Media: (212) 257-4170 Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. [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. (203) 307-2250 Republicans are at a crossroads over who should lead the party. 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. Cox Family Atlanta Journal-Constitution. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. Or Hogan sued Gawker after it published a sex tape. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. Our digital interactions on social media platforms can sometimes be so immersive that its hard for us to differentiate a conscious thought from an unconscious inception; and that inhibits our ability to pinpoint the source of our opinions. It's also important to point out that the same person with Fox News ownership, Rupert Murdoch, owns News Corp with the same 39% share, and News Corp owns the New York Post, HarperCollins, and the Wall Street Journal. Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. 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. Before that, he spent four years at Bloomberg LP as President of Bloomberg Businessweek from 2010 until 2014, in addition to serving as Chief Operating Officer of the Media Group from 2011 to 2014. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. In total they own 666 media sites. [22], In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa. Or 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. Shareholders cleared the way Thursday for New Media Investment Group and USA TODAY owner Gannett to join forces in adeal that willcreatethe largest U.S.media company by print circulation and one that will also vie for the biggestonline news audience nationwide. James Cox, the company founder and grandfather of current chairmanJim Kennedy, bought his first newspaper, the Dayton Ohio Evening News, in 1898. ir@newmediainv.com In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Accelerate digital strategy. Washington Post executive editor Martin Baron and, Amazon founder Jeff Bezos, who owns the Washington Post, on stage at the Posts Transformers conference in May 2016. Credit Suisse is serving as financial advisor to New Media, and Cravath, Swaine & Moore LLP is serving as principal legal counsel. The Manager is restricted from selling these shares until the expiration of the Amended Management Agreement, or otherwise upon a change in control and certain other extraordinary events. Si stepped down as chairman of Conde Nast in 2015. Click here to explore who owns the news in the UK. In recent years, asset management firms and private investors have increasingly bought majority stakes in legacy newspapers and have come to dominate the list of the top media owners worldwide. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. In recent years, Gannett has pursued a unified journalism and business strategy through the promotion of the USA TODAY Network, which includes all of its U.S. publications. At the same time, Gordon said he has confidence in Reed's leadership of the new company. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. Click here to explore who owns the news in America. New Media CEO Mike Reed, who will become CEO of the new Gannett, told investors on Oct. 31 that "we feel great about the synergies.". Joele Frank, Wilkinson Brimmer Katcher For a full list of sources that went into the creation of these graphics, please visit: https://bit.ly/WhoOwnsNews. As media moguls continue to build their empires, and emerging conglomerates begin to expand into the news media industry, it is important to remain aware of who exactly owns the news. The obvious concern the Guild has expressed is all the debt incurred in the merger, which creates pressure to drive cash flow and could result in further cuts, he said. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. 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. The sale closed on Oct. 1, 2018, for $12.5 million. The Cox Media Group Division today owns the Journal-Constitution and six other daily newspapers, more than a dozen non-daily publications, 14 broadcast television stations, one local cable channel and 59 radio stations. Certain statements in this communication may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect New Medias and Gannetts current views regarding, among other things, the proposed transaction between New Media and Gannett, the expected timetable for completing the proposed transaction, the benefits and synergies of the proposed transaction and future opportunities for the combined company, as well as other statements that are other than historical fact. According to a recent analysis from the Columbia Institute for Tele-Information research center, the market concentration of internet media has more than doubled since 2000. State ownership of media in English-speaking countries is dwarfed, however, by the Government of Chinas media holdings.[1]. The family has also owned a local Pennsylvania paper, TheReading Eagle, for generations. 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. We are committed to delivering significant synergies in a thoughtful manner, consistent with our shared goals for the business, said Michael Reed, New Media Chairman and Chief Executive Officer. To identify which companies and CEOs have the most titles and combined readerships, we generated a list of all the URLs for each publication under each respective CEO. New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). For news sites that are owned by investment firms with a majority stake, we opted for the CEO or director of the investment firm. There are no current stakeholders of New Media Investment Group Inc cmn. Eliminates certain payments otherwise due at or after the end of the term. The CEO with the biggest audience is Hans Vestberg, CEO of American multinational telecommunications conglomerate Verizon Communications Inc. Vestbergs outlets boast a combined monthly readership of over 3.8 billion and include media powerhouses of the likes of Yahoo, AOL, Huff Post, TechCrunch, Engadget and Autoblog. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. Total pro forma leverage at closing of the Merger is expected to be approximately 3.5x LTM As Adjusted EBITDA, before run-rate synergies, and 2.3x including run-rate synergies. For news sites that are owned or controlled by the government, the head of government was listed as the highest-level owner. 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. A California parole board voted to release Sirhan from his life sentence two years ago, but Gov. Faced with problems, it downsized to 270 by June 2005. 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. New Media Investment Group, Inc. is a development stage company. [7] On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications. 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. [4] History [ edit] Liberty Group Publishing [ edit] 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. Media runs in Hubbards family; his father started Minnesotas first commercial TV station in 1923. How can you possibly not list any social media sites, such as Facebook, etc. 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. Gasthalter & Co. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. Under their umbrella, youll find prominent titles such as USA Today, Detroit Free Press, The Columbus Dispatch, The Arizona Republic, and the Austin American-Statesman. unlocking meaningful shareholder value, New Medias external management agreement to be amended at closing and terminated in 2021. Others, like Amazon founder Jeff Bezos, bought publications as. News that billionaire Peter Thielis funding Hulk Hogans trial against news website Gawker set the media and technology worlds on fire last week, sparking a conversation about theultra-wealthys role incontrolling the news. New Media and Gannett share a commitment to rationalizing costs as the media industry evolves, while continuing to invest in product development, training for newsrooms and understanding readers needs. 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. 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. As the largest shareholder, his investment allows him to vote for approximately one . One ultra-wealthy media investor not mentioned in the story: Mexican billionaire Carlos Slim Helu, who owns the largest individual stake in the Times. (703) 854-3168 Please visit the Investor Relations section of either companys website (www.newmediainv.com or www.gannett.com). These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially from expectations or estimates reflected in such forward-looking statements, including, among others: Additional risk factors that could cause actual results to differ materially from expectations include, but are not limited to, the risks identified by New Media and Gannett in their respective most recent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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. 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. New Media and Gannett share a strategic vision, and the combined companys significantly enhanced scale of operations will enable it to realize this vision more rapidly, while generating value for shareholders and benefits for employees and other stakeholders. 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. Click here to explore who owns the news in Australia. Deputy Director David S. Cohen. May 21, 2021 Tribune Publishing, the owner of some of the largest metropolitan newspapers in the United States, will be acquired by a hedge fund with a reputation for slashing costs and cutting. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. 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