Data on average visitor traffic for the past one to three months and the relative rank of each news site came from Alexa, an Amazon company, and market intelligence provider SimilarWeb. 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. "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. Gannett's current CEO, Bascobert, will retain that title as head of the new company's operating subsidiary, also to be called Gannett. Kirk Davis, operating company CEO;[2] Hogan sued Gawker after it published a sex tape. After the closing of the Merger, both New Media and its operating subsidiary GateHouse, will be rebranded and operate under the Gannett brand. 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. 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. Founded Date 1906 Founders Jason Taylor Operating Status Active Investor Type Private Equity Firm Stock Symbol NYSE:NEWM Company Type For Profit Contact Email ir@newmediainv.com Phone Number 212.479.3160 Their no-questions-asked cancellation policy lives up to its name. Amazon founderJeff Bezos bought The Washington Post for $250 million in 2013. Rural news media is largely dominated by Australian Community Media, whose portfolio includes over 170 regional newspapers and their corresponding websites. 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. This is normal when the security: Has been acquired or taken private Has merged with another entity Has changed its name and has a new CUSIP (and/or symbol) Has been delisted and the ticker has changed Please use Search to find the security you were looking for. 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. National online news media in Australia is essentially controlled by two companies: News Corp, through News Corp Australia, and Nine. This means that publications under the direction of Verizon Communications reach an incredible 52% of the worlds population. The proposed transaction will be submitted to New Medias stockholders and Gannetts stockholders for their consideration. 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. Its parent company, New Media Investment Group, merged with Gannett in 2019. Initially, the combined company is expected to have an annual dividend of $0.76 per share. "Youll definitely get some economies of scale" and "a lot of savings in the corporate offices" and printing sites, he said. 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 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. 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. All Rights Reserved. Under that brand, the company has won several Pulitzer Prizes, expanded its investigative reporting and shared journalism resources. In 2009, Bloomberg LP bought Business Week magazine from McGraw Hill for a reported $5 million plus assumption of debt. The company has been growing its portfolio and as of May 2021, owns over 100 newspapers and 200 assorted other publications. Click here to explore who owns the news in America. 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. He has said he's confident of hitting the savings target. [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]. [20] In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. [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. Republicans are at a crossroads over who should lead the party. Significant synergies. 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. "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.". He previously was CEO of New Media. The newspapers own reporting outed the billionaire buyer, who reportedly arranged the $140 million deal through his son-in-law. Today Hearst Communications owns dozens of newspapers and magazines throughout the country, each with a significant online presence. Doug Arthur, an analyst at Huber Research Partners in Connecticut, estimatescost savings of $245 million annuallybeginning in the third year of the new company. Bascobert, who has a background in e-commerce as well as media, will now serve as. For the new Gannett, the key challenge will be offsetting continued print declines with digital revenue. But Apollo believes that the new Gannett can afford to pay the debt off on time or potentially early with no prepayment penalty, according to people with knowledge of the Apollo financing deal who spoke on the condition of anonymity because they were not authorized to speak publicly. Alison Engel, Gannetts current Chief Financial Officer, is expected to serve as the Chief Financial Officer of the combined organization upon closing. 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. Twitter CEO Elon Musk called the media racist in several tweets on Sunday in a strange reaction to the news that the countrys biggest newspapers were dropping the Dilbert comic strip. Gatehouse re-emerged from the planned bankruptcy in November 2013. the combined companys ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base. 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. We then isolated the 20 companies with the most visited sites in each geography, as well as other newsworthy media companies, and identified all of the properties in their online media portfolios, as well as the name of their highest-level owners, using financial filings, corporate press announcements, and other public sources. With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined companys digital transformation. Under the terms of the Merger Agreement, shareholders of Gannett will receive $6.25 in cash and 0.5427 of a New Media share for each Gannett share they hold, representing total consideration of $12.06 per Gannett common share based on New Medias closing stock price as of August 2, 2019, and a premium of approximately 18% to the five-day volume-weighted average price of Gannett shares as of that date. 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. 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. One ultra-wealthy media investor not mentioned in the story: Mexican billionaire Carlos Slim Helu, who owns the largest individual stake in the Times. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. 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. Media mogul Stanley Hubbard is CEO ofHubbard Broadcasting, which has 13 TV stations, including a number of ABC and NBC news affiliates in the Midwest, and48 radio stations. NEW YORK & MCLEAN, Va.--(BUSINESS WIRE)--New Media Investment Group Inc. (New Media) (NYSE: NEWM) and Gannett Co., Inc. (Gannett) (NYSE: GCI) announced today that New Media and Gannett have entered into a definitive agreement (the Merger Agreement) pursuant to which New Media will acquire Gannett for a combination of cash and stock (the Merger). The New York Times published an article last Fridaycriticizing the power that billionaires wield over media companies. 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