Earlier this year, Gannett fended off newspaper chain MNG Enterprises's. This match-up seems awkward on the surface, but it allows advertisers to reach a broader cross-section of people within each ad ecosystem. New Media Investment Group, Inc. is a development stage company. (203) 307-2250 It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. I think youre going to see that trend [of consolidation] across the industry. More than 90,000 servers in operation. Its no secret that news media is a tough industry. On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. Meanwhile, Vice recently acquired Refinery29 for $400 million, giving it access to a new audience skewed towards millennial women. 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. While not ideal, the latter option at least provides a potential route to revenue and cost synergies that make it easier to compete in a challenging environment. Many of these regions still depend on their parent country to some capacity for economic, military, and diplomatic affairs. He has said he's confident of hitting the savings target. Who Owns Your News? The Top 100 Digital News Outlets and - TitleMax 11 12 As GateHouses parent company, New Media operated as many as 144 daily newspapers, 684 community publications, and 569 local market websites in 38 states. New Media shareholders will own 50.5% of the combined company, while Gannett shareholders will own 49.5%. That said, until the issue of monetization is definitively sorted out, consolidation may be the only way to keep the presses from stopping. Gannett Co. to be sold to New Media Investment Group - Milwaukee 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. Chart: Automakers Adoption of Fuel-Saving Technologies, Explainer: What to Know About the Ohio Train Derailment, Infographic: 11 Tech Trends to Watch in 2023. 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. Edit Lists Featuring This Company Section, New Media and Gannett Announce the Board of Directors for the Combined Company, New Media Announces European Commission Regulatory Clearance for Merger with Gannett, Greater New York Area Public Companies With More Than $100M in Revenue, East Coast Public Companies With Less Than $1B in Revenue, Northeastern US Public Companies With More Than $100M in Revenue, East Coast Public Companies With More Than $500 in Revenue. All Rights Reserved. 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. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. 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. Alden Global Capital Venture Capital owns Digital First Media (56 dailies). 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 actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. Except to the extent required by law, New Media and Gannett expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. The British still maintain many ties to several territories in the Caribbean (formerly the British West Indies) while French influence stretches from the Pacific to South America. This massive map highlights overseas territories and dependencies around the world and their sovereign states. IFM Investors - Overview The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. 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. The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. 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. New Media and Gannett are the largest U.S. newspaper owners by circulation, according to Statista. Gannett Co., Inc. is a subscription-led and digitally focused media and marketing solutions company committed to empowering . Each region has its own unique present-day status. The company was founded on June 18, 2013. The combined group of business publications was rebranded as BridgeTower Media.[18]. The newspapers were operated by GateHouse Media following the purchase. It listed assets of $433.7 million and debt of $1.3 billion. 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. New Media shareholders would own 50.5% of the combined company, while Gannett stockholders would own 49.5%. The Registration Statement, the Joint Proxy Statement and other relevant materials (when they become available) and any other documents filed or furnished by New Media or Gannett with the SEC may be obtained free of charge at the SECs web site, http://www.sec.gov. 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. It is the largest newspaper in Central Texas. 8, New Media Investment Group is a private equity firm which focuses on investing in local media assets, advertising, and digital marketing businesses. [22], In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa. 16 17 Following the merger, Gannett publishes 260 daily newspapers and 300 weekly publications in 47 states and Guam 18 and administers over 130,000 business advertising accounts with a weekly reach of over 12 million people. or 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. US Media Ownership | The Future of Media Project - Harvard University To connect with Gannett, visit www.gannett.com. "There are a lot of vultures circling the industry right now, and Mike is not one of them.. 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. 'Pivot' needed for digital transformation as merger is completed, Shareholders of USA TODAY owner Gannett and New Media Investment Group approve merger, New Media and Gannett announce board of directors for combined company, Your California Privacy Rights / Privacy Policy. New York, New York, United States. Their histories vary, but most are tied to either modern colonialism from the 1400s onwards, or wars from the 19th and 20th centuries. Who Owns Newsmax? (The Ultimate Guide 2023) Michael E. Reed is the president and CEO of New Media Investment Group. 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. 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. GateHouse Media Inc. was an American publisher of locally based print and digital media. Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. New Media Investment Group's mailing address is 1345 AVENUE OF THE AMERICAS, NEW YORK NY, 10105. 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. USA TODAY owner Gannett acquired by GateHouse Media owner It intends to operate newspaper, media directory and other media content businesses. 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.". [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]. 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. 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. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. Reporting by Vibhuti Sharma in Bengaluru; Editing by Shinjini Ganguli. 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). 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. Eliminates certain payments otherwise due at or after the end of the term. 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. [10] The company filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on September 27, 2013. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. Unlike others on this list, the Cook Islands in the South Pacific is not only self-governing but also runs its own foreign and defense policy and is in free association with New Zealand. (212) 479-3160 [15] They also acquired Dolan Media Group[16] and Journal Multimedia,[17] adding business publications to their portfolio. It currently has an elected legislature and governor and is home to a large U.S. military base. Gannett on Wednesdaynamed a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. 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. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. In a joint interview, Reed and Bascobert said they assembled their executive team with an eye on cohesion as the company aims to become a digital media powerhouse. Its parent company, New Media Investment Group, merged with Gannett in 2019. They are all of Jewish descent. 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. It is one of the many French Overseas Territories that together are home to 2.6 million people. Significant synergies. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The Erie Times-News, family-owned since its founding, is sold Shareholders of USA TODAY owner Gannett and New Media Investment Group 8 Contents History and Leadership Information about the directors and executive officers of New Media is set forth in the proxy statement for its 2019 Annual Meeting of Stockholders, which was filed with the SEC on April 12, 2019. [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. Nov 2019 - Present3 years 6 months. How Does U.S. Electricity Generation Change Over One Week? Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. [9], By 2013, GateHouse Media grew, operating in 330 markets across 21 states, but they found themselves in a debt situation that would prohibit future growth. Another highlight is that the majority of these regions are islands located quite a distance from their parent countries. The Company combines organic growth with value-generating synergetic acquisitions, which has demonstrated continuous strong profitable growth with a revenue . He told the Chicago Tribune last year . 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 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. 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. 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. About us - The company at a glance | IONOS unlocking meaningful shareholder value, New Medias external management agreement to be amended at closing and terminated in 2021. 3, New Media Investment Group oversees the operations and publishing of 260 daily newspapers and 300 weekly publications in 47 states and Guam 4 and administers over 130,000 business advertising accounts with a weekly reach of over 12 million people. 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. Visualizing the Flow of Energy-Related CO2 Emissions in the U.S. Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). When Bermuda was first discovered in the 1500s by the Spanish in the Caribbean, and then a century later by the English, there was no Indigenous population documented. Bonus Gift: Celebrating the Best of the VC+ Archive, More U.S. Tech Companies are Adopting Unequal Dual-Class Voting Structures, How Gen Z Feels About Its Financial Future, Interested in an overview of who leads countries around the world? 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. In recent years, Gannett has pursued a unified journalism and business strategy through the promotion of the USA TODAY Network, which includes all of its U.S. publications. Some bought television stations and magazines, too. With the advent of technology and the globalization of markets, investors have more choices than ever. I just hope its done for the right reasons. Index of US Mainstream Media Ownership - Harvard University It isnt just regional papers being swept up in the latest round of mergers and acquisitions new media is getting into the mix as well. MGI - Media and Games Invest SE ("MGI") is an advertising software platform with strong first-party games content. The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. An overseas territory or dependency is a region with ties abroad to a sovereign nationnot a completely independent state, but also not a constituent part or administrative subdivision of the parent country. It now has a constitution, a parliament, and a governor who exercises power on behalf of the British head of state. 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.

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