Mike Reed Sets Goals for New Gannett

I would not want to take a 10 percent salary cut, especially if I were living on poverty level wages, but that sounds relatively tame compared to the predicted armadeggon.

 

These guys don’t have to worry about layoffs

https://dankennedy.net/2022/08/08/while-gannett-journalists-brace-for-layoffs-those-at-the-top-rake-in-big-bucks/?fbclid=IwAR2pQmMAxMLJyC-VXX3ha-ft9av2vR64oi5oRxB0Z_cErKipAc1NRaXC4nY&fs=e&s=cl

 

Of course not.

 

Though I doubt those stock options are much of a "gift" - honestly if you are a CEO and your stock tanks, do you get to write it off? The real thief was Dubow.

Dubow's annual compensation at Gannett was approximately $4.5 million.[4] He retired on October 6, 2011, for health reasons.[5] He left with a golden parachute and could receive retirement and disability benefits valued at $37 million.[6] The amount of his retirement and disability payout has been criticized as excessive in light of the facts that under Debow's five-year tenure as CEO, Gannett's share price fell to $10 per share from over $70, and the number of employees was reduced from 52,000 to 32,000.[7]

Hard to believe one person could oversee that much damage in just five years.

 

Not if you believe that person doesn't give a shit about the product, only that he gets his before he gets out

 

NYT started building digital more than a decade ago. Gannett is still a print business. That’s the biggest reason for divergent tracks.

 

Gannett is a make-the-nut business. It could be print, digital, selling weed — anything to make it appear things are trending in the correct direction so they can get more money from the bank.

 

When you look at chains like Gannett you see papers that are geographically isolated from other newspapers in the chain. For example, Gannett owns Fort Collins and Pueblo while Alden owns basically everything else in Colorado (except Colorado Springs which is owned by a billionaire as a vanity project). In Montana Gannett owns Great Falls when Lee basically owns the rest of the state.

I would think papers like Fort Collins and Great Falls would be worth more to a publisher as part of a regional cluster than a stand alone. Using that logic I would expect Gannett to concentrate there resources on their regional clusters in locations like Tennessee and several Midwestern states and sell off their orphans.

 

I guess Reed expects the stock price to rise once he swings the axe. He just bought 500,000 shares on the open market. https://app.quotemedia.com/data/dow...of+securities&dateFiled=2022-08-08&CK=1579684

 

Oh please, oh please, let it be my former boss who finally gets hers...

 

Truer words have never been spoken.

 

Insider trading. Lock him up!