Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. Less than a year later, the companywentbankrupt. 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. 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. 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. [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. 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. This is normal when the security: Has been acquired or taken private Has merged with another entity Has changed its name and has a new CUSIP (and/or symbol) Has been delisted and the ticker has changed Please use Search to find the security you were looking for. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. Many firms are masters at making money. Learn how your comment data is processed. Social media news isnt news. 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. Cautionary Statement Regarding Forward-Looking Statements. Additional Information and Where to Find It. Heres how you can use AI to build your portfolio. Bezos denied the allegations at a tech conference at the Washington Post in May. 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. 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. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. Paul Bascobert will serve as CEO of the new company's operating subsidiary, Gannett Media Corp., as previously announced. 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. "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 New York Times published an article last Fridaycriticizing the power that billionaires wield over media companies. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. Newspaper Chain, Targets 'Inefficiencies', "Red ink pressing publisher; Liberty Group grew fast, but so did its debt Crains August 5, 2004", "International Directory of Company Histories. Si stepped down as chairman of Conde Nast in 2015. David S. Cohen was officially sworn-in on January 20, 2021. Other top 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. 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. 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. [24] In June 2017, GateHouse announced it was purchasing Calkins Media Group's four six-day-a-week newspapers and Calkins Digital Group, a press facility and related websites and other digital operations. Club, into a new company named G/O Media Inc. The last step was to put a name (and a face) to each company by identifying the highest-level owners. "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. Fortress owned 52% of GateHouse debt. "The number is going to be higher.". Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become 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 companies believe that diversity can strengthen board performance and New Media is actively searching for women and other candidates with diverse backgrounds and experiences. As the largest shareholder, his investment allows him to vote for approximately one . It is the largest newspaper in Central Texas. Artificial intelligence can make investing more straightforward, bringing investment insights to the masses. Investors: Please visit www.newmediainv.com and www.gannett.com. New Media CEO Mike Reed, who will become CEO of the new Gannett, told investors on Oct. 31 that "we feel great about the synergies.". (703) 854-3168 Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. They unquestionably get more than enough daily hits to qualify. investors@gannett.com 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. It intends to operate newspaper, media directory and other media content businesses. We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. Such forward-looking statements speak only as of the date on which they are made. Since then, there have been reports of Adelson influencing coverage of himself at a newspaper that in the past was often critical of the billionaire. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. News that billionaire Peter Thielis funding Hulk Hogans trial against news website Gawker set the media and technology worlds on fire last week, sparking a conversation about theultra-wealthys role incontrolling the news. Joele Frank, Wilkinson Brimmer Katcher The nation's two largest newspaper groups plan to merge. [3] [4] It is the largest U.S. newspaper publisher as measured by total daily circulation. This means that publications under the direction of Verizon Communications reach an incredible 52% of the worlds population. James Cox, the company founder and grandfather of current chairmanJim Kennedy, bought his first newspaper, the Dayton Ohio Evening News, in 1898. "Weve spent a lot of time carefully selecting the management team for the company, and itll be a good blend of the two companies on the management team, which will help the culture issue," Reed said. Gannett Co., Inc. owns USA Today and over 250 dailies. 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. Who owns new media investment group? Kris Barton, previously Gannett's chief product officer, who will take on the same role. 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. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. ABOUT US Gannett is a subscription-led and digitally focused media and marketing solutions company. Donald and Samuel Si Newhouse -Advance Publications. [1] Noam, E. 2016. Who Owns the Worlds Media? 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. Compare Today's Range N/A 50-Day Range $1.25 $6.28 52-Week Range N/A Volume 4.10 million shs Average Volume 1.03 million shs Market Capitalization $87.70 million P/E Ratio 212.00 The Globe was previously owned by the New York Times for twenty years. 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. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. As media moguls continue to build their empires, and emerging conglomerates begin to expand into the news media industry, it is important to remain aware of who exactly owns the news. 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