Gannett-New Media Investment Group merger: Key executives appointed Chatham Asset Management owns the McClatchy newspapers (30 dailies . Fortress owned 52% of GateHouse debt. The storytelling bias is one of the most important, yet least known blindspots that affects our investing behavior. Such forward-looking statements speak only as of the date on which they are made. There are a total of 73 overseas territories listed on the map spread across the world. (212) 479-3160 New Media is focused primarily on investing in a high quality, diversified portfolio of local media assets, and on growing existing advertising and digital marketing businesses. [10] The company filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on September 27, 2013. The combined company will be headquartered in McLean, Va., with a continued corporate presence in existing locations. [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. 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. In exchange, New Media will issue to the Manager upon closing approximately 4.2 million shares of New Media common stock. Sam Levenson New Media and Gannett share a strategic vision, and the combined companys significantly enhanced scale of operations will enable it to realize this vision more rapidly, while generating value for shareholders and benefits for employees and other stakeholders. 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=1150183880, This page was last edited on 16 April 2023, at 19:22. Its no secret that news media is a tough industry. 2,000 employees from 40 countries. Active, Closed, This describes the type of investor this organization is (e.g. 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. "I think $300 million is a low number" for the cost cuts,Newsonomics media analyst Ken Doctor said. Ranked: The Largest Bond Markets in the World. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. 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. Who owns the Scotsman newspaper? Kris Barton, previously Gannett's chief product officer, who will take on the same role. And consider that this list reflects current status as of 2023. Or 14 In November of 2019, New Media merged GateHouse and Gannett into a newly constituted Gannett, 15 creating the largest U.S. media company by print circulation and one of the nations largest online news and information audiences. It's crucial because, at an interest rate of 11.5%, the Apollo loan could become onerous ifnot paid off quickly, said Tim Hynes, head of North American research for debt analysis service Debtwire. Bernie Szachara, previously president of newspaper operations for GateHouse, who will serve as president of U.S. publishing operations. (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. Below is a look at the top 20 owners of Americas newspapers: Turnover in this segment of the market has been brisk. 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. As part of his three running lawsuits against different publishers in the British press, Prince Harry's lawyers filed some paperwork alleging that Prince William received a substantial settlement (for phone hacking) from a Murdoch-owned entity in 2020. Mike Reed - Chairman / CEO - Gannett | USA TODAY NETWORK - LinkedIn Both New Media and its operating subsidiary GateHouse will be rebranded and operate under brand Gannett. Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. "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. (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. [23] In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. . Meanwhile, Vice recently acquired Refinery29 for $400 million, giving it access to a new audience skewed towards millennial women. The industry may be facing another dramatic drop off in ownership diversity as the two largest players, New Media Investment Group and Gannett, are on the path to merging. Fortress is owned by SoftBank, a Japanese conglomerate. Or Earlier this year, Gannett fended off newspaper chain MNG Enterprises's MNGE.PK efforts to put its nominees on its board, after it rejected MNG's $1.36 billion hostile takeover bid. About 15 billionaires and six corporations own most of the U.S. media outlets. Vice Media Gets $250 Million in Debt Funding From George - Variety