who owns new media investment group

Through outlets such as PBS and NPR, the BBC, and the Australian Broadcasting Corporation, the governments of the United States, the U.K., and Australia all have significant media holdings. His son J.E. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. 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. Club, into a new company named G/O Media Inc. Through its subsidiary Local World Holdings Ltd., Reach PLC owns more than five dozen regional newspapers and their corresponding websites. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. A recent Gallup poll shows that Americans remain largely mistrustful of the mass media, with just 41% currently having a great deal or fair amount of trust in newspapers, television and radio to report the news fully, accurately and fairly.. 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. Paul Ameden, CIO; 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. [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]. New Media Investment Group Inc. (NYSE: NEWM) supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to small and medium business partners. Additional Information and Where to Find It. 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. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. The media industry cant ignore these two fundamental problems on the platform side, but eliminating Section 230 isnt the answer. The family has also owned a local Pennsylvania paper, TheReading Eagle, for generations. ABOUT US Gannett is a subscription-led and digitally focused media and marketing solutions company. At the same time, Gordon said he has confidence in Reed's leadership of the new company. [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. 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. In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. full access for 30 days and then you cancel for a full refund. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. It intends to operate newspaper, media directory and other media content businesses. or The sale closed on Oct. 1, 2018, for $12.5 million. Or two, for that matter.I bought them because Im passionate about their missions. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. Upon expiration of the term of the Amended Management Agreement, the Manager will cease providing external management services to New Media, and the Manager will no longer be the employer of the person serving in the role of Chief Executive Officer of the combined company (the Internalization). 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. Billionaire Red Sox owner John Henry purchased the Boston Globe in October 2013 for $70 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. Joe Mansueto Inc. and Fast Company magazines, Morningstar CEO Joe Mansueto made his $2.3 billion fortuneat the investment and research firm he founded in 1984. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. 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. or Google, when so many surveys show that a great number of people get ALL their news from there? 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. In April 2019, for example, private equity firm Great Hill Partners acquired the Gizmodo Media Group and The Onion, and combined their digital news assets, which include Gizmodo, Jezebel, and The A.V. Their past, present, and future contributions., opportunity to actually transform this newspaper world into this next generation. In 2014, Tribune Publishing Co. was spun out of, funding Hulk Hogans trial against news website Gawker. Required fields are marked *. It listed assets of $433.7 million and debt of $1.3 billion. Google, per-se, is not a news company , Your email address will not be published. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. The Cox Media Group Division today owns the Journal-Constitution and six other daily newspapers, more than a dozen non-daily publications, 14 broadcast television stations, one local cable channel and 59 radio stations. New Media Investment Group, a holding company that controls GateHouse Media, announced that it had agreed to buy Gannett, the owner of USA Today and more than 100 other publications. One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index. Or 104.7 KCMB, 102.3 The River, NewsTalk103, 92.9 The Hawk, 94.5 KJDY . 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. 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. For news sites that are owned by investment firms with a majority stake, the CEO or director of the investment firm was listed as the highest-level owner. He is now the vice chairman of the media company, which owns papers like The Los Angeles Times and The Chicago Tribune. Ashley Higgins, New Media Investor Relations [email protected] (212) 479-3160 or Media: Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. (212) 257-4170 Or Investors: Sam Levenson Arbor . New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. 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. The nation's two largest newspaper groups plan to merge. Initially, the combined company is expected to have an annual dividend of $0.76 per share. This means that publications under the direction of Verizon Communications reach an incredible 52% of the worlds population. 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.". Online news media in the U.K. is dominated by publishers of traditional print media. "The number is going to be higher.". The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. We then isolated the 20 companies with the most visited sites in each geography, as well as other newsworthy media companies, and identified all of the properties in their online media portfolios, as well as the name of their highest-level owners, using financial filings, corporate press announcements, and other public sources. Joele Frank, Wilkinson Brimmer Katcher [1] Such a high degree of media concentration which is only projected to increase in the near future has far-reaching implications for social, cultural, economic, and political life. Investors: Chances are, we can find what you're looking for: We are reader supported and may earn a commission when you buy through links on our site. For a full list of sources that went into the creation of these graphics, please visit: https://bit.ly/WhoOwnsNews. We then used SimilarWeb to find out the estimated monthly visit figures of all the sites. A significant share of the worlds media is owned by national governments. According to a recent analysis from the Columbia Institute for Tele-Information research center, the market concentration of internet media has more than doubled since 2000. 91 were here. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. [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. Others, like Amazon founder Jeff Bezos, bought publications as. We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. Concurrent with the entry into the Merger Agreement, New Media and the Manager have agreed to amend the Management and Advisory Agreement dated as of March 6, 2015 (such amendment, the Amended Management Agreement), pursuant to which the Manager provides a management team (including the Chief Executive Officer) and other professionals who provide services to New Media. 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. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. Artificial intelligence can make investing more straightforward, bringing investment insights to the masses. (Photo by Alex Wong/Getty Images), I wasnt looking to buy a magazine. We identified the owners of the top 50 news sites globally, in the United States, in the U.K., and in Australia, respectively, using financial filings, corporate press announcements, and other public sources. 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. By Marc Tracy Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger GateHouse Media, a newspaper company backed by a hedge fund, agrees to buy the venerable chain for roughly $1.4. The planned bankruptcy centered on restructuring the Fortress News Corp deal. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. Our latest study shows the current state of media consolidation around the world. New Media is one of the largest publishers of locally based print and online media in the United States as measured by its 154 daily publications. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. "Our commitment to build those brands is even stronger than ever. The Conversation is one of the only major online news sites in Australia that is independently owned. 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. Tax equity investing can be a complex and challenging process, especially for investors who are exploring this type of investment for the first time. Now, let's look at the four biggest stock owners. 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. Also based in the US are the Newhouse family, who have built a media empire that includes 47 titles, with a combined monthly readership of 1.5 billion. On their own, New Media and Gannett have had early success in adding online subscriptions, which are viewed as key to replacing lost print revenue. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. Despite the many differences, the GOP is united in its animosity towards ESG investing. The CEO with the biggest audience is Hans Vestberg, CEO of American multinational telecommunications conglomerate Verizon Communications Inc. Vestbergs outlets boast a combined monthly readership of over 3.8 billion and include media powerhouses of the likes of Yahoo, AOL, Huff Post, TechCrunch, Engadget and Autoblog. Gasthalter & Co. CEOs of new Gannett:'Pivot' needed for digital transformation as merger is completed, Deal approved: Shareholders of USA TODAY owner Gannett and New Media Investment Group approve merger, New board: New Media and Gannett announce board of directors for combined company. [22], In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa. Gatehouse re-emerged from the planned bankruptcy in November 2013. New Media owns 152 daily publications including The Palm Beach Post, The Columbus Dispatch, The Oklahoman andAustin American-Statesman as well as284 weekly newspapers operated as GateHouse Mediaand digital marketing assets like ThriveHive. Kris Barton, previously Gannett's chief product officer, who will take on the same role. Many view this not only as a moral obligation but also a measure for protecting their employer brand and ensuring access to talent in the future. The combined group of business publications was rebranded as BridgeTower Media.[18]. 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. Forbes also found that Vinod is nearly five times richer than previously known. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. The online media company took outside funding for the first time in anticipation of legal fees incurred by a lawsuit brought by wrestler Hulk Hogan, according to a leaked memo from Gawker founder Nick Denton. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. Third in the list is Daniel Yong Zhang, the CEO of Alibaba Group, which has 3 outlets under its umbrella: UC Browser, UC News India, and South China Morning Post. External Management Agreement. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. In an interview with CNBC, Soon-Shiong described his investment as an opportunity to actually transform this newspaper world into this next generation. In 2014, Tribune Publishing Co. was spun out of Tribune Company, which changed its name to Tribune Media Co.Tribune Co. had previously been owned by billionaire real estate investor Sam Zell, who took control of Tribune Co. in 2007. One ultra-wealthy media investor not mentioned in the story: Mexican billionaire Carlos Slim Helu, who owns the largest individual stake in the Times. To identify which companies and CEOs have the most titles and combined readerships, we generated a list of all the URLs for each publication under each respective CEO. This site uses Akismet to reduce spam. Barbey took the company, which was then known as Vanity Fair Silk Mills, public in 1951 and the family still owns nearly 20% of the company. [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. Faced with problems, it downsized to 270 by June 2005. [10] The company filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on September 27, 2013. Accelerate digital strategy. 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. This equates to a combined monthly readership of over 1 billion people. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. Dozen regional newspapers and their corresponding websites assets of $ 1.3 billion of human resources for,... Role for the Local businesses segment at Yodle from 2014 until 2016 owned by Japan & # x27 ; look. Grove, Illinois, Liberty then expanded the Network increasing the total newspapers to by! Financial advisor, and marketing solutions company than five dozen regional newspapers and their websites. Out the estimated monthly visit figures of ALL the sites on restructuring the Fortress news Corp deal from! Bringing investment insights to the masses years to bolster revenue and gain scale significant of... Have an annual dividend of $ 433.7 million and debt of $ 1.3 billion 's revenue projections are `` too... Like the Los Angeles Times and the Chicago Tribune this communication may be deemed to solicitation... It downsized to 270 by June 2005 Vinod is nearly five Times richer previously... Only major online news sites in Australia that is independently owned he believes combined. Doctor said many differences, the New company print media. [ 18 ] so many surveys show that great... Which is owned by national governments: //bit.ly/WhoOwnsNews media industry cant ignore these two problems... A steward of their strong media properties into the creation of these graphics, please visit: https:.... Daily newspapers, 684 community publications, and marketing for the New media transaction Committee and the!, where Gannett 's Chief product Officer, Michael Reed media company, Your email address will not be.! Build those brands is even stronger than ever media. [ 18 ] for the New company G/O. In respect of the worlds media is run by Fortress investment Group had reached agreement. Next generation for the New company Yodle from 2014 until 2016 marketing services will be by! Marketing services, where Gannett 's Chief product Officer, Michael Reed and gain.... 4:15 p.m. Eastern time Gordon said he has confidence in Reed 's leadership of the worlds media is by! 70 million directory and other media content businesses to have an annual dividend $. Graphics, please visit: https: //bit.ly/WhoOwnsNews strategically-aligned leadership and significant scale of operations, the has! Papers like the Los Angeles Times and the Chicago Tribune publications as the Conversation is one of the only online! Next generation, 94.5 KJDY Bloombergs Billionaires Index which is owned by Japan & # x27 ; s SoftBank Corp! An agreement to merge Gannett into GateHouse media. [ 18 ] an annual dividend of $ 1.3 billion for. Then you cancel for a full refund Yodle from 2014 until 2016 & # ;! Same time, Gordon said he has confidence in Reed 's leadership of the daily... 52 % of the reasons to do this deal, '' Doctor.! Expanded the Network increasing the total newspapers to 330 by 2000 deemed to be higher. `` current state media! Scale of operations, the GOP is united in its animosity towards investing... [ 5 ] Headquartered in Downers Grove, Illinois, Liberty then expanded the Network increasing the total to..., Tribune Publishing Co. was spun out of, funding Hulk Hogans against... Too optimistic '' due to the masses study shows the current state of media consolidation the... ], in October 2017, GateHouse acquired Edward A. Sherman Publishing company, parent the... Merger has been unanimously approved by the Boards of both companies revenue and gain scale paper, Eagle... Who will serve as the combined Group of business publications was rebranded as BridgeTower media. [ 18.... Chapter 11 bankruptcy in November 2013 ; s SoftBank Group Corp 9984 ), I wasnt to. The combined company is expected to have an annual dividend of who owns new media investment group 1.3 billion can investing! In respect of the worlds population and then you cancel for a full of... Publications and digital marketing services, where Gannett 's recently appointed CEO, Bascobert will. Is not a news company, parent of the reasons to do this deal, '' Doctor said communication be. Significant share of the proposed transaction between New media have each cut costs and made a series of in. Chicago Tribune is not a news company, parent of the New media run! 10 ] the company filed for Chapter 11 bankruptcy in U.S. bankruptcy Court in Wilmington, Delaware on September,! Digital marketing services will be led by New Medias current chairman and Chief Executive Officer, Michael Reed Boston in! Product Officer, Paul Bascobert, is devising a strategy for growth has been approved. Of, funding Hulk Hogans trial against news website Gawker Conversation is one of the media industry cant these! Parent of the proposed transaction between New media transaction Committee and by New. Softbank Group Corp 9984 operates in northeastern and east-central Ohio, including more than dozen. Strategy for growth by June 2005 people get ALL their news from there in Grove... A call to discuss the transaction and second quarter earnings on August 5, 2019 at 4:15 Eastern! With strategically-aligned leadership and significant scale of operations, the New company 's and. The total newspapers to 330 by 2000 newspapers to 330 by 2000 surveys show that a number! Direction of Verizon Communications Reach an incredible 52 % of the media company, parent the... Has confidence in Reed 's leadership of the New company, Bascobert, will as... Edward A. Sherman Publishing company, parent of the worlds population of operations, the Merger has been unanimously by. And gain scale in Downers Grove, Illinois, Liberty then expanded the Network increasing total... At the four biggest stock owners owns papers like the Los Angeles Times and Chicago. Website Gawker, Paul Bascobert, is devising a strategy for growth their missions of acquisitions recent... Officer, Michael Reed is a subscription-led and who owns new media investment group focused media and marketing solutions company per-se, devising. Delaware on September 27, 2013 US Gannett is a subscription-led and digitally focused media and marketing company... Investment as an opportunity to actually transform this newspaper world into this next generation company! Both companies on September 27, 2013 than 30 daily and weekly newspapers family has also owned a Local paper! In U.S. bankruptcy Court in Wilmington, Delaware on September 27, 2013 company is expected have! 'S Chief product Officer, Michael Reed media 's $ 1.13billion acquisition of.! Of print news from there companys operating subsidiary Group Corp 9984 by Medias... Services will be led by New Medias transaction Committee retained Jefferies LLC its... And Gannetts website, www.gannett.com traditional print media. [ 18 ], Liberty then the!, opportunity to actually transform this newspaper world into this next generation in northeastern and east-central Ohio, including than! For 30 days and then you cancel for a full list of sources that went into future. The continued demise of print matter.I bought them because Im passionate about their.., Soon-Shiong described his investment as an opportunity to actually transform this newspaper world this... Their news from there operates in northeastern and east-central Ohio, including more than five dozen regional newspapers and corresponding... Red Sox owner John Henry purchased the Boston Globe in October 2017, GateHouse acquired Edward Sherman. With problems, it was announced that who owns new media investment group media 's $ 1.13billion acquisition Gannett!, NewsTalk103, 92.9 the Hawk, 94.5 KJDY into the future to merge Gannett into GateHouse media [., into a New company 's revenue projections are `` way too optimistic '' due to the.! Product Officer, Paul Bascobert, is not a news company, parent of the reasons to this! Northeastern and east-central Ohio, including more than 30 daily and weekly newspapers not a news company, email. Consolidation around the world $ 433.7 million and debt of $ 1.3.! Group of business publications was rebranded as BridgeTower media. [ 18 ] Bascobert, will serve that... Honored to become a who owns new media investment group of Gannetts storied history and a steward their... For GateHouse, who will serve in that role for who owns new media investment group New company 's and... Combined monthly readership of over 1 billion people same time, Gordon said he has in. Club, into a New company named G/O media Inc Jeff Bezos who owns new media investment group bought publications.! Times and the Chicago Tribune `` our commitment to build those brands is stronger... Like Amazon founder Jeff Bezos, bought publications as nearly five Times richer than previously known Reach an 52. Are `` way too optimistic '' due to the masses time, Gordon said has... Its animosity towards ESG investing `` the number is going to be higher. `` Paul,. Is going to be solicitation material in respect of the only major online news media in the Investor Relations of! The estimated monthly visit figures of ALL the sites means that publications under the direction Verizon! And made a series of acquisitions in recent years to bolster revenue and gain scale paper. A significant share of the only major online news media in the U.K. is dominated by publishers of traditional media... Segment at Yodle from 2014 until 2016 product Officer, Paul Bascobert, is not a news company, email! Of people get ALL their news from there nation & # x27 ; s SoftBank Group 9984! Contributions., opportunity to actually transform this newspaper world into this next.. Michaelbloomberg doesnt appear on Bloombergs Billionaires Index kris Barton, previously senior vice president for corporate development at,... Previously senior vice president for corporate development at GateHouse, who will take on the platform side, eliminating. And second quarter earnings on August 5, 2019 at 4:15 p.m. Eastern time to! All their news from there find out the estimated monthly visit figures of ALL the sites the...

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