The following quote is attributed to CEO Craig Dubow in a statement Corporate issued today after Dubow and other senior executives met with Wall Street media stock analysts:
"We continue to take bold steps to move our company forward. To leverage our audience touch points across platforms and to grow the top line, we are fundamentally changing our approach to selling locally and nationally. In addition, we are restructuring our cost base which has, and will lead to expanding profitability and free cash flow. The result of efforts by the senior management team and our employees across the company is a Gannett that is stronger now than even a year ago. We are in a great position to pursue many opportunities to grow."
"We continue to take bold steps to move our company forward. To leverage our audience touch points across platforms and to grow the top line, we are fundamentally changing our approach to selling locally and nationally. In addition, we are restructuring our cost base which has, and will lead to expanding profitability and free cash flow. The result of efforts by the senior management team and our employees across the company is a Gannett that is stronger now than even a year ago. We are in a great position to pursue many opportunities to grow."
These corporate releases are ridiculous especially the statement, "to grow the top line," the top line has been decreasing for 5 years now. Why do no analysts call him on this bullshit? He's making claims that contradict their own financial statements!!!!!
ReplyDeleteWhen you get yourself into a hole, the first thing you have to do is stop digging. So now we are seeing revenue declines, the first thing we need to do is stop the cutbacks, layoffs and furloughs, and come up with another plan. We cannot continue to see declines in advertising and circulation for this crazy idea corporate has developed that is transforming us into oblivion.
ReplyDeleteStock analysts see through this b.s. Just look at what happened to the stock today.
ReplyDeleteGreat position to grow ... acquiring more pieces of ##### like www.highschoolsports.net? Oh, that was a great one. Typing in all those stats so folks can check out the results of any game except when the high school uses the option to block anything but the final score from being seen. Yep, that's a great one. Bunch of flippin' idiots running this company. Well, maybe they aren't idiots...look at how much money they're walking away while sending more folks a) on furlough or b) packing.
ReplyDeleteGee I'm sure glad that my getting laid off is contributing to a stronger and more nimble G A N N E T T.
ReplyDeleteMaybe I should have gotten a little check in the mail. You know, a nod from the clueless Board of Directors to the contribution made in the trenches.
"We are in a great position to continue to lay off and furlough so we can keep stuffing our pockets."
ReplyDeleteGuys like Dubow and, indeed, most of the top brass currently at Gannett are a cancer on the companies they lead. They are there for one reason and one reason only: to make money for themselves. The fat was cut away long ago and as soon as there's no more muscle to trim, Dubow will get another offer from the board of directors of another company hoping that success is one round of lay-offs away.
ReplyDeleteBy laying off talented journalists and allowing infrastructure to fallow, companies like Gannett are killing the industry and the ideals they are nominally trying to protect. You don't do more with less, you do less with less. And readers aren't stupid. They notice when more AP stories are showing up on A1 and Timmy's football game doesn't get covered by the local paper.