The newspapers were operated by GateHouse Media following the purchase. We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. 1:02 Shareholders cleared the way Thursday for New Media Investment Group and USA TODAY owner Gannett to join forces in a deal that will create the largest U.S. media company by print. Mapped: Top Countries by Tourist Spending. 9 10 The firm was formed in 2013 to restructure $1.2 billion of debt and restructure newspaper publisher GateHouse Media following Chapter 11 bankruptcy. 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. It is one of the many French Overseas Territories that together are home to 2.6 million people. 10 proprietary, georedundant ISO 27001 certified data centers. [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. 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. Compelling Strategic & Financial Benefits. While news media isnt quite as consolidated as the broader media ecosystem, its certainly trending in that direction. 8 Contents History and Leadership Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. More than half of them (382) are owned by just seven companies. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. 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. 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. Before that, he spent four years at Bloomberg LP as President of Bloomberg Businessweek from 2010 until 2014, in addition to serving as Chief Operating Officer of the Media Group from 2011 to 2014. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. New Media Investment Group (NEWM) Stock Forecast, Price & News - MarketBeat 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. Christopher Ruddy became the CEO of the company and decided to take it in a new direction. New Media is focused primarily on investing in a high quality, diversified portfolio of local media assets. The companies believe that diversity can strengthen board performance and New Media is actively searching for women and other candidates with diverse backgrounds and experiences. 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 [4] History [ edit] Liberty Group Publishing [ edit] New Media Investment Group to buy Commercial Appeal parent, Gannett The Rise of a New Media Baron (703) 854-3168 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 . Their histories vary, but most are tied to either modern colonialism from the 1400s onwards, or wars from the 19th and 20th centuries. Todays graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. In the same month, GateHouse announced its $49.25 million purchase of The Palm Beach Post and Palm Beach Daily News from Cox Media Group, LLC. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become unlocking meaningful shareholder value, New Medias external management agreement to be amended at closing and terminated in 2021. 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. The company was founded on June 18, 2013. Bill Church, Senior VP News; Liberty Group Publishing was formed in 1998 when Kenneth L. Serota, a former Hollinger International attorney with backing from Leonard Green & Partners, bought 160 community newspapers from Hollinger. The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. Active, Closed, This describes the type of investor this organization is (e.g. The official website for the company is www.newmediainv.com. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. An overseas territory or dependency is a region with ties abroad to a sovereign nationnot a completely independent state, but also not a constituent part or administrative subdivision of the parent country. [33], On January 28, 2019, it was announced that GateHouse Media had acquired the publishing division of Schurz Communications including The Herald-Times in Bloomington, Indiana, South Bend Tribune in South Bend, Indiana, and other papers in Clay, Lawrence, Monroe, Morgan, Orange, Owen, and Putnam counties in Indiana. As an overseas map, it also excludes territories sharing a border, or that are part of a larger state or province (like Germanys Heligoland, part of the state of Schleswig-Holstein). 2,000 employees from 40 countries. Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting The company's nine-member board will consist of five directors from New Media,. When Bermuda was first discovered in the 1500s by the Spanish in the Caribbean, and then a century later by the English, there was no Indigenous population documented. Copyright 2023 InfluenceWatch. 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. 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. 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. Jonathan Gasthalter/Nathaniel Garnick Each region has its own unique present-day status. 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. Credit Suisse is serving as financial advisor to New Media, and Cravath, Swaine & Moore LLP is serving as principal legal counsel. Gannett on Wednesdaynamed a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. "The whole goal is to get rid of that," he said. Timeline: Cannabis Legislation in the U.S. Visualizing the Relationship Between Cancer and Lifespan, Visualizing How COVID-19 Antiviral Pills and Vaccines Work at the Cellular Level, Global EV Production: BYD Surpasses Tesla. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. Company | MGI - Media and Games Invest The company has been on a. They are all of Jewish descent. The majority is always wrong; the minority is rarely right. If shareholders give the thumbs-up during the vote this November, Gannett will have amassed the largest online audience of any American news provider. Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger. 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. Mr. Bascobert joined Bloomberg from Dow Jones & Co. where he was Senior Vice President of Operations from 2006 until 2007 and Chief Marketing Officer from 2007 until 2009. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. 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, a newspaper company backed by a hedge fund, agrees to buy the venerable chain for roughly $1.4 billion. Visualized: The Largest Trading Partners of the U.S. Visualizing 90 Years of Stock and Bond Portfolio Performance, Visualizing the Link Between Unemployment and Recessions, Timeline: The Shocking Collapse of Silicon Valley Bank, Decoding Googles AI Ambitions (and Anxiety), Ranked: Americas 20 Biggest Tech Layoffs Since 2020, Infographic: Generative AI Explained by AI, Ranked: The U.S. Banks With the Most Uninsured Deposits, De-Dollarization: Countries Seeking Alternatives to the U.S. Dollar. The Term Loan will be freely pre-payable without penalty, and the combined company is expected to have a strong cash-flow profile that will permit aggressive deleveraging. Where is newsquest based? - Camomienoteca.com Neither New Media nor Gannett can give any assurance that its expectations will be attained. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. Enhanced scale. It currently has an elected legislature and governor and is home to a large U.S. military base. General Motors is investing heavily in another strain of its business besides EVs: warehouses for distributing replacement parts for the existing park of GM vehicles, nearly all of which run on internal-combustion engines. 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. Chart: Automakers Adoption of Fuel-Saving Technologies, Explainer: What to Know About the Ohio Train Derailment, Infographic: 11 Tech Trends to Watch in 2023. New Media Investment Group | Company Overview & News - Forbes [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. 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. How Does U.S. Electricity Generation Change Over One Week? 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. 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. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. The company was founded on June 18, 2013 and is headquartered in New York, NY. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. Importantly, we have found in New Media a strong partner and cultural fit for Gannett as we continue delivering on a shared commitment to journalistic excellence for the communities we serve.. Mike Reed - Chairman / CEO - Gannett | USA TODAY NETWORK - LinkedIn 1, Formed in 2013 to restructure GateHouse Medias $1.2 billion of debt chapter 11 bankruptcy, New Media Investment Group operated GateHouse Media as the then-largest newspaper publisher in terms of distinct publications. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership.
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