Regarding a Journal News employee laid off yesterday as Gannett offshores more advertising work to India, a reader comments: "The papers in the Gannett chain simply can't afford to continue propping up useless and unnecessary bigwigs at corporate headquarters. They are pure overhead, in their own words a drag on earnings, adding no value whatsoever. At this stage of the game, they are in self-preservation mode, knowing full well that the chain model no longer works. They won't initiate a breakup, a la Knight Ridder and Tribune, because it would jeopardize their jobs. What needs to happen is for the outside directors to take charge and hire an investment banking firm to weigh their options. Time to sell the papers and stations to the highest bidders."Join the debate, in the original post.
Only the big private equity firms will force a move. Don't count on anyone doing self-destruction.
ReplyDeleteDubow and the gang will not be kneeling in the snow outside of the Vatican for thirty days.
They will have to be pushed out.
Wouldn't it be great to see newspapers go back to private ownership? They could still group together for discount purchases and benefits. And the local owner might be happy with a 10% return on sales instead of trying to get 25%.
ReplyDeleteWhenever I complain about GCI, my spouse says, "They [previous family owners] should never have sold that paper."
ReplyDeletePrivate ownership hasnt saved TRB or Philly....
ReplyDeleteBe careful what you wish for
Take a long look at the history of private ownership before you jump into that boat. I know of at least one former owner would place his girlfriends in jobs in the newspaper after he broke up with them. Or take a look at the Santa Barbara CA situation.
ReplyDelete