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.
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.
posted by Newsache at 3:49 PM
19 Comments:
"Mr. Dubow? Mr. Murdoch on line one."
"Mr. Dubow? Mr. Google on line 2."
Interesting that Dubow has sent out an e-mail correcting the "unwarranted speculation" of a "handful of bloggers."
Huh.
yeah, I think that was the first e-mail Tony Ridder sent out.
"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.
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.
I'm going to find some citizen journalists to get to the bottom of this.
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?
Cliff Peale is being transfered to an education beat. So the P&G beat is open.
Another business reporter just left, Jon Newberry. The Enquirer is such a patsy to corporate and chamber interest, he went to the Business Courier.
Business staff has been steadily cut for a couple of years. Word is, there is more to come.
If that's the case, why post an add for a new business reporter? Why would they shrink the business staff?
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...
Jumpin\' Penetration and Satisfaction, is there anyone at the Business Courier who wasn\'t first at The Enquirer?
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!
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.
...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.
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
Great work.
Post a Comment
<< Home