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. New York, New York, United States. Arthur said he believes the combined company's revenue projections are "way too optimistic" due to the continued demise of print. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially from expectations or estimates reflected in such forward-looking statements, including, among others: Additional risk factors that could cause actual results to differ materially from expectations include, but are not limited to, the risks identified by New Media and Gannett in their respective most recent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. [email protected] Gannett Co., Inc. owns USA Today and over 250 dailies. (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. Kevin Gentzel, previously president of USA TODAY Network Marketing Solutions, who will serve as chief revenue officer. Heres a brief look at some of the best known territories on the list: First colonized by Spain in the 16th century, the U.S. occupied the North Pacific islands in the aftermath of the SpanishAmerican war (along with Puerto Rico and the Philippines). The newspapers were operated by GateHouse Media following the purchase. Which Countries are Buying Russian Fossil Fuels? Former colonies that would have been counted in the past include British India (which became India, Pakistan, and Bangladesh) and French Indochina (which became Cambodia, Laos, and Vietnam). Faced with declining revenue, Gannet has invested millions in the last few years to scale up its digital footprint. GateHouse Media, a newspaper company backed by a hedge fund, agrees to buy the venerable chain for roughly $1.4 billion. Who Owns Your Favorite News Media Outlet? - Visual Capitalist 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. digital offerings and high-quality journalism, Anticipated run-rate cost synergies of $275 - $300 million annually, The Merger has been unanimously approved by the New Media Transaction Committee and by the Boards of both companies. This massive map highlights overseas territories and dependencies around the world and their sovereign states. New Media is run by Fortress Investment Group, which is owned by Japan's SoftBank Group Corp 9984.T, and has built the largest chain of local U.S. papers, including 156 dailies from the Austin American-Statesman to the Register-Guard in Eugene, Oregon. The new Gannett's nine-person board will consist of Reed plus five New Media appointees and three Gannett appointees. Gannett Co. to be sold to New Media Investment Group - Milwaukee (212) 479-3160 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? Sales, however, havent quite picked up as yet. Mike Reed - Chairman / CEO - Gannett | USA TODAY NETWORK - LinkedIn The company was founded on June 18, 2013 and is headquartered in New York, NY. Gatehouse re-emerged from the planned bankruptcy in November 2013. (212) 257-4170 This match-up seems awkward on the surface, but it allows advertisers to reach a broader cross-section of people within each ad ecosystem. Copyright 2023 InfluenceWatch. 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. 1:02 Shareholders cleared the way Thursday for New Media Investment Group and USA TODAY owner Gannett to join forces in a deal that will create the largest U.S. media company by print. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. Visualized: The Largest Trading Partners of the U.S. Visualizing 90 Years of Stock and Bond Portfolio Performance, Visualizing the Link Between Unemployment and Recessions, Timeline: The Shocking Collapse of Silicon Valley Bank, Decoding Googles AI Ambitions (and Anxiety), Ranked: Americas 20 Biggest Tech Layoffs Since 2020, Infographic: Generative AI Explained by AI, Ranked: The U.S. Banks With the Most Uninsured Deposits, De-Dollarization: Countries Seeking Alternatives to the U.S. Dollar. New Media will also grant the Manager approximately 3.2 million options with an exercise price of $15.50, a 45% premium to the closing price of New Media common stock on August 2, 2019. 3, New Media Investment Group oversees the operations and publishing of 260 daily newspapers and 300 weekly publications in 47 states and Guam 4 and administers over 130,000 business advertising accounts with a weekly reach of over 12 million people.