Christopher Ruddy has been serving as the CEO of the company since 1997. Please visit www.newmediainv.com and www.gannett.com. "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. The company expanded into business news coverage and has more than 2,000 reporters around the world. Information about the directors and executive officers of New Media is set forth in the proxy statement for its 2019 Annual Meeting of Stockholders, which was filed with the SEC on April 12, 2019. Now, let's look at the four biggest stock owners. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. A significant share of the worlds media is owned by national governments. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). It listed assets of $433.7 million and debt of $1.3 billion. 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). Who owns new media investment group? Its parent company, New Media Investment Group, merged with Gannett in 2019.[4]. Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. 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. On their own, New Media and Gannett have had early success in adding online subscriptions, which are viewed as key to replacing lost print revenue. In 1989, John Barbey started the Reading Globe and Mitten Manufacturing Company in Pennsylvania. 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 . 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. Their past, present, and future contributions., opportunity to actually transform this newspaper world into this next generation. In 2014, Tribune Publishing Co. was spun out of, funding Hulk Hogans trial against news website Gawker. Warren Buffett, as CEO of Berkshire Hathaway, has invested in a number of small newspapers and owns about 70 dailies today. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. (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. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. The company has been in communication with the NYSE regarding its noncompliance with continued listing standards, but was unsuccessful in its efforts to avoid suspension and delisting. 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. New Media Investment Group Inc. (NYSE: NEWM) supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to small and medium business partners. 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. Or two, for that matter.I bought them because Im passionate about their missions. [9], By 2013, GateHouse Media grew, operating in 330 markets across 21 states, but they found themselves in a debt situation that would prohibit future growth. Twitter CEO Elon Musk called the media racist in several tweets on Sunday in a strange reaction to the news that the countrys biggest newspapers were dropping the Dilbert comic strip. New Media and Gannett and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of shares of New Media common stock and holders of shares of Gannett common stock in respect of the proposed transaction. In November 2019, New Media Investment Group (which owns the legacy GateHouse Media assets) purchased Gannett, changing the name of the combined company to Gannett Co., Inc. and keeping the GCI stock ticker. Rupert Murdoch, former CEO of 21st Century Fox, the parent of powerhouse cable TV channel Fox News, may well be the worlds most powerful media tycoon. As the largest shareholder, his investment allows him to vote for approximately one . It is the largest newspaper in Central Texas. 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. National online news media in Australia is essentially controlled by two companies: News Corp, through News Corp Australia, and Nine. 104.7 KCMB, 102.3 The River, NewsTalk103, 92.9 The Hawk, 94.5 KJDY . 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. Contact Information Matt Esposito 1-703-854-3000 investors@gannett.com Investor Toolkit Latest Earnings Info LocaliQ $3.0+ 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.. Club, into a new company named G/O Media Inc. The new company's financial success will hingeon its ability to shed overlapping costs and achieve what it calls a "digital transformation" built on increased revenue from digital products and marketing services. In August 2019, American investment firm KKR purchased the largest stake in Axel Springer SE, a German media group whose assets include Business Insider and Rolling Stone. One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index. The proposed transaction will be submitted to New Medias stockholders and Gannetts stockholders for their consideration. Paul Bascobert will serve as CEO of the new company's operating subsidiary, Gannett Media Corp., as previously announced. full access for 30 days and then you cancel for a full refund. NordVPN includes a 30-day money-back guarantee. A recent Gallup poll shows that Americans remain largely mistrustful of the mass media, with just 41% currently having a great deal or fair amount of trust in newspapers, television and radio to report the news fully, accurately and fairly.. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, It intends to operate newspaper, media directory and other media content businesses. [1] Such a high degree of media concentration which is only projected to increase in the near future has far-reaching implications for social, cultural, economic, and political life. The last step was to put a name (and a face) to each company by identifying the highest-level owners. 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. ABOUT US Gannett is a subscription-led and digitally focused media and marketing solutions company. In December 2014, Las Vegas casino billionaire Sheldon Adelson secretly bought the Las Vegas Review-Journal. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. NordVPN includes a 30-day money-back guarantee. 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. Russian billionaire Viktor Vekselbergs investment arm, Columbus Nova Technology Partners, bought a minority stake in Gawker in January2016 for an undisclosed amount. 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. Advance owns newspapers in 25 cities and towns across America and isthe countrys largest privately-held newspaper chain. 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. Jonathan Gasthalter/Nathaniel Garnick Some billionaires, like Rupert Murdoch and Michael Bloombergare longtime media moguls who made their fortunes in the news business. Forward-looking statements are based on New Medias and Gannetts respective managements current expectations and beliefs and are subject to a number of known and unknown risks, uncertainties and other factors that could lead to actual results materially different from those described in the forward-looking statements. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become Newspaper Chain, Targets 'Inefficiencies', "Red ink pressing publisher; Liberty Group grew fast, but so did its debt Crains August 5, 2004", "International Directory of Company Histories. Upon expiration of the term of the Amended Management Agreement, the Manager will cease providing external management services to New Media, and the Manager will no longer be the employer of the person serving in the role of Chief Executive Officer of the combined company (the Internalization). All Rights Reserved. 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. His son J.E. 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. 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. 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. United Kingdom: Oxford University Press. Or 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. 19 September, 2019. Henry agreed to purchase the Globe just days after Bezos acquired the Washington Post. Media runs in Hubbards family; his father started Minnesotas first commercial TV station in 1923. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. Enhanced scale. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. [3] [4] It is the largest U.S. newspaper publisher as measured by total daily circulation. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. 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. Today's graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. Mike is a newspaper guy," Gordon said. 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. 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. The company was founded on June 18, 2013 and is headquartered in New York, NY. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. Gannett Co., Inc. owns USA Today and over 250 dailies. Peter Schorsch Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida's most influential new media websites, including Florida Politics and Sunburn,. "A lot of the focus in the early days will be on integration and cost savings, and the key to success will end up being how much of those cost savings are they able to ultimately plow back into the product itself and serving the local communities," saidSilberman, a former general manager of digital media at New York Media, the parent company of New York magazine. You may obtain free copies of these documents using the sources indicated above. 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. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. 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. Many firms are masters at making money. Gannett on Wednesdaynamed a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. This means that publications under the direction of Verizon Communications reach an incredible 52% of the worlds population. The combined group of business publications was rebranded as BridgeTower Media.[18]. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. The New York Times published an article last Fridaycriticizing the power that billionaires wield over media companies. Gannett Co., Inc. ( / nt /) is an American mass media holding company headquartered in Tysons, Virginia, in the Washington, D.C., metropolitan area. As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. 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