The sale includes the central Massachusetts media properties, Worcester Magazine, The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News. Nexstar Media Group Completes Tribune Media Acquisition Creating the Nation's Largest Local Television Broadcaster. The Guardian is owned by the Scott Trust Limited, which exists solely to control the finances of the Guardian and ensure its editorial independence. Bascobert said they sought to "create a careful balance between the two organizations" with a goal of ensuring people are on the same page culturally and strategically. Their past, present, and future contributions., Mortimer Zuckerman US News & World Report, New York Daily News. 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. The New Media Transaction Committee separately, and unanimously, approved the Amended Management Agreement. Two Leading Media and Marketing Solutions Companies 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. Our latest study shows the current state of media consolidation around the world. Fortress, which is owned by Japanese conglomerate SoftBank, negotiated a breakup fee to step aside at the end of 2021. This communication is neither an offer to sell, nor a solicitation of an offer to buy any securities, the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. 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. [citation needed], In June 2005, Fortress Investment Group bought Liberty for $527 million. "There are a lot of vultures circling the industry right now, and Mike is not one of them.. You may obtain free copies of these documents using the sources indicated above. It intends to operate newspaper, media directory and other media content businesses. 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. Google, per-se, is not a news company , Your email address will not be published. Cautionary Statement Regarding Forward-Looking Statements. We worked on News companies. 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. Jay Fogarty, previously senior vice president for corporate development at GateHouse, who will serve in that role for the new company. Gannett had about 16,980 employees at the end of 2018, while GateHouse had about 10,638 employees, according to their securities filings. Target net leverage within two years of closing is expected to be below 1.75x. 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. 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. Others, like Amazon founder Jeff Bezos, bought publications as a side investment after building a substantial fortune in another industry. For news sites that are owned or directly (or indirectly) controlled by the government (as is the case of the BBC, who since 2017 has had its board members selected by the UK government), the head of government was listed as the highest-level owner. FTI is one of several vendors who say they've gone unpaid by the youth media company . 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. In separate votes, shareholders of each company approved New Media's $1.13billion acquisition of Gannett. [27], In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard. 2023 Forbes Media LLC. 104.7 KCMB, 102.3 The River, NewsTalk103, 92.9 The Hawk, 94.5 KJDY . [1] Noam, E. 2016. Who Owns the Worlds Media? By Marc Tracy Gannett, the Owner of USA Today, Is About to Get a Whole Lot Bigger GateHouse Media, a newspaper company backed by a hedge fund, agrees to buy the venerable chain for roughly $1.4. 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. Gannett on Wednesdaynamed a mix of leaders from the old Gannett and its acquirer, New Media Investment Group, to lead the media company. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. At the same time, Gordon said he has confidence in Reed's leadership of the new company. The obvious concern the Guild has expressed is all the debt incurred in the merger, which creates pressure to drive cash flow and could result in further cuts, he said. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. As the concentration of online news has increased, so has public distrust in mass media. Initially, the combined company is expected to have an annual dividend of $0.76 per share. The Term Loan will be freely pre-payable without penalty, and the combined company is expected to have a strong cash-flow profile that will permit aggressive deleveraging. [34] That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.[35]. Joele Frank, Wilkinson Brimmer Katcher 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. In addition to its national presence through USA TODAY, the new Gannett will operatenews organizations in 47 states and Guam, as well as the United Kingdom. The new company willreach anaverage monthly online audience of more than 145 million unique visitors, according to traffic measurement firm Comscore. 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. Bascobert, who has a background in e-commerce as well as media, will now serve as. [26], In October 2017, GateHouse acquired Edward A. Sherman Publishing Company, parent of The Newport Daily News. This seems very strange. 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. (203) 307-2250 The Globe was previously owned by the New York Times for twenty years. Paul Bascobert will serve as CEO of the new company's operating subsidiary, Gannett Media Corp., as previously announced. It delivers content and products related to eating, drinking, and entertaining with a Southern flair. Social media news isnt news. These options become exercisable upon the first trading day immediately following the first 20 consecutive trading day period in which the closing price of New Medias common stock (on its principal U.S. national securities exchange) is at or above $20 per share, and also upon a change in control and certain other extraordinary events. 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. Fox News is owned by the Fox Corporation, which is owned in part by the Murdoch Family (39% share). The Merger also affords an opportunity to realize run-rate cost synergies of $275 - $300 million annually across the combined company in a judicious manner, while continuing to invest in newsrooms. In October 2015, investor Peter Barbey bought the Village Voice, a New York City alternative weekly, through his investment company Black Walnut Holdings LLC for an undisclosed price. Click here to explore who owns the news in America. Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. New Media CEO Mike Reed, who will become CEO of the new Gannett, told investors on Oct. 31 that "we feel great about the synergies.". One notable sign of his influence on the publication: MichaelBloomberg doesnt appear on Bloombergs Billionaires Index. The Merger brings together the portfolios of two leading local newspaper companies, and includes USA TODAY, Gannetts flagship brand, and its more than 160 brands in the U.K., which will significantly expand the existing USA TODAY NETWORK. 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. full access for 30 days and then you cancel for a full refund. or Google, when so many surveys show that a great number of people get ALL their news from there? 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. 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