All Rights Reserved. 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. About 15 billionaires and six corporations own most of the U.S. media outlets. The official website for the company is www.newmediainv.com. 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%. Joele Frank, Wilkinson Brimmer Katcher Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. 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. 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 Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. 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. 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. Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. "Our commitment to build those brands is even stronger than ever. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. Initially, the combined company is expected to have an annual dividend of $0.76 per share. All quotes delayed a minimum of 15 minutes. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. Consumption of Fuel and Materials per Capita, The Periodic Table of Commodity Returns (2013-2022), Visualizing 25 Years of Lithium Production, by Country, Ranked: The Worlds Largest Copper Producers, Mapped: Air Pollution Levels Around the World in 2022. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. But by most official designations of territories, the UK and France are tied with 17 overseas territories. Vox Media recently inked a deal to acquire New York Media, the firm behind New York Magazine, Vulture, and The Cut. Who Owns Newsmax 2022 And what is newsmax? - itsknows.com 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. 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=1150183880, This page was last edited on 16 April 2023, at 19:22. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. Gannett, New Media Investment Group complete merger: 'Pivot' coming The Term Loan, which will be used to retire existing financial debt obligations of both companies and to fund the cash component of merger consideration, will be a five-year senior secured term loan facility in an aggregate principal amount of $1.792 billion. Where are Clean Energy Technologies Manufactured? The newspapers were operated by GateHouse Media following the purchase. Twins Haley and Hanna Cavinder have been the face of name, image and likeness since its inception, and now they're charting a course for transitioning to a career in content creation. 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. Enhanced scale. Both New Media and its operating subsidiary GateHouse will be rebranded and operate under brand Gannett. These options become exercisable upon the first trading day immediately following the first 20 consecutive trading day period in which the closing price of New Medias common stock (on its principal U.S. national securities exchange) is at or above $20 per share, and also upon a change in control and certain other extraordinary events. Others, like Amazon founder Jeff Bezos, bought publications as. 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. Ranked: Americas Most Searched and Visited News Sites by State. Reporting by Vibhuti Sharma in Bengaluru; Editing by Shinjini Ganguli. JPIMedia The Scotsman Faced with declining revenue, Gannet has invested millions in the last few years to scale up its digital footprint. Misfits continues to move into the creator space by bringing in top talent from outside the gaming industry. 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. How To Avoid Losing. The company, which also owns local papers ranging from the Detroit Free Press to the El Paso Times, missed second-quarter revenue on Monday. Shares of Gannett closed up 2.6% at $11.04, while those of New Media Investment Group closed down 7.6% at $9.89. Mike is a newspaper guy," Gordon said. New Media Investment Group Portfolio Investments, New Media Investment 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. At the same time, Gordon said he has confidence in Reed's leadership of the new company. New Media and Gannett are the largest U.S. newspaper owners by circulation, according to Statista. Todays graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. 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. Chatham Asset Management owns the McClatchy newspapers (30 dailies . He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". Mr. Bascobert joined Bloomberg from Dow Jones & Co. where he was Senior Vice President of Operations from 2006 until 2007 and Chief Marketing Officer from 2007 until 2009. Growing a successful business on social media requires a combination of authenticity, passion, consistency, engagement and creativity. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. The rest of the combined companys senior executive team, which is expected to be composed of highly experienced leaders from both companies, will be announced at a later date. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. "The whole goal is to get rid of that," he said. New Media Investment Group (NEWM) Stock Forecast, Price & News - MarketBeat 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. 1, Formed in 2013 to restructure GateHouse Medias $1.2 billion of debt chapter 11 bankruptcy, New Media Investment Group operated GateHouse Media as the then-largest newspaper publisher in terms of distinct publications. The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. [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. 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. The details are causing a stir in London. For example, the U.S. territory of Puerto Rico has 3 million people, and its own constitution and elected government, while another U.S. territory of Johnston Atoll is tiny and entirely uninhabited. About 25% of the combined companys revenue will come from digital, New Media Chief Executive Officer Michael Reed said on a conference call. 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. New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). [10] The company filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on September 27, 2013. 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. The island was briefly occupied by Japan during World War IIattacked at the same time as Pearl Harborbefore being recaptured by the United States. Depending on if you count island territories independently or group them together, the final accounting of overseas territories and dependencies by country can vary. 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. 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. unlocking meaningful shareholder value, New Medias external management agreement to be amended at closing and terminated in 2021. Gannett Co. to be sold to New Media Investment Group - Milwaukee Accelerate digital strategy. 26. Their histories vary, but most are tied to either modern colonialism from the 1400s onwards, or wars from the 19th and 20th centuries. Copyright 2023 InfluenceWatch. 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. 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. Vice Media Gets $250 Million in Debt Funding From George - Variety Jonathan Gasthalter/Nathaniel Garnick One of the furthest is New Caledonia, a French territory around 17,000 km away from European France. As a result, we will accelerate the growth of the combined companys digital revenue through innovative customer experiences and new marketing solutions for businesses, while creating an expansive journalism network with the resources required to deliver unique and award-winning content. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. "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. 2. They also vary mightily in terms of size, population, and political apparatus. AAPL, FB, TWTR), Total number of diversity investments made by an investor, Total number of employee profiles an organization has on Crunchbase, Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. Founded Date 1906 Founders Jason Taylor Operating Status Active Investor Type Private Equity Firm Stock Symbol NYSE:NEWM Company Type For Profit Contact Email ir@newmediainv.com Phone Number 212.479.3160 [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. (Reuters) - Local media company New Media Investment Group, said on Monday it will buy USA Today-owner Gannett Co. in a $1.4 billion deal, creating the biggest newspaper owner in the United States as publishers struggle with readers shifting to online sources for news. The industry may be facing another dramatic drop off in ownership diversity as the two largest players, New Media Investment Group and Gannett, are on the path to merging. (203) 307-2250 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). New Media Investment Group to Acquire Gannett - Business Wire 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. While Cook Islanders are New Zealand citizens, with the same monarch as head of state, they are also separate Cook Island nationals. ir@newmediainv.com 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. New Media Investment Group, Inc. is a development stage company. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. 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. 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. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. Two Leading Media and Marketing Solutions Companies 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. 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. As for the U.S. at #3, though the majority of its territories are in the Pacific, they were acquired well before World War II. The Company combines organic growth with value-generating synergetic acquisitions, which has demonstrated continuous strong profitable growth with a revenue . [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. 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. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. As outlets battle the duopoly of Google and Facebook for advertising revenue, the local news game has become increasingly difficult. Ed Trissel / Tim Ragones / Tanner Kaufman In addition to islands ceded by Spain, the rest were unclaimed islands incorporated as part of the Guano Islands Act of 1856, which sought sources of guanofeces of bats and seabirds used as agricultural fertilizer and for gunpowder production. 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.

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