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. 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. Arbor Advisory Group But one area for growth is events, where New Media has a particularly strong business, Doctor said. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. 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. 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. The top newspapers by average Sunday circulation (Pew Research and Alliance for Audited Media) These mergers have resulted in industrywide layoffs and caused the printing of what critics have called ghost papers, so named for being diminished versions of once larger papers that are published by bare-bones staff. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. The Company combines organic growth with value-generating synergetic acquisitions, which has demonstrated continuous strong profitable growth with a revenue . Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. Where is newsquest based? - Camomienoteca.com Fortress is owned by SoftBank, a Japanese conglomerate. Faced with problems, it downsized to 270 by June 2005. 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. (212) 479-3160 Two Leading Media and Marketing Solutions Companies 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. I think youre going to see that trend [of consolidation] across the industry. unlocking meaningful shareholder value, New Medias external management agreement to be amended at closing and terminated in 2021. 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. You see too many of these things done for financial engineering. 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. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. "The number is going to be higher.". [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. Media Investment Group | LinkedIn Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting 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. Growing a successful business on social media requires a combination of authenticity, passion, consistency, engagement and creativity. It now has a constitution, a parliament, and a governor who exercises power on behalf of the British head of state. All Rights Reserved. The buyer is New Media Investment Group, Inc., formerly Gatehouse Media, which is the largest newspaper publisher in the United States by number of titles. [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. 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. 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) 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. 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. Paul Ameden, CIO; [10] The company filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on September 27, 2013. Unsurprisingly, two great empires of the pastBritish and Frenchstill have largest remnants of their past breadth. Cautionary Statement Regarding Forward-Looking Statements. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. Gannett Co. to be sold to New Media Investment Group - Milwaukee They are all of Jewish descent. 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. [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. 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. 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. Gannett Co., Inc. owns USA Today and over 250 dailies. New Media Investment Group, Inc. is a development stage company. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. Mike Reed will serve as CEO of the newly. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. 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. 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). [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. 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. Alden Global Capital Venture Capital owns Digital First Media (56 dailies). '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. 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. The Gannett Board unanimously determined that this combination with New Media is in the best interests of Gannett shareholders, customers, audiences, and employees, providing significant and immediate value, as well as the ability to benefit from the upside potential of the combined company, said J. Jeffry Louis, Chairman of the Gannett Board of Directors. The 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. IFM Investors is one of the few truly aligned fund managers in the world. As of June 30, 2019, New Media operates in over 600 markets across 39 states reaching over 21 million people on a weekly basis and serves over 200,000 business customers. The sale closed on Oct. 1, 2018, for $12.5 million. 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. New Media and FIG LLC, an affiliate of Fortress Investment Group (the Manager), have amended the external management agreement to set the termination date as December 31, 2021. "They are of enough scale that they are doing a good amount of digital national business, and the GateHouse properties added in there gives them more scale.". The newspapers were operated by GateHouse Media following the purchase. 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. 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. Ed Trissel / Tim Ragones / Tanner Kaufman 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. Additionally, the joining of New Medias UpCurve and GateHouse Live businesses with Gannetts ReachLocal and WordStream subsidiaries will provide multiple, diversified marketing and revenue solutions and position the combined company as a stronger partner for advertisers and small businesses (SMBs) in the markets served. The combined group of business publications was rebranded as BridgeTower Media.[18]. While its mail is delivered from the Pittsford, NY 14534 post office, GateHouse's headquarters lie about a third of a mile east of the eastern border of, U.S. Bankruptcy Court in Wilmington, Delaware, List of newspapers owned by GateHouse Media, "Gannett, Now Largest U.S. Ranked: The Largest Bond Markets in the World. 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. The amendment, as described in more detail below, also reduces the incentive fee rate payable to the Manager for the remainder of the term. Bascobert said they sought to "create a careful balance between the two organizations" with a goal of ensuring people are on the same page culturally and strategically. 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 . For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. Advance Local Publications (22 dailies). ", Warning to Congress: Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. It listed assets of $433.7 million and debt of $1.3 billion. 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. From scientific breakthroughs in healthcare to investments in a greener economy to major developments in experiential technologies, its clear that the economy of tomorrow will look very different than the one of today. Significant synergies. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. Mapped: Top Countries by Tourist Spending. This graphic by Pranav Gavali maps the overseas territories of various countries, using a variety of sources including WorldAtlas, Statista, and official country releases. 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. New Media shareholders will own 50.5% of the combined company, while Gannett shareholders will own 49.5%. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. 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. 14 In November of 2019, New Media merged GateHouse and Gannett into a newly constituted Gannett, 15 creating the largest U.S. media company by print circulation and one of the nations largest online news and information audiences. The company can be reached via phone at 212-479-3160 or via email at ir@newmediainv.com. This match-up seems awkward on the surface, but it allows advertisers to reach a broader cross-section of people within each ad ecosystem. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. Chatham Asset Management owns the McClatchy newspapers (30 dailies . New Media Investment Group (NEWM) Stock Forecast, Price & News - MarketBeat Visualizing the Flow of Energy-Related CO2 Emissions in the U.S. 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. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. Each region has its own unique present-day status. Shares of Gannett closed up 2.6% at $11.04, while those of New Media Investment Group closed down 7.6% at $9.89. 2023 Forbes Media LLC. The new Gannett aimsto cut $275 million to $300 million in costs per year within 18 to 24 months in a variety of areas, including facilities, corporate functions and newsoperations. Gannett said it will later fill the chief marketing officerrole. IFM Investors - Overview 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. Please visit www.newmediainv.com and www.gannett.com. All interested parties are welcome to participate. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. One of the furthest is New Caledonia, a French territory around 17,000 km away from European France. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations This communication is neither an offer to sell, nor a solicitation of an offer to buy any securities, the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. While New Media reported revenue of $404 million in its second quarter on Monday, Gannett had revenue of $660 million. 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. There are no current stakeholders of New Media Investment Group Inc cmn. To connect with Gannett, visit www.gannett.com. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. [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. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. 25, New Media Investment Group is managed by New York-based firm Fortress Investment Group through an affiliate. While news media isnt quite as consolidated as the broader media ecosystem, its certainly trending in that direction. It currently has an elected legislature and governor and is home to a large U.S. military base. 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. But he does not believe the company will achieve its cost-savings goal. Media: How Does U.S. Electricity Generation Change Over One Week? New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984.T, and has built the largest chain of local U.S. papers, including 156 dailies from the Austin American-Statesman to the Register-Guard in Eugene, Oregon. 2,000 employees from 40 countries. He has said he's confident of hitting the savings target. External Management Agreement. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. 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. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. All quotes delayed a minimum of 15 minutes. https://eu.usatoday.com/story/money/2019/11/19/gannett-new-media-investment-group-merger-gatehouse-media/4203820002/, https://www.forbes.com/companies/new-media-investment-group/, https://www.nytimes.com/2019/08/05/business/media/gannett-acquired-gatehouse-media.html, https://www.crunchbase.com/organization/new-media-investment-group, https://www.reuters.com/article/us-gannett-co-m-a-new-media-investment-g/new-media-to-buy-gannett-for-1-4-billion-creating-biggest-u-s-newspaper-publisher-idUSKCN1UV21L, https://www.crunchbase.com/organization/new-media-investment-group/people, https://www.texasmonthly.com/news-politics/new-mediagatehouse-buys-the-statesman/, https://www.niemanlab.org/2018/06/newsonomics-gatehouse-media-thinks-services-for-small-local-businesses-can-help-replace-long-gone-advertising/, https://www.niemanlab.org/2018/06/newsonomics-gatehouses-mike-reed-talks-about-rolling-up-americas-news-industry/, https://eu.gastongazette.com/story/news/2018/06/12/gazettes-poteat-wins-national-award/11991528007/, https://www.businesswire.com/news/home/20191029006108/en/New-Media-and-Gannett-Announce-the-Board-of-Directors-for-the-Combined-Company, https://eu.usatoday.com/story/money/2019/11/20/gannett-new-media-investment-group-merger-key-executives-appointed/4246906002/#:~:text=Gannett%20on%20Wednesday%20named%20a,the%20merger%20was%20finalized%20Tuesday. For example, the U.S. territory of Puerto Rico has 3 million people, and its own constitution and elected government, while another U.S. territory of Johnston Atoll is tiny and entirely uninhabited. More than half of the overseas territories were in either the Pacific Ocean (21) or the Caribbean (18). 3, New Media Investment Group oversees the operations and publishing of 260 daily newspapers and 300 weekly publications in 47 states and Guam 4 and administers over 130,000 business advertising accounts with a weekly reach of over 12 million people. Who Owns Newsmax 2022 And what is newsmax? - itsknows.com 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. It intends to operate newspaper, media directory and other media content businesses. 8 million customer contracts worldwide. 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. At first it was used by passing ships as a replenishment spot, but the English eventually settled it in the 17th century. (203) 307-2250 The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. New Media Investment Group - CrunchBase The Newsmax Media Group is the parent company of Newsmax TV, which is carried on various cable and satellite networks, as well as Newsmax.com Newsmax Media Group, founded by Newsmax Media CEO Christopher Ruddy, President James Pinkerton, and Newsmax Media Chairman and CEO Christopher Ruddy. "We have been working hard on integration planning, and we are now even more confident in our ability to realize the high end of the range in savings and within the 18- to 24-month period we previously stated," he said. Chart: Automakers Adoption of Fuel-Saving Technologies, Explainer: What to Know About the Ohio Train Derailment, Infographic: 11 Tech Trends to Watch in 2023. Gannett on Wednesdaynamed a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. 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. 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. Some bought television stations and magazines, too. While not ideal, the latter option at least provides a potential route to revenue and cost synergies that make it easier to compete in a challenging environment. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. How Many Music Streams Does it Take to Earn a Dollar? 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. Gannett brands include USA TODAY NETWORK with the iconic USA TODAY and more than 100 local media brands, digital marketing services companies ReachLocal, WordStream and SweetIQ, and U.K. media company Newsquest. The company, which also owns local papers ranging from the Detroit Free Press to the El Paso Times, missed second-quarter revenue on Monday. "I don't think this is going to be a lay-up," he said. 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. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. Our Standards: The Thomson Reuters Trust Principles. The company was founded on June 18, 2013 and is headquartered in New York, NY. As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company.
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