GateHouse in­vestor ac­quired by Ja­panese com­pany

Newspapers & Technology Magazine - - News - ▶ News & Tech Staff Re­port p

Fortress, the largest in­vestor of GateHouse Me­dia, par­ent com­pany of some 121 daily news­pa­pers and more than 525 lo­cal af­fil­i­ated web­sites as well as nu­mer­ous week­lies across the U.S., en­tered into a de­fin­i­tive merger with Ja­panese-based SoftBank for some $3.3 bil­lion.

The terms of the agree­ment were unan­i­mously ap­proved by a special com­mit­tee of in­de­pen­dent di­rec­tors of Fortress’ board of di­rec­tors and Fortress’ full board of di­rec­tors.

“Fortress’ ex­cel­lent track record speaks for it­self, and we look for­ward to ben­e­fit­ting from its lead­er­ship, broad-based ex­per­tise and world-class in­vest­ment plat­form,” said Masayoshi Son, chair­man and CEO of SoftBank Group Corp.

Se­nior in­vest­ment pro­fes­sion­als, in­clud­ing Pete Briger, Wes Edens and Randy Nar­done will re­main in place through the merger, ac­cord­ing to the state­ment. Fortress will op­er­ate within SoftBank as an in­de­pen­dent busi­ness head­quar­tered in New York while main­tain­ing lead­er­ship, busi­ness model, brand, per­son­nel, pro­cesses and cul­ture.

“SoftBank is an ex­tra­or­di­nary com­pany that has thrived un­der the vi­sion­ary lead­er­ship of Masayoshi Son,” said Peter Briger and Wes Edens, co-chair­men of Fortress in a state­ment. “We are very pleased to an­nounce an agree­ment set­ting our busi­ness on a great path for­ward as part of SoftBank, while cre­at­ing sig­nif­i­cant value for our share­hold­ers.”

The trans­ac­tion is sub­ject to ap­proval by Fortress share­hold­ers, will need cer­tain reg­u­la­tory ap­provals and is ex­pected to close in sec­ond half of 2017.

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