"By the end of his first summer as CEO, McCorkindale had completed
$4.5 billion worth of acquisitions."
-- Gannett history regarding Doug McCorkindale, CEO from June 2000 to July 2005, and chairman until July 2006.
Sunday, March 08, 2009
Back when we bragged about newspaper deals
-- Gannett history regarding Doug McCorkindale, CEO from June 2000 to July 2005, and chairman until July 2006.
16 comments:
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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Jim:
ReplyDeleteIs there any way to find out and post what Gannett paid for these properties, Especially the Jersey group? Thanks
New Jersey again.
ReplyDeleteNew Jersey again.
The world does not revolve around New Jersey.
Why can't you find out what they paid for the NJ group on your own? Does everyone always do everything for you? Does your wife bring you a plate full of food when it is time for dinner? Do you pick up your own socks?
Lack of initiative is apparently congenital in New Jersey.
I do know that gannett vastly overpaid for the properties in Ohio when Thomson wisely unloaded a ton of poor-quality papers on the stupid Gannett CEO!
ReplyDeleteWhat was Gannett thinking? Oh, wait....
10:17 am. Thanks for asking. I do not have those figures, but I'll certainly be on the lookout.
ReplyDeleteAlthough I have no way of knowing, I always assumed that Gannett purchased various properties across the United States to support USA Today. I regularly had to contribute "state" news to GNS and USA Today from the various papers where I worked. It appeared that they were trying to get at least one paper in every state so they didn't have to send USAT reporters out unless absolutely necessary.
ReplyDeleteBeing edited by USAT editors the first few times was an eye opener. Talk about putting an elephant in a ring box!
3/08/2009 10:52 AM
ReplyDeleteAnd yes "New Jersey again"
Here is your Jersey answer to your questions?
BLOW ME !!!!
3/08/2009 10:52 AM
ReplyDeletenot if you were the last Gannett employee on earth
I worked for one of the Thomson papers bought by Gannett.
ReplyDeleteUnder Thomson, we had dumb terminals at our desks, with only one computer in the entire newsroom hooked up to the Internet. We had to use our own personal e-mail addresses if we wanted e-mail.
Under Gannett, within the first month, we all had company e-mail and full Net access at our desks.
That, at least, was a plus. Now, I think I'd like Thomson. You at least knew that you were going to get crapped on from the start - this was a company that did things on the cheap. Not like Gannett, which has grandiose plans but no idea how to carry them out or make money from them.
The multiples that Gannett was willing to pay far exceeded other interested parties, many who actually treated the amounts that they were willing to spend as if it were their own money. Plus, the economics of the acquisitions alone basically forced Gannett to trash the properties they gained.
ReplyDeleteNo surprise where it’s all ended up, though economic times really moved the timelines forward.
Gannett paid 2.6 BILLION! for CNI, Central Newspapers, Inc. back in 2000. CNI includes The Indy Star and Arizona Republic respectively.
ReplyDeleteI've always felt Gannett paid too much and this would their Waterloo.
And, 5:34 pm, that was an all-cash deal!
ReplyDeletePlus, don't forget the Newsquest deal the year before. That was $1.5 billion, and it was all-cash, too.
Here's at short URL for the Newsquest press release: http://tinyurl.com/dco8dc
Gannett’s attempt to acquire Thomson’s newspaper group in Middletown/Hamilton, Ohio around 2000 was embarrassing. The deal wasn’t even closed and Gannett was already telling some members of that group what to do…that was until Cox exercised their first right of refusal and Gannett had to walk.
ReplyDeleteHey, CNI also included other Indiana papers: Lafayette, Muncie and Richmond.
ReplyDeleteHey, CNI also included other Indiana papers: Lafayette, Muncie and Richmond.
ReplyDeletere 7:24:
ReplyDeleteThe three other Indiana dailies acquired with CNI actually were: Muncie, Vincennes and Noblesville. (Gannett subsequently dropped the latter two.)
Lafayette and Richmond have been with Gannett since the '70s.
Little Doug ruined this company while he was CEO. He should have never bought the UK papers and spent millions on worthless companies. They had so much cash during his time at the top to expand in new tech and new websites but instead he collected his 100 million dollars and ran for gannett to fall. (former Gannett Corp employee)
ReplyDelete