who owns new media investment group

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. The company will be based atGannett's headquarters in McLean, Virginia. MGI's main operational presence is in North America and Europe. 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 . We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. Others, like Amazon founder Jeff Bezos, bought publications as. The deal "gives us a much broader platform on which to build our digital businesses and to help each of these local markets to become engines of growth for us from a digital perspective," Gannett CEO Paul Bascobert said Thursday at the company's shareholder meeting, where the vote results were revealed. Meanwhile, Vice recently acquired Refinery29 for $400 million, giving it access to a new audience skewed towards millennial women. 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. Vox Media recently inked a deal to acquire New York Media, the firm behind New York Magazine, Vulture, and The Cut. There are no current stakeholders of New Media Investment Group Inc cmn. Earlier this year, Gannett fended off newspaper chain MNG Enterprises's MNGE.PK efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. You may obtain free copies of these documents using the sources indicated above. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. 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. It listed assets of $433.7 million and debt of $1.3 billion. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. [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 can now move forward to finalize the deal, which is expected to close Tuesday, Nov. 19, "subject to the satisfaction of customary closing conditions," New Media said in a statement. Neither New Media nor Gannett can give any assurance that its expectations will be attained. 22 He assumed the New Media Investment Group CEO role in 2019 after the company merged of New Media and Gannett. Bernie Szachara, previously president of newspaper operations for GateHouse, who will serve as president of U.S. publishing operations. 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. The . In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting The companies will co-host a call to discuss the transaction and second quarter earnings on August 5, 2019 at 4:15 p.m. Eastern Time. Additional Information and Where to Find It. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. Its no secret that news media is a tough industry. New Media Investment Group (NYSE:NEWM) is focused primarily on investing in a diversified portfolio of local print and online media assets, and on growing existing advertising and digital marketing businesses. 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 company has been on a. Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. Are The Days Of Organic Social Media Reach Over? 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. The Psychology Of Investing. Cautionary Statement Regarding Forward-Looking Statements. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. 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. Its parent company, New Media Investment Group, merged with Gannett in 2019. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations About - Concord Both companies announced layoffs in the past year, and this restructuring may help both companies win as they consolidate resources. Ed Trissel / Tim Ragones / Tanner Kaufman [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. The News Media Alliance says there are 672 major daily newspapers in the United States. 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. 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. I think youre going to see that trend [of consolidation] across the industry. Mapped: The State of Democracy Around the World, Mapped: The Largest 15 U.S. Cities by GDP, Visualized: The Most (and Least) Expensive Cities to Live In, Mapped: The Population of Indias States Compared with Countries, Charted: 30 Years of Central Bank Gold Demand, Visualizing U.S. While New Media reported revenue of $404 million in its second quarter on Monday, Gannett had revenue of $660 million. Who Owns Newsmax 2022 And what is newsmax? - itsknows.com 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. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. The Company is one of the largest publishers of locally based print and online media in the United States as measured by number of daily publications. Shares of Gannett closed up 2.6% at $11.04, while those of New Media Investment Group closed down 7.6% at $9.89. As outlets battle the duopoly of Google and Facebook for advertising revenue, the local news game has become increasingly difficult. "The number is going to be higher.". SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. 8 million customer contracts worldwide. It delivers content and products related to eating, drinking, and entertaining with a Southern flair. (212) 355-4449, Internet Explorer presents a security risk. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. 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%. 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. (Reuters) - Local media company New Media Investment Group, said on Monday it will buy USA Today-owner Gannett Co. in a $1.4 billion deal, creating the biggest newspaper owner in the United States as publishers struggle with readers shifting to online sources for news. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". Advance Local Publications (22 dailies). Alexas top sites under the category of news (U.S. only, excluding user-generated). All Rights Reserved. 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. 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 [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. Delivery Hero Cautious On New Investments In Grocery Delivery, Navigating The New Era Of Sustainable Investing: How Family Offices Can Adapt To Evolving Regulations And Values, Misfits Gaming Group Hires Former Bleacher Report Exec Sam Toles As Chief Media & Entertainment Officer, Prince Harry Claims Murdochs News Group Paid Large Sum To Settle Phone Hacking Suit In 2020, New Collaborative Aims To Boost Investment In Companies Creating Quality Jobs For The Very Poor, WHSmith Invests In New North American Stores As It Eyes $62 Million In Profit, The Cavinder Twins Take Content Creation Beyond NIL With New Media Partnership, Why Alternative Strategies Represent A New Frontier In Investing, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. About 15 billionaires and six corporations own most of the U.S. media outlets. 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. Or 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. ir@newmediainv.com 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. The details are causing a stir in London. They are all of Jewish descent. While news media isnt quite as consolidated as the broader media ecosystem, its certainly trending in that direction. Such forward-looking statements speak only as of the date on which they are made. I just hope its done for the right reasons. Who owns the news? The 25 CEOs that control the world - AddictiveTips 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 to Acquire Gannett - Business Wire The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. 8 Contents History and Leadership The official website for the company is www.newmediainv.com. Which Countries are Buying Russian Fossil Fuels? The company, which also owns local papers ranging from the Detroit Free Press to the El Paso Times, missed second-quarter revenue on Monday. 6 7 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 editorial practices, and reducing jobs to increase profits. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. (212) 257-4170 [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. 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. Depending on if you count island territories independently or group them together, the final accounting of overseas territories and dependencies by country can vary. Michael E. Reed is the president and CEO of New Media Investment Group. 2. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. Website http://www.mediainvestmentgroup.com Industries Investment. Paul Ameden, CIO; Nov 2019 - Present3 years 6 months. Some are autonomous territories or constituent countries, while some are administered almost entirely as part of the parent country. Gasthalter & Co. Check out, Visualized: The Head of State of Each Country, by Age and Generation, Patriot Ledger, The Columbus Dispatch, The Providence Journal, USA Today, Detroit Free Press, Arizona Republic, Oakland Tribune, San Jose Mercury News, Denver Post, Niagara Gazette, The Huntsville Item, The Lebanon Reporter, Arizona Daily Sun, St. Louis Post Dispatch, The Maui News, The Toledo Chronicle, Salem News, Chicago Tribune, Los Angeles Times, The Baltimore Sun, Buffalo News, Winston-Salem Journal, Omaha World-Herald, Suburban Life Magazine, Putnam County Record, The Austin Daily Herald, The Charlotte Gazette, San Francisco Chronicle, Seattlepi.com, Houston Chronicle, Daily Corinthian, Connersville News-Examiner, Citrus County Chronicle, The News-Enterprise, Idaho Statesman, Miami Herald, The Sacramento Bee, The New Yorker, Vanity Fair, Wired, The Oregonian, NJ.com, Cherokee Chronicle Times, Southeast Missourian, Cheyenne Minuteman, Brookings Register, Newport News Times, Pitcairn, Henderson, Ducie & Oeno Islands, Saint Helena, Ascension & Tristan da cunha. 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. The storytelling bias is one of the most important, yet least known blindspots that affects our investing behavior. Shareholders of USA TODAY owner Gannett and New Media Investment Group Some bought television stations and magazines, too. 6 7 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 editorial practices, and reducing jobs to increase profits. [4] History [ edit] Liberty Group Publishing [ edit] Precise vote totals were not immediately available, but New Media CEO Mike Reed said that about 99% of the 75% of New Media shareholders who voted approved the deal. Including the. 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. 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. Mike Reed - Chairman / CEO - Gannett | USA TODAY NETWORK - LinkedIn The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. 25, New Media Investment Group is managed by New York-based firm Fortress Investment Group through an affiliate. New Media Investment Group, Inc. is a development stage company. It is one of the many French Overseas Territories that together are home to 2.6 million people. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. 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. After the closing of the Merger, both New Media and its operating subsidiary GateHouse, will be rebranded and operate under the Gannett brand. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. Gatehouse re-emerged from the planned bankruptcy in November 2013. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially from expectations or estimates reflected in such forward-looking statements, including, among others: Additional risk factors that could cause actual results to differ materially from expectations include, but are not limited to, the risks identified by New Media and Gannett in their respective most recent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. How Does U.S. Electricity Generation Change Over One Week? Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. About us - The company at a glance | IONOS 8, New Media Investment Group is a private equity firm which focuses on investing in local media assets, advertising, and digital marketing businesses. 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. 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. Analysts are split on whether the company can pull off the savings, which are critical to paying off a $1.8 billion loan that New Media obtained from private equity firm Apollo Global Management to help finance the deal. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. Ashley Higgins, New Media Investor Relations Who owns New Media Investment Group Inc cmn? Top stakeholders of New 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. Building those subscription bases will require investing in journalism, said Michael Silberman, senior vice president of strategy at subscription commerce and tech provider Piano, which counts New Media as a client. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. Gannett on Wednesdaynamed a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. 10 proprietary, georedundant ISO 27001 certified data centers. Who Owns Your Favorite News Media Outlet? - Visual Capitalist New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. Angel, Fund of Funds, Venture Capital), Whether an Organization is for profit or non-profit, General contact email for the organization, The date when the Organization went public. Copyright 2023 InfluenceWatch. 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. 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. 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. Target net leverage within two years of closing is expected to be below 1.75x. Please visit www.newmediainv.com and www.gannett.com. 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. 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. He told the Chicago Tribune last year . Accelerate digital strategy. As a result, news deserts have been springing up all over America: var divElement = document.getElementById('viz1570233446064'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.minWidth='600px';vizElement.style.maxWidth='1100px';vizElement.style.width='100%';vizElement.style.minHeight='427px';vizElement.style.maxHeight='627px';vizElement.style.height=(divElement.offsetWidth*0.75)+'px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.minWidth='600px';vizElement.style.maxWidth='1100px';vizElement.style.width='100%';vizElement.style.minHeight='427px';vizElement.style.maxHeight='627px';vizElement.style.height=(divElement.offsetWidth*0.75)+'px';} else { vizElement.style.width='100%';vizElement.style.height='677px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); One option is to simply go out of business, while another traditional solution is to combine forces through consolidation. Including the announced acquisitions, New Medias portfolio of products, which will include 449 community publications, 366 related websites, and six yellow page directories, will serve more than 130,000 business advertising accounts and will reach over 12 million people on a weekly basis. Stock ticker symbol (e.g. Gannett, New Media Investment Group deal: Shareholders to vote - USA Today The sale closed on Oct. 1, 2018, for $12.5 million. Consumption of Fuel and Materials per Capita, The Periodic Table of Commodity Returns (2013-2022), Visualizing 25 Years of Lithium Production, by Country, Ranked: The Worlds Largest Copper Producers, Mapped: Air Pollution Levels Around the World in 2022. "A lot of the focus in the early days will be on integration and cost savings, and the key to success will end up being how much of those cost savings are they able to ultimately plow back into the product itself and serving the local communities," saidSilberman, a former general manager of digital media at New York Media, the parent company of New York magazine. 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. 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.

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