Thursday, August 09, 2007

The last unholy act

A Wall Street Journal blog wonders whether Gannett is setting itself up for a management buyout.

That explains everything. All the ridiculous moves we've seen Gannett make recently have been intended to drive the stock price down, to make the deal cheaper. Two years ago, Gannett stock was in the mid-70s, and is now below 50. If management makes a bid, shareholders would have to hope that someone else smells a bargain and makes a counteroffer.

UPDATE, Friday p.m.: Another blog chimed in on this news, but Gannett's CEO denies anything is up. He discloses that in a memo, so there was no opportunity for follow-up questions. How convenient. Also, go back to the Wall Street Journal blog item, and read the comments.

19 Comments:

Anonymous mr. whig said...

"Mr. Dubow? Mr. Murdoch on line one."

9:59 PM  
Anonymous Anonymous said...

"Mr. Dubow? Mr. Google on line 2."

10:45 PM  
Anonymous Anonymous said...

Interesting that Dubow has sent out an e-mail correcting the "unwarranted speculation" of a "handful of bloggers."

Huh.

9:57 AM  
Anonymous mr. whig said...

yeah, I think that was the first e-mail Tony Ridder sent out.

10:18 AM  
Anonymous Anonymous said...

"Come fall, we will have some interesting new approaches to innovation to tell you about."

eeeeeeee! I think I'll take up nursing, since I'm used to the stench of death.

12:07 PM  
Anonymous Anonymous said...

Note to Craig: Re; Your Unwarranted Speculation note and request to keep in touch.

If Gannett really needs and appreciates its employees, then could you please have someone speak to the Enquirer’s publisher again as many of her actions appear to violate what you’ve shared.

The pending departure of yet another talented manager from the Enquirer speaks volumes. Even in tumultuous times, people leave their bosses and rarely the companies that employ them. And, yes, this even includes companies rumored to be on the block or broken apart - especially since separation packages may exist for those who wait for the change in control to occur.

4:58 PM  
Anonymous Anonymous said...

I'm going to find some citizen journalists to get to the bottom of this.

5:14 PM  
Anonymous Anonymous said...

The Enquirer is now advertising for a business reporter to cover P&G. Yes, it's a surprising that they might see a need to cover that beat.

Whether or not a reporter is hired is one thing... the other question is who did they loose or boot to the curb?

5:48 PM  
Anonymous Anonymous said...

Cliff Peale is being transfered to an education beat. So the P&G beat is open.

9:51 PM  
Anonymous Anonymous said...

Another business reporter just left, Jon Newberry. The Enquirer is such a patsy to corporate and chamber interest, he went to the Business Courier.

10:07 PM  
Anonymous Anonymous said...

Business staff has been steadily cut for a couple of years. Word is, there is more to come.

10:59 AM  
Anonymous Anonymous said...

If that's the case, why post an add for a new business reporter? Why would they shrink the business staff?

2:04 PM  
Anonymous Anonymous said...

Ads are placed for a variety of reasons. Sometimes ads are placed as an appeasement to the staff, to ensure them that indeed the company does care about the position. Then the position is left open so long that interest in filling it fades.

Sometimes it is because an internal candidate took note and interest in the position. Rather than use outright honesty, management's line is that all sources to fill the position are being considered.

The bottom line here is that 2 business reporting positions have been vacated--one a transfer and the second a better employer--and only one position will be filled, maybe. If indeed the advertised position does get filled, it will likely be for the burden of work of both beats.

This is Gannett management as it's best--any hire is screwed, their coworkers are screwed and ultimately the reader is screwed. But Gannett chopped a head...

3:10 PM  
Anonymous Anonymous said...

Jumpin\' Penetration and Satisfaction, is there anyone at the Business Courier who wasn\'t first at The Enquirer?

5:32 PM  
Anonymous Anonymous said...

Oh, yeah, Dubow... blame it on the bloggers. This is obviously not happening and only speculation by a few malcontent staffers and former staffers.

Please make sure you pick up your trash on the way out. There is a lot of it! We little people think about those important thing.

Please take Maggie and her henchmen with ya! See ya later dinosaur!

6:55 PM  
Anonymous Anonymous said...

If Craig implemented “The No Asshole Rule”, then she and a few others from within Gannett would be gone.

Unfortunately, it’s doubtful that this is Craig’s new and interesting approach to drive innovation. And, that’s too bad. But, if he did, it certainly would go a long way in creating a more civilized workplace, one that would ultimately deliver performance far superior to what is being delivered today – especially in Cincinnati.

2:53 PM  
Anonymous Anonymous said...

...the Wall Street Journal blog has a lot more info to share now. Too much of it seesms to support the sad state of affairs that exists today.

3:00 PM  
Anonymous Anonymous said...

Here's a link to some info on the 500 jobs that Gannett has moved, sorry created in Oklahoma and the 240 in Louisville:

Oklahoma
http://www.okcommerce.gov/index.php?option=com_recentnews&id=1724&Itemid=622

Kentucky
http://www.thinkkentucky.com/cednews/Jan2007/enews_jan07_gannett.htm

8:05 AM  
Anonymous Pandora said...

Great work.

8:33 AM  

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