He told the Chicago Tribune last year . New Media Investment Group's mailing address is 1345 AVENUE OF THE AMERICAS, NEW YORK NY, 10105. 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. 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. Meanwhile, Vice recently acquired Refinery29 for $400 million, giving it access to a new audience skewed towards millennial women. The United States is delivering strong sales now that domestic and international travel is flying high again. . [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, Mike Reed will serve as CEO of the newly. The company's nine-member board will consist of five directors from New Media,. It intends to operate newspaper, media directory and other media content businesses. 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. Its no secret that news media is a tough industry. Each region has its own unique present-day status. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. 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 communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. Strategic, investment advisory and management services firm that focuses on technology, media and content companies. This combination will create a broad network of talented, experienced journalists poised to deliver unique and award-winning content for local communities and national audiences. Christopher Ruddy became the CEO of the company and decided to take it in a new direction. With their capital, family offices play a significant role in shaping the future of wealth management and have an opportunity to lead in sustainable investments. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. Significant synergies. While New Media reported revenue of $404 million in its second quarter on Monday, Gannett had revenue of $660 million. 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. 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. 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. 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. How Many Music Streams Does it Take to Earn a Dollar? (212) 257-4170 The News Media Alliance says there are 672 major daily newspapers in the United States. The company will be based atGannett's headquarters in McLean, Virginia. If shareholders give the thumbs-up during the vote this November, Gannett will have amassed the largest online audience of any American news provider. One of the furthest is New Caledonia, a French territory around 17,000 km away from European France. It is one of the many French Overseas Territories that together are home to 2.6 million people. 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. 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. 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. As part of his three running lawsuits against different publishers in the British press, Prince Harry's lawyers filed some paperwork alleging that Prince William received a substantial settlement (for phone hacking) from a Murdoch-owned entity in 2020. AAPL, FB, TWTR), Total number of diversity investments made by an investor, Total number of employee profiles an organization has on Crunchbase, Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. 15 facilities in 9 countries around the globe. He has said he's confident of hitting the savings target. 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. I just hope its done for the right reasons. Bernie Szachara, previously president of newspaper operations for GateHouse, who will serve as president of U.S. publishing operations. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. Mason Slaine, former CEO of business information publisher Thomson Financial, owns about 8%. "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. Gatehouse re-emerged from the planned bankruptcy in November 2013. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. There are no current stakeholders of New Media Investment Group Inc cmn. Its parent company, New Media Investment Group, merged with Gannett in 2019.[4]. The $1.4 billion equity value is based on 116.7 million outstanding shares as of June 30. It listed assets of $433.7 million and debt of $1.3 billion. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. Sam Levenson Or Thousands of American communities that had local newspapers in 2004 now have no news coverage at all, while remaining papers are increasingly becoming units within an umbrella company, with no direct stake in community reporting. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". New Media Investment Group and Gannett finalized their merger Tuesday, putting top executives in position to move ahead with plans they believe will transform the new company's local and. General Motors is investing heavily in another strain of its business besides EVs: warehouses for distributing replacement parts for the existing park of GM vehicles, nearly all of which run on internal-combustion engines. 2. Concurrent with the entry into the Merger Agreement, New Media and the Manager have agreed to amend the Management and Advisory Agreement dated as of March 6, 2015 (such amendment, the Amended Management Agreement), pursuant to which the Manager provides a management team (including the Chief Executive Officer) and other professionals who provide services to New Media. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). Who owns new media investment group? For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. 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. With the advent of technology and the globalization of markets, investors have more choices than ever. 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. Where are Clean Energy Technologies Manufactured? 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. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. Copyright 2023 InfluenceWatch. You may obtain free copies of these documents using the sources indicated above. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. 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. 6 7 Reed has faced criticisms in the past from the NewsGuild, an affiliate of the left-wing Communications Workers of America labor union, for purchasing newspapers, consolidating editorial practices, and reducing jobs to increase profits. [25], In August 2017, GateHouse announced it was purchasing 11 daily newspapers, 30 weeklies, and other assets from Morris Publishing Group, a division of Morris Communications. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. 2,000 employees from 40 countries. Check out, Visualized: The Head of State of Each Country, by Age and Generation, Patriot Ledger, The Columbus Dispatch, The Providence Journal, USA Today, Detroit Free Press, Arizona Republic, Oakland Tribune, San Jose Mercury News, Denver Post, Niagara Gazette, The Huntsville Item, The Lebanon Reporter, Arizona Daily Sun, St. Louis Post Dispatch, The Maui News, The Toledo Chronicle, Salem News, Chicago Tribune, Los Angeles Times, The Baltimore Sun, Buffalo News, Winston-Salem Journal, Omaha World-Herald, Suburban Life Magazine, Putnam County Record, The Austin Daily Herald, The Charlotte Gazette, San Francisco Chronicle, Seattlepi.com, Houston Chronicle, Daily Corinthian, Connersville News-Examiner, Citrus County Chronicle, The News-Enterprise, Idaho Statesman, Miami Herald, The Sacramento Bee, The New Yorker, Vanity Fair, Wired, The Oregonian, NJ.com, Cherokee Chronicle Times, Southeast Missourian, Cheyenne Minuteman, Brookings Register, Newport News Times, Pitcairn, Henderson, Ducie & Oeno Islands, Saint Helena, Ascension & Tristan da cunha. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. 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. [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. 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. New Media Investment Group, Inc. is a development stage company. All Rights Reserved. (212) 479-3160 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. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Align to Preserve and Enhance Quality Journalism, Creates the leading U.S. print and digital news organization with deep local roots and nationwide scale, Michael Reed to remain Chairman of the Board of Directors and Chief Executive Officer; That said, until the issue of monetization is definitively sorted out, consolidation may be the only way to keep the presses from stopping. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. Todays graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. Jeff Gordon, a regional vice president for The NewsGuildwhose region represents journalists at four GateHouse newsrooms, expressed fears that the deal will lead to further distress for journalists who have already faced budget reductions. [36][37] The acquisition of Gannett by New Media Investment Group was completed on November 19, 2019, making the combined company the largest newspaper publisher in the United States. 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. New Media Investment Group is a New York City-based private equity firm that is the parent company of Gannett Co., Inc., the largest newspaper publisher in the United States. MGI's main operational presence is in North America and Europe. The official website for the company is www.newmediainv.com. Concord is a private company funded by long-term institutional capital and members of Concord's management team. At first it was used by passing ships as a replenishment spot, but the English eventually settled it in the 17th century. In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett.