Gannett, Gatehouse talking merger

I remember when the old Gannett Blog from the late 2000s found out that the CEO Craig Dubow has something like a $5 million life insurance policy and a $10 million disability policy. The online commenters suggested someone could save the company $5 million just by offing Dubow.

 

They could have sung....

 

They were more Gannett layoffs yesterday? Anyone have this info?

 

Where did you hear that?

 

It was mentioned in another thread. But Poynter didn't have anything

 

It was a Friday at the end of the month (and probably end of pay period too), so it was a triple witching hour for layoffs.

 

I don't know if they had layoffs at CND or are incorporating more papers to Austin, but our section went from two designers working on it to one early last week.

 

Word of advice: Screenshot your timecards.

 

Reversing a decade-long trend, Gannett plans to grow its newsroom staffs in the second half of 2020 - Poynter

 

Blue font is appropriate.

The company reported net cash flow of a negative 35 million dollars if you follow Generally Accepted Accounting Principals (GAAP). But the company then reported "adjusted cash flow" of a positive 78 million dollars. I leave it to you to decide if you believe GAAP or management's adjusted numbers.

The company has about 160 million dollars in cash. If they are burning through about 35 million a quarter they have about five quarters left before bankruptcy. The company will also defer paying their FICA and pension obligations 50 million dollars or so this year under a provision of the CARE act that allows this. When the company has to pay those obligations will an interesting time for Gannett. But I have trouble believing a lot of reporters will be hired in front of that event.

Gannettt said that they will raise funds in the following ways. One to to sell 125 million dollars of real estate. People wonder what real estate is still left to sell because a lot has been sold. And 40 to 45 million from selling papers with minimal cash flow. So it looks like the company will be sellers of papers.

 

Also screen shot your mileage reimbursements, then highlight the times you claimed mileage but didn't have hours on your timesheet.

My former place was legendary for having everyone work "40 hours" on your timesheet but the mileage form had to be pristine, so I had lots of personal instances with mileage on a Saturday but "no hours" worked that day

Just food for thought for those who might want to pursue a wage and hour claim with DofL someday.

 

Which is meaningless, as they don’t have newsrooms at their papers; they have Local Information Centers.