Tuesday, December 2, 2008

How Gannett Newspapers Got into This Fix

Paul Oberjuerge writes:

...Gannett never has owned newspapers. By its own preferred corporate-speak, it has owned “profit centers” — and the greedy bastards who ran the company were bold enough to call it just that.

A former long-time Gannett employee (as I am) named Jim Hopkins has created a blog at gannettblog.com that just has to be the single most painful piece of citizen journalism Gannett Co. Inc. ever has encountered.

Gannett apparently is going to conduct a huge round of layoffs this week, even as the company’s newspaper-by-newspaper profit margins, from 2007, were released on gannettblog.com last week.

First, check out some of these numbers. They don’t border on the obscene, they have crossed the frontier and taken up residence in the capital city of Outrageous Profit.

Look at Green Bay. Look at Phoenix. Look at, closer to our SoCal home, Palm Springs.

Thing is, Gannett has been taking profit margins like that out of its “profit centers” for decades.

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