In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. GateHouse Media Inc. was an American publisher of locally based print and digital media. Advance owns newspapers in 25 cities and towns across America and isthe countrys largest privately-held newspaper chain. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. Our digital interactions on social media platforms can sometimes be so immersive that its hard for us to differentiate a conscious thought from an unconscious inception; and that inhibits our ability to pinpoint the source of our opinions. 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. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. About 15 billionaires and six corporations own most of the U.S. media outlets. By Marc Tracy Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger GateHouse Media, a newspaper company backed by a hedge fund, agrees to buy the venerable chain for roughly $1.4. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. 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. [1] Despite these restrictions, today Australia has a relatively high degree of media concentration. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. We identified the owners of the top 50 news sites globally, in the United States, in the U.K., and in Australia, respectively, using financial filings, corporate press announcements, and other public sources. "There are a lot of vultures circling the industry right now, and Mike is not one of them.. 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. ", Warning to Congress:Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. 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. "I don't think this is going to be a lay-up," he said. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. 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. Online news media in the U.K. is dominated by publishers of traditional print media. Republicans are at a crossroads over who should lead the party. The news media has a powerful influence over consumer tastes, political opinions, and culture at large. Certain statements in this communication may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect New Medias and Gannetts current views regarding, among other things, the proposed transaction between New Media and Gannett, the expected timetable for completing the proposed transaction, the benefits and synergies of the proposed transaction and future opportunities for the combined company, as well as other statements that are other than historical fact. Ashley Higgins, New Media Investor Relations ir@newmediainv.com (212) 479-3160 or Media: Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. (212) 257-4170 Or Investors: Sam Levenson Arbor . As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. Fox News is owned by the Fox Corporation, which is owned in part by the Murdoch Family (39% share). 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. "Our commitment to build those brands is even stronger than ever. To determine the companies and individuals that own the top news sites in the world, we identified the top owners of the news sites with the most monthly traffic as of December 2019. The company was founded on June 18, 2013. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. GateHouse Media Inc. was an American publisher of locally based print and digital media. Others, like Amazon founder Jeff Bezos, bought publications as a side investment after building a substantial fortune in another industry. [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. (212) 257-4170 Saudi billionaire Prince Alwaleed Bin Talal also owns 1% of News Corp, after cutting down his holdingsfrom 6% in early 2015. At the same time, Gordon said he has confidence in Reed's leadership of the new company. Chances are, we can find what you're looking for: We are reader supported and may earn a commission when you buy through links on our site. 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. 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. Bezos denied the allegations at a tech conference at the Washington Post in May. The online media company took outside funding for the first time in anticipation of legal fees incurred by a lawsuit brought by wrestler Hulk Hogan, according to a leaked memo from Gawker founder Nick Denton. Social media news isnt news. 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. Or 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. Click here to explore who owns the news in the UK. 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. Entertainment Group. Twitter CEO Elon Musk called the media racist in several tweets on Sunday in a strange reaction to the news that the countrys biggest newspapers were dropping the Dilbert comic strip. We then isolated the 20 companies with the most visited sites in each geography, as well as other newsworthy media companies, and identified all of the properties in their online media portfolios, as well as the name of their highest-level owners, using financial filings, corporate press announcements, and other public sources. The Posts reporters alsodefended themselves, sayingthat the paper has covered Amazons tax problems and that the Posts editorial boards stance on taxing online retailers hasnt changed since Bezos bought the paper. The planned bankruptcy centered on restructuring the Fortress News Corp deal. 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. Gannett Co., Inc. owns USA Today and over 250 dailies. Click here to explore who owns the news in America. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. 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. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. 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. Billionaire Red Sox owner John Henry purchased the Boston Globe in October 2013 for $70 million. Joe Mansueto Inc. and Fast Company magazines, Morningstar CEO Joe Mansueto made his $2.3 billion fortuneat the investment and research firm he founded in 1984. Deputy Director David S. Cohen. The Manager is restricted from selling these shares until the expiration of the Amended Management Agreement, or otherwise upon a change in control and certain other extraordinary events. The newspapers own reporting outed the billionaire buyer, who reportedly arranged the $140 million deal through his son-in-law. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. 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. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. Barbey is a member of the billionaire Barbey family, which made its fortune in textiles and manufacturing. Engel's role was announced previously. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. [7], On September 4, 2013, News Corp announced that it would sell the Dow Jones Local Media Group, a group of 33 local newspapers, to Newcastle Investment Corp, an affiliate of Fortress, for $87 million. Additional Information and Where to Find It. 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. Ashley Higgins, New Media Investor Relations With unmatched reach at the national and local level, Gannett touches the lives of millions with our Pulitzer-Prize winning content, consumer experiences, and advertiser products and services. 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. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. 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 is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. Many view this not only as a moral obligation but also a measure for protecting their employer brand and ensuring access to talent in the future. Neither New Media nor Gannett can give any assurance that its expectations will be attained. He is now the vice chairman of the media company, which owns papers like The Los Angeles Times and The Chicago Tribune. That was down from about $1.4 billion when the deal was announced in August because of a decline in New Medias stock price. 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.. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. or Google, when so many surveys show that a great number of people get ALL their news from there? As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. Arbor Advisory Group Despite the many differences, the GOP is united in its animosity towards ESG investing. In an interview with CNBC, Soon-Shiong described his investment as an opportunity to actually transform this newspaper world into this next generation. 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