Ashley Higgins, New Media Investor Relations The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. GateHouse Media Inc. was an American publisher of locally based print and digital media. MNG Enterprises, Inc., doing business as Digital First Media and MediaNews Group, is a Denver, Colorado -based newspaper publisher owned by Alden Global Capital. Here are some points to consider when building a reputation management strategy for hedge funds and private equity firms. 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. Zuckerman serves as chairman and editor-in-chief of U.S. News & World Report, which he bought in1984. (212) 355-4449, Internet Explorer presents a security risk. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. Their past, present, and future contributions., Mortimer Zuckerman US News & World Report, New York Daily News. Neither New Media nor Gannett can give any assurance that its expectations will be attained. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. Gannett will be acquired by New Media Investment Group, which owns Gatehouse. Onemonth after taking Morningstar public in 2005, Mansuetobought Inc. and Fast Company magazine from G&J USA. Saudi billionaire Prince Alwaleed Bin Talal also owns 1% of News Corp, after cutting down his holdingsfrom 6% in early 2015. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. Achieving a faster EB-5 processing time is possible now thanks to the new law passed by the U.S. Congress. 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. 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. It's crucial because, at an interest rate of 11.5%, the Apollo loan could become onerous ifnot paid off quickly, said Tim Hynes, head of North American research for debt analysis service Debtwire. Today's graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. Michael Bloomberg, the richest billionaire in the media business, returned to his eponymous media company in September 2014, eight monthsafter stepping down as mayor of New York City. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 1:00 NEW YORK New Media Investment Group Inc., the public parent company of GateHouse Media, the owner of the Telegram & Gazette, has signed an agreement to acquire Gannett Co. Inc.. "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. Other top As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. In 2009, Bloomberg LP bought Business Week magazine from McGraw Hill for a reported $5 million plus assumption of debt. New Media Investment Group, Inc. is a development stage company. 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. (703) 854-3168 Altogether, his family controls 120 newspapers across five countries. Sam Levenson In the same month, GateHouse announced its $49.25 million purchase of The Palm Beach Post and Palm Beach Daily News from Cox Media Group, LLC. Others, like Amazon founder Jeff Bezos, bought publications as. 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. [1] Despite these restrictions, today Australia has a relatively high degree of media concentration. Great work. In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. 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. Now, let's look at the four biggest stock owners. 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. This communication is neither an offer to sell, nor a solicitation of an offer to buy any securities, the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. 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. GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. Zuckerman bought the Daily News out of bankruptcy in 1993andunsuccessfully tried to sell the tabloid newspaper for six months in 2015. 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. There are no current stakeholders of New Media Investment Group Inc cmn. At the time of his purchase, Henry said he didnt plan to influence the papers sports coverage. Mike Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. Who owns new media investment group? Gannett said it will later fill the chief marketing officerrole. Greenhill & Co., LLC and Goldman Sachs & Co. LLC are serving as financial advisors to Gannett, and Skadden, Arps, Slate, Meagher & Flom LLP and Nixon Peabody LLP are serving as legal counsel. [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. As a result, we will accelerate the growth of the combined companys digital revenue through innovative customer experiences and new marketing solutions for businesses, while creating an expansive journalism network with the resources required to deliver unique and award-winning content. [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]. The companies will co-host a call to discuss the transaction and second quarter earnings on August 5, 2019 at 4:15 p.m. Eastern Time. Gannett Co., Inc. ( / nt /) is an American mass media holding company headquartered in Tysons, Virginia, in the Washington, D.C., metropolitan area. 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. New Media Investment Group to Acquire Gannett Two Leading Media and Marketing Solutions Companies Align to Preserve and Enhance Quality Journalism Creates the leading U.S. print and. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. The newspapers own reporting outed the billionaire buyer, who reportedly arranged the $140 million deal through his son-in-law. The online media company took outside funding for the first time in anticipation of legal fees incurred by a lawsuit brought by wrestler Hulk Hogan, according to a leaked memo from Gawker founder Nick Denton. The company was founded on June 18, 2013 and is headquartered in New York, NY. 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. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. Henry agreed to purchase the Globe just days after Bezos acquired the Washington Post. Copies will also be available at no charge in the Investor Relations sections of New Medias website, www.newmediainv.com and Gannetts website, www.gannett.com. 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. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. Some bought television stations and magazines, too. Or two, for that matter.I bought them because Im passionate about their missions. The rest of the combined companys senior executive team, which is expected to be composed of highly experienced leaders from both companies, will be announced at a later date. 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. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, Forbes also found that Vinod is nearly five times richer than previously known. [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. The Posts reporters alsodefended themselves, sayingthat the paper has covered Amazons tax problems and that the Posts editorial boards stance on taxing online retailers hasnt changed since Bezos bought the paper. Target net leverage within two years of closing is expected to be below 1.75x. 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