Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. But by most official designations of territories, the UK and France are tied with 17 overseas territories. 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. Website http://www.mediainvestmentgroup.com Industries Investment. I think youre going to see that trend [of consolidation] across the industry. There are no current stakeholders of New Media Investment Group Inc cmn. [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. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. But he does not believe the company will achieve its cost-savings goal. We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. The United States by itself accounts for 11 of the territories spread out across the North and South Pacific. Across many platforms, organic content is being overshadowed by paid content for one obvious reason: money. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Their histories vary, but most are tied to either modern colonialism from the 1400s onwards, or wars from the 19th and 20th centuries. 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. Stock ticker symbol (e.g. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. All quotes delayed a minimum of 15 minutes. Ranked: The Largest Bond Markets in the World. [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 companies believe that diversity can strengthen board performance and New Media is actively searching for women and other candidates with diverse backgrounds and experiences. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. Heres a brief look at some of the best known territories on the list: First colonized by Spain in the 16th century, the U.S. occupied the North Pacific islands in the aftermath of the SpanishAmerican war (along with Puerto Rico and the Philippines). Additional Information and Where to Find It. 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. 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. Who owns the news? The 25 CEOs that control the world - AddictiveTips Enhanced scale. The Company combines organic growth with value-generating synergetic acquisitions, which has demonstrated continuous strong profitable growth with a revenue . MGI's main operational presence is in North America and Europe. Sales, however, havent quite picked up as yet. 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. He previously was CEO of New Media. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. [31] The Beacon Journal is a daily newspaper tracing its storied, Pulitzer Prize-winning history to 1839's Summit Beacon, which early in the 20th century came under the editorship and ownership of publisher Charles Landon Knight, serving as the flagship newspaper of the Knight Newspaper Company, later known as Knight Ridder.[32]. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. Arbor Advisory Group How Many Music Streams Does it Take to Earn a Dollar? It is one of the many French Overseas Territories that together are home to 2.6 million people. It excludes territories claims in Antarctica, which are currently governed by the 1959 Antarctic Treaty. Use Forbes logos and quotes in your marketing. With an unmatched local-to-national reach, Gannett touches the lives of more than 125 million people monthly with its Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. 8 million customer contracts worldwide. New Media and Gannett believe that a digital transformation of the newspaper industry is vital to the preservation of journalism, and the Merger will accelerate the combined companys digital transformation. Gannett said it will later fill the chief marketing officerrole. "The combined operations will have a broad local-to-national network of incredibly talented, experienced journalists who can continue to deliver unique award-winning content for both local communities and national audiences," Bascobert told investors in a conference call Nov. 4. [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. 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. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. 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. Initially, the combined company is expected to have an annual dividend of $0.76 per share. Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449, Internet Explorer presents a security risk. 2 In 2019, New Media Investment Group acquired rival publisher Gannett and merged the company with GateHouse to become the largest newspaper publisher in the United States. 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. New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). Or USA TODAY owner Gannett acquired by GateHouse Media owner 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. Such forward-looking statements speak only as of the date on which they are made. "The number is going to be higher.". 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. New Media Investment Group's mailing address is 1345 AVENUE OF THE AMERICAS, NEW YORK NY, 10105. (203) 307-2250 Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. The details are causing a stir in London. That was down from about $1.4 billion when the deal was announced in August because of a decline in New Medias stock price. 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. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. 23 Reed has faced criticisms in the past from the NewsGuild, an affiliate of the left-wing Communications Workers of America labor union, for purchasing newspapers, consolidating editorializing responsibilities, and cutting jobs to increase profits. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp. , and has built the largest chain of local U.S. papers, including 156 dailies from the Austin American-Statesman to the Register-Guard in Eugene, Oregon. According to Delport, based on the company's own calculations, Vice has a global digital audience of 300 million monthly users across its owned-and-operated properties as well as platforms like. 2,000 employees from 40 countries. Shareholders of USA TODAY owner Gannett and New Media Investment Group Copyright 2023 InfluenceWatch. 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. Concord is a private company funded by long-term institutional capital and members of Concord's management team. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. Mike Reed will serve as CEO of the newly. 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. The official website for the company is www.newmediainv.com. About 25% of the combined companys revenue will come from digital, New Media Chief Executive Officer Michael Reed said on a conference call. Greenhill & Co., LLC and Goldman Sachs & Co. LLC are serving as financial advisors to Gannett, and Skadden, Arps, Slate, Meagher & Flom LLP and Nixon Peabody LLP are serving as legal counsel. We are committed to delivering significant synergies in a thoughtful manner, consistent with our shared goals for the business, said Michael Reed, New Media Chairman and Chief Executive Officer. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. New Media Investment Group, Inc. is a development stage company. At first it was used by passing ships as a replenishment spot, but the English eventually settled it in the 17th century. 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. Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. 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). Who Owns Your News? The Top 100 Digital News Outlets and - TitleMax 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. In addition to islands ceded by Spain, the rest were unclaimed islands incorporated as part of the Guano Islands Act of 1856, which sought sources of guanofeces of bats and seabirds used as agricultural fertilizer and for gunpowder production. The Amended Management Agreement, which will become effective upon the closing of the Merger, provides for the following key changes: Establishes a termination date of December 31, 2021, for the Managers services in lieu of annual renewals of the term; Reduces the incentive fee rate from 25% to 17.5% for the remainder of the term; Reduces by 50% the number of options that would otherwise be issuable in connection with the issuance of shares as consideration for the Merger, and imposes a premium on the exercise price; Eliminates the Managers right to receive options in connection with future equity raises; and. The island was briefly occupied by Japan during World War IIattacked at the same time as Pearl Harborbefore being recaptured by the United States. To connect with Gannett, visit www.gannett.com. The newspapers were operated by GateHouse Media following the purchase. 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. 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. 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. AAPL, FB, TWTR), Total number of diversity investments made by an investor, Total number of employee profiles an organization has on Crunchbase, Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. Copyright 2006 by The Gale Group, Inc", GateHouse Media stock being delisted from NYSE - October 22, 2008, "GateHouse Buying 14 Dailies, Other Pubs, From Morris For $115 Million", "News Corp. sells 33 papers to New York investors", "GateHouse Media Files for Pre-packaged Chapter 11", "GateHouse Media officially done with bankruptcy", "GateHouse Media Files Chapter 11 to Form New Company", "GateHouse Media to Buy Morris Communications", "GateHouse acquires News-Journal, Halifax Media", "Review-Journal, parent Stephens Media to be sold to New Media", "Sheldon Adelson's Purchase of Las Vegas Paper Seen as a Power Play", "GateHouse to acquire Kansas-based Harris newspapers", "Fox Business - GateHouse Media Buys Dix Communications Newspaper Chain", "Business Wire - New Media Announces Agreement to Acquire Calkins Media", "GateHouse acquires Morris Publishing's 11 daily newspapers", "Providence Journal parent buys publisher of Newport Daily News", "The Register-Guard sold to GateHouse Media", "GateHouse Media grows its empire by buying top exec's publishing company", "New Media Investment Group to Acquire The Palm Beach Post and Palm Beach Daily News", "Gatehouse Media purchases Akron Beacon Journal", GateHouse Media Buys Akron Beacon Journal and Ohio.com, "New Media Announces Solid Fourth Quarter & Full Year 2018 Results, Dividend of $0.38 per Common Share", "Herald-Times, Other Local Papers Sold To GateHouse Media", "GateHouse Media to acquire New Jersey Herald", "USA Today owner Gannett merges with GateHouse Media to form massive newspaper company", "New Media Investment Group to Acquire Gannett", https://en.wikipedia.org/w/index.php?title=GateHouse_Media&oldid=1150183880, This page was last edited on 16 April 2023, at 19:22. 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. 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. The GateHouse Media corporate strategy continues to focus on acquiring and operating traditional local media businesses and transforming them from print-centric operations to multimedia operations. The $1.4 billion equity value is based on 116.7 million outstanding shares as of June 30. Gannett Co., Inc. owns USA Today and over 250 dailies. 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 . New York, New York, United States. Fortress owned 52% of GateHouse debt. After the close of the transaction, Gannett shareholders will hold approximately 49.5% of the combined company and New Media shareholders will hold approximately 50.5%. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. For example, the LA Times is now in the hands of its third owner since 2000, after being purchased by billionaire biotech investor Patrick Soon-Shiong. 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.. Who owns the Scotsman newspaper? 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.