Eliminates certain payments otherwise due at or after the end of the term. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. We identified the owners of the top 50 news sites globally, in the United States, in the U.K., and in Australia, respectively, using financial filings, corporate press announcements, and other public sources. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. (203) 307-2250 [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. Celta Vigo Star Gabri Veiga Is Alerting Wealthy Teams In The Premier League, RFK Killer Sirhan Sirhan Denied Parole For 16th TimeReversing 2021 Decision, Wednesday, March 1. Or two, for that matter.I bought them because Im passionate about their missions. 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. The planned bankruptcy centered on restructuring the Fortress News Corp deal. What can we do to make social media a more positive environment for people with disabilities? This scale will meaningfully enhance the combined companys financial profile by leveraging nationwide reach and local presence to expand and deepen relationships with consumers and businesses. The company was founded on June 18, 2013 and is headquartered in New York, NY. NordVPN includes a 30-day money-back guarantee. 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. Maribel Perez Wadsworth, previously USA TODAY Network president, who will serve as president of news and will continue to serve as USA TODAY publisher. Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized businesses. 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. State ownership of media in English-speaking countries is dwarfed, however, by the Government of Chinas media holdings.[1]. 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. Advance Publications, which was founded by Samuel Irving Newhouse Sr. in 1922 and is still family-owned today, has a portfolio that includes Reddit, Vanity Fair, The New Yorker, and American City Business Journals. In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. His son J.E. Cautionary Statement Regarding Forward-Looking Statements. New Medias Transaction Committee retained Jefferies LLC as its independent financial advisor, and Wilson Sonsini Goodrich & Rosati as its legal counsel. United Kingdom: Oxford University Press. 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. investors@gannett.com Others, like Amazon founder Jeff Bezos, bought publications as a side investment after building a substantial fortune in another industry. 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. Investors: How can you possibly not list any social media sites, such as Facebook, etc. 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. Gatehouse re-emerged from the planned bankruptcy in November 2013. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. He has said he's confident of hitting the savings target. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. 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. The combined companys Board of Directors will have nine members, including Mr. Reed as Chairman, five independent directors from New Media, and three independent directors from Gannett. The company has been growing its portfolio and as of May 2021, owns over 100 newspapers and 200 assorted other publications. Enhanced scale. (Photo by Alex Wong/Getty Images), I wasnt looking to buy a magazine. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. 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. Revenue [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. 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. 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. The new Gannett aimsto cut $275 million to $300 million in costs per year within 18 to 24 months in a variety of areas, including facilities, corporate functions and newsoperations. These are Northern Trust, JPMorgan-Chase, Geode Capital Management and Wellington Management. [5] "Our commitment to build those brands is even stronger than ever. (212) 355-4449, Internet Explorer presents a security risk. 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. Tech giants like Microsoft and Amazon owner Jeff Bezos, as well as telecommunications conglomerates such as Verizon and AT&T, now rank among the top owners of the worlds media. A California parole board voted to release Sirhan from his life sentence two years ago, but Gov. The news media has a powerful influence over consumer tastes, political opinions, and culture at large. [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]. 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. Gannett Co., Inc. owns USA Today and over 250 dailies. 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 1989, John Barbey started the Reading Globe and Mitten Manufacturing Company in Pennsylvania. All interested parties are welcome to participate. 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. The last step was to put a name (and a face) to each company by identifying the highest-level owners. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". ir@newmediainv.com 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. The Hearst name, for example, first appeared on a newspaper masthead in 1887. Mike is a newspaper guy," Gordon said. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. "I don't think this is going to be a lay-up," he said. Gannett will be acquired by New Media Investment Group, which owns Gatehouse. On September 27, 2018, GateHouse Media announced the acquisition of The Oklahoman Media Company, parent company of The Oklahoman, which is the state's largest daily newspaper, for an undisclosed amount from The Anschutz Corp. 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. 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