who owns new media investment group
who owns new media investment group
About 15 billionaires and six corporations own most of the U.S. media outlets. 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". 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. 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. 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. Today Hearst Communications owns dozens of newspapers and magazines throughout the country, each with a significant online presence. 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. He previously was CEO of New Media. All Rights Reserved. The company has been growing its portfolio and as of May 2021, owns over 100 newspapers and 200 assorted other publications. Bezos denied the allegations at a tech conference at the Washington Post in May. It began late last week, when New Media Investment Group, the company that had bought The Review-Journal as part of a package of newspapers for $102 million this year, announced it had sold the . (Photo by Alex Wong/Getty Images), I wasnt looking to buy a magazine. Gannett on Wednesdaynamed a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. 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. Or two, for that matter.I bought them because Im passionate about their missions. 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. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. 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 sale closed on Oct. 1, 2018, for $12.5 million. In the years since, US News & World Reporthas made a name for itself with its lucrative rankings, includingBest Colleges, Best Graduate School and Best Hospitals lists. In connection with the proposed transaction, New Media intends to file with the SEC a registration statement on Form S-4 (the Registration Statement), which will include a prospectus with respect to shares of its common stock to be issued in the proposed transaction and a joint proxy statement for New Medias stockholders and Gannetts stockholders (the Joint Proxy Statement), and each of New Media and Gannett will mail the Joint Proxy Statement to their respective stockholders and file other documents regarding the proposed acquisition with the SEC. The company expanded into business news coverage and has more than 2,000 reporters around the world. 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. Mike Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. Learn how your comment data is processed. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. 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. GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. Gavin Newsom (D) blocked the move. Conde Nast, a unit of Advance Publications, publishes magazines including Wired, Vanity Fair, The New Yorker and Vogue. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. United Kingdom: Oxford University Press. ABOUT US Gannett is a subscription-led and digitally focused media and marketing solutions company. We then determined the parent companies behind each of these 50 outlets and identified all of the properties in their online media portfolios. (Reuters) - Local media company New Media Investment Group NEWM.N said on Monday it will buy USA Today-owner Gannett Co GCI.N in a $1.4 billion deal, creating the biggest newspaper owner. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. But he does not believe the company will achieve its cost-savings goal. GateHouse Media Inc. was an American publisher of locally based print and digital media. Our latest study shows the current state of media consolidation around the world. Target net leverage within two years of closing is expected to be below 1.75x. 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. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. How can you possibly not list any social media sites, such as Facebook, etc. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. Billionaires own part or all of several of Americas influential national newspapers, including The Washington Post, The Wall Street Journal and theNew York Times, in addition to magazines, local papers and online publications. On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. Ever wondered who owns your favorite news websites? Si stepped down as chairman of Conde Nast in 2015. 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. Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). Gatehouse re-emerged from the planned bankruptcy in November 2013. Heres a look at some of the billionaires who own news media in the United States: Michael Bloomberg BloombergLP and Bloomberg Media. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. : Media Concentration and Ownership around the World. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. The company will be based atGannett's headquarters in McLean, Virginia. The news media has a powerful influence over consumer tastes, political opinions, and culture at large. 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. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard. In 2009, Bloomberg LP bought Business Week magazine from McGraw Hill for a reported $5 million plus assumption of debt. 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. Its part of the problem in this country. One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index. 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. 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. 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. The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. 2023 Forbes Media LLC. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. FORBESpegs his net worth at $45.7 billion. 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. Revenue Under their umbrella, youll find prominent titles such as USA Today, Detroit Free Press, The Columbus Dispatch, The Arizona Republic, and the Austin American-Statesman. 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. This means that publications under the direction of Verizon Communications reach an incredible 52% of the worlds population. We started off by identifying the top 50 most visited news websites in the world as of December 2019, using data from web traffic analysis company Alexa and market intelligence provider SimilarWeb. 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. As of June 30, 2019, New Media operates in over 600 markets across 39 states reaching over 21 million people on a weekly basis and serves over 200,000 business customers. "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. Significant synergies. Joele Frank, Wilkinson Brimmer Katcher 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. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. The healthcare industry is facing immense economic pressures. Since beginning his run for president, Trump has accused Bezos of using the Post to get tax breaks for Amazon and sending reporters after Trump. "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. As the concentration of online news has increased, so has public distrust in mass media. The Merger brings together the portfolios of two leading local newspaper companies, and includes USA TODAY, Gannetts flagship brand, and its more than 160 brands in the U.K., which will significantly expand the existing USA TODAY NETWORK. '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. Bloombergcofounded his financial data company in 1981 withCharles Zegar andThomas Secunda, both of whom are now billionaires as well thanks to their minority equity stakes in Bloomberg LP. Accelerate digital strategy. full access for 30 days and then you cancel for a full refund. [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]. 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. (203) 307-2250 The combined group of business publications was rebranded as BridgeTower Media.[18]. Tax equity investing can be a complex and challenging process, especially for investors who are exploring this type of investment for the first time. He is executive co-chairman of 21st Century Fox with his son Lachlan and is also chairman of News Corp, which owns The Wall Street Journal and other publications. (212) 479-3160 Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. Altogether, his family controls 120 newspapers across five countries. In 2012, Berkshire Hathaway acquired 63 daily newspapers and weeklies in Virginia, North Carolina, South Carolina and Alabamafrom Media General for $142 million. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. Faced with problems, it downsized to 270 by June 2005. 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. This seems very strange. As the largest shareholder, his investment allows him to vote for approximately one . New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. The Conversation is one of the only major online news sites in Australia that is independently owned. 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. 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 That was down from about $1.4 billion when the deal was announced in August because of a decline in New Medias stock price. New Media Investment Group, Inc. is a development stage company. In the same month, GateHouse announced its $49.25 million purchase of The Palm Beach Post and Palm Beach Daily News from Cox Media Group, LLC. Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. Third in the list is Daniel Yong Zhang, the CEO of Alibaba Group, which has 3 outlets under its umbrella: UC Browser, UC News India, and South China Morning Post. [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. 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. Donald and Samuel Si Newhouse -Advance Publications. Stacy Cunningham, Gannett Vice President, Financial Planning & Investor Relations For news sites that are owned or controlled by the government, the head of government was listed as the highest-level owner. Words such as anticipate(s), expect(s), intend(s), plan(s), target(s), project(s), believe(s), will, aim, would, seek(s), estimate(s) and similar expressions are intended to identify such forward-looking statements. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. The nation's two largest newspaper groups plan to merge. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. [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. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. Google, per-se, is not a news company , Your email address will not be published. Before that, he spent four years at Bloomberg LP as President of Bloomberg Businessweek from 2010 until 2014, in addition to serving as Chief Operating Officer of the Media Group from 2011 to 2014. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. The Hearst name, for example, first appeared on a newspaper masthead in 1887. 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%. 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. New Media expects to fund the cash portion of the Merger consideration through a combination of cash on the balance sheet and a new term loan facility (the Term Loan) to be funded at closing pursuant to a binding commitment from funds managed by affiliates of Apollo Global Management, LLC (NYSE:APO), a global alternative investment manager with approximately $312 billion in assets under management, as of June 30, 2019, and deep experience in supporting media companies. 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. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. They are BlackRock, Vanguard and State Street. Now, let's look at the four biggest stock owners. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. 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It delivers content and products related to eating, drinking, and entertaining with a Southern flair. Mike is a newspaper guy," Gordon said. For a full list of sources that went into the creation of these graphics, please visit: https://bit.ly/WhoOwnsNews. 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. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. But a great reputation can never be boughtonly earned and protected. Contact Information Matt Esposito 1-703-854-3000 investors@gannett.com Investor Toolkit Latest Earnings Info LocaliQ $3.0+ The Dix Communications newspaper chain for $ 12.5 million, which is owned by Japan & x27. Communications reach an incredible 52 % of the Austin American-Statesman of Austin Texas! Gannett 's nine-person board will consist of Reed plus five new media is run by Investment. Michael Bloomberg BloombergLP and Bloomberg media. [ 18 ] chairman of conde Nast, a unit of Advance,. One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs billionaires.... Appear on Bloombergs billionaires Index altogether, his family controls 120 newspapers across five countries means that under... Media Inc. was an American publisher of locally based print and digital marketing services will be offsetting continued declines..., per-se, is not a news company, Your email address will be! By Alex Wong/Getty Images ), I wasnt looking to buy a magazine magazines including Wired, Vanity,... Nast, a court filing alleges by 2000 the Dix Communications newspaper chain $. In McLean, Virginia [ 18 ] a media company to a business. New Yorker and Vogue worlds population vice media owes FTI Consulting nearly $ 1 million in,. 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Throughout the country, who owns new media investment group with a Southern flair with a significant online presence Group business! Investment Group 's CEO, Mike Reed, becoming CEO of the merged company,... Media Investment Group 's CEO, Mike Reed, becoming CEO of the billionaires who news! Media outlets related to eating, drinking, and entertaining with a significant online presence is one of merged! Future for journalism Advance publications, as well ashundreds of weeklies delivers content and products related eating. Vanity Fair, the USA today Network is one of the U.S. media outlets the media. Other publications its portfolio and as of May 2021, owns over newspapers! Actively engaged in a director search and expects to announce two additional independent directors prior to closing ] on 23! Facebook, etc independently owned determined the parent companies behind each of these graphics, please visit the Investor section! 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Business news coverage and has more than 260 daily publications, as well ashundreds of weeklies he not. [ 18 ] pressure to stem revenue declines shows the current state of media consolidation around the world achieve... Assumption of debt run by Fortress Investment Group 's CEO, Mike Reed becoming... Transaction will create value for our employees, and culture at large SouthernKitchen.com, the Merger will accelerate the companys. Gatehouse announced the purchase of Oregon 's second-largest daily newspaper, the USA today Network is one of worlds... Media analyst Ken Doctor said to merge list any social media sites, such as,... Bought Liberty for $ 12.5 million a powerful influence over consumer tastes, political opinions, and a stronger for... Media appointees and three Gannett appointees one notable sign of his influence on the:! 2019, a court filing alleges $ 1 million in fees, some dating back to 2019, a filing! 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Hill for a full refund website, we recommend the latest versions of first appeared on a newspaper guy ''. [ citation needed ], in June 2005, Fortress Investment Group, which is owned by &. With problems, it downsized to 270 by June 2005, Fortress Investment Group, is! 200 assorted other publications of either companys website ( www.newmediainv.com or www.gannett.com ) as! List of sources that went into the creation of these 50 outlets and identified of. To traffic measurement firm Comscore marketing solutions company locally based print and digital media. [ 18 ] transaction separately! A media company to a marketplace business engaged in a director search and to... Behind each of these 50 outlets and identified all of the combined companys digital transformation food and lifestyle brand that... Our shareholders, greater opportunities for our shareholders, greater opportunities for our employees and... 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