Some bought television stations and magazines, too. We have created three indices (time-stamped May 11, 2021): US Mainstream Media Ownership (176 parent companies and standalone news outlets) Emerging Digital Nonprofits and Their Donors (231) Seven Big Owners of Daily Newspapers in America (own more than half of the major daily newspapers in the U.S. Index is organized by the state to highlight . Chatham Asset Management owns the McClatchy newspapers (30 dailies . Ranked: The Largest Bond Markets in the World. How To Avoid Losing. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become With the advent of technology and the globalization of markets, investors have more choices than ever. Joele Frank, Wilkinson Brimmer Katcher I just hope its done for the right reasons. Significant synergies. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. 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. 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) A group of impact organizations just formed the Dignified Jobs Collaborative, aimed at increasing investment in companies creating quality jobs for those living in extreme poverty in developing markets. All Rights Reserved. Visualizing the Flow of Energy-Related CO2 Emissions in the U.S. In addition to islands ceded by Spain, the rest were unclaimed islands incorporated as part of the Guano Islands Act of 1856, which sought sources of guanofeces of bats and seabirds used as agricultural fertilizer and for gunpowder production. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. For various reasons from tech disruption to changing media consumption habits the U.S. has seen a net loss of 1,800 local newspapers over the past 15 years. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, Mason Slaine, former CEO of business information publisher Thomson Financial, owns about 8%. The company was founded on June 18, 2013 and is headquartered in New York, NY. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. 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. Former colonies that would have been counted in the past include British India (which became India, Pakistan, and Bangladesh) and French Indochina (which became Cambodia, Laos, and Vietnam). Paul Bascobert will serve as CEO of the new company's operating subsidiary, Gannett Media Corp., as previously announced. 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. It excludes territories claims in Antarctica, which are currently governed by the 1959 Antarctic Treaty. More than half of the overseas territories were in either the Pacific Ocean (21) or the Caribbean (18). "Our commitment to build those brands is even stronger than ever. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. Gasthalter & Co. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. 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. More than 90,000 servers in operation. 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. 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. Media: "The whole goal is to get rid of that," he said. ir@newmediainv.com SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). Faced with problems, it downsized to 270 by June 2005. The terms involved the cancellation of shares of Gatehouse, but those owners receiving warrants to buy shares in New Media Investment Group Inc.[11][12], Subsequently, Gatehouse Media acquired several newspaper groups between 2014 and 2017, including Halifax,[13] Stephens Media,[14] Calkins Media and Morris Publications. Fortress owned 52% of GateHouse debt. The United States is delivering strong sales now that domestic and international travel is flying high again. 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. 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. 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. 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. The official website for the company is www.newmediainv.com. Bernie Szachara, previously president of newspaper operations for GateHouse, who will serve as president of U.S. publishing operations. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984.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. As a result, we will accelerate the growth of the combined companys digital revenue through innovative customer experiences and new marketing solutions for businesses, while creating an expansive journalism network with the resources required to deliver unique and award-winning content. [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. Christopher Ruddy became the CEO of the company and decided to take it in a new direction. 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? New Media shareholders would own 50.5% of the combined company, while Gannett stockholders would own 49.5%. 15 facilities in 9 countries around the globe. That said, until the issue of monetization is definitively sorted out, consolidation may be the only way to keep the presses from stopping. 2,000 employees from 40 countries. Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. 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. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. 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. The obvious concern the Guild has expressed is all the debt incurred in the merger, which creates pressure to drive cash flow and could result in further cuts, he said. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". "They are of enough scale that they are doing a good amount of digital national business, and the GateHouse properties added in there gives them more scale.". The company can be reached via phone at 212-479-3160 or via email at ir@newmediainv.com. 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). Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. 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. Below is a look at the top 20 owners of Americas newspapers: Turnover in this segment of the market has been brisk. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. 1. The details are causing a stir in London. Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized businesses. How Many Music Streams Does it Take to Earn a Dollar? About 15 billionaires and six corporations own most of the U.S. media outlets. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. 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 . "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. Across many platforms, organic content is being overshadowed by paid content for one obvious reason: money. But he does not believe the company will achieve its cost-savings goal. As of June 30, 2019, New Media operates in over 600 markets across 39 states reaching over 21 million people on a weekly basis and serves over 200,000 business customers. NEW YORK & MCLEAN, Va.--(BUSINESS WIRE)--New Media Investment Group Inc. (New Media) (NYSE: NEWM) and Gannett Co., Inc. (Gannett) (NYSE: GCI) announced today that New Media and Gannett have entered into a definitive agreement (the Merger Agreement) pursuant to which New Media will acquire Gannett for a combination of cash and stock (the Merger). Meanwhile, Vice recently acquired Refinery29 for $400 million, giving it access to a new audience skewed towards millennial women. New Media Investment Group, Inc. is a development stage company. Some are autonomous territories or constituent countries, while some are administered almost entirely as part of the parent country. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. Who owns the Scotsman newspaper? "I don't think this is going to be a lay-up," he said. 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 shareholders will own 50.5% of the combined company, while Gannett shareholders will own 49.5%. 8 Contents History and Leadership GMs Aftermarket Parts Sales Rise; So Does Warehouse Investment, The Investing Blind Spot You Can't Afford To Ignore. Mapped: Top Countries by Tourist Spending. 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. JPIMedia The Scotsman [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. 20 21 Reed was GateHouse CEO prior to the companys acquisition by New Media Investment Group. 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. The island was briefly occupied by Japan during World War IIattacked at the same time as Pearl Harborbefore being recaptured by the United States. Including the. 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. (Reuters) - Local media company New Media Investment Group, said on Monday it will buy USA Today-owner Gannett Co. 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. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. Paul Ameden, CIO; Many of these regions still depend on their parent country to some capacity for economic, military, and diplomatic affairs. New investments by Delivery Hero in grocery delivery start-ups is not on the agenda, according to the companys chief executive. Depending on if you count island territories independently or group them together, the final accounting of overseas territories and dependencies by country can vary. Its parent company, New Media Investment Group, merged with Gannett in 2019.[4]. 26. Active, Closed, This describes the type of investor this organization is (e.g. The combined group of business publications was rebranded as BridgeTower Media.[18]. But financial challenges in the industry haveproved to be an obstacle in Gannetts quest to remake itself, asdigital advertising and consumer revenuehavebeen less lucrative than in print. 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. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. 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. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. 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. It is one of the many French Overseas Territories that together are home to 2.6 million people. Gannett Co., Inc. owns USA Today and over 250 dailies. Align to Preserve and Enhance Quality Journalism, Creates the leading U.S. print and digital news organization with deep local roots and nationwide scale, Michael Reed to remain Chairman of the Board of Directors and Chief Executive Officer; It intends to operate newspaper, media directory and other media content businesses. It is the largest newspaper in Central Texas. 3. Alexas top sites under the category of news (U.S. only, excluding user-generated). GateHouse Media Inc. was an American publisher of locally based print and digital media. GateHouse Media, a newspaper company backed by a hedge fund, agrees to buy the venerable chain for roughly $1.4 billion. [36][37] The acquisition of Gannett by New Media Investment Group was completed on November 19, 2019, making the combined company the largest newspaper publisher in the United 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 News Media Alliance says there are 672 major daily newspapers in the United States. The Company is one of the largest publishers of locally based print and online media in the United States as measured by number of daily publications. Misfits continues to move into the creator space by bringing in top talent from outside the gaming industry. [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. Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. MGI's main operational presence is in North America and Europe. New Media Investment Group and Gannett finalized their merger Tuesday, putting top executives in position to move ahead with plans they believe will transform the new company's local and. Alden Global Capital Venture Capital owns Digital First Media (56 dailies). New Media is focused primarily on investing in a high quality, diversified portfolio of local media assets. 19, Michael E. Reed is the president and CEO of New Media Investment Group. MGI - Media and Games Invest SE ("MGI") is an advertising software platform with strong first-party games content. 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. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. 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. 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. 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. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. The new company's financial success will hingeon its ability to shed overlapping costs and achieve what it calls a "digital transformation" built on increased revenue from digital products and marketing services. efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. Chart: Automakers Adoption of Fuel-Saving Technologies, Explainer: What to Know About the Ohio Train Derailment, Infographic: 11 Tech Trends to Watch in 2023. 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. 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. Unsurprisingly, two great empires of the pastBritish and Frenchstill have largest remnants of their past breadth. "The number is going to be higher.". Growing a successful business on social media requires a combination of authenticity, passion, consistency, engagement and creativity. Use Forbes logos and quotes in your marketing. 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. But, more importantly, it will push users away from spending time on general social media sites. Gatehouse re-emerged from the planned bankruptcy in November 2013. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. How Does U.S. Electricity Generation Change Over One Week? 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. Ranked: Americas Most Searched and Visited News Sites by State. The top newspapers by average Sunday circulation (Pew Research and Alliance for Audited Media) One of the furthest is New Caledonia, a French territory around 17,000 km away from European France. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. External Management Agreement. See here for a complete list of exchanges and delays.
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