10.15.2009 01:00 PM
Gannett Chief Returns from Medical Leave
Gannett announced today that its chairman, president and CEO, Craig Dubow, was
back on the job. Dubow took temporary medical leave after having back surgery
“I am glad to be back and returning to the day-to-day responsibilities at Gannett,” he said in a statement. “I feel very good about my personal health and the company’s. As our estimated third-quarter earnings report indicated a few weeks ago, the company is performing well and continuing to execute against our strategic priorities. I want to recognize and extend my sincere appreciation to all Gannett employees for achieving these results.”
Gannett (NYSE:GCI) has had a rough year so far, with its heavy presence in the
print industry. The company has 84 daily newspapers and 700 non-dailies, as
well as 23 TV stations in 19 markets. Furloughs, freezes and pay-cuts have been
implemented and debt was extended at higher interest rates.
The company in late September said consolidated revenues were expected to come
in at $1.3 billion, down 18 percent from last year.
-- Deborah D. McAdams
More on Gannett:
October 5, 2009: “Gannett Raises $500 Million in Private Placements”
One due in 2014 for $250 million aggregate principal carries an
interest rate of 8.75 percent; another of the same amount is due 2017 and
carries an interest rate of 9.375 percent.
September 29, 2009: “Gannett Anticipates Profit for 3Q09”
Gannett said today it expects to post net income of between $93 million and
$100 million, sans special charges, for the third quarter ending Sept. 27.
July 15, 2009: “Gannett 2Q TV Revenues
Dip 20 Percent”
Gannett TV revenues fell 20 percent in the second quarter compared to last
year, with a similar slide expected for the third quarter, the company said
June 25, 2009: “Bondholders Bet Against
“Because of the credit crisis, an unfortunate bunching of credit maturities and
a debilitating number of so-called negative-basis trades featuring
credit-default swaps--all in addition to the industry’s secular and cyclical
downturns--Gannett as we know it will be lucky to last through June 2011.”
June 19, 2009 “Gannett Shares Inch
Back from CEO Concerns”
Shares of Gannett have slipped 8 percent since the company announced its chief
executive was taking medical leave.
April 16, 2009 “Gannett TV Station
Revenues Drop 16 Percent”
Gannett’s 23 TV stations and its digital signage business revenues totaled
$143.5 million in the quarter compared to $170.2 million in 1Q08.
April 10, 2009: “Gannett Boosted by
Shares of Gannett shot up in today’s trading after one of its institutional
investors bought a bigger chunk of the company
April 7, 2009 “Gannett Offers Higher
Interest in Debt Exchange”
Gannett said it has commenced a private exchange offer for $200 million in
notes due in 2011 and 2012 for new, higher-interest notes due 2015 and 2016.
March 23, 2009 “Gannett Continues
Gannett is imposing another one-week furlough in the upcoming quarter. The
company employs around 31,000 people, who were required to take a week without
pay during the first quarter, saving the company a reported $20 million.
March 20, 2009: “Gannett
Chief Takes a Pay Cut”
Dubow’s pay package was cut by 60 percent last year to $3.1 million, down
from $7.9 million in 2007.
January 30, 2009: “Gannett TV Station
Revenue Holds Steady”
Gannett’s 23 TV stations pulled in $205.6 million during 4Q08... The stations
edged out 4Q07 revenues by nearly 2 percent.
January 15, 2009 “Gannett’s Game Plan”
Virginia-based media empire Gannett said it will send its entire workforce home
without pay for one week, and freeze wages for the year, to avoid cutting jobs.