"We believe Gannett's stock is a terrific value and a very attractive investment."
-- CEO Craig Dubow in a July 25, 2006, statement announcing that, under his chairmanship, the board of directors had authorized Corporate to buy back an additional $1 billion worth of Gannett's stock. Shares closed that day at $52.57. By then, Corporate had already spent a substantial portion of the $1 billion earmarked for stock buybacks only a year before.
Ultimately, GCI blew $1.8 billion on buybacks in 2005-2008, paying an average $64 a share.
Today, COO Gracia Martore said in a statement that she expects GCI will finish the current quarter with $2.2 billion in debt, after paying down an additional $150 million. GCI closed today at $14.93.