Stockholders of New Media and Gannett are urged to read all relevant documents filed with the SEC, including the Registration Statement and the Joint Proxy Statement, as well as any amendments or supplements to these documents, carefully when they become available because they will contain important information about the proposed transaction. Target net leverage within two years of closing is expected to be below 1.75x. Gannett Co., Inc. is a subscription-led and digitally focused media and marketing solutions company committed to empowering . (703) 854-3168 Stock ticker symbol (e.g. With the advent of technology and the globalization of markets, investors have more choices than ever. The storytelling bias is one of the most important, yet least known blindspots that affects our investing behavior. It currently has an elected legislature and governor and is home to a large U.S. military base. All Rights Reserved. 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. 1:02 Shareholders cleared the way Thursday for New Media Investment Group and USA TODAY owner Gannett to join forces in a deal that will create the largest U.S. media company by print. More than half of the overseas territories were in either the Pacific Ocean (21) or the Caribbean (18). Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. Faced with problems, it downsized to 270 by June 2005. 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. It now has a constitution, a parliament, and a governor who exercises power on behalf of the British head of state. But he does not believe the company will achieve its cost-savings goal. 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. New Media and Gannett are the largest U.S. newspaper owners by circulation, according to Statista. "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. MGI's main operational presence is in North America and Europe. 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. The News Media Alliance says there are 672 major daily newspapers in the United States. 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. 22 He assumed the New Media Investment Group CEO role in 2019 after the company merged of New Media and Gannett. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. Website http://www.mediainvestmentgroup.com Industries Investment. The top newspapers by average Sunday circulation (Pew Research and Alliance for Audited Media) 20 21 Reed was GateHouse CEO prior to the companys acquisition by New Media Investment Group. 16 17 Following the merger, Gannett publishes 260 daily newspapers and 300 weekly publications in 47 states and Guam 18 and administers over 130,000 business advertising accounts with a weekly reach of over 12 million people. The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. All quotes delayed a minimum of 15 minutes. 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. Kirk Davis, operating company CEO;[2] 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. This island in the Indian Ocean 700 km off the coast of Madagascar was first settled by the French in the 17th century, though it was discovered earlier by the Portuguese. But by most official designations of territories, the UK and France are tied with 17 overseas territories. 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. They created a news website called Phoenix New Media, which was renamed New Media Investment Group in 2008. Their histories vary, but most are tied to either modern colonialism from the 1400s onwards, or wars from the 19th and 20th centuries. 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. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. New Media shareholders would own 50.5% of the combined company, while Gannett stockholders would own 49.5%. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. This list of top 100 news sites was compiled using the following criteria: The top digital-native news outlets by monthly unique visitors (Pew Research and ComScore, excluding sports) [7], On September 4, 2013, News Corp announced that it would sell the Dow Jones Local Media Group, a group of 33 local newspapers, to Newcastle Investment Corp, an affiliate of Fortress, for $87 million. There are a total of 73 overseas territories listed on the map spread across the world. announced acquisitions, the Company will operate in 362 markets across 26 states. 13, In 2019, New Media Investment Group purchased newspaper publisher Gannett, the owner of USA Today and more than 100 other publications, for $1.4 billion. We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. Earlier this year, Gannett fended off newspaper chain MNG Enterprises's. Significant synergies. New Media is one of the largest publishers of locally based print and online media in the United States as measured by its 154 daily publications. (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. Its parent company, New Media Investment Group, merged with Gannett in 2019.[4]. 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. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. Concord is a private company funded by long-term institutional capital and members of Concord's management team. Mike is a newspaper guy," Gordon said. But financial challenges in the industry haveproved to be an obstacle in Gannetts quest to remake itself, asdigital advertising and consumer revenuehavebeen less lucrative than in print. the parties ability to consummate the proposed transaction and to meet expectations regarding the timing and completion of the proposed transaction; the satisfaction or waiver of the conditions to the completion of the proposed transaction, including the receipt of the required approval of New Medias stockholders and Gannetts stockholders with respect to the proposed transaction and the receipt of regulatory clearances required to consummate the proposed transaction, in each case, on the terms expected or on the anticipated schedule; the risk that the parties may be unable to achieve the anticipated benefits of the proposed transaction, including synergies and operating efficiencies, within the expected time-frames or at all; the risk that the committed financing necessary for the consummation of the proposed transaction is unavailable at the closing, and that any replacement financing may not be available on similar terms, or at all; the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected; the risk that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the proposed transaction; the retention of certain key employees; and. 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. Information about the directors and executive officers of Gannett is set forth in the proxy statement for its 2019 Annual Meeting of Stockholders, which was filed with the SEC on March 26, 2019. The combined company will be called Gannett and will own more than 260 daily publications, as well ashundreds of weeklies. External Management Agreement. 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. 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. Both New Media and its operating subsidiary GateHouse will be rebranded and operate under brand Gannett. 1:02 Gannett on Wednesday named a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Sales, however, havent quite picked up as yet. (212) 257-4170 It isnt just regional papers being swept up in the latest round of mergers and acquisitions new media is getting into the mix as well. 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. GateHouse Media Inc. was an American publisher of locally based print and digital media. New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. As outlets battle the duopoly of Google and Facebook for advertising revenue, the local news game has become increasingly difficult. All Rights Reserved. Who owns the Scotsman newspaper? 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. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. Ashley Higgins, New Media Investor Relations While New Media reported revenue of $404 million in its second quarter on Monday, Gannett had revenue of $660 million. GateHouse Media, a newspaper company backed by a hedge fund, agrees to buy the venerable chain for roughly $1.4 billion. 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. Unlike others on this list, the Cook Islands in the South Pacific is not only self-governing but also runs its own foreign and defense policy and is in free association with New Zealand. 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. Kris Barton, previously Gannett's chief product officer, who will take on the same role. Media: We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. Joele Frank, Wilkinson Brimmer Katcher I just hope its done for the right reasons. "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. (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 in the United States as publishers struggle with readers shifting to online sources for news. T, 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. The company has been on a. We have created three indices (time-stamped May 11, 2021): US Mainstream Media Ownership (176 parent companies and standalone news outlets) Emerging Digital Nonprofits and Their Donors (231) Seven Big Owners of Daily Newspapers in America (own more than half of the major daily newspapers in the U.S. Index is organized by the state to highlight . Michael E. Reed is the president and CEO of New Media Investment Group. "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.". 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. Such forward-looking statements speak only as of the date on which they are made. 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. Including the announced acquisitions, New Medias portfolio of products, which will include 449 community publications, 366 related websites, and six yellow page directories, will serve more than 130,000 business advertising accounts and will reach over 12 million people on a weekly basis. 3, New Media Investment Group oversees the operations and publishing of 260 daily newspapers and 300 weekly publications in 47 states and Guam 4 and administers over 130,000 business advertising accounts with a weekly reach of over 12 million people. Misfits continues to move into the creator space by bringing in top talent from outside the gaming industry. Several big-name newspaper companies Gannett, Knight Ridder, Lee, McClatchy, Pulitzer, Scripps, Dow Jones, The New York Times and The Washington Post raised capital for acquisitions by selling stock on either the New York or American stock exchanges. Bonus Gift: Celebrating the Best of the VC+ Archive, More U.S. Tech Companies are Adopting Unequal Dual-Class Voting Structures, How Gen Z Feels About Its Financial Future, Interested in an overview of who leads countries around the world? Investors: The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. 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. New Media is focused primarily on investing in a high quality, diversified portfolio of local media assets. The buyer is New Media Investment Group, Inc., formerly Gatehouse Media, which is the largest newspaper publisher in the United States by number of titles. Consumption of Fuel and Materials per Capita, The Periodic Table of Commodity Returns (2013-2022), Visualizing 25 Years of Lithium Production, by Country, Ranked: The Worlds Largest Copper Producers, Mapped: Air Pollution Levels Around the World in 2022. 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. 3. [24] In June 2017, GateHouse announced it was purchasing Calkins Media Group's four six-day-a-week newspapers and Calkins Digital Group, a press facility and related websites and other digital operations. This match-up seems awkward on the surface, but it allows advertisers to reach a broader cross-section of people within each ad ecosystem. In fact, more than half of existing newspapers have changed ownership in the past 15 years, some multiple times. Former colonies that would have been counted in the past include British India (which became India, Pakistan, and Bangladesh) and French Indochina (which became Cambodia, Laos, and Vietnam). The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. 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. Our Standards: The Thomson Reuters Trust Principles. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. https://eu.usatoday.com/story/money/2019/11/19/gannett-new-media-investment-group-merger-gatehouse-media/4203820002/, https://www.forbes.com/companies/new-media-investment-group/, https://www.nytimes.com/2019/08/05/business/media/gannett-acquired-gatehouse-media.html, https://www.crunchbase.com/organization/new-media-investment-group, https://www.reuters.com/article/us-gannett-co-m-a-new-media-investment-g/new-media-to-buy-gannett-for-1-4-billion-creating-biggest-u-s-newspaper-publisher-idUSKCN1UV21L, https://www.crunchbase.com/organization/new-media-investment-group/people, https://www.texasmonthly.com/news-politics/new-mediagatehouse-buys-the-statesman/, https://www.niemanlab.org/2018/06/newsonomics-gatehouse-media-thinks-services-for-small-local-businesses-can-help-replace-long-gone-advertising/, https://www.niemanlab.org/2018/06/newsonomics-gatehouses-mike-reed-talks-about-rolling-up-americas-news-industry/, https://eu.gastongazette.com/story/news/2018/06/12/gazettes-poteat-wins-national-award/11991528007/, https://www.businesswire.com/news/home/20191029006108/en/New-Media-and-Gannett-Announce-the-Board-of-Directors-for-the-Combined-Company, https://eu.usatoday.com/story/money/2019/11/20/gannett-new-media-investment-group-merger-key-executives-appointed/4246906002/#:~:text=Gannett%20on%20Wednesday%20named%20a,the%20merger%20was%20finalized%20Tuesday. New York-based New Media Investment Group Inc., which runs the Gatehouse chain of local community newspapers, announced it was acquiring newspaper publisher Gannett for about $1.34 billion in cash . 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. These mergers have resulted in industrywide layoffs and caused the printing of what critics have called ghost papers, so named for being diminished versions of once larger papers that are published by bare-bones staff. (Reuters) - Local media company New Media Investment Group, said on Monday it will buy USA Today-owner Gannett Co. in a $1.4 billion deal, creating the biggest newspaper owner in the United States as publishers struggle with readers shifting to online sources for news. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. The United States by itself accounts for 11 of the territories spread out across the North and South Pacific. 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. And consider that this list reflects current status as of 2023. Mike Reed will serve as CEO of the newly. 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. How To Avoid Losing. 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. Gatehouse re-emerged from the planned bankruptcy in November 2013. Mason Slaine, former CEO of business information publisher Thomson Financial, owns about 8%. Founded Date 1906 Founders Jason Taylor Operating Status Active Investor Type Private Equity Firm Stock Symbol NYSE:NEWM Company Type For Profit Contact Email ir@newmediainv.com Phone Number 212.479.3160 Though the numbers have decreased in recent years, regional news media still reaches millions of people each day. 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.". Initially, the combined company is expected to have an annual dividend of $0.76 per share. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. New Media Investment Group's mailing address is 1345 AVENUE OF THE AMERICAS, NEW YORK NY, 10105. Neither New Media nor Gannett can give any assurance that its expectations will be attained. investors@gannett.com 2. Heres a brief look at some of the best known territories on the list: First colonized by Spain in the 16th century, the U.S. occupied the North Pacific islands in the aftermath of the SpanishAmerican war (along with Puerto Rico and the Philippines). 26. or 25, New Media Investment Group is managed by New York-based firm Fortress Investment Group through an affiliate. The British still maintain many ties to several territories in the Caribbean (formerly the British West Indies) while French influence stretches from the Pacific to South America. Below is a look at the top 20 owners of Americas newspapers: Turnover in this segment of the market has been brisk. See here for a complete list of exchanges and delays. The company was founded on June 18, 2013 and is headquartered in New York, NY. At first it was used by passing ships as a replenishment spot, but the English eventually settled it in the 17th century. 1. [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. 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. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. You may obtain free copies of these documents using the sources indicated above. . Credit Suisse is serving as financial advisor to New Media, and Cravath, Swaine & Moore LLP is serving as principal legal counsel. 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 New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. Reporting by Vibhuti Sharma in Bengaluru; Editing by Shinjini Ganguli. 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. GateHouse Media Inc. was an American publisher of locally based print and digital media. New Media shareholders will own 50.5% of the combined company, while Gannett shareholders will own 49.5%. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. New York, New York, United States. This massive map highlights overseas territories and dependencies around the world and their sovereign states. Some are autonomous territories or constituent countries, while some are administered almost entirely as part of the parent country. "I don't think this is going to be a lay-up," he said. 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. Additionally, the joining of New Medias UpCurve and GateHouse Live businesses with Gannetts ReachLocal and WordStream subsidiaries will provide multiple, diversified marketing and revenue solutions and position the combined company as a stronger partner for advertisers and small businesses (SMBs) in the markets served. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. I think youre going to see that trend [of consolidation] across the industry. An overseas territory or dependency is a region with ties abroad to a sovereign nationnot a completely independent state, but also not a constituent part or administrative subdivision of the parent country. 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. 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. 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. The Company combines organic growth with value-generating synergetic acquisitions, which has demonstrated continuous strong profitable growth with a revenue . [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. [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. It listed assets of $433.7 million and debt of $1.3 billion. 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.
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