Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. 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. James Cox, the company founder and grandfather of current chairmanJim Kennedy, bought his first newspaper, the Dayton Ohio Evening News, in 1898. He previously was CEO of New Media. Advance owns newspapers in 25 cities and towns across America and isthe countrys largest privately-held newspaper chain. Required fields are marked *. 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. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. Russian billionaire Viktor Vekselbergs investment arm, Columbus Nova Technology Partners, bought a minority stake in Gawker in January2016 for an undisclosed amount. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. The company will be based atGannett's headquarters in McLean, Virginia. New Media and Gannett and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of shares of New Media common stock and holders of shares of Gannett common stock in respect of the proposed transaction. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. 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. 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. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. 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. Hogan sued Gawker after it published a sex tape. 19 September, 2019. 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. But he does not believe the company will achieve its cost-savings goal. 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. Some bought television stations and magazines, too. In August, Hubbard bought a stake in PodcastOne, a one-stop shop app for podcasts, through Hubbard Broadcasting. 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. We started off by identifying the top 50 most visited news websites in the world as of December 2019, using data from web traffic analysis company Alexa and market intelligence provider SimilarWeb. Ashley Higgins, New Media Investor Relations 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. Please visit www.newmediainv.com and www.gannett.com. For a full list of sources that went into the creation of these graphics, please visit: https://bit.ly/WhoOwnsNews. Could we later look at the music industry? This site uses Akismet to reduce spam. About 15 billionaires and six corporations own most of the U.S. media outlets. The proposed transaction will be submitted to New Medias stockholders and Gannetts stockholders for their consideration. One name towers above all the rest when it comes to owning media outlets, and that name is Michael Reed and hes the CEO of New Media Investment Group. 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. Kirk Davis, operating company CEO;[2] After the close of the transaction, Gannett shareholders will hold approximately 49.5% of the combined company and New Media shareholders will hold approximately 50.5%. Gannett said it will later fill the chief marketing officerrole. (203) 307-2250 Paul Bascobert will serve as CEO of the new company's operating subsidiary, Gannett Media Corp., as previously announced. Use Forbes logos and quotes in your marketing. Engel's role was announced previously. As the largest shareholder, his investment allows him to vote for approximately one . [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. Contact Information Matt Esposito 1-703-854-3000 investors@gannett.com Investor Toolkit Latest Earnings Info LocaliQ $3.0+ Escaping the News Desert As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. 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. 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. Click here to explore who owns the news in Australia. Club, into a new company named G/O Media Inc. This seems very strange. 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. In October 2015, investor Peter Barbey bought the Village Voice, a New York City alternative weekly, through his investment company Black Walnut Holdings LLC for an undisclosed price. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. You will need to pay for the subscription, thats a fact, but it allows full access for 30 days and then you cancel for a full refund. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. 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. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. New Media Investment Group, Inc. is a development stage company. The Hearst name, for example, first appeared on a newspaper masthead in 1887. Ownership News Corp is the parent company and officially owns the website and all its other outlets. Achieving a faster EB-5 processing time is possible now thanks to the new law passed by the U.S. Congress. New Media Investment Group, Inc. is a development stage company. 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With unmatched reach at the national and local level, Gannett touches the lives of millions with our Pulitzer-Prize winning content, consumer experiences, and advertiser products and services. The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. ", Warning to Congress:Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. 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. Our digital interactions on social media platforms can sometimes be so immersive that its hard for us to differentiate a conscious thought from an unconscious inception; and that inhibits our ability to pinpoint the source of our opinions. Entertainment Group. Forward-looking statements are based on New Medias and Gannetts respective managements current expectations and beliefs and are subject to a number of known and unknown risks, uncertainties and other factors that could lead to actual results materially different from those described in the forward-looking statements. FORBESpegs his net worth at $45.7 billion. Vinod Adani was at the heart of two massive Adani Group deals with French energy giant TotalEnergies, according to Indian filings. New Medias purchase of Gannett, using a combination of cash and stock, was valued at approximately $1.1 billion as of Mondays market close, according to a regulatory filing with the Securities and Exchange Commission. Heres a look at some of the billionaires who own news media in the United States: Michael Bloomberg BloombergLP and Bloomberg Media. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. 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. Initially, the combined company is expected to have an annual dividend of $0.76 per share. 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. In 2012, Berkshire Hathaway acquired 63 daily newspapers and weeklies in Virginia, North Carolina, South Carolina and Alabamafrom Media General for $142 million. Accelerate digital strategy. 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. (703) 854-3168 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. 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. [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. The company was founded on June 18, 2013 and is headquartered in New York, NY. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Click here to explore who owns the news in America. 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. [22], In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa. Such forward-looking statements speak only as of the date on which they are made. 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. There are no current stakeholders of New Media Investment Group Inc cmn. Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. 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. 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. Barbey is a member of the billionaire Barbey family, which made its fortune in textiles and manufacturing. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. Their company Advance Publications, owns Reddit, Wired, The New Yorker, Vanity Fair, Vogue, and many more. It intends to operate newspaper, media directory and other media content businesses. "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. Nexstar Media Group Completes Tribune Media Acquisition Creating the Nation's Largest Local Television Broadcaster. They unquestionably get more than enough daily hits to qualify. Onemonth after taking Morningstar public in 2005, Mansuetobought Inc. and Fast Company magazine from G&J USA. Arbor Advisory Group In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. 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. Now, let's look at the four biggest stock owners. 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. 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. (212) 479-3160 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. Henry agreed to purchase the Globe just days after Bezos acquired the Washington Post. 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. 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 Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. : Media Concentration and Ownership around the World. unlocking meaningful shareholder value, New Medias external management agreement to be amended at closing and terminated in 2021. Sam Levenson Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. "There are a lot of vultures circling the industry right now, and Mike is not one of them.. 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. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. Media mogul Stanley Hubbard is CEO ofHubbard Broadcasting, which has 13 TV stations, including a number of ABC and NBC news affiliates in the Midwest, and48 radio stations. 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. 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. 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. (212) 355-4449, Internet Explorer presents a security risk. Si stepped down as chairman of Conde Nast in 2015. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. Million in fees, some dating back to 2019, a one-stop shop app for podcasts, through Broadcasting... In fees, some dating back to 2019, a one-stop shop app for podcasts, Hubbard. ], in March 2018, GateHouse purchased the 36 newspapers of the billionaires who own news in... 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