Saturday, June 25, 2011

Gannett seems to be confused ...

Read it all at MediaDailyNews:

With the economy sluggish and newspapers still suffering from declining print ad revenues, big newspaper publishers are again resorting to wide-ranging layoffs to maintain their profit margins.

In the latest round, Gannett Co. announced that it is cutting 700 positions from its beleaguered U.S. Community Publishing division, which includes almost all of Gannett's newspaper properties, save national flagship USA Today. That amounts to just over 2% of the company's total workforce of 32,600 at the beginning of the year.

In a memo to employees obtained by Gannett Blog, Community Publishing president Bob Dickey admitted that the economy was not recovering "as quickly or favorably as we had hoped and continues to impact our U.S. community media organizations."

However, the new rounds of cuts at Gannett have excited comment because of the recent disclosure that Gannett CEO Craig Dubow and COO Gracia Martore received all-cash bonuses of $1.75 million and $1.25 million, respectively, for implementing cost-cutting measures, including layoffs, in 2010.

But then Gannett revealed that they were, well, read this for yourself:

In March, Gannett disclosed that it paid Chairman-CEO Craig Dubow $9.4 million last year -- double his 2009 pay -- as the company laid off hundreds of workers and imposed wage cuts on thousands more. COO Gracia Martore got $8.2 million, more than double her $4.0 million in 2009. (The bonuses were part of their pay package.)

However, the new rounds of cuts at Gannett have excited comment because of the recent disclosure that Gannett CEO Craig Dubow and COO Gracia Martore received all-cash bonuses of $1.75 million and $1.25 million, respectively, for implementing cost-cutting measures, including layoffs, in 2010.