Projo’s Ownership Bought By Japanese Super-Bank

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Projo’s Ownership Bought By Japanese Super-Bank

Projo's ownership changes yet again
The Providence Journal is owned by New York-based Gatehouse Media which is owned by New Media Investment Group which is functionally owned and managed by Fortress Investment Group which is now being acquired by Japanese mega-bank SoftBank.

Now, if you want to talk to the top boss you now have to travel to Tokyo. SoftBank has purchased Fortress for $3.3 billion in a deal announced this week.  The super bank employs just under 70,000 employees and owns a variety of subsidiaries including Vodaphone Japan, Yahoo! Japan, and Sprint Corporation.

Fortress reports having over $70 billion under management and describes itself as, “Fortress offers a range of alternative and traditional investment strategies for institutional and private investors around the world. Founded in 1998, the Company seeks to provide its investors with superior risk-adjusted returns in a management structure that closely aligns the interests of investors and managers.”

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According to the New York Times the deal is out of character for SoftBank, “That business (Fortress) is a radical departure from the technology and telecommunications holdings for which the Japanese company is known. But the acquisition is intended to energize SoftBank’s other enormous new endeavor: a $100 billion technology investment fund that threatens to roil the private equity world.

The Providence Journal was sold to Gatehouse in 2014 for $46 million less the building on Fountain Street in Providence. The building was sold in June of 2015 to a group that involved developer Buff Chace.

Since then the Projo has seen four rounds of layoffs and weekday paid circulation drop to under 60,000 per week day.

Recently, Ion Donnis of RINPR tweeted that the Projo cut more staff this month.


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