26. Both New Media and its operating subsidiary GateHouse will be rebranded and operate under brand Gannett. 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. The deal "gives us a much broader platform on which to build our digital businesses and to help each of these local markets to become engines of growth for us from a digital perspective," Gannett CEO Paul Bascobert said Thursday at the company's shareholder meeting, where the vote results were revealed. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. GateHouse Media Inc. was an American publisher of locally based print and digital media. Note: The graphic has been updated to reflect changes in ownership for Refinery29, Gizmodo, and Jezebel. Mapped: The State of Democracy Around the World, Mapped: The Largest 15 U.S. Cities by GDP, Visualized: The Most (and Least) Expensive Cities to Live In, Mapped: The Population of Indias States Compared with Countries, Charted: 30 Years of Central Bank Gold Demand, Visualizing U.S. 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. 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. 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. How Many Music Streams Does it Take to Earn a Dollar? Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting New Media shareholders would own 50.5% of the combined company, while Gannett stockholders would own 49.5%. The company, which also owns local papers ranging from the Detroit Free Press to the El Paso Times, missed second-quarter revenue on Monday. '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. It listed assets of $433.7 million and debt of $1.3 billion. Alexas top sites under the category of news (U.S. only, excluding user-generated). 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. Accelerate digital strategy. 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. Advance Local Publications (22 dailies). Gatehouse re-emerged from the planned bankruptcy in November 2013. New Media and Gannett are the largest U.S. newspaper owners by circulation, according to Statista. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. Concord is a private company funded by long-term institutional capital and members of Concord's management team. The company was founded on June 18, 2013. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. All Rights Reserved. Unlike others on this list, the Cook Islands in the South Pacific is not only self-governing but also runs its own foreign and defense policy and is in free association with New Zealand. It is the largest newspaper in Central Texas. 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. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. You may obtain free copies of these documents using the sources indicated above. I think youre going to see that trend [of consolidation] across the industry. 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. Delivery Hero Cautious On New Investments In Grocery Delivery, Navigating The New Era Of Sustainable Investing: How Family Offices Can Adapt To Evolving Regulations And Values, Misfits Gaming Group Hires Former Bleacher Report Exec Sam Toles As Chief Media & Entertainment Officer, Prince Harry Claims Murdochs News Group Paid Large Sum To Settle Phone Hacking Suit In 2020, New Collaborative Aims To Boost Investment In Companies Creating Quality Jobs For The Very Poor, WHSmith Invests In New North American Stores As It Eyes $62 Million In Profit, The Cavinder Twins Take Content Creation Beyond NIL With New Media Partnership, Why Alternative Strategies Represent A New Frontier In Investing, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. 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. New Media Investment Group's mailing address is 1345 AVENUE OF THE AMERICAS, NEW YORK NY, 10105. 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. 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. It intends to operate newspaper, media directory and other media content businesses. 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. Mike Reed will serve as CEO of the newly. Bernie Szachara, previously president of newspaper operations for GateHouse, who will serve as president of U.S. publishing operations. More than half of the overseas territories were in either the Pacific Ocean (21) or the Caribbean (18). About 15 billionaires and six corporations own most of the U.S. media outlets. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. 10 proprietary, georedundant ISO 27001 certified data centers. 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. 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. 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. The island was briefly occupied by Japan during World War IIattacked at the same time as Pearl Harborbefore being recaptured by the United States. 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. Media: 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) 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. 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. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. Its no secret that news media is a tough industry. 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. 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. 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. But one area for growth is events, where New Media has a particularly strong business, Doctor said. It excludes territories claims in Antarctica, which are currently governed by the 1959 Antarctic Treaty. The webcast replay of the conference call will also be available approximately two hours following the completion of the call on the Investor Relation section of each companys website. New Media Investment Group, Inc. is a development stage company. [9], By 2013, GateHouse Media grew, operating in 330 markets across 21 states, but they found themselves in a debt situation that would prohibit future growth. New Media shareholders will own 50.5% of the combined company, while Gannett shareholders will own 49.5%. Chart: Automakers Adoption of Fuel-Saving Technologies, Explainer: What to Know About the Ohio Train Derailment, Infographic: 11 Tech Trends to Watch in 2023. 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? Misfits continues to move into the creator space by bringing in top talent from outside the gaming industry. Many of these regions still depend on their parent country to some capacity for economic, military, and diplomatic affairs. (703) 854-3168 1. GMs Aftermarket Parts Sales Rise; So Does Warehouse Investment, The Investing Blind Spot You Can't Afford To Ignore. 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. Or digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, Arbor Advisory Group For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. Such forward-looking statements speak only as of the date on which they are made. This combination will create a broad network of talented, experienced journalists poised to deliver unique and award-winning content for local communities and national audiences. Check out, Visualized: The Head of State of Each Country, by Age and Generation, Patriot Ledger, The Columbus Dispatch, The Providence Journal, USA Today, Detroit Free Press, Arizona Republic, Oakland Tribune, San Jose Mercury News, Denver Post, Niagara Gazette, The Huntsville Item, The Lebanon Reporter, Arizona Daily Sun, St. Louis Post Dispatch, The Maui News, The Toledo Chronicle, Salem News, Chicago Tribune, Los Angeles Times, The Baltimore Sun, Buffalo News, Winston-Salem Journal, Omaha World-Herald, Suburban Life Magazine, Putnam County Record, The Austin Daily Herald, The Charlotte Gazette, San Francisco Chronicle, Seattlepi.com, Houston Chronicle, Daily Corinthian, Connersville News-Examiner, Citrus County Chronicle, The News-Enterprise, Idaho Statesman, Miami Herald, The Sacramento Bee, The New Yorker, Vanity Fair, Wired, The Oregonian, NJ.com, Cherokee Chronicle Times, Southeast Missourian, Cheyenne Minuteman, Brookings Register, Newport News Times, Pitcairn, Henderson, Ducie & Oeno Islands, Saint Helena, Ascension & Tristan da cunha. He has said he's confident of hitting the savings target. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. The Merger will create a leading local and national media company with 263 daily media organizations across 47 states and Guam and USA TODAY, reaching more than 145 million unique visitors every month, as measured by Comscore. [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. Vox Media recently inked a deal to acquire New York Media, the firm behind New York Magazine, Vulture, and The Cut. "There are a lot of vultures circling the industry right now, and Mike is not one of them.. 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.. (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. "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. Faced with declining revenue, Gannet has invested millions in the last few years to scale up its digital footprint. 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. Heres a brief look at some of the best known territories on the list: First colonized by Spain in the 16th century, the U.S. occupied the North Pacific islands in the aftermath of the SpanishAmerican war (along with Puerto Rico and the Philippines). The next name on the list is Alex Waislitz, founder and Chairman of the Australian-based Throney Investment Group, which owns 169 outlets, including The Advertiser, The Canberra Times, and Illawarra Mercury. JPIMedia The Scotsman Target net leverage within two years of closing is expected to be below 1.75x. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. Nov 2019 - Present3 years 6 months. Earlier this year, Gannett fended off newspaper chain MNG Enterprises's. Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. It is one of the many French Overseas Territories that together are home to 2.6 million people. The majority of synergies is expected to be realized within 24 months of closing and result from the increased scale of the new organization, sharing of best practices, leveraging existing infrastructure, facility rationalization and other judicious cost reductions. Upon expiration of the term of the Amended Management Agreement, the Manager will cease providing external management services to New Media, and the Manager will no longer be the employer of the person serving in the role of Chief Executive Officer of the combined company (the Internalization). Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. 8, New Media Investment Group is a private equity firm which focuses on investing in local media assets, advertising, and digital marketing businesses. Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. But, more importantly, it will push users away from spending time on general social media sites. You see too many of these things done for financial engineering. or General Motors is investing heavily in another strain of its business besides EVs: warehouses for distributing replacement parts for the existing park of GM vehicles, nearly all of which run on internal-combustion engines. We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. With the advent of technology and the globalization of markets, investors have more choices than ever. However, the merged newspaper chain would take the better-known Gannett name and be based at Gannett's headquarters in McLean, Virginia. Faced with problems, it downsized to 270 by June 2005. MGI's main operational presence is in North America and Europe. Unsurprisingly, two great empires of the pastBritish and Frenchstill have largest remnants of their past breadth. Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized businesses. At first it was used by passing ships as a replenishment spot, but the English eventually settled it in the 17th century. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. GateHouse Media Inc. was an American publisher of locally based print and digital media. Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. Alison Engel expected to become Chief Financial Officer; It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. 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. [24] In June 2017, GateHouse announced it was purchasing Calkins Media Group's four six-day-a-week newspapers and Calkins Digital Group, a press facility and related websites and other digital operations. This graphic by Pranav Gavali maps the overseas territories of various countries, using a variety of sources including WorldAtlas, Statista, and official country releases. More than half of them (382) are owned by just seven companies. "I don't think this is going to be a lay-up," he said. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. 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. [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp. , 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. 19, Michael E. Reed is the president and CEO of New Media Investment Group. investors@gannett.com 6 7 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 editorial practices, and reducing jobs to increase profits. Building those subscription bases will require investing in journalism, said Michael Silberman, senior vice president of strategy at subscription commerce and tech provider Piano, which counts New Media as a client. 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. 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. On September 27, 2018, GateHouse Media announced the acquisition of The Oklahoman Media Company, parent company of The Oklahoman, which is the state's largest daily newspaper, for an undisclosed amount from The Anschutz Corp. The storytelling bias is one of the most important, yet least known blindspots that affects our investing behavior. Our Standards: The Thomson Reuters Trust Principles. Are The Days Of Organic Social Media Reach Over? Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations I just hope its done for the right reasons. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Growing a successful business on social media requires a combination of authenticity, passion, consistency, engagement and creativity. Across many platforms, organic content is being overshadowed by paid content for one obvious reason: money. How To Avoid Losing. New Media Investment Group Inc. (NYSE: NEWM) supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to small and medium business partners. 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. Its parent company, New Media Investment Group, merged with Gannett in 2019. 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.
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