(212) 355-4449, Internet Explorer presents a security risk. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. Gannett said it will later fill the chief marketing officerrole. New Media and Gannett believe that a digital transformation of the newspaper industry is vital to the preservation of journalism, and the Merger will accelerate the combined companys digital transformation. 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%. Rural news media is largely dominated by Australian Community Media, whose portfolio includes over 170 regional newspapers and their corresponding websites. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. But a great reputation can never be boughtonly earned and protected. '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. 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. Also based in the US are the Newhouse family, who have built a media empire that includes 47 titles, with a combined monthly readership of 1.5 billion. NordVPN includes a 30-day money-back guarantee. [1] Business units [ edit] Media properties [ edit] The New York Times The New York Times International Edition The New York Times International Weekly Four years later, Tribune Co. emerged from bankruptcy after being bought by Oaktree Capital Management, Angelo, Gordon & Co and JPMorgan Chase. Some billionaires, like Rupert Murdoch and Michael Bloombergare longtime media moguls who made their fortunes in the news business. Here are some points to consider when building a reputation management strategy for hedge funds and private equity firms. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. His son J.E. One name towers above all the rest when it comes to owning media outlets, and that name is Michael Reed and hes the CEO of New Media Investment Group. "The whole goal is to get rid of that," he said. On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. All Rights Reserved. Kris Barton, previously Gannett's chief product officer, who will take on the same role. Chances are, we can find what you're looking for: We are reader supported and may earn a commission when you buy through links on our site. Click here to explore who owns the news in Australia. [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]. We then determined the parent companies behind each of these 50 outlets and identified all of the properties in their online media portfolios. 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. Tax equity investing can be a complex and challenging process, especially for investors who are exploring this type of investment for the first time. Required fields are marked *. 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. But one area for growth is events, where New Media has a particularly strong business, Doctor said. How to Pin Folders and Files to Finder Menu, How To Autofill Letters from A-Z in Excel. 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 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 new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. Zuckerman serves as chairman and editor-in-chief of U.S. News & World Report, which he bought in1984. [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard. Uniting our talented employees and complementary portfolios will enable us to expand our comprehensive, hyperlocal coverage for consumers, deepen our product offering for local businesses, and accelerate our shift from print-centric to dynamic multimedia operations. Engel's role was announced previously. Paul Ameden, CIO; Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. 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. Bill Church, Senior VP News; Liberty Group Publishing was formed in 1998 when Kenneth L. Serota, a former Hollinger International attorney with backing from Leonard Green & Partners, bought 160 community newspapers from Hollinger. 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. 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.". James Cox, the company founder and grandfather of current chairmanJim Kennedy, bought his first newspaper, the Dayton Ohio Evening News, in 1898. 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. The company was founded on June 18, 2013. 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. [4] History [ edit] Liberty Group Publishing [ edit] Ashley Higgins, New Media Investor Relations In 2009, Bloomberg LP bought Business Week magazine from McGraw Hill for a reported $5 million plus assumption of debt. 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. The last step was to put a name (and a face) to each company by identifying the highest-level owners. 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. Under terms of the deal, Apollo has the right to appoint two observers to the company's board and could appoint one or two voting directors if the company's debt exceeds its earnings by too great of a margin. Cautionary Statement Regarding Forward-Looking Statements. Significant synergies. 19 September, 2019. the parties ability to consummate the proposed transaction and to meet expectations regarding the timing and completion of the proposed transaction; the satisfaction or waiver of the conditions to the completion of the proposed transaction, including the receipt of the required approval of New Medias stockholders and Gannetts stockholders with respect to the proposed transaction and the receipt of regulatory clearances required to consummate the proposed transaction, in each case, on the terms expected or on the anticipated schedule; the risk that the parties may be unable to achieve the anticipated benefits of the proposed transaction, including synergies and operating efficiencies, within the expected time-frames or at all; the risk that the committed financing necessary for the consummation of the proposed transaction is unavailable at the closing, and that any replacement financing may not be available on similar terms, or at all; the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected; the risk that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the proposed transaction; the retention of certain key employees; and. Google, per-se, is not a news company , Your email address will not be published. Conde Nast, a unit of Advance Publications, publishes magazines including Wired, Vanity Fair, The New Yorker and Vogue. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. Billionaire Red Sox owner John Henry purchased the Boston Globe in October 2013 for $70 million. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. 104.7 KCMB, 102.3 The River, NewsTalk103, 92.9 The Hawk, 94.5 KJDY . The news media has a powerful influence over consumer tastes, political opinions, and culture at large. After the closing of the Merger, both New Media and its operating subsidiary GateHouse, will be rebranded and operate under the Gannett brand. Henry agreed to purchase the Globe just days after Bezos acquired the Washington Post. "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. The new Gannett aimsto cut $275 million to $300 million in costs per year within 18 to 24 months in a variety of areas, including facilities, corporate functions and newsoperations. 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. Escaping the News Desert Kirk Davis, operating company CEO;[2] (Photo by Alex Wong/Getty Images), I wasnt looking to buy a magazine. This equates to a combined monthly readership of over 1 billion people. 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. Cohen previously served as Deputy Director of the CIA from 2015 to 2017. 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. New Medias purchase of Gannett, using a combination of cash and stock, was valued at approximately $1.1 billion as of Mondays market close, according to a regulatory filing with the Securities and Exchange Commission. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. And gain scale Nast, a unit of Advance Publications, publishes magazines including Wired, Vanity Fair the. Revenue and gain scale Southern food and lifestyle brand ( and a face ) to each by! Identified all of the CIA from 2015 to 2017 Globe in October 2013 $... Is largely dominated by Australian Community media, whose portfolio includes over 170 regional newspapers and their websites. 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