who owns new media investment group

efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. Gannett-New Media Investment Group merger: Key executives appointed "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.". Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. The company was founded on June 18, 2013. Gannett and New Media have each cut costs and made a series of acquisitions in recent years to bolster revenue and gain scale. Investors: New Media Investment Group (NYSE:NEWM) is focused primarily on investing in a diversified portfolio of local print and online media assets, and on growing existing advertising and digital marketing businesses. Two Leading Media and Marketing Solutions Companies To finance the deal, New Media is borrowing $1.8 billion from private equity firm. 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. Fortress owned 52% of GateHouse debt. 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. ", Warning to Congress: Powell: USdebt is 'on unsustainable path', Walmart's Black Friday:Store releases ad with $129 Apple Watch, TV deals. The newspapers were operated by GateHouse Media following the purchase. The layoffs will primarily affect management positions. As outlets battle the duopoly of Google and Facebook for advertising revenue, the local news game has become increasingly difficult. [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. (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. New Media Investment Group (NEWM) Stock Forecast, Price & News - MarketBeat With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. Gannett, New Media Investment Group complete merger: 'Pivot' coming 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. Active, Closed, This describes the type of investor this organization is (e.g. Shares of Gannett closed up 2.6% at $11.04, while those of New Media Investment Group closed down 7.6% at $9.89. 19, Michael E. Reed is the president and CEO of New Media Investment Group. Note: The graphic has been updated to reflect changes in ownership for Refinery29, Gizmodo, and Jezebel. 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. About 15 billionaires and six corporations own most of the U.S. media outlets. The new Gannett has more than 250 daily publications, including USA TODAY, as well as several hundred weeklies and an array of digital marketing services. GateHouse would be the nominal survivor, with New Media Investment Group's CEO, Mike Reed, becoming CEO of the merged company. 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. 26. 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. 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. 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. Mike is a newspaper guy," Gordon said. Shareholders of USA TODAY owner Gannett and New Media Investment Group New Media to buy Gannett for $1.4 billion, creating biggest U.S 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. [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. Ashley Higgins, New Media Investor Relations 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? 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. 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. I suspect broad social media sites could lose a lot of steam in the future as more dedicated sites meeting the needs of people with similar interests will become more popular. [4] Immediately after the merger was finalized, all GateHouse Media URLs began redirecting to Gannett.com. Thematic Investing During A Transformative Year, 2023 Media Layoffs: Vice Media Reportedly Cuts 100 Jobs, The Future Of Social Media Will Be Special Interest Focused, Five Strategies For Growing A Business On Social Media. Below is a look at the top 20 owners of Americas newspapers: Turnover in this segment of the market has been brisk. This massive map highlights overseas territories and dependencies around the world and their sovereign states. Doctor said Gannett's success with the development of the USA TODAY Network, which shares journalism resources and national ads, is also key. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. New Media has been actively engaged in a director search and expects to announce two additional independent directors prior to closing. The amendment, as described in more detail below, also reduces the incentive fee rate payable to the Manager for the remainder of the term. 20 21 Reed was GateHouse CEO prior to the companys acquisition by New Media Investment Group.

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