Both New Media and its operating subsidiary GateHouse will be rebranded and operate under brand Gannett. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. 19, Michael E. Reed is the president and CEO of New Media Investment Group. 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. I suspect broad social media sites could lose a lot of steam in the future as more dedicated sites meeting the needs of people with similar interests will become more popular. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. New Media Investment Group, Inc. is a development stage company. 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. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. "The whole goal is to get rid of that," he said. 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. Mike Reed will serve as CEO of the newly combined public company, which took on the name of Gannett Co. when the merger was finalized Tuesday. 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. Concord is a private company funded by long-term institutional capital and members of Concord's management team. [31] The Beacon Journal is a daily newspaper tracing its storied, Pulitzer Prize-winning history to 1839's Summit Beacon, which early in the 20th century came under the editorship and ownership of publisher Charles Landon Knight, serving as the flagship newspaper of the Knight Newspaper Company, later known as Knight Ridder.[32]. Compelling Strategic & Financial Benefits. Meanwhile, Vice recently acquired Refinery29 for $400 million, giving it access to a new audience skewed towards millennial women. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. 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). Gannett Co., Inc. owns USA Today and over 250 dailies. 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. The layoffs will primarily affect management positions. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. AAPL, FB, TWTR), Total number of diversity investments made by an investor, Total number of employee profiles an organization has on Crunchbase, Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. Chart: Automakers Adoption of Fuel-Saving Technologies, Explainer: What to Know About the Ohio Train Derailment, Infographic: 11 Tech Trends to Watch in 2023. 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. MGI's main operational presence is in North America and Europe. 3. Information about the directors and executive officers of New Media is set forth in the proxy statement for its 2019 Annual Meeting of Stockholders, which was filed with the SEC on April 12, 2019. 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%. 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. As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. 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. Two Leading Media and Marketing Solutions Companies Accelerate digital strategy. Earlier this year, Gannett fended off newspaper chain MNG Enterprises's. 1. Visualizing the Flow of Energy-Related CO2 Emissions in the U.S. (212) 479-3160 Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized businesses. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. The Term Loan will be freely pre-payable without penalty, and the combined company is expected to have a strong cash-flow profile that will permit aggressive deleveraging. As part of his three running lawsuits against different publishers in the British press, Prince Harry's lawyers filed some paperwork alleging that Prince William received a substantial settlement (for phone hacking) from a Murdoch-owned entity in 2020. Analysts are split on whether the company can pull off the savings, which are critical to paying off a $1.8 billion loan that New Media obtained from private equity firm Apollo Global Management to help finance the deal. Christopher Ruddy became the CEO of the company and decided to take it in a new direction. 8, New Media Investment Group is a private equity firm which focuses on investing in local media assets, advertising, and digital marketing businesses. Including the announced acquisitions, New Medias portfolio of products, which will include 449 community publications, 366 related websites, and six yellow page directories, will serve more than 130,000 business advertising accounts and will reach over 12 million people on a weekly basis. An overseas territory or dependency is a region with ties abroad to a sovereign nationnot a completely independent state, but also not a constituent part or administrative subdivision of the parent country. It currently has an elected legislature and governor and is home to a large U.S. military base. It is one of the many French Overseas Territories that together are home to 2.6 million people. 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. Sam Levenson Mike Reed will serve as CEO of the newly. New Media Investment Group, Inc. is a development stage company. Joele Frank, Wilkinson Brimmer Katcher Gannett Co., Inc. is a subscription-led and digitally focused media and marketing solutions company committed to empowering . Unsurprisingly, two great empires of the pastBritish and Frenchstill have largest remnants of their past breadth. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. The Company combines organic growth with value-generating synergetic acquisitions, which has demonstrated continuous strong profitable growth with a revenue . 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. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. 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. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. 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. efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. 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. Round-the-clock personalized customer service - 24/7/365. GateHouse Media Inc. was an American publisher of locally based print and digital media. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. Eliminates certain payments otherwise due at or after the end of the term. This massive map highlights overseas territories and dependencies around the world and their sovereign states. The United States by itself accounts for 11 of the territories spread out across the North and South Pacific. 1:02 Shareholders cleared the way Thursday for New Media Investment Group and USA TODAY owner Gannett to join forces in a deal that will create the largest U.S. media company by print. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. The proposed transaction will be submitted to New Medias stockholders and Gannetts stockholders for their consideration. Certain statements in this communication may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect New Medias and Gannetts current views regarding, among other things, the proposed transaction between New Media and Gannett, the expected timetable for completing the proposed transaction, the benefits and synergies of the proposed transaction and future opportunities for the combined company, as well as other statements that are other than historical fact. It listed assets of $433.7 million and debt of $1.3 billion. Growing a successful business on social media requires a combination of authenticity, passion, consistency, engagement and creativity. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. Or [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. He previously was CEO of New Media. Note: The graphic has been updated to reflect changes in ownership for Refinery29, Gizmodo, and Jezebel. New Media CEO Mike Reed, who will become CEO of the new Gannett, told investors on Oct. 31 that "we feel great about the synergies.". 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. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. Its parent company, New Media Investment Group, merged with Gannett in 2019.[4]. The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. This scale will meaningfully enhance the combined companys financial profile by leveraging nationwide reach and local presence to expand and deepen relationships with consumers and businesses. 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. GateHouse Media Inc. was an American publisher of locally based print and digital 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) Thematic Investing During A Transformative Year, 2023 Media Layoffs: Vice Media Reportedly Cuts 100 Jobs, The Future Of Social Media Will Be Special Interest Focused, Five Strategies For Growing A Business On Social Media. New York, New York, United States. Kirk Davis, operating company CEO;[2] External Management Agreement. 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 majority is always wrong; the minority is rarely right. 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. 1:02 Gannett on Wednesday named a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. 20 21 Reed was GateHouse CEO prior to the companys acquisition by New Media Investment Group. 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. ir@newmediainv.com Bill Church, Senior VP News; Liberty Group Publishing was formed in 1998 when Kenneth L. Serota, a former Hollinger International attorney with backing from Leonard Green & Partners, bought 160 community newspapers from Hollinger. 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. The industry may be facing another dramatic drop off in ownership diversity as the two largest players, New Media Investment Group and Gannett, are on the path to merging. Nov 2019 - Present3 years 6 months. After the closing of the Merger, both New Media and its operating subsidiary GateHouse, will be rebranded and operate under the Gannett brand. But by most official designations of territories, the UK and France are tied with 17 overseas territories. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. "Our commitment to build those brands is even stronger than ever. 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. Strategic, investment advisory and management services firm that focuses on technology, media and content companies. Including the. Mason Slaine, former CEO of business information publisher Thomson Financial, owns about 8%. [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. 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. Ranked: Americas Most Searched and Visited News Sites by State. the parties ability to consummate the proposed transaction and to meet expectations regarding the timing and completion of the proposed transaction; the satisfaction or waiver of the conditions to the completion of the proposed transaction, including the receipt of the required approval of New Medias stockholders and Gannetts stockholders with respect to the proposed transaction and the receipt of regulatory clearances required to consummate the proposed transaction, in each case, on the terms expected or on the anticipated schedule; the risk that the parties may be unable to achieve the anticipated benefits of the proposed transaction, including synergies and operating efficiencies, within the expected time-frames or at all; the risk that the committed financing necessary for the consummation of the proposed transaction is unavailable at the closing, and that any replacement financing may not be available on similar terms, or at all; the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected; the risk that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the proposed transaction; the retention of certain key employees; and. Each region has its own unique present-day status. Ranked: The Largest Bond Markets in the World. GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged 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. Website http://www.mediainvestmentgroup.com Industries Investment. New Media shareholders would own 50.5% of the combined company, while Gannett stockholders would own 49.5%. The . 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. Another highlight is that the majority of these regions are islands located quite a distance from their parent countries. The details are causing a stir in London. 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. Our Standards: The Thomson Reuters Trust Principles. Misfits continues to move into the creator space by bringing in top talent from outside the gaming industry. More than half of the overseas territories were in either the Pacific Ocean (21) or the Caribbean (18). (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 in the United States as publishers struggle with readers shifting to online sources for news. 22 He assumed the New Media Investment Group CEO role in 2019 after the company merged of New Media and Gannett. 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. The largest hosting company in Europe. 5, Michael E. Reed is the president and CEO of New Media Investment Group. Gatehouse re-emerged from the planned bankruptcy in November 2013. But one area for growth is events, where New Media has a particularly strong business, Doctor said. 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. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. 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. 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. Aug 5, 2019 Speculation became reality Monday with official word that the Milwaukee Journal Sentinel's owner will be sold to New Media Investment Group Inc. of New York City, which until. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. 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? Jonathan Gasthalter/Nathaniel Garnick Consumption of Fuel and Materials per Capita, The Periodic Table of Commodity Returns (2013-2022), Visualizing 25 Years of Lithium Production, by Country, Ranked: The Worlds Largest Copper Producers, Mapped: Air Pollution Levels Around the World in 2022. These mergers have resulted in industrywide layoffs and caused the printing of what critics have called ghost papers, so named for being diminished versions of once larger papers that are published by bare-bones staff. 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 official website for the company is www.newmediainv.com. There are no current stakeholders of New Media Investment Group Inc cmn. As for the U.S. at #3, though the majority of its territories are in the Pacific, they were acquired well before World War II. "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. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. [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. Additional Information and Where to Find It. Total pro forma leverage at closing of the Merger is expected to be approximately 3.5x LTM As Adjusted EBITDA, before run-rate synergies, and 2.3x including run-rate synergies. When Bermuda was first discovered in the 1500s by the Spanish in the Caribbean, and then a century later by the English, there was no Indigenous population documented. After the merger closes, expected by the second half of 2019, New Media will hold about 50.5% stake in the combined company, to be led by Reed. Alison Engel expected to become Chief Financial Officer; 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. 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. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. The biggest media conglomerates in America are AT&T, Comcast, The Walt Disney Company, National Amusements (which includes Viacom Inc. and CBS), News Corp and Fox Corporation (which are both owned in part by the Murdochs), Sony, and Hearst Communications. 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. 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. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting You may obtain free copies of these documents using the sources indicated above. If shareholders give the thumbs-up during the vote this November, Gannett will have amassed the largest online audience of any American news provider. He has said he's confident of hitting the savings target. The Merger also affords an opportunity to realize run-rate cost synergies of $275 - $300 million annually across the combined company in a judicious manner, while continuing to invest in newsrooms. Such forward-looking statements speak only as of the date on which they are made. Enhanced scale. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. The company was founded on June 18, 2013. "There are a lot of vultures circling the industry right now, and Mike is not one of them.. Below is a look at the top 20 owners of Americas newspapers: Turnover in this segment of the market has been brisk. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations The GateHouse Media corporate strategy continues to focus on acquiring and operating traditional local media businesses and transforming them from print-centric operations to multimedia operations. [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard.