NEWM - Gannett Co., Inc.

NYSE - Nasdaq Real Time Price. Currency in USD
6.28
-0.04 (-0.63%)
At close: 4:01PM EST
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Previous Close6.32
Open6.36
Bid0.00 x 2900
Ask6.32 x 2200
Day's Range6.28 - 6.45
52 Week Range6.22 - 14.11
Volume2,413,042
Avg. Volume1,711,437
Market Cap379.821M
Beta (3Y Monthly)1.05
PE Ratio (TTM)N/A
EPS (TTM)-0.19
Earnings DateFeb 25, 2020 - Mar 2, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est11.00
  • McClatchy Goes Digital to Ward Off ‘Ghost Papers’
    Bloomberg

    McClatchy Goes Digital to Ward Off ‘Ghost Papers’

    (Bloomberg Opinion) -- When I interviewed Craig Forman, the chief executive officer of McClatchy Co., last week, shares of the regional newspaper chain stood at 39 cents. Like its peers, it has struggled as print advertising has dwindled and subscribers have abandoned ship. Last month, the company said in a regulatory filing that it might not be able to continue “as a going concern” because of a pension overhang. That explains the depressed stock price.Coincidentally, last month was also when Alden Global Capital LLC bought a 25% stake in another struggling media company, Tribune Co. As I’ve noted before, the Alden Global business model is to treat newspapers as declining assets and bleed them for cash until there’s nothing left but a carcass. It will no doubt be imposing its draconian business model on the Chicago Tribune, the Baltimore Sun and the other Tribune papers.Meanwhile, in August, the New Media Investment Group announced that it was buying Gannett Co. and combining it with its GateHouse Media subsidiary, which instantly created the largest newspaper chain in the country. New Media is controlled by Fortress Investment Group, and its approach is not terribly different from Alden Global’s. People are starting to call papers owned by hedge funds “ghost papers” — defined by the New York Times as “thin versions of once robust publications put out by bare-bones staffs.”Although they’ve had their share of layoffs, McClatchy’s 30 media properties, which include the Miami Herald, the Kansas City Star and the Fort Worth Star-Telegram, are not ghost papers. A little more than a year ago, Julie K. Brown, a journalist at the Miami Herald, published an extraordinary expose of the convicted sex offender Jeffrey Epstein; that series sparked an outcry that led to Epstein’s arrest in July. In October, the well-regarded McClatchy Washington bureau documented a disturbing rise in the rate of cancer treatments at Veterans Affairs hospitals. And just a few weeks ago, the Kansas City Star published a powerful examination of Missouri’s public defender system.“We are still determined to do essential journalism of genuine impact in our communities,” Forman told me in an email a few days before we met.The “death of local news” has become a meme among journalists. According to a study by University of North Carolina researchers, 1 in 4 papers has shut down since 2004. Newspaper employment has been cut in half. Combined weekday circulation has shrunk from 122 million to 73 million. The New York Times ran a series of articles over the summer called “The Last Edition,” which examined “the collapse of local news in America.”But Forman believes that, notwithstanding that 39 cent stock price, McClatchy can beat the odds and craft a model that will allow it to avoid the clutches of a rapacious hedge fund. In fact, he says, that’s what McClatchy is doing. That’s what I wanted to talk to him about.To be clear-eyed about this, it will be not be easy. In 2006, with industry-wide circulation already in steep decline, McClatchy bought another regional chain, Knight Ridder, for $4.5 billion. When the deal was completed, McClatchy was saddled with $5 billion in debt. (The “ball and chain of debt,” Forman called it when we spoke.) The company has to pay $124 million into its pension in 2020 — cash it doesn’t have. In the first three quarters of 2019, its adjusted earnings were a slim $64.9 million. Its revenue has declined 27 consecutive quarters on a year-over-year basis.On the other hand, McClatchy has reduced its debt from $5 billion to $700 million and has pushed off further payments to 2026. McClatchy family members haven’t received a dividend in a decade. And it is negotiating with the Pension Benefit Guaranty Corp. to take over its pension, which holds $1.3 billion in assets. These three moves — assuming the latter happens — will free up the cash McClatchy needs.To do what, exactly? Forman’s goal is to complete a digital transformation that will allow McClatchy to thrive again by going from a business that relies primarily on advertising to one that relies mainly on digital subscribers, just as the New York Times and the Washington Post have done so successfully.That may sound obvious, but no other regional chain has been able to accomplish it. That is partly because most of them were too busy cutting costs as revenue fell to spend the millions it would take to create a winning digital platform. And it’s partly because most of them lacked the scale to take full advantage of the ways digitalization could help revive them.“It’s not just about putting your content on a website,” Forman told me. “Any digital effort has to be centralized.” A sophisticated digital platform is far too expensive for any one of McClatchy’s papers to do on its own — it has to be done companywide. If done right, it offers data analysis and analytics, targeting of potential customers, site personalization and so on.Because McClatchy lacked a robust digital infrastructure during the 2016 election, “we mostly missed the Trump bump,” Forman said. The New York Times and the Washington Post have signed up millions of digital subscribers since the election. McClatchy hasn’t.“We have newspapers in much of purple America,” Forman said, pointing to states such as Florida and Georgia where Democrats suddenly have at least a fighting chance. “That’s where the 2020 election is going to be decided.” This time, he wants McClatchy to be ready to offer digitized political news to a national audience hungry to consume it.That may help on the margins, but for a company like McClatchy, the core subscriber is still going to live in the 30 metropolitan areas its papers serve. Forman told me that the top five categories McClatchy’s readers want are local opinion, breaking local news, sports, news-you-can-use service articles and investigations. That’s what his papers are trying to deliver. “You have to be essential to your community,” he said. The papers run by hedge funds have largely lost that ability because they are too thinly staffed. McClatchy is betting that high-quality digital journalism will be a winning strategy.So far, McClatchy has 200,000 digital subscribers and nearly 500,000 “paid digital relationships,” which include print subscribers who have activated their digital accounts. This year, for the first time, its revenue is split 50-50 between subscriptions and advertising. But given that the chain’s total circulation is close to 1 million (1.3 million on Sundays), it has a long way to go.“We’re in a race,” Forman told me. A race against the debt that will come due in six years. A race against the 2020 election that could boost its digital fortunes. A race to replace advertising dollars with subscription dollars while there’s still time.Forman and McClatchy are running as fast as they can.To contact the author of this story: Joe Nocera at jnocera3@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Business Wire

    America Is Dangerously Divided. USA TODAY and Partners Launch "Hidden Common Ground" to Find Solutions.

    Hidden Common Ground, a nine-month examination of issues that divide America along with potential solutions, launches today by USA TODAY, part of Gannett Co., Inc. (NYSE: GCI), and partners with a poll that finds Americans believe political divisiveness is harming our democracy. Nine out of 10 say it’s important for the United States to reduce the chasm.

  • How Much Are Gannett Co., Inc. (NYSE:GCI) Insiders Spending On Buying Shares?
    Simply Wall St.

    How Much Are Gannett Co., Inc. (NYSE:GCI) Insiders Spending On Buying Shares?

    We often see insiders buying up shares in companies that perform well over the long term. On the other hand, we'd be...

  • Thomson Reuters StreetEvents

    Edited Transcript of NEWM earnings conference call or presentation 31-Oct-19 1:00pm GMT

    Q3 2019 New Media Investment Group Inc Earnings Call

  • Weekly CEO Buys Highlight
    GuruFocus.com

    Weekly CEO Buys Highlight

    Insiders invest in Gannett, Aramark, ServiceNow, UroGen Pharma and Enphase Energy Continue reading...

  • Reuters

    UPDATE 1-Britain's Reach pulls out of talks to buy certain JPI Media assets

    British media company Reach Plc on Friday said it was no longer in active talks to buy some assets of The Yorkshire Post publisher JPI Media, and that it was confident of meeting its full-year estimates. Reach, which publishes the Daily Mirror, had said in July that it was in early stages of discussions to buy certain assets of JPI. JPI Media, formerly known as Johnston Press, was acquired by its bondholders last year after it filed for bankruptcy protection.

  • A Booming Corner of Private Credit Has Some Investors on Edge
    Bloomberg

    A Booming Corner of Private Credit Has Some Investors on Edge

    (Bloomberg) -- Private equity firms are increasingly turning to an obscure type of loan, once almost exclusively used to finance smaller deals, to fund larger and larger buyouts. Yet a growing number of analysts and investors warn the debt may be riskier than it appears.Demand for unitranches, which blend first-priority and subordinated loans into a single facility from just a handful of lenders, is surging as borrowers bypass conventional sources of financing in pursuit of greater speed and simplicity. Previously used solely to fund middle-market transactions, volume reached a record $10.7 billion last quarter as non-traditional lenders deploy more cash for deals that in the past may have gone to the institutional loan market.The frenzied growth is another example of how red-hot demand for private credit is reshaping the global lending landscape. Yet the boom in unitranches is worrying some who say the debt, which is sometimes carved up via sophisticated side deals, remains unproven, especially in the face of a potential economic downturn and increase in restructurings. That could ultimately hurt investors who’ve plowed hundreds of billions of dollars into private debt funds in recent years.“Unitranches have taken a lot of the market share because the market has evolved toward that need for speed,” said Garrett Ryan, head of capital markets at Twin Brook Capital Partners, a direct lender that provides financing, including unitranche loans, to middle-market companies.That need for speed has come at a price, some market participants say.By combining senior and junior debt into a single tier and eliminating the syndication process, unitranches can be arranged in a fraction of the time it takes to complete a traditional leveraged loan.The structure made up about 21% of private equity sponsored middle-market deals this year through September, up from 14% in 2018 and just 2.5% five years ago, according to data from Refinitiv LPC.Yet recently more buyout firms are turning to unitranches to finance bigger deals as direct lenders amass larger pools of capital to invest. The pacts that can be used to spread out the risk once a loan is complete are also becoming increasingly complex.More importantly, they remain largely untested in distressed scenarios, fueling a degree of uncertainty not present in other types of financing, firms including Fitch Ratings warn.“All of this is going to be tested, and there will be some real pain,” said Jeff Dickson, executive managing director and head of alternatives at PGIM Private Capital. Dickson said he’s avoiding unitranche deals because they’re not compensating investors enough for the underlying risk.“It’s all uncharted territory,” he added.Among the biggest questions is whether bankruptcy courts even have jurisdiction over the side deals, known as an agreement among lenders. Partitioned unitranche debt is still governed by just one set of loan documents. A bankruptcy court may recognize the investors as having a single claim against the borrower, even though the private agreements often contain payment priorities and waterfall provisions.If a court were to decide it does not have purview over a contract that doesn’t involve the debtor, that would likely force the intercreditor dispute into state or federal court, significantly delaying recovery efforts, according to Fitch.About $4.7 billion of unitranche financings in the third quarter were for larger corporate deals. That pushed the average loan size in the period to a record $235 million, Refinitiv data show.In August New Media Investment Group Inc. secured a $1.8 billion loan from Apollo Global Management for the acquisition of Gannett Co.That was on the heels of a $1.25 billion unitranche that financed Ion Investment Group’s purchase of financial data provider Acuris in June.Antares, BainAs unitranches have gotten bigger, more lenders are joining forces to underwrite the financings, allowing some to avoid side agreements altogether.Among the largest players in the booming market are household names in the direct-lending world -- Varagon Capital Partners, Twin Brook, Ares Management, Golub Capital and Antares Capital, which two years ago banded together with Bain Capital Credit to form a joint venture specifically dedicated to unitranches.“Our goal in general is to provide the sponsor with multiple options in term of how they can finance the business,” said Timothy Lyne, a founding partner at Antares. “They can choose the syndicated route, the club route, or the unitranche, which is absolutely a higher bar from a selection process. Because we’re going deeper into the capital stack, we’re going to be more selective.”As the unitranche market grows, the loans are also getting cheaper relative to dual first-lien and second-lien structures.The extra yield lenders were compensated to own a unitranche reached an all-time low of 38 basis points in the fourth quarter before rising slightly in 2019, according to data from Refinitiv. Private equity-backed unitranches have priced to yield an average of 604 basis points over the London interbank offered rate this year, the data show.“I see no reason why unitranche as a financing solution won’t continue to grow as long as the pricing is competitive and the terms are favorable,” said Jeffrey Stevenson, managing partner at private investment firm VSS. “There’s a hunger for yield, so the source of capital should continue to flow into these debt providers who will in turn have increasingly large pools of capital to deploy.”\--With assistance from Lisa Lee.To contact the reporters on this story: Kelsey Butler in New York at kbutler55@bloomberg.net;Allison McNeely in New York at amcneely@bloomberg.netTo contact the editors responsible for this story: Natalie Harrison at nharrison73@bloomberg.net, ;Rick Green at rgreen18@bloomberg.net, Boris Korby, Sally BakewellFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • American City Business Journals

    Most Gannett papers are losing print circulation faster than average

    Of the 200 daily newspapers at the newly-merged Gannett Co. that file print circulation numbers publicly, more than 80% are losing circulation at a faster rate than the national average and 10% are declining at twice that rate or more, according to a Business Journal analysis.

  • 5 Lottery Stocks With Huge Upside — And a Real Chance of $0
    InvestorPlace

    5 Lottery Stocks With Huge Upside — And a Real Chance of $0

    A basic tenet of asset allocation is that different investors have different risk tolerances. A small portfolio owned by a 25-year-old single professional should not contain the same stocks as that of a couple in their 60's heading into retirement.Even within a portfolio, risks should vary. There's nothing wrong with allocating a small portion of one's investments to securities with higher risk and higher reward.For investors looking for some extra risk, these five lottery ticket stocks offer it in spades. Indeed, all five well could actually end up wiping out shareholders. Whether it's debt worries, a risky merger or an unproven business model, in each of these cases there are real risks to the company's equity value, if not its viability.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBut all these stocks still have some value in the market -- because the potential rewards are enormous as well, for largely the same reasons. Debt is an anchor when a company is struggling; it provides leverage to the equity when that company turns around. Unproven business models can be proven. Turnarounds can drive enormous rewards for patient investors.To reiterate, these stocks are extremely risky. These are not stocks to buy with money an investor cannot afford to lose. Again, it's possible that every one of these companies will end up in bankruptcy with a stock price at zero. * 7 Marijuana Penny Stocks That Have Ridiculous Possibilities But it's also possible that at least one of these names will provide enormous returns. For investors willing to take on and understand the risks, they are among the market's most intriguing "lottery ticket stocks." Lottery Ticket Stocks: Rite Aid (RAD)Source: J. Michael Jones / Shutterstock.com I've been a longtime bear toward pharmacy operator Rite Aid (NYSE:RAD). RAD stock has plunged since a planned acquisition by Walgreens Boots Alliance (NASDAQ:WBA) fell through. And bulls have argued that mismanagement under former CEO John Standley is a key reason why.But as I detailed in September, that simple argument ignores the very real pressures on the pharmacy industry at the moment. Insurers are driving pricing pressure throughout the healthcare industry. Generic drug savings aren't enough for margins to keep up. Front-end sales are struggling. RAD stock has plunged -- but shares of WBA and CVS Health (NYSE:CVS) have fallen as well. Those declines show real industry-wide problems.The largest reason RAD stock has fallen further than those larger rivals is that its huge debt load has pressured equity value.All that said, there has been some optimism of late. RAD stock now has nearly doubled from its lows. CVS has bounced 45%, and Walgreens reportedly is considering going private. If the industry really has a better outlook, RAD stock can soar.The same $3 billion-plus in debt that has pressured RAD stock on the way down can boost it on the way up. A market capitalization of just $530 million shows why. If the company can reduce that debt and the market assigns a higher value to the business as a whole, there's no reason the RAD stock price can't double or more from the current $10, and reach a market cap over $1 billion.After all, Walgreens was offering $180 per RAD share (adjusted for the stock's reverse split in April), a total consideration of $17 billion. And Rite Aid rose almost 700% from early 2013 to mid-2014, as debt fears receded. That history shows RAD stock can soar.But remember, too, that Rite Aid's 2027 bonds yield almost 16% to maturity. That's a yield that suggests debt investors still see a very real chance of bankruptcy in the next few years. Rite Aid stock now is a highly leveraged bet on its new CEO and a continued recovery for the pharmacy industry. It's a bet that can pay off big -- or leave stockholders with nothing. Chesapeake Energy (CHK)Source: Casimiro PT / Shutterstock.com I've called out Chesapeake Energy (NYSE:CHK) several times as a high-reward, high-risk bet on oil prices. With CHK stock trading at a 25-year low, that's still the case -- though the bet admittedly seems a bit tougher to make.The headline news from the company's recent earnings report was that Chesapeake disclosed a so-called "going concern" warning. That's a legal disclosure that warns investors the company may not be able to satisfy lenders at some point in the next 12 months. Chesapeake CFO Nick Dell'Osso said on the Q3 conference call that Chesapeake could fix the problem by getting a waiver of its debt covenants from lenders, and at least one Wall Street analyst agreed.But the risk here isn't necessarily that Chesapeake goes bankrupt in the next 12 months. It's that it goes bankrupt at some point if oil prices don't rise. As Will Ashworth noted this month, Chesapeake has been promising positive free cash flow for years now. It still hasn't delivered. Meanwhile, the debt load continues to hold above the $10 billion mark, and at some point lenders won't waive another covenant or refinance another bond. Those lenders will take over the company, and shareholders will get nothing.So what's the case for CHK at this point? It's a thin one. CHK stock basically is a call option on a huge jump in oil prices. If those prices rise, Chesapeake's cash flow skyrockets, and its debt worries ease. The equity value then soars above the current 58 cents per share. If prices don't rise, the odds are extremely high that at some point, if not necessarily 2020, shareholders are wiped out. * 7 Killer Stocks No One Knows About For big-time oil bulls, CHK stock is an intriguing, and very high-risk play. For other investors, it's a clear avoid. Gannett (GCI)Source: Shutterstock Gannett (NYSE:GCI) will be the name of the combined company after the USA Today owner was acquired by New Media in a deal that closed this week. And I highlighted what was still New Media stock earlier this month as an intriguing dividend stock under $10.But it's not a "safe" yield play, or anything close. Indeed, at this point, NEWM stock is a straight bet on the success of that merger.And there are huge potential rewards if that merger is the success New Media projects. The company is halving its dividend to help manage the debt used to acquire Gannett, but the stock still will yield nearly 12%. The combined company, under management projections, will generate enormous cash flow, helping it to quickly pay off that debt and drive stable, if not growing, earnings going forward. There's a real case that even at a multiple of 10x post-merger free cash flow, NEWM stock could rise from a current $6 to $20 or more relatively easily.The risks are obvious. Newspapers are dying. This is the biggest of New Media's acquisitions -- and that strategy has led the stock to an all-time low after it was spun off from Newcastle (now Drive Shack (NYSE:DS)) back in 2014. The same strategy, and the same CEO, led predecessor GateHouse Media into bankruptcy in 2013.NEWM stock is a bet on that CEO and on this potentially transformative merger. If it pays off, it's going to pay off big -- but the company's history highlights the very real risks. Soliton (SOLY)Source: antoniodiaz /ShutterStock.com Soliton (NASDAQ:SOLY) stock went absolutely crazy this spring. The catalyst was FDA approval of the company's tattoo removal device. SOLY stock rose 148% on May 28, and another 43% the following session.Since then, however, the stock has settled down quite a bit, dropping 61% from those brief euphoric highs. And here, there's an intriguing high-risk case. Energy-based aesthetics stocks have done well in recent years. ZELTIQ Aesthetics was acquired by Allergan (NYSE:AGN) for $2.5 billion. Hologic (NASDAQ:HOLX) bought Cynosure. Syneron Medical, despite years of disappointment, still went private at a premium.Only Cutera (NASDAQ:CUTR) remains public among the sector's major players. And it's valued at over $500 million despite a consistent inability to drive consistent profits.Given those peers, Soliton's $180 million market cap seems potentially reasonable. The company may well have a cutting-edge technology for tattoo removal, a market which obviously can and likely will grow for years. It's running a clinical trial for cellulite reduction as well, which would make it a player in that huge and growing industry.Obviously, there are risks here. Soliton still is raising funds, and may dilute shareholders further to do so in the future. The technology may not work. The market is crowded, and a poorly timed recession could shrink that market more just as Soliton is trying to break through. * 9 Tantalizing Dividend Stocks for 2020 But there's a real case behind the optimism that greeted SOLY stock this spring, If Soliton can become a legitimate player in the energy-based aesthetics industry, its market value will be much, much higher than the current $180 million. Aurora Cannabis (ACB)Source: Jarretera / Shutterstock.com It's probably too early to try and time the bottom in cannabis stocks like Aurora Cannabis (NYSE:ACB). Stocks in the sector continue to plunge, with a disastrous wave of earnings last week hardly doing anything to inspire confidence. ACB stock too fell after a disappointing fiscal-first-quarter report. Though, the sector did get some relief as Federal lawmakers made some steps toward legalization.However, it can get worse. I argued just this month that investors should avoid Aurora stock. The company's convertible debt now has to be paid in cash, which raises funding worries. Selling prices in Canada are collapsing. Aurora now has a far-flung manufacturing operation with significantly lower revenue potential.All that said, for investors willing to time the bottom at some point, Aurora probably is the play. Aurora's aggressive strategy long has made it likely that it would be either the biggest loser, or the biggest winner, in cannabis. The latter scenario still isn't completely impossible.If the Canadian market can get fixed, and/or other countries move toward national recreational legalization, sentiment toward pot stocks can improve. The broad case for stocks in the sector has been that, eventually, cannabis would be a huge, multi-national, regulated industry. That's still on the table.Aurora may have near-term funding worries, and it's likely there are going to be a number of bankruptcies across the sector in the coming years. But if Aurora Cannabis can avoid being a name on that list, the long-term rewards for investors buying at the bottom can be huge. The one issue right now, however, is that there's little evidence to suggest the bottom is in just yet.As of this writing, Vince Martin has no positions in any securities mentioned. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Marijuana Penny Stocks That Have Ridiculous Possibilities * 7 High-Yield ETFs to Buy Now * 4 Dow Jones Industrial Average Stocks to Sell The post 5 Lottery Stocks With Huge Upside -- And a Real Chance of $0 appeared first on InvestorPlace.

  • GateHouse, Gannett merger is official, creating largest U.S. newspaper chain
    MarketWatch

    GateHouse, Gannett merger is official, creating largest U.S. newspaper chain

    GateHouse has closed its $1.1 billion takeover of Gannett, promising a $300 million cut in annual costs as it becomes the country’s largest newspaper company by far at a time when print publications are in precipitous decline.

  • Business Wire

    New Media and Gannett Complete Merger, Creating Leading U.S. Print and Digital News Organization

    New Media Investment Group Inc. (“New Media”) (NEWM) and Gannett Co., Inc. (“Gannett”) (GCI) jointly announced today the successful completion of the previously announced acquisition of Gannett by New Media for a combination of cash and stock (the “Merger”). As previously announced, Gannett stockholders are entitled to receive $6.25 in cash and 0.5427 shares of New Media common stock per share of Gannett common stock in the Merger. The combined company will operate under the name “Gannett Co., Inc.”.

  • New Media (NEWM) is all Set to Bring Gannett Under its Wings
    Zacks

    New Media (NEWM) is all Set to Bring Gannett Under its Wings

    New Media's (NEWM) merger with Gannett is likely to create one of the strongest entities in the publishing industry.

  • PR Newswire

    RadNet Set to Join S&P SmallCap 600

    NEW YORK , Nov. 14, 2019 /PRNewswire/ -- RadNet Inc. (NASD: RDNT) will replace Gannett Co. Inc. (NYSE: GCI) in the S&P SmallCap 600 effective prior to the open of trading on Wednesday, November 20 . S&P ...

  • Benzinga

    Shareholders Approve Gannett-GateHouse Newspaper Merger

    Shareholders in separate votes approved the plan for GateHouse to buy Gannett in a $1.2 billion stock and cash deal, following a promise by management to quickly find a way to cut spending by $300 million.

  • Gannett shareholders sign off on GateHouse deal
    American City Business Journals

    Gannett shareholders sign off on GateHouse deal

    Shareholders of Gannett Co. Inc. (NYSE: GCI) signed off on a roughly $1.2 billion proposal for the McLean company to be acquired by the parent company of rival GateHouse Media on Thursday in a deal that will combine two of the nation’s largest newspaper companies. Gannett and New Media Investment Group Inc. (NYSE: NEWM) reached an agreement on a cash-and-stock deal Aug. 5. New Media shareholders approved the deal at a separate meeting Thursday.

  • Business Wire

    New Media and Gannett Announce Shareholder Approvals of Merger Agreement

    New Media Investment Group Inc. (“New Media”) (NEWM) and Gannett Co., Inc. (“Gannett”) (GCI) jointly announced that at their respective special shareholder meetings held today, New Media and Gannett stockholders approved all of the proposals necessary to complete the previously announced acquisition of Gannett by New Media for a combination of cash and stock (the “Merger”). “We appreciate the support we have received from New Media and Gannett shareholders for the Merger,” said Michael Reed, Chairman and Chief Executive Officer of New Media.

  • Editor of Cape Cod Times to step down after 19 years
    American City Business Journals

    Editor of Cape Cod Times to step down after 19 years

    Paul Pronovost has accepted a job as chief communications and marketing officer of Saint Anselm College.

  • ‘Nobody believes’ Gannett-GateHouse merger projections, Leon Cooperman says
    American City Business Journals

    ‘Nobody believes’ Gannett-GateHouse merger projections, Leon Cooperman says

    In an interview with the Business Journal, the founder of Omega Advisors Inc. said that the current stock price for New Media Investments Group (NYSE: NEWM), which owns GateHouse, is lower than expected for a company with similar earnings, suggesting that investors believe the revenue projections under the combined company are too rosy.

  • Business Wire

    New Media Announces Third Quarter 2019 Results

    NEW YORK-- -- Total Revenues of $376.6 million Operating loss of $1.9 million As Adjusted EBITDA of $45.1 million* Free Cash Flow of $32.2 million* Revenue, As Adjusted EBITDA and Free Cash Flow negatively impacted by approximately $1.5 million in loss from Hurricane Dorian Previously declared third quarter dividend of $0.38 The announced acquisition of Gannett Co., Inc. has received the required regulatory ...

  • Here’s What Hedge Funds Think About New Media Investment Group Inc (NEWM)
    Insider Monkey

    Here’s What Hedge Funds Think About New Media Investment Group Inc (NEWM)

    We can judge whether New Media Investment Group Inc (NYSE:NEWM) is a good investment right now by following the lead of some of the best investors in the world and piggybacking their ideas. There's no better way to get these firms' immense resources and analytical capabilities working for us than to follow their lead into […]

  • Business Wire

    New Media and Gannett Announce the Board of Directors for the Combined Company

    New Media Investment Group Inc. and Gannett Co., Inc. announced today the expected members of the Board of Directors for the combined company , effective upon completion of the proposed acquisition of Gannett by New Media.

  • Business Wire

    New Media Announces European Commission Regulatory Clearance for Merger with Gannett

    New Media Investment Group Inc. (“New Media” or the “Company”) (NEWM) announced today that the European Commission has provided regulatory clearance under the EU Merger Regulation for the transactions contemplated by the previously announced definitive agreement, dated August 5, 2019, pursuant to which New Media will acquire Gannett Co., Inc. (“Gannett”) (GCI) for a combination of cash and stock (the “Merger”). The Merger is expected to close shortly following the New Media and Gannett special stockholder meetings, which are currently scheduled for November 14, 2019.

  • Business Wire

    New Media Announces Dividend and Schedules Third Quarter 2019 Results

    New Media Investment Group Inc. (“New Media” or the “Company”, NYSE: NEWM) announced today that its Board of Directors declared a third quarter 2019 cash dividend of $0.38 per share of common stock. New Media also announced today that it will release its third quarter financial results on Thursday, October 31, 2019, prior to the opening of the New York Stock Exchange. A copy of the earnings release will be posted to the Investor Relations section of New Media’s website, www.newmediainv.com.

  • NY Times' (NYT) Advertising Revenues Likely to Remain Soft
    Zacks

    NY Times' (NYT) Advertising Revenues Likely to Remain Soft

    The New York Times Company (NYT) expects digital advertising revenue to fall in the high-single digits during the third quarter.