Mike Reed Sets Goals for New Gannett

New Gannett is raising its business outlook for the rest of the year. Notice how the company is calling its newspapers "stores" in its financial reports and press releases.
https://s202.q4cdn.com/162862548/fi...23-EX-99-1-Earnings-Release-Final-Version.pdf

 

USA Today parent Gannett swings to a profit

 

Who knew that selling property would pay so handsomely?

 

If Gannett was run with the genius of Gannett's accountants, the company would be worth more than Apple.

The company made a 16.3 million dollar profit in Q1 on the sale of a "domestic production facility" but still reported a loss before taxes of more than seven million dollars. But the company swung to a profit by reporting a 17 million dollar "benefit from income taxes". How could income taxes become a benefit, you ask? Beats the hell out of me. I read the explanation in the 10-K and did not understand it.

But one part of the explanation jumped out at me. In tax law there is concept known as a taxable base. For example, you make 80K and it is taxed at an effective rate of 25% and owe 20K. the 80K is your taxable base. In order to get to the 17.7 million dollar "benefit" the Gannett accountants assumed an effective rate of 273.3%. I have no idea of how an effective rate can be more than 100%. I suppose I could try to learn but I am lazy and will try to learn something simpler, like how to speak Urdu.

Briefly, in Q1 revenues per paper were down nine per cent. Digital revenues were down marginally. The ship continues to sink.

 

Saw this floating around Facebook. Is it real?

 

If that's real, the list of potential litigants would stretch a mile.

 

Always thought they'd be better at going after all of the unpaid overtime.

 

Yes, it’s real. This is the law firm in the lawsuit here as they attempt to see if there is a potential class action claim.

Former D&C editor alleges racial discrimination in lawsuit against Gannett

 

Honestly, Gannett will have no shortage of white employees to shoot this down. Yes, like most companies, it's always strived to have a more diverse workforce - which I respect - but they really never could compete with other employers who would pay people of color more - whether in journalism or another field. And let's be real, a person of color DOES bring more to a news outlets table, especially in a diverse community. I don't think there were ever more than three POCs in the Gannett newsroom I worked at. So I'm not buying into the lawsuit.

 

White guys have been at the top of the pile in this country for 400 years. It’s ok if we occasionally fall to the middle of the pack.

 

Yeah, it’s real. I got one.

I never really felt discriminated against. Yes, my Gannett paper had some big diversity pushes and a few of them were eye-rolling, but nothing that I’d really be inclined to sue over.

For my paper, the most blatant thing was one minority journalist in the newsroom, er, Local Information Center who not only had very poor ability to do the job, but also behaved unprofessionally multiple times. They finally fired this journalist, but only after a very long time because they would have to do a lot to explain to corporate why they let a minority journalist go.