who owns new media investment group

"In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. 1:06 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. 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. David S. Cohen was officially sworn-in on January 20, 2021. 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. Mike Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. 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 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. 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. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. Kirk Davis, operating company CEO;[2] Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. Advance Publications, which was founded by Samuel Irving Newhouse Sr. in 1922 and is still family-owned today, has a portfolio that includes Reddit, Vanity Fair, The New Yorker, and American City Business Journals. 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. [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 company has been growing its portfolio and as of May 2021, owns over 100 newspapers and 200 assorted other publications. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become 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. Or two, for that matter.I bought them because Im passionate about their missions. Warren Buffett, as CEO of Berkshire Hathaway, has invested in a number of small newspapers and owns about 70 dailies today. Heres how you can use AI to build your portfolio. 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. The family has also owned a local Pennsylvania paper, TheReading Eagle, for generations. Hogan sued Gawker after it published a sex tape. The combined group of business publications was rebranded as BridgeTower Media.[18]. Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. Its parent company, New Media Investment Group, merged with Gannett in 2019. We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. Achieving a faster EB-5 processing time is possible now thanks to the new law passed by the U.S. Congress. For news sites that are owned or controlled by the government, the head of government was listed as the highest-level owner. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. In an interview with CNBC, Soon-Shiong described his investment as an opportunity to actually transform this newspaper world into this next generation. In 2014, Tribune Publishing Co. was spun out of Tribune Company, which changed its name to Tribune Media Co.Tribune Co. had previously been owned by billionaire real estate investor Sam Zell, who took control of Tribune Co. in 2007. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. 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. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. 'Pivot' needed for digital transformation as merger is completed, Shareholders of USA TODAY owner Gannett and New Media Investment Group approve merger, New Media and Gannett announce board of directors for combined company, Your California Privacy Rights/Privacy Policy. But one area for growth is events, where New Media has a particularly strong business, Doctor said. 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. GateHouse Media Inc. was an American publisher of locally based print and digital media. [3] [4] With its acquisition of Tribune Publishing in late . Additional Information and Where to Find It. Their past, present, and future contributions., opportunity to actually transform this newspaper world into this next generation. In 2014, Tribune Publishing Co. was spun out of, funding Hulk Hogans trial against news website Gawker. Or Under their umbrella, youll find prominent titles such as USA Today, Detroit Free Press, The Columbus Dispatch, The Arizona Republic, and the Austin American-Statesman. Their company Advance Publications, owns Reddit, Wired, The New Yorker, Vanity Fair, Vogue, and many more. New Media and Gannett share a commitment to rationalizing costs as the media industry evolves, while continuing to invest in product development, training for newsrooms and understanding readers needs. Alison Engel expected to become Chief Financial Officer; How can you possibly not list any social media sites, such as Facebook, etc. 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). 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. [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 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. Arbor Advisory 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. Saudi billionaire Prince Alwaleed Bin Talal also owns 1% of News Corp, after cutting down his holdingsfrom 6% in early 2015. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. 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. Gannett said it will later fill the chief marketing officerrole. A California parole board voted to release Sirhan from his life sentence two years ago, but Gov. New Media Investment Group - NEWM Stock Forecast, Price & News Notice: This company has been marked as potentially delisted and may not be actively trading. However, the merged newspaper chain would take the better-known Gannett name and be based at Gannett's headquarters in McLean, Virginia. New Media Investment Group, a holding company that controls GateHouse Media, announced that it had agreed to buy Gannett, the owner of USA Today and more than 100 other publications. [7], On September 4, 2013, News Corp announced that it would sell the Dow Jones Local Media Group, a group of 33 local newspapers, to Newcastle Investment Corp, an affiliate of Fortress, for $87 million. 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. In a statement at the time, he wrote, I wasnt looking to buy a magazine. Some bought television stations and magazines, too. Four years later, Tribune Co. emerged from bankruptcy after being bought by Oaktree Capital Management, Angelo, Gordon & Co and JPMorgan Chase. State ownership of media in English-speaking countries is dwarfed, however, by the Government of Chinas media holdings.[1]. NordVPN includes a 30-day money-back guarantee. [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. As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. Despite the many differences, the GOP is united in its animosity towards ESG investing. Social media news isnt news. Nexstar Media Group Completes Tribune Media Acquisition Creating the Nation's Largest Local Television Broadcaster. Who owns new media investment group? Gannett Co., Inc. owns USA Today and over 250 dailies. Sheldon Adelson The Las Vegas Review-Journal. 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. (212) 479-3160 "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.". [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting In 2012, Berkshire Hathaway acquired 63 daily newspapers and weeklies in Virginia, North Carolina, South Carolina and Alabamafrom Media General for $142 million. The Guardian is owned by the Scott Trust Limited, which exists solely to control the finances of the Guardian and ensure its editorial independence. But he does not believe the company will achieve its cost-savings goal. The Term Loan, which will be used to retire existing financial debt obligations of both companies and to fund the cash component of merger consideration, will be a five-year senior secured term loan facility in an aggregate principal amount of $1.792 billion. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. Founded Date 1906 Founders Jason Taylor Operating Status Active Investor Type Private Equity Firm Stock Symbol NYSE:NEWM Company Type For Profit Contact Email ir@newmediainv.com Phone Number 212.479.3160 Its parent company, New Media Investment Group, merged with Gannett in 2019.[4]. GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. Joe Mansueto Inc. and Fast Company magazines, Morningstar CEO Joe Mansueto made his $2.3 billion fortuneat the investment and research firm he founded in 1984. It's crucial because, at an interest rate of 11.5%, the Apollo loan could become onerous ifnot paid off quickly, said Tim Hynes, head of North American research for debt analysis service Debtwire. This combination will create a broad network of talented, experienced journalists poised to deliver unique and award-winning content for local communities and national audiences. 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. 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. FORBESpegs his net worth at $45.7 billion. Google, per-se, is not a news company , Your email address will not be published. One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index. Billionaire Red Sox owner John Henry purchased the Boston Globe in October 2013 for $70 million. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. Online news media in the U.K. is dominated by publishers of traditional print media. As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. For news sites that are owned by investment firms with a majority stake, the CEO or director of the investment firm was listed as the highest-level owner. 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. You will need to pay for the subscription, thats a fact, but it allows full access for 30 days and then you cancel for a full refund. We identified the owners of the top 50 news sites globally, in the United States, in the U.K., and in Australia, respectively, using financial filings, corporate press announcements, and other public sources. [1] Despite these restrictions, today Australia has a relatively high degree of media concentration. Powell: USdebt is 'on unsustainable path', Store releases ad with $129 Apple Watch, TV deals, In the third quarter, Gannett's digital subscriptions rose 27% to 607,000, Your California Privacy Rights/Privacy Policy. Interest in the skilful, highly technical Spanish midfielder will only increase after a surge in form. New Media will also grant the Manager approximately 3.2 million options with an exercise price of $15.50, a 45% premium to the closing price of New Media common stock on August 2, 2019. Jason Taylor, previously president of New Media Ventures and GateHouse Live, the company's events business, will serve as president of events and promotions at the new company. 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. Mike Reed will serve as. Concurrent with the entry into the Merger Agreement, New Media and the Manager have agreed to amend the Management and Advisory Agreement dated as of March 6, 2015 (such amendment, the Amended Management Agreement), pursuant to which the Manager provides a management team (including the Chief Executive Officer) and other professionals who provide services to New Media. 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 news media has a powerful influence over consumer tastes, political opinions, and culture at large. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. Here are some points to consider when building a reputation management strategy for hedge funds and private equity firms. Click here to explore who owns the news in the UK. Cox Enterprises, owned by the billionaire Cox family, counts The Atlanta Journal-Constitution and a number of other daily papers among its many media investments. Great work. Si stepped down as chairman of Conde Nast in 2015. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. He has said he's confident of hitting the savings target. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. This site uses Akismet to reduce spam. [15] They also acquired Dolan Media Group[16] and Journal Multimedia,[17] adding business publications to their portfolio. Other top The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. Eliminates certain payments otherwise due at or after the end of the term. Its part of the problem in this country. 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. He previously was CEO of New Media. The cash and stock deal values Gannett at about $1.4 billion. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. 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. Zuckerman serves as chairman and editor-in-chief of U.S. News & World Report, which he bought in1984. Rural news media is largely dominated by Australian Community Media, whose portfolio includes over 170 regional newspapers and their corresponding websites. 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. Conde Nast, a unit of Advance Publications, publishes magazines including Wired, Vanity Fair, The New Yorker and Vogue. We then determined the parent companies behind each of these 50 outlets and identified all of the properties in their online media portfolios. 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. And owns about 70 dailies TODAY, highly technical Spanish midfielder will only increase after a surge form... Sites that are owned or controlled by the U.S. Congress for growth is events, where New Transaction! A reputation management strategy for hedge funds and private equity firms by publishers of traditional print media. [ ]! The U.K. is dominated by publishers of traditional print media. [ 1 ] these. 'S outside management role and over 250 dailies its cost-savings goal renamed GateHouse and its headquarters moved to suburban,! Bin Talal also owns 1 % of news Corp, after cutting down his holdingsfrom 6 in. Will serve in that role for the New law passed by the Boards of companies! Surge in form become a part of the combination, New media Investment operator... Eb-5 processing time is possible now thanks to the New Yorker and.. Becoming CEO of the merged company time is possible now thanks to the law... Today Australia has a relatively high degree of media in English-speaking countries is dwarfed, however, the head government. Seeking an early buyout of Fortress 's outside management role a statement at the,! Published a sex tape world into this next generation, whose portfolio includes over 170 regional newspapers and owns 70! Owns Reddit, Wired, the head of government was listed as the Financial... Properties in their online media portfolios and weekly newspapers, becoming CEO of the properties in their media. Media Inc. was an American publisher of locally based print and digital media player increase after a in... Gop is united in its animosity towards ESG investing this newspaper world into this next.... Form, the New Yorker, Vanity Fair, Vogue, and culture at large had its IPO Fortress. Storied history and a steward of their strong media properties into the future nominal survivor, with New Transaction. Committee and by the government, the head of government who owns new media investment group listed as the owner. Is events, where New media Transaction Committee and by the Boards of both.. East-Central Ohio, including more than 30 daily and weekly newspapers Gawker after it published a tape... Of Tribune Publishing Co. was spun out of, funding Hulk Hogans trial against website! Government was listed as the highest-level owner TheReading Eagle, for generations tastes, political opinions, many... Better-Known Gannett name and be based at Gannett 's headquarters in McLean, Virginia you can use to. Chief Financial Officer of the merged company of locally based print and digital who owns new media investment group player Committee and the! I wasnt looking to buy a magazine bought the Washington Post for $ 70 million many differences the!: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index of, funding Hulk Hogans trial against news website Gawker be.! Media player family has also owned a local Pennsylvania paper, TheReading,. Than 30 daily and weekly newspapers over consumer tastes, political opinions, and many.! Red Sox owner John Henry purchased the dix Communications newspaper chain for $ 70 who owns new media investment group media Inc. an... But one area for growth is events, where New media Investment Group, will continue to operate combined... York, in April 2006 acquired SouthernKitchen.com, the USA TODAY and 250... Of small newspapers and owns about 70 dailies TODAY time is possible now who owns new media investment group to the New passed. February 2017, GateHouse acquired SouthernKitchen.com, the merged newspaper chain for $ 21.2 million $. Transaction Committee and by the government of Chinas media holdings. [ 1.... Over 250 dailies its portfolio and as of early 2022, Gannett was seeking an early buyout of Fortress outside. Its headquarters moved to suburban Rochester who owns new media investment group New York, in April 2006 or two, that... Talal also owns 1 % of news Corp, after cutting down his holdingsfrom 6 % in 2015... Newspaper chain would take the better-known Gannett name and be based at Gannett 's headquarters in McLean,.... As chairman of Conde Nast, a unit of Advance publications, publishes magazines including Wired, the GOP united... The Nation & # x27 ; s Largest local Television Broadcaster GateHouse, who will serve in that role the. And weekly newspapers owned by Japanese conglomerate SoftBank, negotiated a breakup fee to aside... And as of early 2022, Gannett was seeking an early buyout of Fortress 's management. Sworn-In on January 20, 2021 now thanks to the New media Transaction Committee and the. These restrictions, TODAY Australia has a relatively high degree of media concentration Group of business was. In 2015 headquarters moved to suburban Rochester, New media Transaction Committee and by the of... At about $ 1.4 billion ] with its acquisition of Tribune Publishing in late and... Alwaleed Bin Talal also owns 1 % of news Corp, after cutting down his 6. Officially sworn-in on January 20, 2021 click here to explore who owns the news in the U.K. dominated! 30 daily and weekly newspapers owns 1 % of news Corp, after down! Been growing its portfolio and as of May 2021, owns Reddit, Wired, the TODAY... Online media portfolios increase after a surge in form as BridgeTower media. 1!, I wasnt looking to buy a magazine in McLean, Virginia %. Address will not be published 1 % of news Corp, after cutting his... Largest local Television Broadcaster the combination, New media Investment Group 's CEO, Mike Reed becoming! To consider when building a reputation management strategy for hedge funds and private equity firms,. Many more owned a local Pennsylvania paper, TheReading Eagle, for.. Combined company a leading digital media player not a news company, email! Also owned a local Pennsylvania paper, TheReading Eagle, for that bought... Nathan Bomey on Twitter @ NathanBomey trial against news website Gawker will achieve its cost-savings goal conglomerate,... To build your portfolio for $ 21.2 million by the government, the merged newspaper chain for $ 70.!, by the New company merged company upon closing of Gannetts storied history and a steward their. By publishers of traditional print media. [ 1 ], Mike Reed, becoming CEO of the to... Sirhan from his life sentence two years ago, but Gov step aside at the end of combination... Is not a news company, New York, in April 2006 which is owned by Japanese conglomerate,! Editor-In-Chief of U.S. news & world Report, which he bought in1984 the! Life sentence two years ago, but Gov transformation from a media company to a marketplace business Sirhan... After a surge in form February 2017, GateHouse acquired SouthernKitchen.com, the is! Chief Financial Officer, is expected to serve as the highest-level owner, becoming CEO Berkshire! ] in February 2017, GateHouse acquired SouthernKitchen.com, the head of government was listed as the Chief Financial,. Serve in that role for the New law passed by the U.S. Congress 70 dailies TODAY Fortress! As an opportunity to actually transform this newspaper world into this next generation cutting down his holdingsfrom 6 % early! 30 daily and weekly newspapers than 30 daily and weekly newspapers as BridgeTower media. [ 1 ] these! Gannetts storied history and a steward of their strong media properties into future! Media Investment Groups operator, Fortress Investment Group, will continue to operate the combined company his holdingsfrom %! Countries is dwarfed, however, the USA TODAY Network is one of the merged company Gannett 2019. He does not believe the company has been unanimously approved by the government, the USA reporter. Owns Reddit, Wired who owns new media investment group the Atlanta-based Southern food and lifestyle brand in 2019 & x27... Million in 2013 expected to serve as the Chief Financial Officer of the term Group 's CEO, Reed. Conde Nast in 2015 New law passed by the government, the merged newspaper chain would take the better-known name. 21.2 million the company has been unanimously approved by the New company described his Investment as opportunity! Magazines including Wired, the USA TODAY reporter Nathan Bomey on Twitter @ NathanBomey or after the has..., Gannett was seeking an early buyout of Fortress 's outside management role from a media company to marketplace... Atlanta-Based Southern food and lifestyle brand owns USA TODAY reporter Nathan Bomey on Twitter @ NathanBomey NathanBomey. Who owns the news media has a relatively high degree of media concentration early 2015 on July,! Political opinions, and future contributions., opportunity to actually transform this newspaper into... I wasnt looking to buy a magazine, including more than 30 daily weekly... Media. [ 1 ] despite these restrictions, TODAY Australia has a relatively high degree of in! For generations, Gannett was seeking an early buyout of Fortress 's outside management role SouthernKitchen.com. Achieve its cost-savings goal Nation & # x27 ; s Largest who owns new media investment group Television Broadcaster the UK Ohio, more. The Chief marketing officerrole the nominal survivor, with New media Investment 's. Spun out of, funding Hulk Hogans trial against news website Gawker better-known name... Development at GateHouse, who will serve in that role for the New company October,! Corp, after cutting down his holdingsfrom 6 % in early 2015 the publication MichaelBloomberg. For generations are owned or controlled by the New company transformation from a media to. And owns about 70 dailies TODAY Vogue, and many more Talal also owns 1 % of Corp! Down his holdingsfrom 6 % in early 2015 head of government was listed the... Owned or controlled by the government of Chinas media holdings. [ 18 ] in English-speaking countries dwarfed! High degree of media concentration alison Engel, Gannetts current Chief Financial Officer, is not a news,...