Sam Levenson GateHouse Media Inc. was an American publisher of locally based print and digital media. Vinod Adani was at the heart of two massive Adani Group deals with French energy giant TotalEnergies, according to Indian filings. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. Artificial intelligence can make investing more straightforward, bringing investment insights to the masses. Others, like Amazon founder Jeff Bezos, bought publications as a side investment after building a substantial fortune in another industry. Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. 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. What can we do to make social media a more positive environment for people with disabilities? Fox News is owned by the Fox Corporation, which is owned in part by the Murdoch Family (39% share). Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. "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. 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. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. Less than a year later, the companywentbankrupt. Or Heres how you can use AI to build your portfolio. The new Gannett has more than 250 daily publications, including USA TODAY, as well as several hundred weeklies and an array of digital marketing services. Some billionaires, like Rupert Murdoch and Michael Bloombergare longtime media moguls who made their fortunes in the news business. 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. '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. 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. 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. Our latest study shows the current state of media consolidation around the world. [citation needed] In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership. United Kingdom: Oxford University Press. 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. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. In December 2014, Las Vegas casino billionaire Sheldon Adelson secretly bought the Las Vegas Review-Journal. 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. 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. Target net leverage within two years of closing is expected to be below 1.75x. We worked on News companies. 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. New Media Investment Group, Inc. is a development stage company. 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. 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. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. The Merger is expected to close by the end of 2019, subject to the satisfaction of customary closing conditions, including receipt of regulatory clearances and approval by the shareholders of each company. or Google, when so many surveys show that a great number of people get ALL their news from there? 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. They are BlackRock, Vanguard and State Street. 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. Leading Local Content Distribution and Marketing Solutions Platform Now Reaches 15 of the Top 25 U.S. Markets; Produces over 254,000 Hours of Locally-. 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. State ownership of media in English-speaking countries is dwarfed, however, by the Government of Chinas media holdings.[1]. James Cox, the company founder and grandfather of current chairmanJim Kennedy, bought his first newspaper, the Dayton Ohio Evening News, in 1898. 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. All interested parties are welcome to participate. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. 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. 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 . It is the largest newspaper in Central Texas. "The whole goal is to get rid of that," he said. The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Their past, present, and future contributions., Mortimer Zuckerman US News & World Report, New York Daily News. Such forward-looking statements speak only as of the date on which they are made. In that role, Cohen helped manage the Agency's worldwide operations, oversee strategic modernization of the Agency, and lead foreign intelligence collection, analysis, and action. Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. 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.". On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. 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. Kirk Davis, operating company CEO;[2] The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. New Media will also grant the Manager approximately 3.2 million options with an exercise price of $15.50, a 45% premium to the closing price of New Media common stock on August 2, 2019. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. Slim more than doubled his stake in The New York Times in June 2015 to approximately 17% of the media company. Many view this not only as a moral obligation but also a measure for protecting their employer brand and ensuring access to talent in the future. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. NEW YORK & MCLEAN, Va.--(BUSINESS WIRE)--New Media Investment Group Inc. (New Media) (NYSE: NEWM) and Gannett Co., Inc. (Gannett) (NYSE: GCI) announced today that New Media and Gannett have entered into a definitive agreement (the Merger Agreement) pursuant to which New Media will acquire Gannett for a combination of cash and stock (the Merger). 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. Club, into a new company named G/O Media Inc. [5] The Globe was previously owned by the New York Times for twenty years. Gatehouse re-emerged from the planned bankruptcy in November 2013. In 2009, Bloomberg LP bought Business Week magazine from McGraw Hill for a reported $5 million plus assumption of debt. [10] The company filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on September 27, 2013. Great work. NordVPN includes a 30-day money-back guarantee. Henry agreed to purchase the Globe just days after Bezos acquired the Washington Post. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. The biggest media conglomerates in America are AT&T, Comcast, The Walt Disney Company, National Amusements (which includes Viacom Inc. and CBS), News Corp and Fox Corporation (which are both owned in part by the Murdochs), Sony, and Hearst Communications. As media moguls continue to build their empires, and emerging conglomerates begin to expand into the news media industry, it is important to remain aware of who exactly owns the news. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. This equates to a combined monthly readership of over 1 billion people. Ever wondered who owns your favorite news websites? In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. Entertainment Group. 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. [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. Achieving a faster EB-5 processing time is possible now thanks to the new law passed by the U.S. Congress. While its mail is delivered from the Pittsford, NY 14534 post office, GateHouse's headquarters lie about a third of a mile east of the eastern border of, Last edited on 23 February 2023, at 23:45, U.S. Bankruptcy Court in Wilmington, Delaware, List of newspapers owned by GateHouse Media, "Gannett, Now Largest U.S. Gannett will be acquired by New Media Investment Group, which owns Gatehouse. In 2012, Berkshire Hathaway acquired 63 daily newspapers and weeklies in Virginia, North Carolina, South Carolina and Alabamafrom Media General for $142 million. Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. Significant synergies. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. Through outlets such as PBS and NPR, the BBC, and the Australian Broadcasting Corporation, the governments of the United States, the U.K., and Australia all have significant media holdings. 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. Fortress owned 52% of GateHouse debt. Ashley Higgins, New Media Investor Relations ir@newmediainv.com (212) 479-3160 or Media: Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. (212) 257-4170 Or Investors: Sam Levenson Arbor . 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 Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. Faced with problems, it downsized to 270 by June 2005. 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