the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. Note: The graphic has been updated to reflect changes in ownership for Refinery29, Gizmodo, and Jezebel. 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. Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. [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. The planned bankruptcy centered on restructuring the Fortress News Corp deal. 1. 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. Greenhill & Co., LLC and Goldman Sachs & Co. LLC are serving as financial advisors to Gannett, and Skadden, Arps, Slate, Meagher & Flom LLP and Nixon Peabody LLP are serving as legal counsel. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. [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]. or 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. "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. Total pro forma leverage at closing of the Merger is expected to be approximately 3.5x LTM As Adjusted EBITDA, before run-rate synergies, and 2.3x including run-rate synergies. The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. Bernie Szachara, previously president of newspaper operations for GateHouse, who will serve as president of U.S. publishing operations. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. (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 in the United States as publishers struggle with readers shifting to online sources for news. 2023 Forbes Media LLC. About 25% of the combined companys revenue will come from digital, New Media Chief Executive Officer Michael Reed said on a conference call. Investors: This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. 8, New Media Investment Group is a private equity firm which focuses on investing in local media assets, advertising, and digital marketing businesses. In a joint interview, Reed and Bascobert said they assembled their executive team with an eye on cohesion as the company aims to become a digital media powerhouse. (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. After the merger closes, expected by the second half of 2019, New Media will hold about 50.5% stake in the combined company, to be led by Reed. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. That was down from about $1.4 billion when the deal was announced in August because of a decline in New Medias stock price. 16 17 Following the merger, Gannett publishes 260 daily newspapers and 300 weekly publications in 47 states and Guam 18 and administers over 130,000 business advertising accounts with a weekly reach of over 12 million people. Vox Media recently inked a deal to acquire New York Media, the firm behind New York Magazine, Vulture, and The Cut. 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%. 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. Alexas top sites under the category of news (U.S. only, excluding user-generated). Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. The layoffs will primarily affect management positions. In 2004, conservative businessman Christopher Ruddy partnered with New Media Investment Group, and the name was changed to Newsmax. 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. It is one of the many French Overseas Territories that together are home to 2.6 million people. Advance Local Publications (22 dailies). Paul Ameden, CIO; New Media and Gannett are the largest U.S. newspaper owners by circulation, according to Statista. Active, Closed, This describes the type of investor this organization is (e.g. Gasthalter & Co. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. 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. Mike is a newspaper guy," Gordon said. Their histories vary, but most are tied to either modern colonialism from the 1400s onwards, or wars from the 19th and 20th centuries. He previously was CEO of New Media. But by most official designations of territories, the UK and France are tied with 17 overseas territories. 8 million customer contracts worldwide. GateHouse Media, a newspaper company backed by a hedge fund, agrees to buy the venerable chain for roughly $1.4 billion. With an unmatched local-to-national reach, Gannett touches the lives of more than 125 million people monthly with its Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. This match-up seems awkward on the surface, but it allows advertisers to reach a broader cross-section of people within each ad ecosystem. This graphic by Pranav Gavali maps the overseas territories of various countries, using a variety of sources including WorldAtlas, Statista, and official country releases. Shares of Gannett closed up 2.6% at $11.04, while those of New Media Investment Group closed down 7.6% at $9.89. The largest hosting company in Europe. Significant synergies. efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. The United States by itself accounts for 11 of the territories spread out across the North and South Pacific. One of the furthest is New Caledonia, a French territory around 17,000 km away from European France. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. 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. 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. These mergers have resulted in industrywide layoffs and caused the printing of what critics have called ghost papers, so named for being diminished versions of once larger papers that are published by bare-bones staff. Timeline: Cannabis Legislation in the U.S. Visualizing the Relationship Between Cancer and Lifespan, Visualizing How COVID-19 Antiviral Pills and Vaccines Work at the Cellular Level, Global EV Production: BYD Surpasses Tesla. 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.. 26. 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. Kirk Davis, operating company CEO;[2] [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. 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. 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. More than 90,000 servers in operation. (212) 257-4170 [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. 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. (703) 854-3168 Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger. unlocking meaningful shareholder value, New Medias external management agreement to be amended at closing and terminated in 2021. It excludes territories claims in Antarctica, which are currently governed by the 1959 Antarctic Treaty. 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. announced acquisitions, the Company will operate in 362 markets across 26 states. From scientific breakthroughs in healthcare to investments in a greener economy to major developments in experiential technologies, its clear that the economy of tomorrow will look very different than the one of today. 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. 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. 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. 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. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. New Media Investment Group, Inc. is a development stage company. The Newsmax Media Group is the parent company of Newsmax TV, which is carried on various cable and satellite networks, as well as Newsmax.com Newsmax Media Group, founded by Newsmax Media CEO Christopher Ruddy, President James Pinkerton, and Newsmax Media Chairman and CEO Christopher Ruddy. They also vary mightily in terms of size, population, and political apparatus. Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. The proposed transaction will be submitted to New Medias stockholders and Gannetts stockholders for their consideration. Compelling Strategic & Financial Benefits. It now has a constitution, a parliament, and a governor who exercises power on behalf of the British head of state. We are committed to delivering significant synergies in a thoughtful manner, consistent with our shared goals for the business, said Michael Reed, New Media Chairman and Chief Executive Officer. 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 storytelling bias is one of the most important, yet least known blindspots that affects our investing behavior. Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. 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. Inaddition to USA TODAY, Gannett owns 109 local media properties operated as the USA TODAY Network including the Arizona Republic, Detroit Free Press, Milwaukee Journal Sentinel and Indianapolis Star as well as United Kingdom-based Newsquest Media Group and digital marketing assets like WordStream. External Management Agreement. Target net leverage within two years of closing is expected to be below 1.75x. The GateHouse Media corporate strategy continues to focus on acquiring and operating traditional local media businesses and transforming them from print-centric operations to multimedia operations. 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. Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. More than half of the overseas territories were in either the Pacific Ocean (21) or the Caribbean (18). The company has been on a. 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. 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. 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. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. As outlets battle the duopoly of Google and Facebook for advertising revenue, the local news game has become increasingly difficult. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. Its parent company, New Media Investment Group, merged with Gannett in 2019. 19, Michael E. Reed is the president and CEO of New Media Investment Group. 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. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. (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. See here for a complete list of exchanges and delays. Gannett Co., Inc. owns USA Today and over 250 dailies. The sale closed on Oct. 1, 2018, for $12.5 million. 5, Michael E. Reed is the president and CEO of New Media Investment Group. Earlier this year, Gannett fended off newspaper chain MNG Enterprises's. 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. 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. Ranked: The Largest Bond Markets in the World. Or 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. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. Enhanced scale. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. For various reasons from tech disruption to changing media consumption habits the U.S. has seen a net loss of 1,800 local newspapers over the past 15 years. 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). The official website for the company is www.newmediainv.com. 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. The webcast replay of the conference call will also be available approximately two hours following the completion of the call on the Investor Relation section of each companys website. The amendment, as described in more detail below, also reduces the incentive fee rate payable to the Manager for the remainder of the term. 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. The newspapers were operated by GateHouse Media following the purchase. 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. Another highlight is that the majority of these regions are islands located quite a distance from their parent countries. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. 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. 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. Round-the-clock personalized customer service - 24/7/365. Across many platforms, organic content is being overshadowed by paid content for one obvious reason: money. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. 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. Engel's role was announced previously. The top newspapers by average Sunday circulation (Pew Research and Alliance for Audited Media) 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. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. Bonus Gift: Celebrating the Best of the VC+ Archive, More U.S. Tech Companies are Adopting Unequal Dual-Class Voting Structures, How Gen Z Feels About Its Financial Future, Interested in an overview of who leads countries around the world? Alden Global Capital Venture Capital owns Digital First Media (56 dailies). The $1.4 billion equity value is based on 116.7 million outstanding shares as of June 30. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. All interested parties are welcome to participate. 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. 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.
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