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. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. For news sites that are owned or directly (or indirectly) controlled by the government (as is the case of the BBC, who since 2017 has had its board members selected by the UK government), the head of government was listed as the highest-level owner. 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. or The majority of synergies is expected to be realized within 24 months of closing and result from the increased scale of the new organization, sharing of best practices, leveraging existing infrastructure, facility rationalization and other judicious cost reductions. New Media and Gannett believe that a digital transformation of the newspaper industry is vital to the preservation of journalism, and the Merger will accelerate the combined companys digital transformation. In connection with the proposed transaction, New Media intends to file with the SEC a registration statement on Form S-4 (the Registration Statement), which will include a prospectus with respect to shares of its common stock to be issued in the proposed transaction and a joint proxy statement for New Medias stockholders and Gannetts stockholders (the Joint Proxy Statement), and each of New Media and Gannett will mail the Joint Proxy Statement to their respective stockholders and file other documents regarding the proposed acquisition with the SEC. Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. [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. 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. Others, like Amazon founder Jeff Bezos, bought publications as a side investment after building a substantial fortune in another industry. The company was founded on June 18, 2013. 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. Artificial intelligence can make investing more straightforward, bringing investment insights to the masses. 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. In total they own 666 media sites. Neither New Media nor Gannett can give any assurance that its expectations will be attained. Advance owns newspapers in 25 cities and towns across America and isthe countrys largest privately-held newspaper chain. '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. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. He is now the vice chairman of the media company, which owns papers like The Los Angeles Times and The Chicago Tribune. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. [33], On January 28, 2019, it was announced that GateHouse Media had acquired the publishing division of Schurz Communications including The Herald-Times in Bloomington, Indiana, South Bend Tribune in South Bend, Indiana, and other papers in Clay, Lawrence, Monroe, Morgan, Orange, Owen, and Putnam counties in Indiana. 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. But a great reputation can never be boughtonly earned and protected. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. Read a newspaper, magazine, watch CNN, FOX, anything besides Social Media. The Amended Management Agreement, which will become effective upon the closing of the Merger, provides for the following key changes: Establishes a termination date of December 31, 2021, for the Managers services in lieu of annual renewals of the term; Reduces the incentive fee rate from 25% to 17.5% for the remainder of the term; Reduces by 50% the number of options that would otherwise be issuable in connection with the issuance of shares as consideration for the Merger, and imposes a premium on the exercise price; Eliminates the Managers right to receive options in connection with future equity raises; and. Real estate billionaire Mortimer Zuckerman is the owner of both US News & World Report and the New York Daily News. Billionaire Red Sox owner John Henry purchased the Boston Globe in October 2013 for $70 million. 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. Four years later, Tribune Co. emerged from bankruptcy after being bought by Oaktree Capital Management, Angelo, Gordon & Co and JPMorgan Chase. Cox Enterprises, owned by the billionaire Cox family, counts The Atlanta Journal-Constitution and a number of other daily papers among its many media investments. This seems very strange. But he does not believe the company will achieve its cost-savings goal. Warren Buffett, as CEO of Berkshire Hathaway, has invested in a number of small newspapers and owns about 70 dailies today. [8], The company received notification from the New York Stock Exchange (NYSE) on August 21, 2008, that it had fallen below the NYSE's continued listing standards for average global market capitalization over a consecutive 30-trading-day period of not less than $75 million and $1.00 average closing price, and had submitted a business plan to the NYSE Regulation for coming back into compliance for continued listing. It intends to operate newspaper, media directory and other media content businesses. Use Forbes logos and quotes in your marketing. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. Social media keeps evolving and the way it works best for brands keeps changing. In December 2014, Las Vegas casino billionaire Sheldon Adelson secretly bought the Las Vegas Review-Journal. The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. Nathan Bomey USA TODAY Gannett on Wednesday named a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. "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. Fox News is owned by the Fox Corporation, which is owned in part by the Murdoch Family (39% share). Several other billionaires, including Comcast CEO Brian Roberts and Liberty Media Chairman John Malone, own or control cable TV networks that are powerful but not primarily news focused. 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. 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. 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. Heres a look at some of the billionaires who own news media in the United States: Michael Bloomberg BloombergLP and Bloomberg Media. (212) 479-3160 GateHouse Media Inc. was an American publisher of locally based print and digital media. The combined group of business publications was rebranded as BridgeTower Media.[18]. Escaping the News Desert Required fields are marked *. 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. [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. Significant synergies. The news media has a powerful influence over consumer tastes, political opinions, and culture at large. The nation's two largest newspaper groups plan to merge. Under the terms of the Merger Agreement, shareholders of Gannett will receive $6.25 in cash and 0.5427 of a New Media share for each Gannett share they hold, representing total consideration of $12.06 per Gannett common share based on New Medias closing stock price as of August 2, 2019, and a premium of approximately 18% to the five-day volume-weighted average price of Gannett shares as of that date. Deputy Director David S. Cohen. Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. 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. Others, like Amazon founder Jeff Bezos, bought publications as. As of early 2022, Gannett was seeking an early buyout of Fortress's outside management role. 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. "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.". 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. 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. CEOs of new Gannett:'Pivot' needed for digital transformation as merger is completed, Deal approved: Shareholders of USA TODAY owner Gannett and New Media Investment Group approve merger, New board: New Media and Gannett announce board of directors for combined company. 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. The company will be based atGannett's headquarters in McLean, Virginia. Mike Reed will serve as. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Media runs in Hubbards family; his father started Minnesotas first commercial TV station in 1923. 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. Chief Executive Officer of the combined companys operating subsidiary, Strategically-aligned leadership committed to expanding and promoting The Globe was previously owned by the New York Times for twenty years. [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become Could we later look at the music industry? Your email address will not be published. The Guardian is owned by the Scott Trust Limited, which exists solely to control the finances of the Guardian and ensure its editorial independence. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. They unquestionably get more than enough daily hits to qualify. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. full access for 30 days and then you cancel for a full refund. 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. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. Contact Information Matt Esposito 1-703-854-3000 investors@gannett.com Investor Toolkit Latest Earnings Info LocaliQ $3.0+ 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. Today's graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. Henry agreed to purchase the Globe just days after Bezos acquired the Washington Post. His son J.E. [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]. 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