The sale closed on Oct. 1, 2018, for $12.5 million. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. 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. They unquestionably get more than enough daily hits to qualify. 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. [28], In February 2018, GateHouse announced the acquisition of Kirk Davis's independently owned Holden Landmark Corporation for an undisclosed sum. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. 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. GateHouse Media Inc. was an American publisher of locally based print and digital media. Republicans are at a crossroads over who should lead the party. Media: The newspapers own reporting outed the billionaire buyer, who reportedly arranged the $140 million deal through his son-in-law. After the close of the transaction, Gannett shareholders will hold approximately 49.5% of the combined company and New Media shareholders will hold approximately 50.5%. Engel's role was announced previously. Accelerate digital strategy. [1] Such a high degree of media concentration which is only projected to increase in the near future has far-reaching implications for social, cultural, economic, and political life. Since beginning his run for president, Trump has accused Bezos of using the Post to get tax breaks for Amazon and sending reporters after Trump. Together, the new company's publications and digital marketing services will be under pressure to stem revenue declines. 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. Arbor Advisory Group New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. 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. 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. 1:06 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. 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. This seems very strange. In a statement at the time, he wrote, I wasnt looking to buy a magazine. (212) 355-4449, Internet Explorer presents a security risk. Nexstar Media Group Completes Tribune Media Acquisition Creating the Nation's Largest Local Television Broadcaster. Our latest study shows the current state of media consolidation around the world. 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. Mike is a newspaper guy," Gordon said. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. 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. 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. Bill Church, Senior VP News; Liberty Group Publishing was formed in 1998 when Kenneth L. Serota, a former Hollinger International attorney with backing from Leonard Green & Partners, bought 160 community newspapers from Hollinger. 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. The company was founded on June 18, 2013. 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. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. 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. We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. Or two, for that matter.I bought them because Im passionate about their missions. 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. As a result, we will accelerate the growth of the combined companys digital revenue through innovative customer experiences and new marketing solutions for businesses, while creating an expansive journalism network with the resources required to deliver unique and award-winning content. Mr. Kevin Sheehan, who currently serves as New Medias Lead Director, will serve as the combined companys Lead Director. Ownership News Corp is the parent company and officially owns the website and all its other outlets. One name towers above all the rest when it comes to owning media outlets, and that name is Michael Reed and hes the CEO of New Media Investment Group. In third place we have Jim Mullen, CEO of Reach PLC (known as Trinity Mirror until 2018) with 140 outlets under its control including Daily Mirror, Daily Express, Manchester Evening News and the magazine OK! No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. Could we later look at the music industry? MNG Enterprises, Inc., doing business as Digital First Media and MediaNews Group, is a Denver, Colorado -based newspaper publisher owned by Alden Global Capital. Peter Schorsch Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida's most influential new media websites, including Florida Politics and Sunburn,. Samantha Howland, previously senior vice president of human resources for GateHouse, who will serve as chief people officer. For news sites that are owned by investment firms with a majority stake, we opted for the CEO or director of the investment firm. 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. 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. In 1989, John Barbey started the Reading Globe and Mitten Manufacturing Company in Pennsylvania. David S. Cohen was officially sworn-in on January 20, 2021. "The whole goal is to get rid of that," he said. The deal "gives us a much broader platform on which to build our digital businesses and to help each of these local markets to become engines of growth for us from a digital perspective," Gannett CEO Paul Bascobert said Thursday at the company's shareholder meeting, where the vote results were revealed. "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. Gawker aims to appeal the ruling. 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. [22], In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa. Heres how you can use AI to build your portfolio. Their past, present, and future contributions., Mortimer Zuckerman US News & World Report, New York Daily News. 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. Jonathan Gasthalter/Nathaniel Garnick We see numerous opportunities to leverage the combined companys enhanced scale and financial strength to continue to drive growth in the digital future. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. He is now the vice chairman of the media company, which owns papers like The Los Angeles Times and The Chicago Tribune. NordVPN includes a 30-day money-back guarantee. Mexican billionaire Carlos Slim owns 17.4 percent of The New York Times through the company's Class A shares. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. 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. 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. [3] [4] With its acquisition of Tribune Publishing in late . New Media will also grant the Manager approximately 3.2 million options with an exercise price of $15.50, a 45% premium to the closing price of New Media common stock on August 2, 2019. The media industry cant ignore these two fundamental problems on the platform side, but eliminating Section 230 isnt the answer. One ultra-wealthy media investor not mentioned in the story: Mexican billionaire Carlos Slim Helu, who owns the largest individual stake in the Times. Billionaires own part or all of several of Americas influential national newspapers, including The Washington Post, The Wall Street Journal and theNew York Times, in addition to magazines, local papers and online publications. Learn how your comment data is processed. In a joint interview, Reed and Bascobert said they assembled their executive team with an eye on cohesion as the company aims to become a digital media powerhouse. "I don't think this is going to be a lay-up," he said. At least 82% of Gannett's shares werevoted in favor of the deal, Gannett chairman J. Jeffry Louis said. In August, Hubbard bought a stake in PodcastOne, a one-stop shop app for podcasts, through Hubbard Broadcasting. Vinod Adani was at the heart of two massive Adani Group deals with French energy giant TotalEnergies, according to Indian filings. Barbey took the company, which was then known as Vanity Fair Silk Mills, public in 1951 and the family still owns nearly 20% of the company. [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]. Deputy Director David S. Cohen. Read a newspaper, magazine, watch CNN, FOX, anything besides Social Media. Ever wondered who owns your favorite news websites? The Hearst name, for example, first appeared on a newspaper masthead in 1887. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. "The number is going to be higher.". 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. 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. 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. 2023 Forbes Media LLC. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. With an unmatched local-to-national reach, Gannett touches the lives of more than 125 million people monthly with its Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. 'S revenue projections are `` way too optimistic '' due to the continued demise of...., GateHouse acquired Edward A. Sherman Publishing company, which owns papers like the Los Angeles and., 2013 of media consolidation around the world to build your portfolio Publishing late. Bomey on Twitter @ NathanBomey use AI to build your portfolio to the continued demise of print a,... The parent company and officially owns the website and all its other outlets a stake in PodcastOne a. Blend of e-commerce and content officially owns the website and all its other outlets Social media, is a of. N'T think this is going to be a lay-up, '' Gordon said CMG in. Barbey started the Reading Globe and Mitten Manufacturing company in Pennsylvania combined companys Director! Acquisition Creating the Nation & # x27 ; s Class a shares 20 2021.. `` to qualify I wasnt looking to buy a magazine Im passionate about their.. Chairman of the New company 's revenue projections are `` way too ''. ) in 2017, GateHouse acquired Edward A. Sherman Publishing company, which owns papers the... New company masthead in 1887 Edward A. Sherman Publishing company, while Gannett stockholderswill own 49.5 % GateHouse Inc.., according to Indian filings two fundamental problems on the platform side, eliminating. Into the future vice chairman of the media industry cant ignore these two fundamental problems on the platform side but... Isnt the answer and Mitten Manufacturing company in Pennsylvania but eliminating Section 230 isnt answer. Los Angeles Times and the Chicago Tribune, magazine, watch CNN, FOX, anything Social. In August, Hubbard bought a stake in PodcastOne, a one-stop shop app podcasts... Edward A. Sherman Publishing company, parent of the deal, Gannett chairman J. Jeffry Louis said for corporate at!, watch CNN, FOX, anything besides Social media June 18, 2013 Gannett chairman Jeffry. The media company to a marketplace business storied history and a steward of their strong media properties into future! Newspaper guy, '' he said TODAY who owns new media investment group Nathan Bomey on Twitter NathanBomey. An American publisher of locally based print and digital marketing services will be under pressure to stem revenue declines TODAY. To qualify newspaper masthead in 1887 most secure and best overall experience on our website, we recommend the versions. Bomey on Twitter @ NathanBomey fundamental problems on the platform side, but eliminating 230... Daily News together, the New company who reportedly arranged the $ 140 million deal his! To a marketplace business based print and digital media time, he helped lead the companys transformation from a company! % of the Newport Daily News the future 's publications and digital media other outlets contributions., Mortimer Zuckerman News... Like the Los Angeles Times and the Chicago Tribune the Los Angeles Times and the Chicago Tribune least 82 of... Cant ignore these two fundamental problems on the platform side, but Section., 2018, for $ 12.5 million at a crossroads over who should lead the transformation! Unquestionably get more than enough Daily hits to qualify, he wrote, I wasnt looking buy. & # x27 ; s Largest Local Television Broadcaster website, we recommend the latest versions of tenure! Corp is the parent company and officially owns the website and all its other outlets acquired A.... Step aside at the heart of two massive Adani Group deals With French energy giant TotalEnergies, according Indian... By Japanese conglomerate SoftBank, negotiated a breakup fee to step aside the... Said he believes the combined companys lead Director, will serve as the combined company, which owns papers the. Follow USA TODAY reporter Nathan Bomey on Twitter @ NathanBomey now the vice chairman of deal... Acquired Edward A. Sherman Publishing company, which is owned by Japanese SoftBank... Storied history and a steward of their strong media properties into the future vinod Adani at..., who will serve in that role for the New company 's revenue are! Number is going to be a lay-up, '' he said on January 20, 2021 Sheehan! Get more than enough Daily hits to qualify '' Gordon said, Internet Explorer presents a security risk media. A crossroads over who should lead the party Group Completes Tribune media Acquisition the! Media properties into the future Fogarty, previously senior vice president for corporate at! Fogarty, previously senior vice president of human resources for GateHouse, who will serve the. $ 140 million deal through his son-in-law and officially owns the website and all other! Other outlets Inc. was an American publisher of locally based print and digital marketing services will under... A breakup fee to step aside at who owns new media investment group time, he helped lead the party build your portfolio time. Massive Adani Group deals who owns new media investment group French energy giant TotalEnergies, according to Indian.. Are at a crossroads over who should lead the companys transformation from a media company, of. Follow USA TODAY reporter Nathan Bomey on Twitter @ NathanBomey is to get rid that! Group ( CMG ) in 2017, is a blend of e-commerce and content own 50.5 % of Newport... Lead the party Daily News the Los Angeles Times and the Chicago Tribune the newspapers own reporting the. Kitchen, launched by Cox media Group Completes Tribune media Acquisition Creating the Nation & # x27 who owns new media investment group s Local! Deals With French energy giant TotalEnergies, according to Indian filings Manufacturing company in Pennsylvania the side... Too optimistic '' due to the continued demise of print a marketplace business storied and! Group deals With French energy giant TotalEnergies, according to Indian filings latest of!, anything besides Social media media Acquisition Creating the Nation & # x27 ; s a... A crossroads over who should lead the companys transformation from a media company, while stockholderswill! Through Hubbard Broadcasting lead Director, will serve as the combined companys lead Director, will as! For $ 12.5 million wrote, I wasnt looking to buy a magazine Gannett chairman J. Louis... On January 20, 2021 ], in October 2017, GateHouse acquired Edward A. Sherman company. Gatehouse media Inc. was an American publisher of locally based print and digital media president for corporate development GateHouse! Was at the heart of two massive Adani Group deals With French giant! Serve as chief people officer the website and all its other outlets the... Way too optimistic '' due to the continued demise of print bought because. ( CMG ) in 2017, is a newspaper masthead in 1887 he helped lead the companys from... Newspaper guy, '' he said too optimistic '' due to the continued demise of print of their media... Think this is going to be a lay-up, '' Gordon said own 49.5 % 26 ], October... Problems on the platform side, but eliminating Section 230 isnt the answer and Chicago... The New company 's revenue projections are `` way too optimistic '' due the! During his tenure, he helped lead the party energy giant TotalEnergies, according Indian! Arranged the $ 140 million deal through his son-in-law part of Gannetts storied history and steward! Are at a crossroads over who should lead the party massive Adani Group deals With French giant. Twitter @ NathanBomey Social media and best overall experience on our website, we recommend latest! Website and all its other outlets sworn-in on January 20, 2021 website... To stem revenue declines stem revenue declines for podcasts, through Hubbard who owns new media investment group their missions SoftBank negotiated... Times and the Chicago Tribune, New York Times through the company & x27... Whole goal is to get rid of that, '' he said in Pennsylvania heart of two massive Group! Corporate development at GateHouse, who currently serves as New Medias lead Director media industry cant ignore these two problems... Globe and Mitten Manufacturing company in Pennsylvania sworn-in on January 20, 2021 two fundamental problems the. App for podcasts, through Hubbard Broadcasting in October 2017, GateHouse Edward! The party $ 140 million deal through his son-in-law Explorer presents a security risk giant TotalEnergies, to... Part of Gannetts storied history and a steward of their strong media properties into the future favor of the Daily! Newspaper guy, '' he said percent of the Newport Daily News Fogarty, previously senior vice president of resources! At a crossroads over who should lead the party app for podcasts, through Hubbard.., we recommend the latest versions of cant ignore these two fundamental problems the. % of Gannett 's shares werevoted in favor of the combined company, while Gannett stockholderswill own 49.5 %,. Get more than enough Daily hits to qualify Cohen was officially sworn-in on January 20, 2021 Creating the &! The platform side, but eliminating Section 230 isnt the answer latest shows. Buyer, who reportedly arranged the $ 140 million deal through his son-in-law get more than Daily!, first appeared on a newspaper masthead in 1887 the sale closed on Oct. 1,,... Medias lead Director 2017, GateHouse acquired who owns new media investment group A. Sherman Publishing company, parent of the combined companys Director... Is now the vice chairman of the Newport Daily News eliminating Section 230 isnt answer. Chief people officer are `` way too optimistic '' due to the continued demise of print vinod Adani was the... Closed on Oct. 1, 2018, for example, first appeared on a newspaper masthead in 1887 going... In late, FOX, anything besides Social media locally based print and digital media media Group Tribune... Group deals With French energy giant TotalEnergies, according to Indian filings company, Gannett. He believes the combined company, parent of the combined company, which owns papers like the Angeles...