Sunday, February 07, 2010
Week Feb. 1-7 | Your News & Comments
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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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It's Gannett earnings week!
ReplyDeleteMy father said to me, if you knew then what you know now, I bet you'd have like to have sunk a bunch of money when the stock was at 4 bucks...
ReplyDeleteI said to him, if I knew then what I know now, I wouldn't have held on til 60 hoping it would go back to 80....
Gracia Martore Named Gannett’s President and Chief Operating Officer
ReplyDeleteMcLean, VA – Gracia C. Martore has been named president and chief operating officer of Gannett Co, Inc. (NYSE: GCI), Craig A. Dubow, chairman and chief executive officer, announced today.
Martore, who was most recently Gannett’s executive vice president and chief financial offer, will continue to serve as CFO until a new CFO is appointed. She will continue to report to Dubow.
Blood in the streets - the stock is getting hammered! ======>
ReplyDeleteMy guess is The Street isn't too thrilled with Gracia.
I love the way Gci STATES RESULTS WERE BETTER THAN THE STREET EXPECTED--MEANWHILE THEY HAVE CUT STAFF, REDUCED WHOLE SECTIONS OF NEWSPAPERS, CONSOLIDATED PAPERS...ETC...They are at bare bones and the ad revenue was way, way , way down..therefore...Stock will drop like a rock.
ReplyDeleteNow that the markets don't seem to be rewarding Gannett for heavy cuts, maybe the light bulbs will come on and they'll announce job OPENINGS, increased news coverage, and website paywalls to cover those costs?
ReplyDeleteThat's what I'd do now.
Paywall sure worked for Newsday, didn't it?
ReplyDeleteThe Street sees Martore for what she is: A cost-cutting, bean-counting manager of the decline.
ReplyDeleteThere is no belief that she has the vision or leadership skills necessary to grow the top line.
re 11:23 a.m. comment about "openings" -- The Arizona Republic recently filled a couple openings -- they did not bring back any so-called laid off workers, they hired a couple outsiders who had been at the East Valley Tribune. No slam on their talent - just, how phony is the word layoff if you can never really return.
ReplyDeleteanyone know why the note about Kaiser Permanente with the reporter's byline in today's usa today (national pag0 ) and what it means?
ReplyDelete3:25 PM - Phony, very phony.
ReplyDeleteGannett profit slide points up industry peril:
ReplyDeletehttp://newsosaur.blogspot.com/2010/02/gannett-profit-slide-points-up-industry.html
What is a paywall?
ReplyDeleteAdvertising officials at The Cincinnati Enquirer announced Wednesday the layoff of approx. 15 of 36 people -- Advertising Sales Coordinators, Production Artists, Creative Artists and Designers -- while consolidating ad production to Indianapolis or Des Moines.
ReplyDeleteYup, it's happening.
ReplyDeleteChannel 12 operations may move to The Republic's building
http://www.azcentral.com/business/articles/2010/02/02/20100202biz-kpnx0203.html
Can anyone else confirm 12:16 p.m.'s report on advertising staff cuts at The Cincinnati Enquirer?
ReplyDeleteThere's always been talk of Channel 9, WUSA to Tysons so they can lease out or sell the WUSA building. I'm sure the new COO will see that its a savings.
ReplyDeleteJim, Your Blog has been absolutely wonderful. I worked at The Journal News for twenty nine years, and in typical Gannett fashion--They let me go two weeks before Christmas. Am I the only sane person who asks---Why are the same people running the Operations of the Journal News ? Quite Frankly , Gary Sherlock was the cause of this whole mess, But, why are the current Directors and V.P.'s still there ? No matter what Media outlet that you look at has never had the drop in circulation quite like the Journal News has had. If and when you go to the corporate headquarters---could you please find out why Tony Simmons is still employed? I know that you live in San Fran, but Jim, New York is the Hub of the world---Why is Circulation at 55,000--I mean come on???If you want to delete this--so be it--but remember 200 people are being let go as of March 8th!
ReplyDeleteHere's the news that trickled down yesterday:
ReplyDeleteThis afternoon, we met with Advertising Sales Coordinators, Production Artists, Creative Artists and Designers– 36 employees in all – to announce job reductions related to the Gannett Production Center consolidation. As a result of the consolidation, our ads will be produced in either Indianapolis or Des Moines. Unfortunately, this means the elimination of approximately 15 positions from that group of 36.
Over the next few weeks, Human Resources and Advertising Operations Managers will be working to transition as many people as possible into open positions, both locally and throughout Gannett.
so according to the rollout schedule from gannettoid, cincinatti was suppose to drop FEB. 29...so i guess this shit is on target to go at the given time...haha nice not even 30 days notice officially, there trying to use us up before they cut, i still can not believe they just didnt officially announce it the beginning of the year since it is all over the INTERNET...WTF?!?!
ReplyDeleteHOW ARE THEY DECIDING WHO STAYS AND WHO GOES????
The decision making process, at least in NJ, goes by who has kissed who's ass in just the right spot for as many times at it takes. The NJ Group is so top heavy in management and their larger salaries that it amazes me how they are able to stay in business.
ReplyDeletehmmm keeping worthless managers around that sounds like GANNETT to me
ReplyDeleteIn Jersey, we've been directed to post our own stories to the website without editors reading them.
ReplyDeleteThere is a Gannett site that is allowing an additional week of unpaid time off in the first quarter on top of the mandatory furlough. Are there other Gannett allowing this? I cannot see many takers on this one. Makes you wonder when more cuts across the board are coming.
ReplyDeleteJuly '09 Casualty
A show last night on CBS about superbowl commercials showed advance clips of many that will be shown Sunday including all 3 Careerbuilder choices. I thought only 1 of the 3 would actually be aired. Did Careerbuilder buy 3 30-second spots? That would be quite costly.
ReplyDeleteKissing asses, or whatever you want to call it, is the name of the game in NJ. At the Courier post there are still many incompetents (so called managers) who've been kept on even since the last round of blood baths. Evidence of the ass kissing. Top heavy management, incompetence and the good ole boy (girl) network along with the Peter Principle in full force in Cherry Hill. Meanwhile, circulation down to 50,000!
ReplyDelete6:12 am: Which site has a second furlough week?
ReplyDeleteRut roh! Stocks down!
ReplyDeleteI smell layoffs coming!
Company: GANNETT CO INC
Last Trade: 13.62
Volume: 5175814
Range: 13.4 - 14.23
Change: -0.99 - news
Open: 14.13
Date: 2/4/2010 12:11pm
Jim,
ReplyDeleteThe second week of furlough is not mandatory. If someone wants the second week and it does not impact the work it would be allowed. The sites that I know of are Mansfield and Newark, so I would guess this applies to all of the NNCO papers.
does anyone know what the meeting in Delaware is about?
ReplyDeleteBoard has approved the promoted Martore's pay from $700k to $950k along with 125,000 stock shares.
ReplyDelete5:09 pm: How do you know that? Any such paperwork hasn't been filed with the Securities and Exchange Commission yet.
ReplyDeleteScratch that; now I see the paperwork.
ReplyDelete$950k plus 125,000 shares of stock
ReplyDeletethat's incredible
$75,000 per month. Unreal.
ReplyDeleteInsane. If she is such a wunderkind cut the wage and put more in the stock. Make her earn it like the rest of us do. These people have no clue what it is like to work with a skelton staff and cut wages. This really makes me angry.
ReplyDeleteSeems the board of directors must think it's okay to give to a college where there is no direct tie to Gannett, but I'm wondering how the IRS would view this.
ReplyDeleteWTF we can not even make a decent wage here, and they are making us furlough are ass off and most of us live pay check to pay check,not to mention people with a family
ReplyDeleteIT'S A DAMN SHAME!
Reply to 2/03/2010 4:28 PM: I'm still in touch with a few people there, and all tell me it's a sinking ship, terrible conditions, they do their jobs and get through each day. I feel badly for them however it wasn't that long ago (August) when I was doing the same thing. Little did I know what was in store. Maybe we worked together during my years at TJN. Best of luck to you and everyone else who got caught in the room while the walls were closing in on them, myself included.
ReplyDeleteAn update on those comments about approximately 15 Cincinnati Enquirer advertising-production workers who reportedly are losing their jobs as part of the consolidation with new production centers in Des Moines and Indianapolis:
ReplyDeleteI've contacted a Cincinnati advertising manager, asking for comment. I told him I would not want to publish the information if it was incorrect. He has not responded. I've also reached out to a second source known to me at the paper; he, too, hasn't responded.
Cuts like these are expected, given what we know about the path Gannett is taking. But I can't independently confirm these numbers at Cincy.
So, let's get this straight. As CFO, Martore was making 1.3 million. They stated she would be doing that job also, UNTIL THEY REPLACED HER. So they will be hiring someone else to fill that position, at a salary similar to hers, you know they will, PLUS her salary increase of $250K a year. HOW MANY PEOPLE COULD HAVE BEEN SAVED FOR 1.3 MILLION A YEAR???!!!! This is just OBSCENE! We have to take furloughs, we can't even get our measly 50 CENTS AN HOUR RAISE, and she gets 250K and someone else gets hired to replace her. This company is a joke. We have to work in the dark, turn out the lights, save money, save money, WE HAVE NO MONEY. So, if we have no money, why is she getting all of this money and stock??? Huh?? THE EMPEROR IS NAKED!
ReplyDeletedoes anyone know about the meeting in Delaware??
ReplyDelete12:42 pm, it's pitiful and a disgrace; those suits and the Board have no shame. Martore had her company-wide execution plan in the works for some time to make room for this.
ReplyDeleteExcuse the subject change, but does anyone recall Cincinnati's problems with Chiquita and retractions over stories based on allegedly stolen voice mails?
ReplyDeleteAsking because one of the legal cases against Chiquita keeps plodding along (and the banana company already paid a big fine) -- but is this the type of thing that investigative piece was talking about in the first place? (From Bloomberg yesterday): Feb. 5 (Bloomberg) -- Chiquita Brands International Inc., owner of the namesake banana label, must face a lawsuit accusing it of helping Marxist rebels in Colombia who murdered five American missionaries a decade ago.
U.S. District Judge Kenneth Marra in West Palm Beach, Florida, let stand five of the lawsuit’s claims against Chiquita while dismissing 19. Yesterday’s ruling allows the missionaries’ families to pursue claims that the company aided and abetted in the murder and provided material support and resources to terrorists."...
So is anyone vindicated/further messed up over the whole mess? I just remember people losing jobs and Gannett paying off Chiquita.
Jim I wish we had someone in the Newhouse/ Advance Publications doing for us what you are doing for Gannett Blog. I love your blog because it follows the industry I was laid off from but alas it was from Advance/Newhouse/Booth in Michigan and theres nothing to compare as you are truly doing such a fine job. If you know of any sites I might find with knowledge of this Co. please list them. Keep up the great job Jim and thanks for the info.
ReplyDeleteI just can't get past the $950k direct compensation with stock. At our paper the bathrooms smell and get cleaned once a week. We have to bring in our soap. We keep most of the lights turned off and the heat is shut down in major parts of the building. We have not purchased a new pc in 3 years. Photos are taken with personal cameras. Our walls need paint and our carpets show threads.
ReplyDeleteThis is really insulting.
Response to 12:48 a.m. (2/5) - I also wonder how the IRS sees this, too:
ReplyDeletehttp://news.yahoo.com/s/nm/20100122/bs_nm/us_tax_execcomp
So, if we have no money, why is she getting all of this money and stock??? Huh??
ReplyDelete2/05/2010 12:42 PM
Because you are not willing to do anything about it. Get organized, and shut them down. To borrow from a great patriot, "If you do not hang together, you will surely hang alone".
Does anyone know the current print circulation of The Journal News? The last I heard - about two years ago - the Rockland edition was down to 29,000 from a daily high of 50,000.
ReplyDeleteI've seen posts giving the circ in Westchester as 65,000. Does that include Rockland?
Just wondering.
Isn't it insulting? Our GM came in and said if we cut expenses, like the utilities, etc. that corporate would leave us alone employee wise. What a boat loaf of bullshit!
ReplyDeleteYou think smelly bathrooms are bad? We have water pouring out of our light fixtures onto our desks, our computers, etc. We have no building maintenance men, we work with not even a skeleton staff, lights turned off, no new equipment in I don't know when, when things break we are scrounging to find old parts to fix it with, no IT people on staff, and Martore gets 250K more a year. Disgusting!
ReplyDelete12:46, 11:32 & 2:39: My heart goes out to all of you to work under those conditions while Martore and crew keep living it up and continue to get their free, delivered-daily lunches.
ReplyDeleteDoes anyone know who Martore is selecting to replace her as CFO? She has the whole damn place reporting to her.
I'm available!
ReplyDeleteWhat other fun perks are Martore and her buddies getting?
ReplyDeleteHey Jim: When are we get one of those video spoofs you used to do for us? I loved them and now that you're back on track, maybe you could treat us to a spot.
ReplyDeleteWe need to hear how things are going at the GPC-rolled in sites. Good or bad. Are people getting their ad proofs on time? Are they happy with the work? Is there any revenue implications so far? Do your advertisers care?
ReplyDeleteWe have water pouring out of our light fixtures onto our desks, our computers, etc.
ReplyDelete2/06/2010 2:39 PM
This is an OSHA violation. File a complaint.
http://www.newsweek.com/id/233131?from=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+newsweek%2FTopNews+%28UPDATED+-+Newsweek+Top+Stories%2
ReplyDeleteMaybe all the Gannett layoffs will backfire on the company, if they haven't already.
Who or what department sends the ads to the GPC site? Production staff or sales reps or inside sales reps? Who receives and proofs them? How do they look (compared to 2AdPro)?
ReplyDeleteAnonymous said...
ReplyDeleteDoes anyone know the current print circulation of The Journal News? The last I heard - about two years ago - the Rockland edition was down to 29,000 from a daily high of 50,000.
I've seen posts giving the circ in Westchester as 65,000. Does that include Rockland?
Just wondering
Yes, 65,000 for Westchester, Rockland and Putnam.
Very low for that population.