8.84 0.00 (0.00%)
After hours: 4:03PM EDT
|Bid||8.82 x 2200|
|Ask||8.83 x 1000|
|Day's Range||8.75 - 8.95|
|52 Week Range||7.08 - 16.25|
|Beta (3Y Monthly)||1.17|
|PE Ratio (TTM)||680.00|
|Earnings Date||Oct 29, 2019 - Nov 4, 2019|
|Forward Dividend & Yield||1.52 (16.52%)|
|1y Target Est||11.00|
PHILADELPHIA, PA / ACCESSWIRE / September 5, 2019 / Kaskela Law LLC announces that it is investigating New Media Investment Group Inc. (“New Media”) (NYSE:NEWM) of behalf of the company’s shareholders. ...
CEO of New Media Investment Group Inc (30-Year Financial, Insider Trades) Michael Reed (insider trades) bought 250,000 shares of NEWM on 08/30/2019 at an average price of $8.78 a share. Continue reading...
After eight years of litigation, GateHouse Media will pay up to $425,000 to settle a lawsuit with its newspaper carriers, who said they were misclassified as independent contractors.
Anyone researching New Media Investment Group Inc. (NYSE:NEWM) might want to consider the historical volatility of the...
After 26 years at the Worcester Telegram & Gazette, columnist Clive McFarlane was laid off this week by parent company GateHouse Media, prompting Mayor Joseph Petty to declare, "There is no more real newspaper in the city of Worcester.”
Q2 2019 New Media Investment Group Inc Earnings and Acquisition of Gannett Co Conference Call
The merger of the two largest newspaper chains in the U.S. could be rejected by shareholders unless GateHouse Media's parent, New Media Investments, can manage to significantly raise its stock price in coming months.
New Media's merger with Gannett was so poorly received that the possibility of its falling through could be boosting the stock.
The initial reviews are negative on the planned sale of Milwaukee Journal Sentinel owner Gannett Co. Inc. to New Media Investment Group — as are the companies’ stock prices — with the New York Post reporting the deal “could be derailed.”
The value investor increased his position as the company announced it would acquire news giant Gannett Continue reading...
The headquarters of USA Today were evacuated Wednesday after what authorities said turned out to be a mistaken report of a person with a weapon, the newspaper reported. USA Today said police are continuing to investigate, but there has been no evidence of shooting and police have not located anyone with a weapon. USA Today's parent company Gannett Co. Inc. and New Media Investment Group Inc. said Monday they plan to merge.
NEW YORK, Aug. 07, 2019 -- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased Gannett Co., Inc. (“Gannett” or the.
Terms call for each Gannett share (ticker: GCI) to be exchanged for $6.25 a share in cash and 0.5427 of a New Media share (NEWM). After the deal closes, current Gannett shareholders would own 49.5% of the combined company with New Media shareholders owning the other 50.5%. The combined company will take the Gannett name.
NEW YORK , Aug. 6, 2019 /PRNewswire/ -- Rowley Law PLLC is investigating potential claims against Gannett Co., Inc. (NYSE: GCI) and its board of directors for breach of fiduciary duty concerning the proposed ...
(Bloomberg Opinion) -- Better the devil with money than the devil without it.USA Today publisher Gannett Co. announced late Monday that it would sell itself to New Media Investment Group Inc. in a cash-and-stock deal valued at $1.9 billion including debt, or about $12.06 a share based on last week’s closing prices. The agreement combines the two largest newspaper publishers in America and comes just three months after Gannett successfully rebuffed a proxy fight launched by an Alden Global-backed newspaper group in a bid to force the board to consider its $12 a share takeover offer.In that fight, Gannett lambasted Alden’s penchant for aggressive cost cutting and seemingly endless journalist firings, saying these practices undercut “papers’ ability to produce quality journalism and retain subscribers.” But New Media is hardly a neophyte when it comes to cost cutting. At the end of the day, it appears it was really just about the money. New Media has clinched a term loan from Apollo Global Management to fund the takeover, whereas Alden’s bid lacked any firm financing commitments. Put another way, New Media was able to afford a Gannett takeover; Alden wasn’t.The $300 million in annual savings New Media is targeting from the merger of its GateHouse Media operations with Gannett is a huge number and implies a dizzying level of cost cuts. That’s nearly 7% of the companies’ combined sales over the past year. By comparison, when Gannett pursued Tribune Publishing Co. in 2016, the only public synergy number the company gave was $50 million. Gannett indicated at various points that the ultimate savings could be higher, but there’s no reason to think that in that contentious battle, the company was withholding the fact that synergies could in fact be six times as high.For the sake of argument, let’s say Gannett was really eyeing something more like $100 million in cost savings from a Tribune deal. That would have been a little over 2% of Tribune and Gannett’s combined sales in 2016. Another key difference is that at that point in time, Tribune was a relatively fatty newspaper company and needed some operational improvement. Gannett and GateHouse’s cost cuts will come on top of years’ worth of trimming.The companies say the savings will come from the increased scale of the organization, the sharing of best practices, leveraging existing infrastructure, facility rationalization and other “judicious” cost reductions, which I’m going to assume is a euphemism for job cuts. Against this backdrop of heavy cost cutting and the need for consolidation to survive, New Media does appear to be cutting its dividend, but the company expects to raise the payout over time as it repays debt.Speaking of debt, you know who doesn’t have very much of it anymore? Gannett’s former would-be partner, Tribune. The company had a net cash balance at the end of 2018 and just $48 million of net debt as of March, according to data compiled by Bloomberg. Recall that Tribune had reportedly attempted to rekindle merger talks with Gannett in the weeks before Alden-backed MNG Enterprises Inc. launched its pursuit of the company. Gannett staunchly defended its digital initiatives amid criticism from Alden about a lack of return. While it claims the New Media deal will help it accelerate its investments on that front, it remains unclear to me why it wouldn’t be preferable to tap Tribune’s relatively pristine balance sheet. A deal with Tribune is hardly without its own share of risks, though, in a time of declining circulation and advertising dollars.At the end of the day, I’m not sure there are any great options left for newspaper companies. New Media shares fell 7.6% on the news of the Gannett merger Monday and were down as much as an additional 17% on Tuesday. It's a sign that investors have their doubts about the companies’ ability to achieve the deal’s purported benefits. The decline also puts the offer price well below the $12 Alden Global had offered (albeit without ever giving a firm indication of the financing to back that up). This deal may be all about the money, but it says a lot that Gannett, the largest newspaper publisher by circulation, now views itself as a seller in this environment.To contact the author of this story: Brooke Sutherland at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
When the details behind the long-rumored merger of the nation’s two largest newspaper chains were finally announced Monday, it became clear that private equity will once again play a big role.
U.S. stock futures rise Tuesday, following Wall Street's worst day of the year, as China attempts to ease trade tensions with the U.S., Walt Disney to report earnings Tuesday; Barneys New York files for bankruptcy protection.
New Media Investment Group Inc. (NYSE: NEWM) and USA Today parent company Gannett Co., Inc. (NYSE: CGI) announced a definitive merger agreement Monday. Per the agreement, Gannett shareholders will receive $6.25 in cash and 0.5427 of a New Media share for each Gannett share they hold.
(GCI) publisher of USA Today and many other newspapers, agreed to be acquired by (NEWM) the parent of the newspaper holding company GateHouse Media, for $12.06 a share in cash and stock, or just under $1.4 billion. Each Gannett share (ticker: GCI) will be exchanged for $6.25 in cash plus 0.5427 of a New Media share (NEWM). Current Gannett holders will own 49.5% of the combined company and New Media shareholders will own 50.5%.