|Traded as|| NYSE: NEWM |
S&P 600 Component
|Predecessor||Liberty Group Publishing|
|Founder||Kenneth L. Serota|
|Headquarters||Perinton, New York|
|Kirk Davis, CEO |
Paul Ameden, CIO Bill Church, Senior VP NewsPolly Grunfeld Sack, SVP / General Counsel
|Products||130 daily newspapers|
640 community publications
540 local market websites
GateHouse Media Inc. (formerly Liberty Group Publishing), a holding company for New Media Investment Group (NYSE: NEWM), former symbol on OTC Markets Group's OTCQB tier GHSE, is one of the largest publishers of locally based print and digital media in the United States, headquartered in the town of Perinton, New York.As of April 2018, GateHouse Media publishes 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. In addition to publishing content, GateHouse Media offers commercial services including a digital marketing agency (ThriveHive), event production company (GateHouse Live), and creative services (Creative Solutions).
OTC Markets Group is an American financial market providing price and liquidity information for almost 10,000 over-the-counter (OTC) securities. The group has its headquarters in New York City. OTC-traded securities are organized into three markets to inform investors of opportunities and risks: OTCQX, OTCQB and Pink.
Perinton is a town in Monroe County, New York, United States. The population was 46,462 at the 2010 census.
Liberty Group Publishing was formed in 1998 when Kenneth L. Serota, a former Hollinger International attorney with backing from Leonard Green & Partners bought 160 community newspapers from Hollinger.
Leonard Green & Partners ("LGP") is an American private equity investment firm founded in 1989 and based in Los Angeles. Since inception, LGP has invested in over 80 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail. LGP’s most recent fund, Green Equity Investors VII, L.P., closed in 2016 with $9.6 billion of committed capital.
Headquartered in Downers Grove, Illinois, Liberty then expanded the network increasing the total newspapers to 330 by 2000. Faced with problems, it downsized to 270 by June 2005.[ citation needed ]
Downers Grove is a village in DuPage County, Illinois, United States. It was founded in 1832 by Pierce Downer, whose surname serves as the eponym for the village. It is a south-western suburb of Chicago in the I-55 Corridor
In June 2005, Fortress Investment Group bought Liberty for $527 million. Fortress expanded it to 75 dailies, 231 weeklies, 117 shoppers, and 230 websites. [ citation needed ]It was renamed GateHouse and its headquarters moved to suburban Rochester, New York, in April 2006.
Fortress Investment Group is an investment management firm based in New York City. Fortress Investment Group LLC was founded as a private equity firm in 1998 by Wesley R. Edens, Rob Kauffman, and Randal Nardone. When Fortress launched on the NYSE on February 9, 2007, it was the first large private equity firm in the United States to be traded publicly. As of June 30, 2016, the firm managed approximately $70.2 billion alternative assets in private equity, liquid hedge funds and credit funds.
Rochester is a city on the southern shore of Lake Ontario in western New York. With a population of 208,046 residents, Rochester is the seat of Monroe County and the third most populous city in New York state, after New York City and Buffalo. The metropolitan area has a population of just over 1 million people. It is about 73 miles (117 km) east of Buffalo and 87 miles (140 km) west of Syracuse.
By 2013, GateHouse Media grew, operating in 330 markets across 21 states, but they found themselves in a debt situation that would prohibit future growth.The company filed for Chapter 11 bankruptcy on September 27, 2013. It re-emerged from the planned bankruptcy in November 2013. In the restructured plan, Gatehouse stock was cancelled and a new holding company for the parent, New Media Investment Group, Inc., was formed (NYSE: NEWM).
The New York Stock Exchange is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018. The average daily trading value was approximately US$169 billion in 2013. The NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building and the 11 Wall Street building were designated National Historic Landmarks in 1978.
Gatehouse Media re-emerged ready to grow their portfolio, acquiring several newspaper groups between 2014 and 2017, including Halifax,Stephens Media, Calkins Media and Morris Publications. They also acquired Dolan Media Group and Journal Multimedia, adding business publications to their portfolio. The combined group of business publications was rebranded as BridgeTower Media.
The GateHouse Media corporate strategy continues to focus on acquiring and operating traditional local media businesses and transforming them from print-centric operations to multimedia operations.As of April 2018, GateHouse Media publishes 144 daily newspapers, 684 community publications, and over 569 local market websites in 38 states.
In October 2006, GateHouse had its IPO with Fortress maintaining 60% ownership.Its stock dropped from $20 on initial trading in 2006 to 16 cents when it was delisted in October 2008.
On October 23, 2007, GateHouse announced the purchase of 14 daily newspapers and other publications from Morris Communications.On August 28, 2008, GateHouse sold two of those papers, The Grand Island Independent and the York News-Times , both in Nebraska, to the Omaha World-Herald Co. The company received notification from the NYSE on August 21, 2008, that it had fallen below the NYSE's continued listing standards for average global market capitalization over a consecutive 30-trading-day period of not less than $75 million and $1.00 average closing price, and had submitted a business plan to the NYSE Regulation for coming back into compliance for continued listing. The company has been in communication with the NYSE regarding its noncompliance with continued listing standards, but was unsuccessful in its efforts to avoid suspension and delisting.
On September 4, 2013, News Corp announced that it would sell the Dow Jones Local Media Group, a group of 33 local newspapers, to Newcastle Investment Corp, an affiliate of Fortress, for $87 million. The newspapers were operated by GateHouse Media following the purchase. CEO Robert James Thomson indicated that the newspapers "were not strategically consistent with the emerging portfolio" of the company, which had been formed as a spin-off of News Corporation.
On September 27, 2013, the company filed Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware. It listed assets of $433.7 million and debt of $1.3 billion. The planned bankruptcy centered on restructuring the Fortress News Corp deal. Fortress owns 52% of GateHouse debt. A Fortress unit FIF III Liberty Acquisitions LLC merged with Gatehouse in 2005.
The company emerged from bankruptcy on November 26, 2013. The terms involved the cancellation of shares of Gatehouse, but those owners receiving warrants to buy shares in New Media Investment Group Inc, a new holding company.
In January 2015, GateHouse purchased the 36 newspapers of the Halifax Media Group for $280 million.In February 2015, GateHouse purchased Stephens Media, which published newspapers mainly in Arkansas and Nevada, for $102.8 million. In December 2015, GateHouse sold the Las Vegas Review-Journal , the Stephens group's largest paper, to casino magnate Sheldon Adelson for $140 million.
In November 2016, GateHouse announced the purchase of Harris Enterprises, based in Hutchinson, Kan., which operated six daily newspapers in Kansas and Iowa.In February 2017, GateHouse purchased the Dix Communications newspaper chain for $21.2 million. Dix Communications operates in northeastern and east-central Ohio, including more than 30 daily and weekly newspapers. In June 2017, GateHouse announced it was purchasing Calkins Media Group's four six-day-a-week newspapers and Calkins Digital Group, a press facility and related websites and other digital operations.
In August 2017, GateHouse announced it was purchasing 11 daily newspapers, 30 weeklies, and other assets from Morris Publishing Group, a division of Morris Communications.
In January 2018, GateHouse announced its purchase of Oregon's second-largest daily newspaper, The Register-Guard .
In February 2018, GateHouse announced the acquisition of Kirk Davis' independently owned Holden Landmark Corporation for an undisclosed sum. The sale includes the central Massachusetts media properties, Worcester Magazine , The Landmark, baystateparent Magazine, Leominster Champion, Millbury-Sutton Chronicle, and the Grafton News.
In March 2018, GateHouse announced its $47.5 million purchase of the Austin American-Statesman of Austin, Texas. It is the largest newspaper in Central Texas. In the same month, GateHouse announced its $49.25 million purchase of The Palm Beach Post and Palm Beach Daily News from Cox Media Group, LLC.
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. 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 John S. Knight, serving as the flagship newspaper of the Knight Newspaper Company, later known as Knight Ridder.
On July 2, 2018, GateHouse acquired SouthernKitchen.com, the Atlanta-based Southern food and lifestyle brand. Southern Kitchen, launched by Cox Media Group (CMG) in 2017, is a blend of e-commerce and content. It delivers content and products related to eating, drinking, and entertaining with a Southern flair.
On Sept. 27, 2018, GateHouse Media announced the acquisition of The Oklahoman Media Company, parent company of The Oklahoman, which is the state's largest daily newspaper, for an undisclosed amount from The Anschutz Corp. The sale is expected to close Oct. 1, 2018, according to a story on NewsOK.com, the newspaper's website.
On Jan. 28, 2019 it was announced that GateHouse Media had acquired the publishing division of Schurz Communications including The Herald-Times in Bloomington, IN, South Bend Tribune in South Bend, IN, and other papers in Clay, Lawrence, Monroe, Morgan, Orange, Owen, and Putnam counties in Indiana.That same year, it acquired the New Jersey Herald in Newton, New Jersey, from Quincy Media.
Morris Communications, headquartered in Augusta, Georgia, is a privately held media company with diversified holdings that include magazine publishing, outdoor advertising, book publishing and distribution, visitor publications, and online services. Today, the Georgia-based enterprise reaches across the nation, has holdings in Europe, and employs 6,000 people.
Freedom Communications, Inc., was an American media conglomerate that operated daily and weekly newspapers, websites and mobile applications, as well as Coast Magazine and other specialty publications. Headquartered at 625 N. Grand Avenue in Santa Ana, California, it was owned by a private equity firm, 2100 Trust, established in 2010 by investor Aaron Kushner Freedom's flagship newspaper was the Orange County Register, based in Santa Ana.
Local Media Group, Inc., formerly Dow Jones Local Media Group and Ottaway Newspapers Inc., owned newspapers, Web sites and niche publications in California, Maine, Massachusetts, New Hampshire, New York, Oregon and Pennsylvania. It was headquartered in Campbell Hall, New York, near Middletown, New York, and its flagship was the Times Herald-Record.
The Akron Beacon Journal is a morning newspaper in Akron, Ohio, United States. Owned by GateHouse Media, it is the sole daily newspaper in Akron and is distributed throughout Northeast Ohio. The paper's coverage focuses on local news. The Beacon Journal has won four Pulitzer Prizes: in 1968, 1971, 1987 and 1994.
The Standard-Times, based in New Bedford, Massachusetts, is the larger of two daily newspapers covering the South Coast of Massachusetts, along with The Herald News of Fall River.
CNHI, LLC is an American publisher of newspapers and advertising-related publications throughout the United States. The company was formed in 1997 by Ralph Martin, and is based in Montgomery, Alabama. The company is financed by, and is a subsidiary of, the Retirement Systems of Alabama.
The Cape Cod Times is a broadsheet daily newspaper serving Cape Cod, Martha's Vineyard and Nantucket, Massachusetts, United States. It is owned by GateHouse Media. It is also the sister paper of the weekly The Barnstable Patriot.
The Ashland Daily Tidings is a morning newspaper serving the city of Ashland, Oregon, United States. Like its sister publication, the Medford-based Mail Tribune, it is owned by Rosebud Media.
The Record is a daily newspaper based in Stockton, California, serving San Joaquin and Calaveras Counties. It is owned by Local Media Group.
The Enterprise is an afternoon daily newspaper published in Brockton, Massachusetts. It is considered a newspaper of record for Brockton and nearby towns in northern Bristol and Plymouth counties, and southern Norfolk County.
Hathaway Publishing was a subsidiary of The Local Media Group Inc.. Hathaway published five weekly newspapers in the South Coast region of Massachusetts.
Seacoast Media Group is a unit of Local Media Group. Seacoast publishes five weekly newspapers and one daily, The Portsmouth Herald, along the coasts of New Hampshire and York County, Maine, United States.
The Portsmouth Herald is a seven-day daily newspaper serving greater Portsmouth, New Hampshire. Its coverage area also includes the municipalities of Greenland, New Castle, Newington and Rye, New Hampshire; and Eliot, Kittery, Kittery Point and South Berwick, Maine.
The Mail Tribune is a seven-day daily newspaper based in Medford, Oregon, United States that serves Jackson County, Oregon, and adjacent areas of northern California.
The Inquirer and Mirror, also called The I&M, or "The Inky" is the weekly newspaper of record on the island of Nantucket, Massachusetts. It has been in continuous publication since 1821.
The Barnstable Patriot is a weekly newspaper published in and for the town of Barnstable, Massachusetts, United States. Although it bills itself as "an independent voice since 1830", The Patriot has been owned, since 2005, by Local Media Group.
The News Chief is a daily paper located in Winter Haven, Florida that serves east Polk County, Florida. It is owned by New Media Investment Group and is located at 455 Sixth St. N.W.
The Daily Commercial is a daily newspaper distributed in Lake and Sumter counties, Florida. It was founded in 1875.
News Corporation is an American mass media and publishing company, formed as a spin-off of the original News Corporation focusing on newspapers and publishing.