Gannett Voluntary Buyouts

I have it from multiple sources that voluntary buyouts were mentioned in yesterday's employee townhall. Apparently the details are TK on Monday (or so). If anyone has further details on the package, post them here.

 

Do you have additional background information about the buyouts? What did management say during the townhall?

 

What do you mean by TK?

 

To come, sorry, that was editor shorthand at a number of shops where I used to work.

Severian, I was not on the town hall call as I'm no longer employed by Gannett. What I've been told is that they announced that a round of voluntary buyouts is coming with details to be announced soon.

 

But I thought Gannett that had dedicated itself to hiring more people this year?

 

Yup, the part they didn't mention was that they'd be hiring people at lower salaries to replace those bought out! Classic suit doublespeak!

 

How long does it take for the buyouts to become non-voluntary? Over-under: a week.

 

I was in and out of it yesterday, but yes they did announce buyouts coming soon. No exact numbers given, but packages similar to past offerings are the plan. I am not sure what Gannet's past offerings were but GateHouse's were not great.
Anyway, I took tomorrow off to dedicate toward job hunting.

 

I think in late 2017 / early 2018, Gatehouse was offering one week severance for every year you had worked at the company, full-time. Since that would have given me a whopping "less than one week" at the time, I didn't jump at it. Three people took it, none of their positions were filled, and, over the next six months they cut another six or seven people.

So yeah - Not that you need another reason to have an updated resume on you, if you're still in journalism in 2020... But if they're offering, it's probably a sign another wave of layoffs is coming. (Also might want to make sure you use as much of that sick and vacation time as you can.)

 

GCI Q3 earnings to be announced Oct. 29.

 

The Gannett ones that I remember from 2015 through about 2017-18(?) were pretty similar. One week severance per year of service, plus the continuation of health insurance, and capped at 26 weeks. I think at least one of those offers, and maybe more, required you to file for and collect unemployment, and the severance just bridged the gap between the unemployment benefits and the salary you were receiving while a FT employee. I believe if you landed another job and therefore the unemployment stopped, the severance stopped, too. Though I may be mixing up the buyout offers and what laid off workers received.

And I remember the buyout offer letters included very thinly-veiled threats that anyone who is eligible (based on a minimum number that combined age and years of service) who did not accept the buyout is a candidate to be laid off with no severance at all.

Fucking assholes.

 

This is what I get for skipping the town halls to do what I like to call "work"