In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. With the advent of technology and the globalization of markets, investors have more choices than ever. New Media and Gannett share a commitment to rationalizing costs as the media industry evolves, while continuing to invest in product development, training for newsrooms and understanding readers needs. As outlets battle the duopoly of Google and Facebook for advertising revenue, the local news game has become increasingly difficult. Mapped: Asias Biggest Sources of Electricity by Country. New Media is focused primarily on investing in a high quality, diversified portfolio of local media assets. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. 10 proprietary, georedundant ISO 27001 certified data centers. Thousands of American communities that had local newspapers in 2004 now have no news coverage at all, while remaining papers are increasingly becoming units within an umbrella company, with no direct stake in community reporting. The company's nine-member board will consist of five directors from New Media,. 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. He told the Chicago Tribune last year . Another highlight is that the majority of these regions are islands located quite a distance from their parent countries. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. The majority is always wrong; the minority is rarely right. 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. Gannett shareholders will receive $6.25 in cash and 0.5427 of a New Media share for each share they hold, amounting to $12.06, which represents 12.2% premium to Gannetts Friday close. Enhanced scale. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. 22 He assumed the New Media Investment Group CEO role in 2019 after the company merged of New Media and Gannett. Gannett Co., Inc. owns USA Today and over 250 dailies. To connect with Gannett, visit www.gannett.com. efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. New Media Investment Group and Gannett finalized their merger Tuesday, putting top executives in position to move ahead with plans they believe will transform the new company's local and. Mason Slaine, former CEO of business information publisher Thomson Financial, owns about 8%. 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. Earlier this year, Gannett fended off newspaper chain MNG Enterprises's. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. That was down from about $1.4 billion when the deal was announced in August because of a decline in New Medias stock price. "We have been working hard on integration planning, and we are now even more confident in our ability to realize the high end of the range in savings and within the 18- to 24-month period we previously stated," he said. One of the furthest is New Caledonia, a French territory around 17,000 km away from European France. [30], On April 10, 2018, GateHouse announced that it had agreed to acquire the Akron Beacon Journal of Akron, Ohio for $16 million from Black Press Group. In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. The planned bankruptcy centered on restructuring the Fortress News Corp deal. "The combined operations will have a broad local-to-national network of incredibly talented, experienced journalists who can continue to deliver unique award-winning content for both local communities and national audiences," Bascobert told investors in a conference call Nov. 4. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. "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. The company has been on a. (212) 479-3160 New Media Investment Group, Inc. is a development stage company. 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. [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. This island in the Indian Ocean 700 km off the coast of Madagascar was first settled by the French in the 17th century, though it was discovered earlier by the Portuguese. Stockholders of New Media and Gannett are urged to read all relevant documents filed with the SEC, including the Registration Statement and the Joint Proxy Statement, as well as any amendments or supplements to these documents, carefully when they become available because they will contain important information about the proposed transaction. Importantly, we have found in New Media a strong partner and cultural fit for Gannett as we continue delivering on a shared commitment to journalistic excellence for the communities we serve.. 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. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. Note: The graphic has been updated to reflect changes in ownership for Refinery29, Gizmodo, and Jezebel. 2023 Forbes Media LLC. Eliminates certain payments otherwise due at or after the end of the term. I suspect broad social media sites could lose a lot of steam in the future as more dedicated sites meeting the needs of people with similar interests will become more popular. The $1.4 billion equity value is based on 116.7 million outstanding shares as of June 30. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. 2. While its mail is delivered from the Pittsford, NY 14534 post office, GateHouse's headquarters lie about a third of a mile east of the eastern border of, U.S. Bankruptcy Court in Wilmington, Delaware, List of newspapers owned by GateHouse Media, "Gannett, Now Largest U.S. 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. Visualizing the Flow of Energy-Related CO2 Emissions in the U.S. 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. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. 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. 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. You may obtain free copies of these documents using the sources indicated above. With an unmatched local-to-national reach, Gannett touches the lives of more than 125 million people monthly with its Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. New Media and Gannett and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of shares of New Media common stock and holders of shares of Gannett common stock in respect of the proposed transaction. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. The majority of synergies is expected to be realized within 24 months of closing and result from the increased scale of the new organization, sharing of best practices, leveraging existing infrastructure, facility rationalization and other judicious cost reductions. Their histories vary, but most are tied to either modern colonialism from the 1400s onwards, or wars from the 19th and 20th centuries. 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. 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. While news media isnt quite as consolidated as the broader media ecosystem, its certainly trending in that direction. 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. The new Gannett has more than 250 daily publications, including USA TODAY, as well as several hundred weeklies and an array of digital marketing services. MGI's main operational presence is in North America and Europe. 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). 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. GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. The Merger is expected to close by the end of 2019, subject to the satisfaction of customary closing conditions, including receipt of regulatory clearances and approval by the shareholders of each company. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. Kris Barton, previously Gannett's chief product officer, who will take on the same role. 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. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. 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. Align to Preserve and Enhance Quality Journalism, Creates the leading U.S. print and digital news organization with deep local roots and nationwide scale, Michael Reed to remain Chairman of the Board of Directors and Chief Executive Officer; Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. 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. Across many platforms, organic content is being overshadowed by paid content for one obvious reason: money. 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. Or Key executives, who will report to Bascobert, include: In addition, Henry Faure Walker will serve as CEO of Newsquest Media Group, a publishing arm in the United Kingdom. Which Countries are Buying Russian Fossil Fuels? Heres a brief look at some of the best known territories on the list: First colonized by Spain in the 16th century, the U.S. occupied the North Pacific islands in the aftermath of the SpanishAmerican war (along with Puerto Rico and the Philippines). Misfits continues to move into the creator space by bringing in top talent from outside the gaming industry. 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. 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. Vox Media recently inked a deal to acquire New York Media, the firm behind New York Magazine, Vulture, and The Cut. [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]. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. 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. 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. They created a news website called Phoenix New Media, which was renamed New Media Investment Group in 2008. GateHouse Media Inc. was an American publisher of locally based print and digital media. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. 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. Compelling Strategic & Financial Benefits. But one area for growth is events, where New Media has a particularly strong business, Doctor said. 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. Neither New Media nor Gannett can give any assurance that its expectations will be attained. Our Standards: The Thomson Reuters Trust Principles. 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. Gatehouse re-emerged from the planned bankruptcy in November 2013. This massive map highlights overseas territories and dependencies around the world and their sovereign states. 26. Where are Clean Energy Technologies Manufactured? The proposed transaction will be submitted to New Medias stockholders and Gannetts stockholders for their consideration. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. 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.