The . The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. The details are causing a stir in London. New Media Investment Group, Inc. is a development stage company. Growing a successful business on social media requires a combination of authenticity, passion, consistency, engagement and creativity. 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. Reporting by Vibhuti Sharma in Bengaluru; Editing by Shinjini Ganguli. Strategic, investment advisory and management services firm that focuses on technology, media and content companies. 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. Copyright 2023 InfluenceWatch. Where are Clean Energy Technologies Manufactured? (212) 355-4449, Internet Explorer presents a security risk. 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. I think youre going to see that trend [of consolidation] across the industry. Each region has its own unique present-day status. 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. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. 5, Michael E. Reed is the president and CEO of New Media Investment Group. This island in the Indian Ocean 700 km off the coast of Madagascar was first settled by the French in the 17th century, though it was discovered earlier by the Portuguese. At the forefront of intellectual property valuation, acquisition and utilization, the Concord investment underscores the partners' belief in the lasting and appreciating global value of superior original creative content. Are The Days Of Organic Social Media Reach Over? Sam Levenson [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. We are committed to delivering significant synergies in a thoughtful manner, consistent with our shared goals for the business, said Michael Reed, New Media Chairman and Chief Executive Officer. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. GateHouse Media, a newspaper company backed by a hedge fund, agrees to buy the venerable chain for roughly $1.4 billion. New Media owns 152 daily publications including The Palm Beach Post, The Columbus Dispatch, The Oklahoman andAustin American-Statesman as well as284 weekly newspapers operated as GateHouse Mediaand digital marketing assets like ThriveHive. 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. If shareholders give the thumbs-up during the vote this November, Gannett will have amassed the largest online audience of any American news provider. 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. 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 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. It excludes territories claims in Antarctica, which are currently governed by the 1959 Antarctic Treaty. With their capital, family offices play a significant role in shaping the future of wealth management and have an opportunity to lead in sustainable investments. Fortress is owned by SoftBank, a Japanese conglomerate. 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. "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. 8, New Media Investment Group is a private equity firm which focuses on investing in local media assets, advertising, and digital marketing businesses. 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. New Media and Gannett are the largest U.S. newspaper owners by circulation, according to Statista. 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. 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.". New Media expects to fund the cash portion of the Merger consideration through a combination of cash on the balance sheet and a new term loan facility (the Term Loan) to be funded at closing pursuant to a binding commitment from funds managed by affiliates of Apollo Global Management, LLC (NYSE:APO), a global alternative investment manager with approximately $312 billion in assets under management, as of June 30, 2019, and deep experience in supporting media companies. (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. or Fortress owned 52% of GateHouse debt. [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]. 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. More than half of them (382) are owned by just seven companies. 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. At first it was used by passing ships as a replenishment spot, but the English eventually settled it in the 17th century. investors@gannett.com 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. [4] History [ edit] Liberty Group Publishing [ edit] [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. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. New Media and Gannett share a strategic vision, and the combined companys significantly enhanced scale of operations will enable it to realize this vision more rapidly, while generating value for shareholders and benefits for employees and other stakeholders. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. As outlets battle the duopoly of Google and Facebook for advertising revenue, the local news game has become increasingly difficult. Shares of Gannett closed up 2.6% at $11.04, while those of New Media Investment Group closed down 7.6% at $9.89. Both companies announced layoffs in the past year, and this restructuring may help both companies win as they consolidate resources. Their histories vary, but most are tied to either modern colonialism from the 1400s onwards, or wars from the 19th and 20th centuries. 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. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. Christopher Ruddy became the CEO of the company and decided to take it in a new direction. announced acquisitions, the Company will operate in 362 markets across 26 states. The News Media Alliance says there are 672 major daily newspapers in the United States. It is one of the many French Overseas Territories that together are home to 2.6 million people. [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. Some are autonomous territories or constituent countries, while some are administered almost entirely as part of the parent country. He has said he's confident of hitting the savings target. 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 top newspapers by average Sunday circulation (Pew Research and Alliance for Audited Media) 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. [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. The company has been in communication with the NYSE regarding its noncompliance with continued listing standards, but was unsuccessful in its efforts to avoid suspension and delisting. While news media isnt quite as consolidated as the broader media ecosystem, its certainly trending in that direction. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become The company, which also owns local papers ranging from the Detroit Free Press to the El Paso Times, missed second-quarter revenue on Monday. Nov 2019 - Present3 years 6 months. Gannett shareholders will receive $6.25 in cash and 0.5427 of a New Media share for each share they hold, amounting to $12.06, which represents 12.2% premium to Gannetts Friday close. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. Media: Others, like Amazon founder Jeff Bezos, bought publications as. 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) Including the. [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. 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. Across many platforms, organic content is being overshadowed by paid content for one obvious reason: money. Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger. 3. All Rights Reserved. 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. But Apollo believes that the new Gannett can afford to pay the debt off on time or potentially early with no prepayment penalty, according to people with knowledge of the Apollo financing deal who spoke on the condition of anonymity because they were not authorized to speak publicly. 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 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. Twins Haley and Hanna Cavinder have been the face of name, image and likeness since its inception, and now they're charting a course for transitioning to a career in content creation. Depending on if you count island territories independently or group them together, the final accounting of overseas territories and dependencies by country can vary. The 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. 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. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. 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. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. . That was down from about $1.4 billion when the deal was announced in August because of a decline in New Medias stock price. That said, until the issue of monetization is definitively sorted out, consolidation may be the only way to keep the presses from stopping. Precise vote totals were not immediately available, but New Media CEO Mike Reed said that about 99% of the 75% of New Media shareholders who voted approved the deal. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting The majority is always wrong; the minority is rarely right. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. They also vary mightily in terms of size, population, and political apparatus. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. 13, In 2019, New Media Investment Group purchased newspaper publisher Gannett, the owner of USA Today and more than 100 other publications, for $1.4 billion. To connect with Gannett, visit www.gannett.com. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. Faced with declining revenue, Gannet has invested millions in the last few years to scale up its digital footprint. 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. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. The Manager is restricted from selling these shares until the expiration of the Amended Management Agreement, or otherwise upon a change in control and certain other extraordinary events. 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. 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. Now by merging, the companies expect to cut costs by $275-300 million annually and said they would together have 263 daily media organizations across 47 states, as well as USA Today. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. Accelerate digital strategy. All interested parties are welcome to participate. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. New York, New York, United States. See here for a complete list of exchanges and delays. (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. New York-based New Media Investment Group Inc., which runs the Gatehouse chain of local community newspapers, announced it was acquiring newspaper publisher Gannett for about $1.34 billion in cash . efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. At the same time, Gordon said he has confidence in Reed's leadership of the new company. 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. 1. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. Cautionary Statement Regarding Forward-Looking Statements. 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. Ed Trissel / Tim Ragones / Tanner Kaufman 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. GateHouse Media Inc. was an American publisher of locally based print and digital media. 2. The company was founded on June 18, 2013 and is headquartered in New York, NY. Its parent company, New Media Investment Group, merged with Gannett in 2019. 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. 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. 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). Target net leverage within two years of closing is expected to be below 1.75x. The company was founded on June 18, 2013. The company's nine-member board will consist of five directors from New Media,. 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. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. It intends to operate newspaper, media directory and other media content businesses. The amendment, as described in more detail below, also reduces the incentive fee rate payable to the Manager for the remainder of the term. On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. 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. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times.
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