Two Leading Media and Marketing Solutions Companies This equates to a combined monthly readership of over 1 billion people. Heres a look at some of the billionaires who own news media in the United States: Michael Bloomberg BloombergLP and Bloomberg Media. "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. unlocking meaningful shareholder value, New Medias external management agreement to be amended at closing and terminated in 2021. Four years later, Tribune Co. emerged from bankruptcy after being bought by Oaktree Capital Management, Angelo, Gordon & Co and JPMorgan Chase. 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. The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. "We have been working hard on integration planning, and we are now even more confident in our ability to realize the high end of the range in savings and within the 18- to 24-month period we previously stated," he said. Alison Engel, previously Gannett's chief financial officer, who will serve as CFO of the new company. Mr. Bascobert was the President of XO Group from 2016 until its sale to Permira Equity in 2019. Bezos denied the allegations at a tech conference at the Washington Post in May. 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. That was down from about $1.4 billion when the deal was announced in August because of a decline in New Medias stock price. As the largest shareholder, his investment allows him to vote for approximately one . [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. About 15 billionaires and six corporations own most of the U.S. media outlets. [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]. It listed assets of $433.7 million and debt of $1.3 billion. The rest of the combined companys senior executive team, which is expected to be composed of highly experienced leaders from both companies, will be announced at a later date. Compare Today's Range N/A 50-Day Range $1.25 $6.28 52-Week Range N/A Volume 4.10 million shs Average Volume 1.03 million shs Market Capitalization $87.70 million P/E Ratio 212.00 Gannetts newly appointed Chief Executive Officer, Paul Bascobert, will become Chief Executive Officer of the combined companys operating subsidiary. 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. Interest in the skilful, highly technical Spanish midfielder will only increase after a surge in form. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. 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. 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. New Media formed the Transaction Committee to review, evaluate, and negotiate the Merger and the Internalization (including the terms of the Amended Management Agreement). To connect with Gannett, visit www.gannett.com. GateHouse Media Inc. was an American publisher of locally based print and digital media. The combined companys management team will be led by New Medias current Chairman and Chief Executive Officer, Michael Reed. or Google, when so many surveys show that a great number of people get ALL their news from there? The Hearst name, for example, first appeared on a newspaper masthead in 1887. New Media shareholders will own 50.5% of the combined company, while Gannett stockholderswill own 49.5%. The company was founded on June 18, 2013. This combination will create a broad network of talented, experienced journalists poised to deliver unique and award-winning content for local communities and national audiences. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Paul Ameden, CIO; 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. [1] Business units [ edit] Media properties [ edit] The New York Times The New York Times International Edition The New York Times International Weekly 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. 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. Polly Grunfeld Sack, general counsel and senior vice president of New Media's operating division, GateHouse Media, who will serve as general counsel. New Media Investment Group Inc. (NYSE: NEWM) supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to small and medium business partners. 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. 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. [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. Ed Trissel / Tim Ragones / Tanner Kaufman 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. In the years since, US News & World Reporthas made a name for itself with its lucrative rankings, includingBest Colleges, Best Graduate School and Best Hospitals lists. Nexstar Media Group Completes Tribune Media Acquisition Creating the Nation's Largest Local Television Broadcaster. Supplemental information regarding the transaction will be posted to the Investor Relations section of each companys website. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. You may obtain free copies of these documents using the sources indicated above. The newspapers were operated by GateHouse Media following the purchase. [29], In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. 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. ir@newmediainv.com [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. Gannett said it will later fill the chief marketing officerrole. Gatehouse re-emerged from the planned bankruptcy in November 2013. 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. "A lot of the focus in the early days will be on integration and cost savings, and the key to success will end up being how much of those cost savings are they able to ultimately plow back into the product itself and serving the local communities," saidSilberman, a former general manager of digital media at New York Media, the parent company of New York magazine. Barbey is a member of the billionaire Barbey family, which made its fortune in textiles and manufacturing. United Kingdom: Oxford University Press. With unmatched reach at the national and local level, Gannett touches the lives of millions with our Pulitzer-Prize winning content, consumer experiences, and advertiser products and services. Investors: Additional Information and Where to Find It. Forbes also found that Vinod is nearly five times richer than previously known. As the concentration of online news has increased, so has public distrust in mass media. We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. Your email address will not be published. This seems very strange. Hogan sued Gawker after it published a sex tape. The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. "In digital form, the USA TODAY Network is one of the reasons to do this deal," Doctor said. [22], In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. 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. Sheldon Adelson The Las Vegas Review-Journal. Another is digital marketing services, where Gannett's recently appointed CEO, Bascobert, is devising a strategy for growth. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. 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. As regional newspapers are bundled together, and venture-backed digital media brands expand their portfolios, the end result is a trend towards increased consolidation. 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! [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. 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. [21] In December 2015, GateHouse sold the Las Vegas Review-Journal, the Stephens group's largest paper, to casino magnate Sheldon Adelson for $140 million. 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. Altogether, his family controls 120 newspapers across five countries. 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. 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. New Media Investment Group, Inc. is a development stage company. While many believed the internet would bring openness and diversity to the worlds media, online news media has become increasingly consolidated over the past several decades. Alison Engel expected to become Chief Financial Officer; A significant share of the worlds media is owned by national governments. 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. (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. These are the world's biggest investment firms, so Pepsico and Coca-Cola are not competitors, at all. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. The sale closed on Oct. 1, 2018, for $12.5 million. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984. Credit Suisse is serving as financial advisor to New Media, and Cravath, Swaine & Moore LLP is serving as principal legal counsel. In an analysis of 30 countries, researchers found that, on average, the top four media companies in each country hold 40% of that countrys media content market. In August 2019, it was announced that New Media Investment Group had reached an agreement to merge Gannett into GateHouse Media. New Media and Gannett will co-host a conference call to discuss the transaction and second quarter earnings on August 5, 2019 at 4:15 p.m. Eastern Time. The cash and stock deal values Gannett at about $1.4 billion. Its parent company, New Media Investment Group, merged with Gannett in 2019. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. 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. This site uses Akismet to reduce spam. Gannett Co., Inc. ( / nt /) is an American mass media holding company headquartered in Tysons, Virginia, in the Washington, D.C., metropolitan area. This communication may be deemed to be solicitation material in respect of the proposed transaction between New Media and Gannett. Real estate billionaire Mortimer Zuckerman is the owner of both US News & World Report and the New York Daily News. Or two, for that matter.I bought them because Im passionate about their missions. During his tenure, he helped lead the companys transformation from a media company to a marketplace business. 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. Rupert Murdoch, former CEO of 21st Century Fox, the parent of powerhouse cable TV channel Fox News, may well be the worlds most powerful media tycoon. To determine the companies and individuals that own the top news sites in the world, we identified the top owners of the news sites with the most monthly traffic as of December 2019. Its part of the problem in this country. [36][37] The acquisition of Gannett by New Media Investment Group was completed on November 19, 2019, making the combined company the largest newspaper publisher in the United States. 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. Gasthalter & Co. Their past, present, and future contributions., Mortimer Zuckerman US News & World Report, New York Daily News. [15] They also acquired Dolan Media Group[16] and Journal Multimedia,[17] adding business publications to their portfolio. The company will be based atGannett's headquarters in McLean, Virginia. Entertainment Group. External Management Agreement. 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. They unquestionably get more than enough daily hits to qualify. 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 . Sam Levenson Ashley Higgins, New Media Investor Relations The company was founded on June 18, 2013 and is headquartered in New York, NY. Mike Reed, the media veteran who leads GateHouse's parent company, will be CEO of the newly combined company. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. 91 were here. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). The combined group of business publications was rebranded as BridgeTower Media.[18]. The family has also owned a local Pennsylvania paper, TheReading Eagle, for generations. In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million. Online news media in the U.K. is dominated by publishers of traditional print media. News Corp, through News Corp UK, and Daily Mail and General Trust plc own many of the largest national news sites in the U.K. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. MNG Enterprises, Inc., doing business as Digital First Media and MediaNews Group, is a Denver, Colorado -based newspaper publisher owned by Alden Global Capital. 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. Several names are synonymous with media domination around the world: News Corp in the United States, the U.K., and Australia, Globo in Brazil, Yomiuri Shimbun in Japan. Mike is a newspaper guy," Gordon said. Club, into a new company named G/O Media Inc. For a full list of sources that went into the creation of these graphics, please visit: https://bit.ly/WhoOwnsNews. We are honored to become a part of Gannetts storied history and a steward of their strong media properties into the future. For more information regarding New Media and to be added to its email distribution list, please visit www.newmediainv.com. 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. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. 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. But he does not believe the company will achieve its cost-savings goal. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed. 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. Employers continue to invest in people services that demonstrate care for their people, in spite of pressures to cut costs. 104.7 KCMB, 102.3 The River, NewsTalk103, 92.9 The Hawk, 94.5 KJDY . Or Social media news isnt news. Arbor Advisory Group Significant synergies. 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. FTI is one of several vendors who say they've gone unpaid by the youth media company . 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. But one area for growth is events, where New Media has a particularly strong business, Doctor said. The healthcare industry is facing immense economic pressures. Information about the directors and executive officers of New Media is set forth in the proxy statement for its 2019 Annual Meeting of Stockholders, which was filed with the SEC on April 12, 2019. 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,. 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. 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. One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index. In the third quarter, Gannett's digital subscriptions rose 27% to 607,000, compared with the same period a year earlier, while New Media's rose 65% to 217,000 over the same stretch. Artificial intelligence can make investing more straightforward, bringing investment insights to the masses. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. Or New Media, operating as Gatehouse Media, has also expanded its investigative reporting team. 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. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. Some bought television stations and magazines, too. 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 new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. In December 2014, Las Vegas casino billionaire Sheldon Adelson secretly bought the Las Vegas Review-Journal. Zuckerman bought the Daily News out of bankruptcy in 1993andunsuccessfully tried to sell the tabloid newspaper for six months in 2015. [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. [19] As of April 2018, GateHouse Media was publishing 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states. The new company's financial success will hingeon its ability to shed overlapping costs and achieve what it calls a "digital transformation" built on increased revenue from digital products and marketing services. In March a jury awarded Hogan $140 million in damages. 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. 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. 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