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. We then determined the parent companies behind each of these 50 outlets and identified all of the properties in their online media portfolios. Ashley Higgins, New Media Investor Relations In August 2019, American investment firm KKR purchased the largest stake in Axel Springer SE, a German media group whose assets include Business Insider and Rolling Stone. Ownership News Corp is the parent company and officially owns the website and all its other outlets. [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. Words such as anticipate(s), expect(s), intend(s), plan(s), target(s), project(s), believe(s), will, aim, would, seek(s), estimate(s) and similar expressions are intended to identify such forward-looking statements. List of assets owned by the New York Times Company (Redirected from List of assets owned by The New York Times Company) This is a list of assets owned by the New York Times Company. They are BlackRock, Vanguard and State Street. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. Media runs in Hubbards family; his father started Minnesotas first commercial TV station in 1923. David S. Cohen was officially sworn-in on January 20, 2021. Entertainment Group. Bill Scanlon will serve as interim head of UpCurve, which provides services to small and medium-sized businesses. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. The Term Loan, which will be used to retire existing financial debt obligations of both companies and to fund the cash component of merger consideration, will be a five-year senior secured term loan facility in an aggregate principal amount of $1.792 billion. Nexstar Media Group Completes Tribune Media Acquisition Creating the Nation's Largest Local Television Broadcaster. James Cox, the company founder and grandfather of current chairmanJim Kennedy, bought his first newspaper, the Dayton Ohio Evening News, in 1898. We started off by identifying the top 50 most visited news websites in the world as of December 2019, using data from web traffic analysis company Alexa and market intelligence provider SimilarWeb. Social media news isnt news. As the concentration of online news has increased, so has public distrust in mass media. About 15 billionaires and six corporations own most of the U.S. media outlets. Prior to XO, Mr. Bascobert led sales, service, and marketing for the Local Businesses segment at Yodle from 2014 until 2016. Today Hearst Communications owns dozens of newspapers and magazines throughout the country, each with a significant online presence. Upon expiration of the term of the Amended Management Agreement, the Manager will cease providing external management services to New Media, and the Manager will no longer be the employer of the person serving in the role of Chief Executive Officer of the combined company (the Internalization). 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. It began late last week, when New Media Investment Group, the company that had bought The Review-Journal as part of a package of newspapers for $102 million this year, announced it had sold the . The Guardian is owned by the Scott Trust Limited, which exists solely to control the finances of the Guardian and ensure its editorial independence. 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. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. As the largest shareholder, his investment allows him to vote for approximately one . In 2009, Bloomberg LP bought Business Week magazine from McGraw Hill for a reported $5 million plus assumption of debt. Conde Nast, a unit of Advance Publications, publishes magazines including Wired, Vanity Fair, The New Yorker and Vogue. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. Click here to explore who owns the news in America. 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. Club, into a new company named G/O Media Inc. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. '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. If you need a VPN for a short while when traveling for example, you can get our top ranked VPN free of charge. New Medias purchase of Gannett, using a combination of cash and stock, was valued at approximately $1.1 billion as of Mondays market close, according to a regulatory filing with the Securities and Exchange Commission. 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. 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. In that role, Cohen helped manage the Agency's worldwide operations, oversee strategic modernization of the Agency, and lead foreign intelligence collection, analysis, and action. The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. 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. Mike Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. Paul Bascobert will serve as CEO of the new company's operating subsidiary, Gannett Media Corp., as previously announced. [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. Today's graphic, created by TitleMax, is a broad look at who owns U.S. news media outlets. Through its subsidiary Local World Holdings Ltd., Reach PLC owns more than five dozen regional newspapers and their corresponding websites. 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. Some of the top media owners in the U.S. have dominated the news media landscape for over a century, and continue to grow in the era of digital news. Its parent company, New Media Investment Group, merged with Gannett in 2019. United Kingdom: Oxford University Press. Paul Bascobert, newly appointed Chief Executive Officer of Gannett, will become In an interview with CNBC, Soon-Shiong described his investment as an opportunity to actually transform this newspaper world into this next generation. In 2014, Tribune Publishing Co. was spun out of Tribune Company, which changed its name to Tribune Media Co.Tribune Co. had previously been owned by billionaire real estate investor Sam Zell, who took control of Tribune Co. in 2007. He said the question from a subscriptionpoint of viewis whether those investments are enough to create "news that's worth paying for.". The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. NordVPN includes a 30-day money-back guarantee. The Registration Statement, the Joint Proxy Statement and other relevant materials (when they become available) and any other documents filed or furnished by New Media or Gannett with the SEC may be obtained free of charge at the SECs web site, http://www.sec.gov. 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. The company was founded on June 18, 2013. 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. (203) 307-2250 Gatehouse re-emerged from the planned bankruptcy in November 2013. 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. This site uses Akismet to reduce spam. 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. They unquestionably get more than enough daily hits to qualify. 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. The media industry cant ignore these two fundamental problems on the platform side, but eliminating Section 230 isnt the answer. Forward-looking statements are based on New Medias and Gannetts respective managements current expectations and beliefs and are subject to a number of known and unknown risks, uncertainties and other factors that could lead to actual results materially different from those described in the forward-looking statements. The Merger is anticipated to result in run-rate cost synergies across the combined company of $275 - $300 million annually, unlocking meaningful shareholder value. 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. 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. The company will be based atGannett's headquarters in McLean, Virginia. 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. Bloombergcofounded his financial data company in 1981 withCharles Zegar andThomas Secunda, both of whom are now billionaires as well thanks to their minority equity stakes in Bloomberg LP. 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. That was down from about $1.4 billion when the deal was announced in August because of a decline in New Medias stock price. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. Joele Frank, Wilkinson Brimmer Katcher Donald Newhouse and his brother Samuel Si Newhouse inheritedAdvance Publications, a privately-held media company that controls a plethora of newspapers, magazine, cable TV and entertainment assets, from their father. The company was founded on June 18, 2013 and is headquartered in New York, NY. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. Accelerate digital strategy. As part of the combination, New Media Investment Groups operator, Fortress Investment Group,will continue to operate the combined company. Gannett Co., Inc. ( / nt /) is an American mass media holding company headquartered in Tysons, Virginia, in the Washington, D.C., metropolitan area. 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 webcast replay of the conference call will also be available approximately two hours following the completion of the call on the Investor Relation section of each companys website. New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). 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. [15] They also acquired Dolan Media Group[16] and Journal Multimedia,[17] adding business publications to their portfolio. From 1987 to 2006, Australia had specific legislation limiting foreign ownership of media companies on the continent, as well as restrictions on cross-ownership of media companies meant to preserve the diversity of news media. Russian billionaire Viktor Vekselbergs investment arm, Columbus Nova Technology Partners, bought a minority stake in Gawker in January2016 for an undisclosed amount. Deputy Director David S. Cohen. Christopher Ruddy has been serving as the CEO of the company since 1997. [5] Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. For news sites that are owned by investment firms with a majority stake, the CEO or director of the investment firm was listed as the highest-level owner. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. The breadth and depth of each companys digital offerings will make the combined company a leading digital media player. Others, like Amazon founder Jeff Bezos, bought publications as. Mike Reed will serve as CEO of the newly combined public company, which took on the name of Gannett Co. when the merger was finalized Tuesday. or [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. FORBESpegs his net worth at $45.7 billion. This equates to a combined monthly readership of over 1 billion people. 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. Mexican billionaire Carlos Slim owns 17.4 percent of The New York Times through the company's Class A shares. Republicans are at a crossroads over who should lead the party. Others, like Amazon founder Jeff Bezos, bought publications as a side investment after building a substantial fortune in another industry. Altogether, his family controls 120 newspapers across five countries. But one area for growth is events, where New Media has a particularly strong business, Doctor said. It is expected that the dividend will be increased over time as synergies are realized and leverage is reduced. But Apollo believes that the new Gannett can afford to pay the debt off on time or potentially early with no prepayment penalty, according to people with knowledge of the Apollo financing deal who spoke on the condition of anonymity because they were not authorized to speak publicly. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. Copyright 2006 by The Gale Group, Inc", GateHouse Media stock being delisted from NYSE - October 22, 2008, "GateHouse Buying 14 Dailies, Other Pubs, From Morris For $115 Million", "News Corp. sells 33 papers to New York investors", "GateHouse Media Files for Pre-packaged Chapter 11", "GateHouse Media officially done with bankruptcy", "GateHouse Media Files Chapter 11 to Form New Company", "GateHouse Media to Buy Morris Communications", "GateHouse acquires News-Journal, Halifax Media", "Review-Journal, parent Stephens Media to be sold to New Media", "Sheldon Adelson's Purchase of Las Vegas Paper Seen as a Power Play", "GateHouse to acquire Kansas-based Harris newspapers", "Fox Business - GateHouse Media Buys Dix Communications Newspaper Chain", "Business Wire - New Media Announces Agreement to Acquire Calkins Media", "GateHouse acquires Morris Publishing's 11 daily newspapers", "Providence Journal parent buys publisher of Newport Daily News", "The Register-Guard sold to GateHouse Media", "GateHouse Media grows its empire by buying top exec's publishing company", "New Media Investment Group to Acquire The Palm Beach Post and Palm Beach Daily News", "Gatehouse Media purchases Akron Beacon Journal", GateHouse Media Buys Akron Beacon Journal and Ohio.com, "New Media Announces Solid Fourth Quarter & Full Year 2018 Results, Dividend of $0.38 per Common Share", "Herald-Times, Other Local Papers Sold To GateHouse Media", "GateHouse Media to acquire New Jersey Herald", "USA Today owner Gannett merges with GateHouse Media to form massive newspaper company", "New Media Investment Group to Acquire Gannett", https://en.wikipedia.org/w/index.php?title=GateHouse_Media&oldid=1141218731, This page was last edited on 23 February 2023, at 23:45. 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. Artificial intelligence can make investing more straightforward, bringing investment insights to the masses. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. [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. Investors: FTI is one of several vendors who say they've gone unpaid by the youth media company . "If it turns out that the management team doesnt hit their plans, theyll be more assertive as time goes on," Hynes said of Apollo. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. For a full list of sources that went into the creation of these graphics, please visit: https://bit.ly/WhoOwnsNews. (212) 257-4170 He is now the vice chairman of the media company, which owns papers like The Los Angeles Times and The Chicago Tribune. These are Northern Trust, JPMorgan-Chase, Geode Capital Management and Wellington Management. One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index. While many of the oldest media conglomerates are as powerful as ever and still growing, the emergence of digital news has substantially altered the media landscape and allowed new companies to emerge as major players in the news industry. This means that publications under the direction of Verizon Communications reach an incredible 52% of the worlds population. Tax equity investing can be a complex and challenging process, especially for investors who are exploring this type of investment for the first time. While a billionaire secretly funding a lawsuit to take down a news outletmay be a new way of using money to influence the media business, billionaires have long exerted influence on the news simply by owning U.S. media outlets. (212) 355-4449, Internet Explorer presents a security risk. Interest in the skilful, highly technical Spanish midfielder will only increase after a surge in form. One ultra-wealthy media investor not mentioned in the story: Mexican billionaire Carlos Slim Helu, who owns the largest individual stake in the Times. Slim more than doubled his stake in The New York Times in June 2015 to approximately 17% of the media company. Could we later look at the music industry? 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 Two Leading Media and Marketing Solutions Companies 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. For news sites that are owned or controlled by the government, the head of government was listed as the highest-level owner. Read a newspaper, magazine, watch CNN, FOX, anything besides Social Media. A significant share of the worlds media is owned by national governments. Data on average visitor traffic for the past one to three months and the relative rank of each news site came from Alexa, an Amazon company, and market intelligence provider SimilarWeb.

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