned bankruptcy centered on restructuring the Fortress News Corp deal. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. As outlets battle the duopoly of Google and Facebook for advertising revenue, the local news game has become increasingly difficult. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm 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. The top newspapers by average Sunday circulation (Pew Research and Alliance for Audited Media) As a result, news deserts have been springing up all over America: var divElement = document.getElementById('viz1570233446064'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.minWidth='600px';vizElement.style.maxWidth='1100px';vizElement.style.width='100%';vizElement.style.minHeight='427px';vizElement.style.maxHeight='627px';vizElement.style.height=(divElement.offsetWidth*0.75)+'px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.minWidth='600px';vizElement.style.maxWidth='1100px';vizElement.style.width='100%';vizElement.style.minHeight='427px';vizElement.style.maxHeight='627px';vizElement.style.height=(divElement.offsetWidth*0.75)+'px';} else { vizElement.style.width='100%';vizElement.style.height='677px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); One option is to simply go out of business, while another traditional solution is to combine forces through consolidation. It is the largest newspaper in Central Texas. 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. Concord is a private company funded by long-term institutional capital and members of Concord's management team. The newspapers were operated by GateHouse Media following the purchase. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. 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. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. There are no current stakeholders of New Media Investment Group Inc cmn. Shareholders of USA TODAY owner Gannett and New Media Investment Group New Media Investment Group, Inc. is a development stage company. Ashley Higgins, New Media Investor Relations 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. efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. [email protected] "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. 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. 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. 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) 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. New Media and Gannett are the largest U.S. newspaper owners by circulation, according to Statista. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. 2,000 employees from 40 countries. Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger. 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. [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. Fortress is owned by SoftBank, a Japanese conglomerate. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". As an overseas map, it also excludes territories sharing a border, or that are part of a larger state or province (like Germanys Heligoland, part of the state of Schleswig-Holstein). 16 17 Following the merger, Gannett publishes 260 daily newspapers and 300 weekly publications in 47 states and Guam 18 and administers over 130,000 business advertising accounts with a weekly reach of over 12 million people. New Media is focused primarily on investing in a high quality, diversified portfolio of local media assets, and on growing existing advertising and digital marketing businesses. 9 10 The firm was formed in 2013 to restructure $1.2 billion of debt and restructure newspaper publisher GateHouse Media following Chapter 11 bankruptcy. Earlier this year, Gannett fended off newspaper chain MNG Enterprises's MNGE.PK efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. Vice Media Gets $250 Million in Debt Funding From George - Variety 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. Some are autonomous territories or constituent countries, while some are administered almost entirely as part of the parent country. 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. Importantly, we have found in New Media a strong partner and cultural fit for Gannett as we continue delivering on a shared commitment to journalistic excellence for the communities we serve.. The rest of the combined companys senior executive team, which is expected to be composed of highly experienced leaders from both companies, will be announced at a later date. This match-up seems awkward on the surface, but it allows advertisers to reach a broader cross-section of people within each ad ecosystem. New Media Investment Group is a New York City-based private equity firm that is the parent company of Gannett Co., Inc., the largest newspaper publisher in the United States. 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. Christopher Ruddy became the CEO of the company and decided to take it in a new direction. Michael E. Reed is the president and CEO of New Media Investment Group. Both New Media and its operating subsidiary GateHouse will be rebranded and operate under brand Gannett. The details are causing a stir in London. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. The companies can now move forward to finalize the deal, which is expected to close Tuesday, Nov. 19, "subject to the satisfaction of customary closing conditions," New Media said in a statement. The buyer is New Media Investment Group, Inc., formerly Gatehouse Media, which is the largest newspaper publisher in the United States by number of titles. Our Standards: The Thomson Reuters Trust Principles. (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. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. 'Pivot' needed for digital transformation as merger is completed, Shareholders of USA TODAY owner Gannett and New Media Investment Group approve merger, New Media and Gannett announce board of directors for combined company, Your California Privacy Rights / Privacy Policy. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. But Apollo believes that the new Gannett can afford to pay the debt off on time or potentially early with no prepayment penalty, according to people with knowledge of the Apollo financing deal who spoke on the condition of anonymity because they were not authorized to speak publicly. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. Along with our owners - 17 world-leading pension funds - and other like-minded investors, we believe in the power of bold, long-term and sustainable investment commitments and strategies that aim to deliver results, which ultimately enhance people's retirement . 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. Cautionary Statement Regarding Forward-Looking Statements. Depending on if you count island territories independently or group them together, the final accounting of overseas territories and dependencies by country can vary. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. The United States is delivering strong sales now that domestic and international travel is flying high again. 8, New Media Investment Group is a private equity firm which focuses on investing in local media assets, advertising, and digital marketing businesses. To finance the deal, New Media is borrowing $1.8 billion from private equity firm. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. [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. About 15 billionaires and six corporations own most of the U.S. media outlets. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, Who Owns Your News? The Top 100 Digital News Outlets and - TitleMax Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. Paul Bascobert will serve as CEO of the new company's operating subsidiary, Gannett Media Corp., as previously announced. 10 proprietary, georedundant ISO 27001 certified data centers. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. It isnt just regional papers being swept up in the latest round of mergers and acquisitions new media is getting into the mix as well. Kris Barton, previously Gannett's chief product officer, who will take on the same role. 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. Alison Engel expected to become Chief Financial Officer; 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. Founded Date 1906 Founders Jason Taylor Operating Status Active Investor Type Private Equity Firm Stock Symbol NYSE:NEWM Company Type For Profit Contact Email [email protected] Phone Number 212.479.3160 The official website for the company is www.newmediainv.com. Growing a successful business on social media requires a combination of authenticity, passion, consistency, engagement and creativity. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. With an unmatched local-to-national reach, Gannett touches the lives of more than 125 million people monthly with its Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. Nov 2019 - Present3 years 6 months. Paul Ameden, CIO; Mapped: Asias Biggest Sources of Electricity by Country. Mr. Bascobert joined Bloomberg from Dow Jones & Co. where he was Senior Vice President of Operations from 2006 until 2007 and Chief Marketing Officer from 2007 until 2009. New 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. About 25% of the combined companys revenue will come from digital, New Media Chief Executive Officer Michael Reed said on a conference call. Gannett-New Media Investment Group merger: Key executives appointed 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. The company will be based atGannett's headquarters in McLean, Virginia. He previously was CEO of New Media. GateHouse Media Inc. was an American publisher of locally based print and digital media. Ranked: Americas Most Searched and Visited News Sites by State. Their histories vary, but most are tied to either modern colonialism from the 1400s onwards, or wars from the 19th and 20th centuries. The sale closed on Oct. 1, 2018, for $12.5 million. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. Mason Slaine, former CEO of business information publisher Thomson Financial, owns about 8%. See here for a complete list of exchanges and delays. Vox Media recently inked a deal to acquire New York Media, the firm behind New York Magazine, Vulture, and The Cut. Eliminates certain payments otherwise due at or after the end of the term. 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. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. 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. One of the furthest is New Caledonia, a French territory around 17,000 km away from European France. Gannett said it will later fill the chief marketing officerrole. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. "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. And consider that this list reflects current status as of 2023. It now has a constitution, a parliament, and a governor who exercises power on behalf of the British head of state. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. The company's nine-member board will consist of five directors from New Media,. 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. All Rights Reserved.