Slate's media critic Jack Shafer, writing about CEO Gary Pruitt's tough choices amid No. 3 publisher McClatchy's stock price collapse, says in a new column: "Whatever Pruitt does with his troubled company newspapers -- sell some titles at depressed prices, cut expenses, cut circulation, cut staff, or something more inventive -- will inform the strategies of other newspapers. He's got to do something. What will it be?"[Photo of Pruitt: McClatchy Co.]
Here's my question: At what point do you think the biggest institutional shareholders in Gannett are going to revolt and demand a sale of the company, in pieces or as a whole?
ReplyDeleteMaybe it's already happening? I suspect that No. 1 stockholder Brandes Investment Partners and No. 2 AXA are waiting for details of a new restructuring plan that could be unveiled as soon as this month when, I believe, Gannett's publishers are getting together.
ReplyDeleteCompany spokeswoman Tara Connell just told me that the publishers ARE NOT meeting in March. Anyone have any more details on any upcoming meeting?
ReplyDeleteJim, there's a meeting every other week of one sort another according to my source there (a former co-worker of mine here in the hinterland). What kind of meeting are you looking for?
ReplyDeleteAny meeting where publishers may be discussing a possible restructuring of the company -- possibly including the sale of underperforming newspapers.
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