who owns new media investment group

Are The Days Of Organic Social Media Reach Over? 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. Uniting our talented employees and complementary portfolios will enable us to expand our comprehensive, hyperlocal coverage for consumers, deepen our product offering for local businesses, and accelerate our shift from print-centric to dynamic multimedia operations. At first it was used by passing ships as a replenishment spot, but the English eventually settled it in the 17th century. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. It listed assets of $433.7 million and debt of $1.3 billion. Gasthalter & Co. 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. Concord is a private company funded by long-term institutional capital and members of Concord's management team. Such forward-looking statements speak only as of the date on which they are made. Adam Reinbach will serve as president and CEO of BridgeTower Media, which produces business, home furnishings,legislative and other digital and print publications and events. 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 . (212) 355-4449, Internet Explorer presents a security risk. In 2004, conservative businessman Christopher Ruddy partnered with New Media Investment Group, and the name was changed to Newsmax. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. The company was founded on June 18, 2013 and is headquartered in New York, NY. 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. All Rights Reserved. You may obtain free copies of these documents using the sources indicated above. the parties ability to consummate the proposed transaction and to meet expectations regarding the timing and completion of the proposed transaction; the satisfaction or waiver of the conditions to the completion of the proposed transaction, including the receipt of the required approval of New Medias stockholders and Gannetts stockholders with respect to the proposed transaction and the receipt of regulatory clearances required to consummate the proposed transaction, in each case, on the terms expected or on the anticipated schedule; the risk that the parties may be unable to achieve the anticipated benefits of the proposed transaction, including synergies and operating efficiencies, within the expected time-frames or at all; the risk that the committed financing necessary for the consummation of the proposed transaction is unavailable at the closing, and that any replacement financing may not be available on similar terms, or at all; the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected; the risk that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the proposed transaction; the retention of certain key employees; and. 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%. Where are Clean Energy Technologies Manufactured? Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. 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. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. Gannett Co., Inc. owns USA Today and over 250 dailies. Alden Global Capital Venture Capital owns Digital First Media (56 dailies). Their histories vary, but most are tied to either modern colonialism from the 1400s onwards, or wars from the 19th and 20th centuries. The company's nine-member board will consist of five directors from New Media,. On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. 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. New Media shareholders will own 50.5% of the combined company, while Gannett shareholders will own 49.5%. A group of impact organizations just formed the Dignified Jobs Collaborative, aimed at increasing investment in companies creating quality jobs for those living in extreme poverty in developing markets. 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. 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. JPIMedia The Scotsman 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. 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. 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. But he does not believe the company will achieve its cost-savings goal. GateHouse Media Inc. was an American publisher of locally based print and digital media. 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. [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. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. To finance the deal, New Media is borrowing $1.8 billion from private equity firm. As an overseas map, it also excludes territories sharing a border, or that are part of a larger state or province (like Germanys Heligoland, part of the state of Schleswig-Holstein). The planned bankruptcy centered on restructuring the Fortress News Corp deal. Sam Levenson After the merger closes, expected by the second half of 2019, New Media will hold about 50.5% stake in the combined company, to be led by Reed. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. 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 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. Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. 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. Its no secret that news media is a tough industry. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. New Media Investment Group's mailing address is 1345 AVENUE OF THE AMERICAS, NEW YORK NY, 10105. Strategic, investment advisory and management services firm that focuses on technology, media and content companies. 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. 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. ir@newmediainv.com Mason Slaine, former CEO of business information publisher Thomson Financial, owns about 8%. Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. The company can be reached via phone at 212-479-3160 or via email at ir@newmediainv.com. Use Forbes logos and quotes in your marketing. 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. [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. Timeline: Cannabis Legislation in the U.S. Visualizing the Relationship Between Cancer and Lifespan, Visualizing How COVID-19 Antiviral Pills and Vaccines Work at the Cellular Level, Global EV Production: BYD Surpasses Tesla. The combined companys Board of Directors will have nine members, including Mr. Reed as Chairman, five independent directors from New Media, and three independent directors from Gannett. New Media and Gannett share a strategic vision, and the combined companys significantly enhanced scale of operations will enable it to realize this vision more rapidly, while generating value for shareholders and benefits for employees and other stakeholders. Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. They created a news website called Phoenix New Media, which was renamed New Media Investment Group in 2008. If shareholders give the thumbs-up during the vote this November, Gannett will have amassed the largest online audience of any American news provider. 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. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. GateHouse Media Inc. was an American publisher of locally based print and digital media. 3. 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. With the advent of technology and the globalization of markets, investors have more choices than ever. New York, New York, United States. The Company combines organic growth with value-generating synergetic acquisitions, which has demonstrated continuous strong profitable growth with a revenue . Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. After the closing of the Merger, both New Media and its operating subsidiary GateHouse, will be rebranded and operate under the Gannett brand. 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. They are all of Jewish descent. Now by merging, the companies expect to cut costs by $275-300 million annually and said they would together have 263 daily media organizations across 47 states, as well as USA Today. 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 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. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. Both New Media and its operating subsidiary GateHouse will be rebranded and operate under brand Gannett. 19, Michael E. Reed is the president and CEO of New Media Investment Group. 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. The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. Sales, however, havent quite picked up as yet. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. 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. Growing a successful business on social media requires a combination of authenticity, passion, consistency, engagement and creativity. 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. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. The sale closed on Oct. 1, 2018, for $12.5 million. 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. [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]. 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. Fortress owned 52% of GateHouse debt. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. The United States by itself accounts for 11 of the territories spread out across the North and South Pacific. The News Media Alliance says there are 672 major daily newspapers in the United States. 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. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. While Cook Islanders are New Zealand citizens, with the same monarch as head of state, they are also separate Cook Island nationals. 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. As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. All interested parties are welcome to participate. 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. Credit Suisse is serving as financial advisor to New Media, and Cravath, Swaine & Moore LLP is serving as principal legal counsel. In November 2019, New Media Investment Group (which owns the legacy GateHouse Media assets) purchased Gannett, changing the name of the combined company to Gannett Co., Inc. and keeping the GCI stock ticker. Eliminates certain payments otherwise due at or after the end of the term. 1:02 Gannett on Wednesday named a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. Additional Information and Where to Find It. Michael E. Reed is the president and CEO of New Media Investment Group. Engel's role was announced previously. "I don't think this is going to be a lay-up," he said. While New Media reported revenue of $404 million in its second quarter on Monday, Gannett had revenue of $660 million. Faced with problems, it downsized to 270 by June 2005. 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. Joele Frank, Wilkinson Brimmer Katcher Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. The company was founded on June 18, 2013. 22 He assumed the New Media Investment Group CEO role in 2019 after the company merged of New Media and Gannett. New Media Investment Group, Inc. is a development stage 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. (212) 257-4170 [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. The storytelling bias is one of the most important, yet least known blindspots that affects our investing behavior. He told the Chicago Tribune last year . [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. New Media and Gannett will co-host a conference call to discuss the transaction and second quarter earnings on August 5, 2019 at 4:15 p.m. Eastern Time. The terms involved the cancellation of shares of Gatehouse, but those owners receiving warrants to buy shares in New Media Investment Group Inc.[11][12], Subsequently, Gatehouse Media acquired several newspaper groups between 2014 and 2017, including Halifax,[13] Stephens Media,[14] Calkins Media and Morris Publications. (Reuters) - Local media company New Media Investment Group NEWM.N said on Monday it will buy USA Today-owner Gannett Co GCI.N in a $1.4 billion deal, creating the biggest newspaper owner. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base.

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