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. In December 2014, Las Vegas casino billionaire Sheldon Adelson secretly bought the Las Vegas Review-Journal. ir@newmediainv.com 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. We then determined the parent companies behind each of these 50 outlets and identified all of the properties in their online media portfolios. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. Use Forbes logos and quotes in your marketing. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. Other top As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. Deputy Director David S. Cohen. [33], On January 28, 2019, it was announced that GateHouse Media had acquired the publishing division of Schurz Communications including The Herald-Times in Bloomington, Indiana, South Bend Tribune in South Bend, Indiana, and other papers in Clay, Lawrence, Monroe, Morgan, Orange, Owen, and Putnam counties in Indiana. 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. Today's graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. Gannett on Wednesdaynamed a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. Sam Levenson On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. [10] The company filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on September 27, 2013. According to Delport, based on the company's own calculations, Vice has a global digital audience of 300 million monthly users across its owned-and-operated properties as well as platforms like. 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. Achieving a faster EB-5 processing time is possible now thanks to the new law passed by the U.S. Congress. Now, let's look at the four biggest stock owners. [1] Noam, E. 2016. Who Owns the Worlds Media? The proposed transaction will be submitted to New Medias stockholders and Gannetts stockholders for their consideration. Cox Enterprises, owned by the billionaire Cox family, counts The Atlanta Journal-Constitution and a number of other daily papers among its many media investments. 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. The Globe was previously owned by the New York Times for twenty years. These are the world's biggest investment firms, so Pepsico and Coca-Cola are not competitors, at all. 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. Escaping the News Desert Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Ownership News Corp is the parent company and officially owns the website and all its other outlets. The deal "gives us a much broader platform on which to build our digital businesses and to help each of these local markets to become engines of growth for us from a digital perspective," Gannett CEO Paul Bascobert said Thursday at the company's shareholder meeting, where the vote results were revealed. At the same time, Gordon said he has confidence in Reed's leadership of the new company. On their own, New Media and Gannett have had early success in adding online subscriptions, which are viewed as key to replacing lost print revenue. Saudi billionaire Prince Alwaleed Bin Talal also owns 1% of News Corp, after cutting down his holdingsfrom 6% in early 2015. MNG Enterprises, Inc., doing business as Digital First Media and MediaNews Group, is a Denver, Colorado -based newspaper publisher owned by Alden Global Capital. 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. [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. The president of the company is James Pinkerton, while David J. Perel is the company director. In third place we have Jim Mullen, CEO of Reach PLC (known as Trinity Mirror until 2018) with 140 outlets under its control including Daily Mirror, Daily Express, Manchester Evening News and the magazine OK! Since then, there have been reports of Adelson influencing coverage of himself at a newspaper that in the past was often critical of the billionaire. These are Northern Trust, JPMorgan-Chase, Geode Capital Management and Wellington Management. How to Pin Folders and Files to Finder Menu, How To Autofill Letters from A-Z in Excel. Bernie Szachara, previously president of newspaper operations for GateHouse, who will serve as president of U.S. publishing operations. 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. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). 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.". News Corp, through News Corp UK, and Daily Mail and General Trust plc own many of the largest national news sites in the U.K. GateHouse Media Inc. was an American publisher of locally based print and digital media. 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. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. Russian billionaire Viktor Vekselbergs investment arm, Columbus Nova Technology Partners, bought a minority stake in Gawker in January2016 for an undisclosed amount. James Cox, the company founder and grandfather of current chairmanJim Kennedy, bought his first newspaper, the Dayton Ohio Evening News, in 1898. ", Warning to Congress:Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. Some bought television stations and magazines, too. Kris Barton, previously Gannett's chief product officer, who will take on the same role. Hogan sued Gawker after it published a sex tape. 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. 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. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. Heres a look at some of the billionaires who own news media in the United States: Michael Bloomberg BloombergLP and Bloomberg Media. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. Jason Taylor, previously president of New Media Ventures and GateHouse Live, the company's events business, will serve as president of events and promotions at the new company. Media mogul Stanley Hubbard is CEO ofHubbard Broadcasting, which has 13 TV stations, including a number of ABC and NBC news affiliates in the Midwest, and48 radio stations. 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 breadth and depth of each companys digital offerings will make the combined company a leading digital media player and a stronger partner for advertisers and SMBs. The healthcare industry is facing immense economic pressures. The obvious concern the Guild has expressed is all the debt incurred in the merger, which creates pressure to drive cash flow and could result in further cuts, he said. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. His son J.E. (Photo by Alex Wong/Getty Images), I wasnt looking to buy a magazine. Or two, for that matter.I bought them because Im passionate about their missions. You will need to pay for the subscription, thats a fact, but it allows full access for 30 days and then you cancel for a full refund. In addition to its national presence through USA TODAY, the new Gannett will operatenews organizations in 47 states and Guam, as well as the United Kingdom. Your email address will not be published. T, and has built the largest chain of local U.S. papers, including 156 dailies from the Austin American-Statesman to the Register-Guard in Eugene, Oregon. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. The nation's two largest newspaper groups plan to merge. New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). Cohen previously served as Deputy Director of the CIA from 2015 to 2017. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations Mike is a newspaper guy," Gordon said. Paul Bascobert will serve as CEO of the new company's operating subsidiary, Gannett Media Corp., as previously announced. Nathan Bomey USA TODAY Gannett on Wednesday named a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. (203) 307-2250 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. But a great reputation can never be boughtonly earned and protected. Additionally, the joining of New Medias UpCurve and GateHouse Live businesses with Gannetts ReachLocal and WordStream subsidiaries will provide multiple, diversified marketing and revenue solutions and position the combined company as a stronger partner for advertisers and small businesses (SMBs) in the markets served. Click here to explore who owns the news in the UK. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. Arbor Advisory Group Here are some points to consider when building a reputation management strategy for hedge funds and private equity firms. Alison Engel expected to become Chief Financial Officer; Gasthalter & Co. Less than a year later, the companywentbankrupt. 91 were here. The terms involved the cancellation of shares of Gatehouse, but those owners receiving warrants to buy shares in New Media Investment Group Inc.[11][12], Subsequently, Gatehouse Media acquired several newspaper groups between 2014 and 2017, including Halifax,[13] Stephens Media,[14] Calkins Media and Morris Publications. The media industry cant ignore these two fundamental problems on the platform side, but eliminating Section 230 isnt the answer. The CEO with the biggest audience is Hans Vestberg, CEO of American multinational telecommunications conglomerate Verizon Communications Inc. Vestbergs outlets boast a combined monthly readership of over 3.8 billion and include media powerhouses of the likes of Yahoo, AOL, Huff Post, TechCrunch, Engadget and Autoblog. Gannett Co., Inc. ( / nt /) is an American mass media holding company headquartered in Tysons, Virginia, in the Washington, D.C., metropolitan area. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. Required fields are marked *. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. 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. 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. New Media Investment Group, Inc. is a development stage company. Or two, for that matter.I bought them because Im passionate about their missions. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. [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. Slim more than doubled his stake in The New York Times in June 2015 to approximately 17% of the media company. Washington Post executive editor Martin Baron and, Amazon founder Jeff Bezos, who owns the Washington Post, on stage at the Posts Transformers conference in May 2016. Click here to explore who owns the news in Australia. 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. Sheldon Adelson The Las Vegas Review-Journal. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. 104.7 KCMB, 102.3 The River, NewsTalk103, 92.9 The Hawk, 94.5 KJDY . [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. The company was founded on June 18, 2013. While many believed the internet would bring openness and diversity to the worlds media, online news media has become increasingly consolidated over the past several decades. 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. The conference call may be accessed by dialing 1-855-319-1124 (from within the U.S.) or 1-703-563-6359 (from outside of the U.S.) 10 minutes prior to the scheduled start of the call; please reference access code 3747329. A simultaneous webcast of the conference call will be accessible to the public on a listen-only basis through each companys website. This seems very strange. Mexican billionaire Carlos Slim owns 17.4 percent of The New York Times through the company's Class A shares. Faced with problems, it downsized to 270 by June 2005. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. For a full list of sources that went into the creation of these graphics, please visit: https://bit.ly/WhoOwnsNews. [1] Business units [ edit] Media properties [ edit] The New York Times The New York Times International Edition The New York Times International Weekly The news media has a powerful influence over consumer tastes, political opinions, and culture at large. [21] In December 2015, GateHouse sold the Las Vegas Review-Journal, the Stephens group's largest paper, to casino magnate Sheldon Adelson for $140 million. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. One ultra-wealthy media investor not mentioned in the story: Mexican billionaire Carlos Slim Helu, who owns the largest individual stake in the Times. Their past, present, and future contributions., Mortimer Zuckerman US News & World Report, New York Daily News. New Media and Gannett share a strategic vision, and the combined companys significantly enhanced scale of operations will enable it to realize this vision more rapidly, while generating value for shareholders and benefits for employees and other stakeholders. Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. Compelling Strategic & Financial Benefits. Joele Frank, Wilkinson Brimmer Katcher At the time of his purchase, Henry said he didnt plan to influence the papers sports coverage. Google, per-se, is not a news company , Your email address will not be published. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. Our latest study shows the current state of media consolidation around the world. [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. 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. 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 Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. Enhanced scale. Ever wondered who owns your favorite news websites? [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. 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. 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. [5] According to a recent analysis from the Columbia Institute for Tele-Information research center, the market concentration of internet media has more than doubled since 2000. "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. 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. United Kingdom: Oxford University Press. Media runs in Hubbards family; his father started Minnesotas first commercial TV station in 1923. 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. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. Or [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. New Media Investment Group to Acquire Gannett Two Leading Media and Marketing Solutions Companies Align to Preserve and Enhance Quality Journalism Creates the leading U.S. print and. 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. The Guardian is owned by the Scott Trust Limited, which exists solely to control the finances of the Guardian and ensure its editorial independence. Cautionary Statement Regarding Forward-Looking Statements. Onemonth after taking Morningstar public in 2005, Mansuetobought Inc. and Fast Company magazine from G&J USA. We then used SimilarWeb to find out the estimated monthly visit figures of all the sites. 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. 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. The company will be based atGannett's headquarters in McLean, Virginia. We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. Donald and Samuel Si Newhouse -Advance Publications. In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. [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]. Ashley Higgins, New Media Investor Relations Analysts are split on whether the company can pull off the savings, which are critical to paying off a $1.8 billion loan that New Media obtained from private equity firm Apollo Global Management to help finance the deal. 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. A significant share of the worlds media is owned by national governments. Online news media in the U.K. is dominated by publishers of traditional print media. The sale closed on Oct. 1, 2018, for $12.5 million. 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. There are no current stakeholders of New Media Investment Group Inc cmn. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. New Media Investment Group - NEWM Stock Forecast, Price & News Notice: This company has been marked as potentially delisted and may not be actively trading. Target net leverage within two years of closing is expected to be below 1.75x. Learn how your comment data is processed. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. For news sites that are owned by investment firms with a majority stake, the CEO or director of the investment firm was listed as the highest-level owner. 2023 Forbes Media LLC. Others, like Amazon founder Jeff Bezos, bought publications as a side investment after building a substantial fortune in another industry. 1:06 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. Employers continue to invest in people services that demonstrate care for their people, in spite of pressures to cut costs. Altogether, his family controls 120 newspapers across five countries. Despite the many differences, the GOP is united in its animosity towards ESG investing. Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. 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