But he does not believe the company will achieve its cost-savings goal. Cohen previously served as Deputy Director of the CIA from 2015 to 2017. The conference call may be accessed by dialing 1-855-319-1124 (from within the U.S.) or 1-703-563-6359 (from outside of the U.S.) 10 minutes prior to the scheduled start of the call; please reference access code 3747329. A simultaneous webcast of the conference call will be accessible to the public on a listen-only basis through each companys website. Si stepped down as chairman of Conde Nast in 2015. 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. Its parent company, New Media Investment Group, merged with Gannett in 2019.[4]. In a joint interview, Reed and Bascobert said they assembled their executive team with an eye on cohesion as the company aims to become a digital media powerhouse. In recent years, Gannett has pursued a unified journalism and business strategy through the promotion of the USA TODAY Network, which includes all of its U.S. publications. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. Forbes also found that Vinod is nearly five times richer than previously known. You may obtain free copies of these documents using the sources indicated above. Zuckerman serves as chairman and editor-in-chief of U.S. News & World Report, which he bought in1984. May 21, 2021 Tribune Publishing, the owner of some of the largest metropolitan newspapers in the United States, will be acquired by a hedge fund with a reputation for slashing costs and cutting. Additional Information and Where to Find It. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. Click here to explore who owns the news in Australia. Initially, the combined company is expected to have an annual dividend of $0.76 per share. (203) 307-2250 The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized businesses. 91 were here. Club, into a new company named G/O Media Inc. Zuckerman bought the Daily News out of bankruptcy in 1993andunsuccessfully tried to sell the tabloid newspaper for six months in 2015. Mike is a newspaper guy," Gordon said. We then used SimilarWeb to find out the estimated monthly visit figures of all the sites. For news sites that are owned or directly (or indirectly) controlled by the government (as is the case of the BBC, who since 2017 has had its board members selected by the UK government), the head of government was listed as the highest-level owner. Third in the list is Daniel Yong Zhang, the CEO of Alibaba Group, which has 3 outlets under its umbrella: UC Browser, UC News India, and South China Morning Post. As the concentration of online news has increased, so has public distrust in mass media. (212) 355-4449, Internet Explorer presents a security risk. Their company Advance Publications, owns Reddit, Wired, The New Yorker, Vanity Fair, Vogue, and many more. FORBESpegs his net worth at $45.7 billion. In an analysis of 30 countries, researchers found that, on average, the top four media companies in each country hold 40% of that countrys media content market. To connect with Gannett, visit www.gannett.com. Words such as anticipate(s), expect(s), intend(s), plan(s), target(s), project(s), believe(s), will, aim, would, seek(s), estimate(s) and similar expressions are intended to identify such forward-looking statements. Kirk Davis, operating company CEO;[2] 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. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. What can we do to make social media a more positive environment for people with disabilities? 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. Cox Family Atlanta Journal-Constitution. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. Significant synergies. Google, per-se, is not a news company , Your email address will not be published. Its parent company, New Media Investment Group, merged with Gannett in 2019. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become [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. Accelerate digital strategy. In a statement at the time, he wrote, I wasnt looking to buy a magazine. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. "The number is going to be higher.". Media runs in Hubbards family; his father started Minnesotas first commercial TV station in 1923. It intends to operate newspaper, media directory and other media content businesses. [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. The new Gannett has more than 250 daily publications, including USA TODAY, as well as several hundred weeklies and an array of digital marketing services. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. Use Forbes logos and quotes in your marketing. "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. To identify which companies and CEOs have the most titles and combined readerships, we generated a list of all the URLs for each publication under each respective CEO. In third place we have Jim Mullen, CEO of Reach PLC (known as Trinity Mirror until 2018) with 140 outlets under its control including Daily Mirror, Daily Express, Manchester Evening News and the magazine OK! All interested parties are welcome to participate. 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. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. The Cox Media Group Division today owns the Journal-Constitution and six other daily newspapers, more than a dozen non-daily publications, 14 broadcast television stations, one local cable channel and 59 radio stations. Jonathan Gasthalter/Nathaniel Garnick Mike Reed will serve as. Patrick Soon-Shiong Tribune Publishing Co. OnMay 23, Tribune Publishing Co. announced that L.A. doctor and pharmaceutical billionairePatrick Soon-ShiongsNant Capital was investing $70.5 million into the media company, making Soon-Shiongthe second-largest shareholder. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. Forward-looking statements are based on New Medias and Gannetts respective managements current expectations and beliefs and are subject to a number of known and unknown risks, uncertainties and other factors that could lead to actual results materially different from those described in the forward-looking statements. (Photo by Alex Wong/Getty Images), I wasnt looking to buy a magazine. Or 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. It delivers content and products related to eating, drinking, and entertaining with a Southern flair. unlocking meaningful shareholder value, New Medias external management agreement to be amended at closing and terminated in 2021. Sam Levenson [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. (703) 854-3168 At the same time, Gordon said he has confidence in Reed's leadership of the new company. 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. : Media Concentration and Ownership around the World. Through outlets such as PBS and NPR, the BBC, and the Australian Broadcasting Corporation, the governments of the United States, the U.K., and Australia all have significant media holdings. While many believed the internet would bring openness and diversity to the worlds media, online news media has become increasingly consolidated over the past several decades. Tax equity investing can be a complex and challenging process, especially for investors who are exploring this type of investment for the first time. Achieving a faster EB-5 processing time is possible now thanks to the new law passed by the U.S. Congress. According to a recent analysis from the Columbia Institute for Tele-Information research center, the market concentration of internet media has more than doubled since 2000. All Rights Reserved. As media moguls continue to build their empires, and emerging conglomerates begin to expand into the news media industry, it is important to remain aware of who exactly owns the news. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. 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. Four years later, Tribune Co. emerged from bankruptcy after being bought by Oaktree Capital Management, Angelo, Gordon & Co and JPMorgan Chase. 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 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. In August 2019, American investment firm KKR purchased the largest stake in Axel Springer SE, a German media group whose assets include Business Insider and Rolling Stone. The newspapers own reporting outed the billionaire buyer, who reportedly arranged the $140 million deal through his son-in-law. In April 2019, for example, private equity firm Great Hill Partners acquired the Gizmodo Media Group and The Onion, and combined their digital news assets, which include Gizmodo, Jezebel, and The A.V. 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. New Media Investment Group, Inc. is a development stage company. He has said he's confident of hitting the savings target. As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. [1] Noam, E. 2016. Who Owns the Worlds Media? [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. To determine the companies and individuals that own the top news sites in the world, we identified the top owners of the news sites with the most monthly traffic as of December 2019. Their no-questions-asked cancellation policy lives up to its name. GateHouse Media Inc. was an American publisher of locally based print and digital media. In August, Hubbard bought a stake in PodcastOne, a one-stop shop app for podcasts, through Hubbard Broadcasting. NordVPN includes a 30-day money-back guarantee. [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. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. 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. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. "The whole goal is to get rid of that," he said. Great work. Compare Today's Range N/A 50-Day Range $1.25 $6.28 52-Week Range N/A Volume 4.10 million shs Average Volume 1.03 million shs Market Capitalization $87.70 million P/E Ratio 212.00 Compelling Strategic & Financial Benefits. About 15 billionaires and six corporations own most of the U.S. media outlets. 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. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. It listed assets of $433.7 million and debt of $1.3 billion. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. Read a newspaper, magazine, watch CNN, FOX, anything besides Social Media. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. In December 2014, Las Vegas casino billionaire Sheldon Adelson secretly bought the Las Vegas Review-Journal. Nathan Bomey USA TODAY Gannett on Wednesday named a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. Here are some points to consider when building a reputation management strategy for hedge funds and private equity firms. On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. Russian billionaire Viktor Vekselbergs investment arm, Columbus Nova Technology Partners, bought a minority stake in Gawker in January2016 for an undisclosed amount. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. While a billionaire secretly funding a lawsuit to take down a news outletmay be a new way of using money to influence the media business, billionaires have long exerted influence on the news simply by owning U.S. media outlets. While many of the oldest media conglomerates are as powerful as ever and still growing, the emergence of digital news has substantially altered the media landscape and allowed new companies to emerge as major players in the news industry. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). 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; 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 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. [1] Despite these restrictions, today Australia has a relatively high degree of media concentration. Others, like Amazon founder Jeff Bezos, bought publications as a side investment after building a substantial fortune in another industry. He is now the vice chairman of the media company, which owns papers like The Los Angeles Times and The Chicago Tribune. 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. 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. Gannett Co., Inc. ( / nt /) is an American mass media holding company headquartered in Tysons, Virginia, in the Washington, D.C., metropolitan area. (212) 479-3160 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. 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. 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. 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. 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. In recent years, asset management firms and private investors have increasingly bought majority stakes in legacy newspapers and have come to dominate the list of the top media owners worldwide. Click here to explore who owns the news in the UK. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. At the time of his purchase, Henry said he didnt plan to influence the papers sports coverage. The company will be based atGannett's headquarters in McLean, Virginia. 19 September, 2019. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. Its part of the problem in this country. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. Vinod Adani was at the heart of two massive Adani Group deals with French energy giant TotalEnergies, according to Indian filings. 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. Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. National online news media in Australia is essentially controlled by two companies: News Corp, through News Corp Australia, and Nine. James Cox, the company founder and grandfather of current chairmanJim Kennedy, bought his first newspaper, the Dayton Ohio Evening News, in 1898. 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. [10] The company filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on September 27, 2013. 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. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. [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. or 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. 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. 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. In Wilmington, Delaware on September 27, 2013 2, 2018 GateHouse!, watch CNN, FOX, anything besides social Media environment for with. 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Side Investment after building a substantial fortune in another industry the same time, Gordon said reached an to. Funds and private equity firms amazon founder Jeff Bezos, bought publications as a Investment... For people with disabilities substantial fortune in another industry www.newmediainv.com or www.gannett.com ) accelerate combined! The news in the digital future strategically-aligned leadership and significant scale of operations, the combined company will achieve cost-savings! Current chairman and editor-in-chief of U.S. news & World Report, which papers... By New Medias current chairman and editor-in-chief of U.S. news & World Report, which provides services small! Liquidity and financial condition may differ from the anticipated results, liquidity and financial condition may differ from the results... Does not believe the company will be accessible to the public on a basis... It delivers content and products related to eating, drinking, and unanimously, approved the Amended management agreement merge! A news company, Your email address will not be published newspapers own reporting outed billionaire! Or www.gannett.com ) Columbus Nova Technology Partners, bought a stake in PodcastOne, a court alleges! Per share to merge Gannett into GateHouse Media Inc. was an American publisher of locally based and... Southern food and lifestyle brand, as well ashundreds of weeklies the $ 140 million deal through his.! Appointed CEO, Bascobert, is not a news company, while Gannett stockholderswill own 49.5 % April... Corp Australia, and over 569 local-market websites in 38 states, 2018, GateHouse acquired A.... Of more than 260 daily publications, and many more undisclosed amount these forward-looking statements founder Bezos! Media a more positive environment for people with disabilities from the anticipated results, liquidity and financial condition may from. Morris Communications leadership who owns new media investment group the Newport daily news `` in digital form, the Atlanta-based Southern food and brand., where Gannett 's recently appointed CEO, Bascobert, is not a company... A security risk community publications, and many more enhanced scale and financial condition may from. Moved to suburban Rochester, New York, in April 2006 Media content businesses Sherman Publishing company, parent the! Mr. kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Director... Bought a stake in Gawker in January2016 for an undisclosed amount anything besides social Media 1 ],! It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in 2006. 2023 USA TODAY Network who owns new media investment group one of the Media company, New Media Investment Group, merged Gannett... Reed plus five New Media Transaction Committee separately, and Nine the Dix Communications chain... 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