In a significant appointment, Tom Cox will be responsible for jump-starting GCI's sleepy mergers and acquisitions operation, effective immediately, Corporate announced in a statement today. His title is vice president of corporate development, and he replaces Dan Ehrman, who is retiring Nov. 30 after 34 years with the company. GCI did not provide Cox' age.
In the statement, Cox was quoted saying: "Gannett is one of the top media companies in the country and I couldn't be more excited to be joining it at this time. With Gannett's terrific national and local portfolio and its expanding digital business, there are so many great opportunities to pursue. The company has a dynamic management team and I look forward to working with them in building the next chapter in Gannett's exciting future."
At MySpace, Cox was senior vice president over business development for just 12 months before owner News Corp. sold the once-booming social network in June to an investment group including entertainer Justin Timberlake for just $35 million. MySpace reportedly employed 200 employees when it was sold, down from 1,600 two years before. News CEO Rupert Murdoch paid a lofty $580 million for MySpace only six years ago.
Cox will report to Ehrman until he leaves the company next month, then will report to COO Gracia Martore.
'Pursue new opportunities'
Martore was quoted saying: "Tom has an incredible background identifying strategic opportunities within the digital space and also creating new lines of business. This is an exciting time for Gannett as we continue to transform our company. Tom's deep experience in acquisitions and partnerships will be a valuable addition to the team as we identify and pursue new opportunities for growth."
She continued: "Tom will build on the great work Dan has done over the years. Dan has done a terrific job and, after 34 years with the company, he has earned his retirement. We wish Dan well."
Martore and ailing CEO Craig Dubow have repeatedly vowed to invest any free cash in digital properties. (An exception to that pledge came in July, when GCI doubled the quarterly dividend to eight cents.)
Before MySpace, Cox was principal and co-founder of Stratique Partners, an executive-level consulting firm specializing in supporting clients launch new products and businesses, Corporate's statement said.
Public M&A has been sleepy
Ehrman has been vice president for planning and development since 1997. On his watch, M&A has been a relatively quiet operation, based on publicly announced closed deals, mostly in 2007-2008 for digital properties.
The most visible included GCI's September 2008 purchase of majority control of CareerBuilder, the jobs site it owns with Tribune, McClatchy and Microsoft. Also: the purchase for a reported $100 million of advertising services subsidiary PointRoll in 2005, and of Ripple6, a controversial deal completed in November 2008. (Ripple6 was later folded into PointRoll.)
There have been other small-potatoes investments, including in Metromix in 2007 with partner Tribune; in High School Sports in October 2007; startup LiveStream video (formerly Mogulus) in July 2008 for a reported $10 million, and Cozi in June 2008 for about $8 million.
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| Cox |
At MySpace, Cox was senior vice president over business development for just 12 months before owner News Corp. sold the once-booming social network in June to an investment group including entertainer Justin Timberlake for just $35 million. MySpace reportedly employed 200 employees when it was sold, down from 1,600 two years before. News CEO Rupert Murdoch paid a lofty $580 million for MySpace only six years ago.
Cox will report to Ehrman until he leaves the company next month, then will report to COO Gracia Martore.
'Pursue new opportunities'
Martore was quoted saying: "Tom has an incredible background identifying strategic opportunities within the digital space and also creating new lines of business. This is an exciting time for Gannett as we continue to transform our company. Tom's deep experience in acquisitions and partnerships will be a valuable addition to the team as we identify and pursue new opportunities for growth."
She continued: "Tom will build on the great work Dan has done over the years. Dan has done a terrific job and, after 34 years with the company, he has earned his retirement. We wish Dan well."
Martore and ailing CEO Craig Dubow have repeatedly vowed to invest any free cash in digital properties. (An exception to that pledge came in July, when GCI doubled the quarterly dividend to eight cents.)
Before MySpace, Cox was principal and co-founder of Stratique Partners, an executive-level consulting firm specializing in supporting clients launch new products and businesses, Corporate's statement said.
Public M&A has been sleepy
Ehrman has been vice president for planning and development since 1997. On his watch, M&A has been a relatively quiet operation, based on publicly announced closed deals, mostly in 2007-2008 for digital properties.
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| Ehrman |
There have been other small-potatoes investments, including in Metromix in 2007 with partner Tribune; in High School Sports in October 2007; startup LiveStream video (formerly Mogulus) in July 2008 for a reported $10 million, and Cozi in June 2008 for about $8 million.
And don't forget about the recent acquisition of digital content company US Presswire, the terms of which have not yet been disclosed.
ReplyDelete1:37 Good catch!
ReplyDeleteHow many direct reports does Gracia Martore have?
ReplyDelete5:09 Excellent question. I can start a list. In no particular order, these people (except when Dubow is not on medical leave, in which many more would report to Martore):
ReplyDelete1. Tom Cox
2. David Payne ?
3. Robin Pence
4. Maryam Banikarim ?
5. Jack Williams
6. Paul Saleh ?
7. ____________
8. ____________, etc.
Wow you write about these people everyday and you don't know this? Pence doesn't report to GM. Good reporting.
ReplyDelete7:13 If that's true, she commands less authority than her predecessor, Tara Connell.
ReplyDeleteIn any case, I almost never reference Pence. In fact, the last time I wrote anything remotely substantial about her was more than two years ago, when she was first hired. Have I missed something?
Jim, I think you missed "Craig Dubow."
ReplyDelete7:36 True. Plus, the rest of the board of directors. ;)
ReplyDeleteKim you said Pence reports to Gracia M, she doesn't.
ReplyDeletePence used to report to Martore now she reports to Banikarim.
ReplyDeleteSo Gannett hired a guy who was an executive with a social media site that was once dominant but is now just a minor player when compared to Facebook? What was the thinking? We can't afford to hire somebody who's a game changer, so we'll get a guy whose proven he can lead a company in the wrong direction ... just like us.
ReplyDeleteKim, saying "I never reference that" is not an excuse for getting the facts wrong. Most reporters don't reference everything frequently. That's why they look into the facts.
ReplyDeleteSo Gannett hired a guy who was an executive with a social media site that was once dominant but is now just a minor player when compared to Facebook? What was the thinking? We can't afford to hire somebody who's a game changer, so we'll get a guy whose proven he can lead a company in the wrong direction ... just like us.
ReplyDelete10/04/2011 2:53 AM
Right, probably a nice guy but just another executive that will collect a pay check and bonus for work not done. The problem with Gannett is that NOBODY of quality is going to come work there, look at the leader Craig himself, they asked him to be CEO after 4 others on the outside said no. For the new guy to say..........
"Gannett is one of the top media companies in the country and I couldn't be more excited to be joining it at this time. With Gannett's terrific national and local portfolio and its expanding digital business, there are so many great opportunities to pursue. The company has a dynamic management team and I look forward to working with them in building the next chapter in Gannett's exciting future."
He was already drinking the koolaide while signing his new contract, but can you really blame him, if you don't have much going on as an executive but are still able to be hired in some capacity, you might as well come to Gannett because you can get a big check and just hang around and do nothing and you are off the radar of corporate America. Way to go Gannett you are now the "Celebrity Rehab of corporate executives" on their way down and out.
HAHHAHAHA, bringing in someone from MySpace? That's some forward-thinking Gannett. IF this was 2006
ReplyDeleteAs an employee in my young 30's I am actually encouraged by this move. It is retesthing to know there is someone younger than dirt at the top.
ReplyDeleteI hope Cox will push them to take quick risks to save our future. I doubt the fall of myspace belongs on his shoulders alone.
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ReplyDeleteJoke hire by a joke company.
ReplyDeleteThe bulk of Cox's experience is at AOL. Young can be good, but he's a truly surprising choice given his limited lack of experience in real M&A.
ReplyDelete