Tuesday, March 04, 2008

Shafer: McClatchy holds key to GCI's future

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.]

5 comments:

  1. 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?

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  2. Maybe 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.

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  3. Company spokeswoman Tara Connell just told me that the publishers ARE NOT meeting in March. Anyone have any more details on any upcoming meeting?

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  4. Jim, 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?

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  5. Any meeting where publishers may be discussing a possible restructuring of the company -- possibly including the sale of underperforming newspapers.

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Jim says: "Proceed with caution; this is a free-for-all comment zone. I try to correct or clarify incorrect information. But I can't catch everything. Please keep your posts focused on Gannett and media-related subjects. Note that I occasionally review comments in advance, to reject inappropriate ones. And I ignore hostile posters, and recommend you do, too."

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