[8], The company received notification from the New York Stock Exchange (NYSE) on August 21, 2008, that it had fallen below the NYSE's continued listing standards for average global market capitalization over a consecutive 30-trading-day period of not less than $75 million and $1.00 average closing price, and had submitted a business plan to the NYSE Regulation for coming back into compliance for continued listing. (212) 479-3160 The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. As a result, news deserts have been springing up all over America: var divElement = document.getElementById('viz1570233446064'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.minWidth='600px';vizElement.style.maxWidth='1100px';vizElement.style.width='100%';vizElement.style.minHeight='427px';vizElement.style.maxHeight='627px';vizElement.style.height=(divElement.offsetWidth*0.75)+'px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.minWidth='600px';vizElement.style.maxWidth='1100px';vizElement.style.width='100%';vizElement.style.minHeight='427px';vizElement.style.maxHeight='627px';vizElement.style.height=(divElement.offsetWidth*0.75)+'px';} else { vizElement.style.width='100%';vizElement.style.height='677px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); One option is to simply go out of business, while another traditional solution is to combine forces through consolidation. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. Faced with declining revenue, Gannet has invested millions in the last few years to scale up its digital footprint. He has said he's confident of hitting the savings target. [6] It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006. Forward-looking statements are based on New Medias and Gannetts respective managements current expectations and beliefs and are subject to a number of known and unknown risks, uncertainties and other factors that could lead to actual results materially different from those described in the forward-looking statements. 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. 5, Michael E. Reed is the president and CEO of New Media Investment Group. Including the announced acquisitions, New Medias portfolio of products, which will include 449 community publications, 366 related websites, and six yellow page directories, will serve more than 130,000 business advertising accounts and will reach over 12 million people on a weekly basis. Nov 2019 - Present3 years 6 months. 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. Michael E. Reed is the president and CEO of New Media Investment Group. The proposed transaction will be submitted to New Medias stockholders and Gannetts stockholders for their consideration. Are The Days Of Organic Social Media Reach Over? 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Our Standards: The Thomson Reuters Trust Principles. Mike is a newspaper guy," Gordon said. Vox Media recently inked a deal to acquire New York Media, the firm behind New York Magazine, Vulture, and The Cut. As an overseas map, it also excludes territories sharing a border, or that are part of a larger state or province (like Germanys Heligoland, part of the state of Schleswig-Holstein). Unlike others on this list, the Cook Islands in the South Pacific is not only self-governing but also runs its own foreign and defense policy and is in free association with New Zealand. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". JPIMedia The Scotsman "Weve spent a lot of time carefully selecting the management team for the company, and itll be a good blend of the two companies on the management team, which will help the culture issue," Reed said. Its parent company, New Media Investment Group, merged with Gannett in 2019. 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. About 25% of the combined companys revenue will come from digital, New Media Chief Executive Officer Michael Reed said on a conference call. 22 He assumed the New Media Investment Group CEO role in 2019 after the company merged of New Media and Gannett. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. [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. Delivery Hero Cautious On New Investments In Grocery Delivery, Navigating The New Era Of Sustainable Investing: How Family Offices Can Adapt To Evolving Regulations And Values, Misfits Gaming Group Hires Former Bleacher Report Exec Sam Toles As Chief Media & Entertainment Officer, Prince Harry Claims Murdochs News Group Paid Large Sum To Settle Phone Hacking Suit In 2020, New Collaborative Aims To Boost Investment In Companies Creating Quality Jobs For The Very Poor, WHSmith Invests In New North American Stores As It Eyes $62 Million In Profit, The Cavinder Twins Take Content Creation Beyond NIL With New Media Partnership, Why Alternative Strategies Represent A New Frontier In Investing, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. 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. Visualized: The Largest Trading Partners of the U.S. Visualizing 90 Years of Stock and Bond Portfolio Performance, Visualizing the Link Between Unemployment and Recessions, Timeline: The Shocking Collapse of Silicon Valley Bank, Decoding Googles AI Ambitions (and Anxiety), Ranked: Americas 20 Biggest Tech Layoffs Since 2020, Infographic: Generative AI Explained by AI, Ranked: The U.S. Banks With the Most Uninsured Deposits, De-Dollarization: Countries Seeking Alternatives to the U.S. Dollar. The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. 25, New Media Investment Group is managed by New York-based firm Fortress Investment Group through an affiliate. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. The buyer is New Media Investment Group, Inc., formerly Gatehouse Media, which is the largest newspaper publisher in the United States by number of titles. 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. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. 10 proprietary, georedundant ISO 27001 certified data centers. New Media Investment Group Inc. (NYSE: NEWM) supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to small and medium business partners. 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. investors@gannett.com Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. 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. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. 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. It is one of the many French Overseas Territories that together are home to 2.6 million people. 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. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. New York-based New Media Investment Group Inc., which runs the Gatehouse chain of local community newspapers, announced it was acquiring newspaper publisher Gannett for about $1.34 billion in cash . [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. Joele Frank, Wilkinson Brimmer Katcher It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp. , 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. 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. 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. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. The companies believe that diversity can strengthen board performance and New Media is actively searching for women and other candidates with diverse backgrounds and experiences. Gasthalter & Co. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. 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 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 . 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. 15 facilities in 9 countries around the globe. Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. [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]. [22], In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa. The Term Loan will be freely pre-payable without penalty, and the combined company is expected to have a strong cash-flow profile that will permit aggressive deleveraging. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. 2,000 employees from 40 countries. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. Round-the-clock personalized customer service - 24/7/365. 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. Adam Reinbach will serve as president and CEO of BridgeTower Media, which produces business, home furnishings,legislative and other digital and print publications and events. Compelling Strategic & Financial Benefits. The Psychology Of Investing. 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. 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. Others, like Amazon founder Jeff Bezos, bought publications as. In recent years, Gannett has pursued a unified journalism and business strategy through the promotion of the USA TODAY Network, which includes all of its U.S. publications. Former colonies that would have been counted in the past include British India (which became India, Pakistan, and Bangladesh) and French Indochina (which became Cambodia, Laos, and Vietnam). Gannett Co., Inc. is a subscription-led and digitally focused media and marketing solutions company committed to empowering . Credit Suisse is serving as financial advisor to New Media, and Cravath, Swaine & Moore LLP is serving as principal legal counsel. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. 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. (703) 854-3168 Building those subscription bases will require investing in journalism, said Michael Silberman, senior vice president of strategy at subscription commerce and tech provider Piano, which counts New Media as a client. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. or Meanwhile, Vice recently acquired Refinery29 for $400 million, giving it access to a new audience skewed towards millennial women. New Media Investment Group (NYSE:NEWM) is focused primarily on investing in a diversified portfolio of local print and online media assets, and on growing existing advertising and digital marketing businesses. A group of impact organizations just formed the Dignified Jobs Collaborative, aimed at increasing investment in companies creating quality jobs for those living in extreme poverty in developing markets. The company has been on a. This island in the Indian Ocean 700 km off the coast of Madagascar was first settled by the French in the 17th century, though it was discovered earlier by the Portuguese. Who owns the Scotsman newspaper? As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. Chart: Automakers Adoption of Fuel-Saving Technologies, Explainer: What to Know About the Ohio Train Derailment, Infographic: 11 Tech Trends to Watch in 2023. New Media shareholders would own 50.5% of the combined company, while Gannett stockholders would own 49.5%. 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. Misfits continues to move into the creator space by bringing in top talent from outside the gaming industry. When Bermuda was first discovered in the 1500s by the Spanish in the Caribbean, and then a century later by the English, there was no Indigenous population documented. 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. Earlier this year, Gannett fended off newspaper chain MNG Enterprises's MNGE.PK efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. Thematic Investing During A Transformative Year, 2023 Media Layoffs: Vice Media Reportedly Cuts 100 Jobs, The Future Of Social Media Will Be Special Interest Focused, Five Strategies For Growing A Business On Social Media. This massive map highlights overseas territories and dependencies around the world and their sovereign states. "They are of enough scale that they are doing a good amount of digital national business, and the GateHouse properties added in there gives them more scale.". 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. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. 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. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. One of the furthest is New Caledonia, a French territory around 17,000 km away from European France. Fortress is owned by SoftBank, a Japanese conglomerate. Shares of Gannett closed up 2.6% at $11.04, while those of New Media Investment Group closed down 7.6% at $9.89. About 15 billionaires and six corporations own most of the U.S. media outlets. Including the. Gannett brands include USA TODAY NETWORK with the iconic USA TODAY and more than 100 local media brands, digital marketing services companies ReachLocal, WordStream and SweetIQ, and U.K. media company Newsquest. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, 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. 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. 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. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. Some are autonomous territories or constituent countries, while some are administered almost entirely as part of the parent country. While not ideal, the latter option at least provides a potential route to revenue and cost synergies that make it easier to compete in a challenging environment. Its no secret that news media is a tough industry. New investments by Delivery Hero in grocery delivery start-ups is not on the agenda, according to the companys chief executive. [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. MGI - Media and Games Invest SE ("MGI") is an advertising software platform with strong first-party games content. [10] The company filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on September 27, 2013. 24, Since its founding, New Media Investment Group has purchased, merged, reorganized, and reconstituted hundreds of newspapers in large and small markets across the United States. The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. The combined group of business publications was rebranded as BridgeTower Media.[18]. How Many Music Streams Does it Take to Earn a Dollar? "We have been working hard on integration planning, and we are now even more confident in our ability to realize the high end of the range in savings and within the 18- to 24-month period we previously stated," he said. Who owns new media investment group? 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. 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.