Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. Celta Vigo Star Gabri Veiga Is Alerting Wealthy Teams In The Premier League, RFK Killer Sirhan Sirhan Denied Parole For 16th TimeReversing 2021 Decision, Wednesday, March 1. One ultra-wealthy media investor not mentioned in the story: Mexican billionaire Carlos Slim Helu, who owns the largest individual stake in the Times. : Media Concentration and Ownership around the World. In addition to its national presence through USA TODAY, the new Gannett will operatenews organizations in 47 states and Guam, as well as the United Kingdom. The conference call may be accessed by dialing 1-855-319-1124 (from within the U.S.) or 1-703-563-6359 (from outside of the U.S.) 10 minutes prior to the scheduled start of the call; please reference access code 3747329. A simultaneous webcast of the conference call will be accessible to the public on a listen-only basis through each companys website. The Registration Statement, the Joint Proxy Statement and other relevant materials (when they become available) and any other documents filed or furnished by New Media or Gannett with the SEC may be obtained free of charge at the SECs web site, http://www.sec.gov. We then isolated the 20 companies with the most visited sites in each geography, as well as other newsworthy media companies, and identified all of the properties in their online media portfolios, as well as the name of their highest-level owners, using financial filings, corporate press announcements, and other public sources. Ed Trissel / Tim Ragones / Tanner Kaufman Gawker aims to appeal the ruling. New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). [1] Business units [ edit] Media properties [ edit] The New York Times The New York Times International Edition The New York Times International Weekly "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. 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. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. Advance owns newspapers in 25 cities and towns across America and isthe countrys largest privately-held newspaper chain. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. In 2012, Berkshire Hathaway acquired 63 daily newspapers and weeklies in Virginia, North Carolina, South Carolina and Alabamafrom Media General for $142 million. Or Joe Mansueto Inc. and Fast Company magazines, Morningstar CEO Joe Mansueto made his $2.3 billion fortuneat the investment and research firm he founded in 1984. It listed assets of $433.7 million and debt of $1.3 billion. In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. 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. ", Warning to Congress:Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. Saudi billionaire Prince Alwaleed Bin Talal also owns 1% of News Corp, after cutting down his holdingsfrom 6% in early 2015. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. Investors: Kris Barton, previously Gannett's chief product officer, who will take on the same role. Social media keeps evolving and the way it works best for brands keeps changing. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. The family has also owned a local Pennsylvania paper, TheReading Eagle, for generations. This scale will meaningfully enhance the combined companys financial profile by leveraging nationwide reach and local presence to expand and deepen relationships with consumers and businesses. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. 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. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. Precise vote totals were not immediately available, but New Media CEO Mike Reed said that about 99% of the 75% of New Media shareholders who voted approved the deal. Please visit www.newmediainv.com and www.gannett.com. We then determined the parent companies behind each of these 50 outlets and identified all of the properties in their online media portfolios. Barbey is a member of the billionaire Barbey family, which made its fortune in textiles and manufacturing. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. 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. Less than a year later, the companywentbankrupt. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. But he does not believe the company will achieve its cost-savings goal. The next name on the list is Alex Waislitz, founder and Chairman of the Australian-based Throney Investment Group, which owns 169 outlets, including The Advertiser, The Canberra Times, and Illawarra Mercury. We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. Mike is a newspaper guy," Gordon said. 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. 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. Real estate billionaire Mortimer Zuckerman is the owner of both US News & World Report and the New York Daily News. At the time of his purchase, Henry said he didnt plan to influence the papers sports coverage. The newspapers own reporting outed the billionaire buyer, who reportedly arranged the $140 million deal through his son-in-law. To determine the companies and individuals that own the top news sites in the world, we identified the top owners of the news sites with the most monthly traffic as of December 2019. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. "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.". In an analysis of 30 countries, researchers found that, on average, the top four media companies in each country hold 40% of that countrys media content market. Zuckerman bought the Daily News out of bankruptcy in 1993andunsuccessfully tried to sell the tabloid newspaper for six months in 2015. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. 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. 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. 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. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. [1] Despite these restrictions, today Australia has a relatively high degree of media concentration. 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. Cox Family Atlanta Journal-Constitution. 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. 2023 Forbes Media LLC. 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. Billionaire Red Sox owner John Henry purchased the Boston Globe in October 2013 for $70 million. A significant share of the worlds media is owned by national governments. [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. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, Arbor Advisory Group Mike Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. Today Hearst Communications owns dozens of newspapers and magazines throughout the country, each with a significant online presence. 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. Significant synergies. Others, like Amazon founder Jeff Bezos, bought publications as. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. 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. Escaping the News Desert The cash and stock deal values Gannett at about $1.4 billion. 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 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. The company was founded on June 18, 2013 and is headquartered in New York, NY. The Hearst name, for example, first appeared on a newspaper masthead in 1887. Come procurarsi un indirizzo IP del Regno Unito dalla Cina: 5 semplici modi, veloci e sicuri. Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized businesses. Entertainment Group. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. How can you possibly not list any social media sites, such as Facebook, etc. But financial challenges in the industry haveproved to be an obstacle in Gannetts quest to remake itself, asdigital advertising and consumer revenuehavebeen less lucrative than in print. In April 2019, for example, private equity firm Great Hill Partners acquired the Gizmodo Media Group and The Onion, and combined their digital news assets, which include Gizmodo, Jezebel, and The A.V. From 1987 to 2006, Australia had specific legislation limiting foreign ownership of media companies on the continent, as well as restrictions on cross-ownership of media companies meant to preserve the diversity of news media. 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