Times Media Group Acquires Picket Fence Media (mediapost.com)

The media companies RTL Deutschland and Gruner + Jahr are joining forces to form a new national cross-media champion. The decision follows a review process lasting several months, with the aim of deepening the successful collaboration between the country’s leading private TV, radio, and streaming group and the publishing house with its powerful brands. The new company will start operating as one at the beginning of next year. Bertelsmann CEO Thomas Rabe says: “The relevant bodies, RTL Group’s Board, and Bertelsmann’s Executive Board and Supervisory Board, have come to the conclusion that RTL Deutschland and G+J can better exploit their growth potential together. By forming this national media champion, Bertelsmann is implementing its strategic priorities as it has already done in France, the Netherlands and Belgium. This will strengthen our media businesses in the German market in the competition with the global tech platforms,” Rabe continued, “No other media company in this country can create such a cross-genre growth alliance. RTL Deutschland and G+J are a content powerhouse that combines the content expertise of 1,500 journalists, among other things. The companies bring together strong content and brands across the various media under one roof. This will generate annual synergies of around 100 million euros – largely due to growth.”

The purchase could be finalized in January. “At Hearst Connecticut Media Group, we recognize the Republican-American as a pillar of journalistic excellence and a vital voice for the communities it serves,” says Mike DeLuca, group publisher and president of Hearst Connecticut Media Group. DeLuca continues, “We are committed to preserving the rich legacy of the Republican-American while enhancing its reach and resources for the benefit of readers and advertisers across Connecticut.”

"In 2023, we made excellent progress executing on our strategy to drive our digital transformation, resulting in total digital revenues exceeding 41% of total revenues in the fourth quarter, and amounting to nearly $1.1 billion for the year. Over the past year, we’ve expanded our digital audience, improved engagement, grown the monetization of our audience, and driven significantly improved financial results over the prior year. Our digital-only subscription revenues surpassed $150 million in 2023, with total digital-only average revenue per user reaching a new high. Also, our partnership strategy increased our overall digital monetization, and importantly, we expect to generate $20 million in high margin revenue from our partnerships in 2024," said Michael Reed, Gannett Chairman, and Chief Executive Officer. "In 2023, we achieved full year growth in both Adjusted EBITDA and free cash flow, representing an important change in trajectory compared to last year's declines. We also remained focused on improving our capital structure and, with over $140 million in debt repayments in 2023, we were able to significantly reduce our leverage during the year. As these results show, we are building momentum toward a sustainable digital growth business, with a strong balance sheet."