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. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. Zuckerman bought the Daily News out of bankruptcy in 1993andunsuccessfully tried to sell the tabloid newspaper for six months in 2015. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. 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. Billionaire Red Sox owner John Henry purchased the Boston Globe in October 2013 for $70 million. [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]. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. The last step was to put a name (and a face) to each company by identifying the highest-level owners. Through its subsidiary Local World Holdings Ltd., Reach PLC owns more than five dozen regional newspapers and their corresponding websites. 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. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. For news sites that are owned or controlled by the government, the head of government was listed as the highest-level owner. 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. Data on average visitor traffic for the past one to three months and the relative rank of each news site came from Alexa, an Amazon company, and market intelligence provider SimilarWeb. Michael Bloomberg, the richest billionaire in the media business, returned to his eponymous media company in September 2014, eight monthsafter stepping down as mayor of New York City. 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. In August 2019, American investment firm KKR purchased the largest stake in Axel Springer SE, a German media group whose assets include Business Insider and Rolling Stone. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). 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. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. [1] Despite these restrictions, today Australia has a relatively high degree of media concentration. For a full list of sources that went into the creation of these graphics, please visit: https://bit.ly/WhoOwnsNews. [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. Target net leverage within two years of closing is expected to be below 1.75x. 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. 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. A California parole board voted to release Sirhan from his life sentence two years ago, but Gov. [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. 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. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. List of assets owned by the New York Times Company (Redirected from List of assets owned by The New York Times Company) This is a list of assets owned by the New York Times Company. Republicans are at a crossroads over who should lead the party. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. 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. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. (203) 307-2250 [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. Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting The company was founded on June 18, 2013. 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. That was down from about $1.4 billion when the deal was announced in August because of a decline in New Medias stock price. [25], In August 2017, GateHouse announced it was purchasing 11 daily newspapers, 30 weeklies, and other assets from Morris Publishing Group, a division of Morris Communications. 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; Today Hearst Communications owns dozens of newspapers and magazines throughout the country, each with a significant online presence. The Hearst name, for example, first appeared on a newspaper masthead in 1887. Copyright 2006 by The Gale Group, Inc", GateHouse Media stock being delisted from NYSE - October 22, 2008, "GateHouse Buying 14 Dailies, Other Pubs, From Morris For $115 Million", "News Corp. sells 33 papers to New York investors", "GateHouse Media Files for Pre-packaged Chapter 11", "GateHouse Media officially done with bankruptcy", "GateHouse Media Files Chapter 11 to Form New Company", "GateHouse Media to Buy Morris Communications", "GateHouse acquires News-Journal, Halifax Media", "Review-Journal, parent Stephens Media to be sold to New Media", "Sheldon Adelson's Purchase of Las Vegas Paper Seen as a Power Play", "GateHouse to acquire Kansas-based Harris newspapers", "Fox Business - GateHouse Media Buys Dix Communications Newspaper Chain", "Business Wire - New Media Announces Agreement to Acquire Calkins Media", "GateHouse acquires Morris Publishing's 11 daily newspapers", "Providence Journal parent buys publisher of Newport Daily News", "The Register-Guard sold to GateHouse Media", "GateHouse Media grows its empire by buying top exec's publishing company", "New Media Investment Group to Acquire The Palm Beach Post and Palm Beach Daily News", "Gatehouse Media purchases Akron Beacon Journal", GateHouse Media Buys Akron Beacon Journal and Ohio.com, "New Media Announces Solid Fourth Quarter & Full Year 2018 Results, Dividend of $0.38 per Common Share", "Herald-Times, Other Local Papers Sold To GateHouse Media", "GateHouse Media to acquire New Jersey Herald", "USA Today owner Gannett merges with GateHouse Media to form massive newspaper company", "New Media Investment Group to Acquire Gannett", https://en.wikipedia.org/w/index.php?title=GateHouse_Media&oldid=1141218731, This page was last edited on 23 February 2023, at 23:45. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. 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%. These are Northern Trust, JPMorgan-Chase, Geode Capital Management and Wellington Management. Tech giants like Microsoft and Amazon owner Jeff Bezos, as well as telecommunications conglomerates such as Verizon and AT&T, now rank among the top owners of the worlds media. 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 New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. Gawker aims to appeal the ruling. 19 September, 2019. Advance Publications, which was founded by Samuel Irving Newhouse Sr. in 1922 and is still family-owned today, has a portfolio that includes Reddit, Vanity Fair, The New Yorker, and American City Business Journals. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. This site uses Akismet to reduce spam. Sam Levenson or 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. This combination will create a broad network of talented, experienced journalists poised to deliver unique and award-winning content for local communities and national audiences. 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. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially from expectations or estimates reflected in such forward-looking statements, including, among others: Additional risk factors that could cause actual results to differ materially from expectations include, but are not limited to, the risks identified by New Media and Gannett in their respective most recent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. (703) 854-3168 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. Effective November 20, 2019, following the completion of its merger with Gannett, New Media Investment Group Inc. trades on the New York Stock Exchange under Gannett Co., Inc. and its ticker symbol has changed to "GCI". Compelling Strategic & Financial Benefits. Interest in the skilful, highly technical Spanish midfielder will only increase after a surge in form. It listed assets of $433.7 million and debt of $1.3 billion. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. [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. ", Warning to Congress:Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. The Gannett Board unanimously determined that this combination with New Media is in the best interests of Gannett shareholders, customers, audiences, and employees, providing significant and immediate value, as well as the ability to benefit from the upside potential of the combined company, said J. Jeffry Louis, Chairman of the Gannett Board of Directors. Its parent company, New Media Investment Group, merged with Gannett in 2019. It intends to operate newspaper, media directory and other media content businesses. The media industry cant ignore these two fundamental problems on the platform side, but eliminating Section 230 isnt the answer. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. Deputy Director David S. Cohen. Patrick Soon-Shiong Tribune Publishing Co. OnMay 23, Tribune Publishing Co. announced that L.A. doctor and pharmaceutical billionairePatrick Soon-ShiongsNant Capital was investing $70.5 million into the media company, making Soon-Shiongthe second-largest shareholder. NordVPN includes a 30-day money-back guarantee. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, 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. In recent years, asset management firms and private investors have increasingly bought majority stakes in legacy newspapers and have come to dominate the list of the top media owners worldwide. In 1989, John Barbey started the Reading Globe and Mitten Manufacturing Company in Pennsylvania. 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. 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.. Donald Newhouse and his brother Samuel Si Newhouse inheritedAdvance Publications, a privately-held media company that controls a plethora of newspapers, magazine, cable TV and entertainment assets, from their father. Additional Information and Where to Find It. investors@gannett.com Your email address will not be published. '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. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. 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