Thursday, January 29, 2009

Another Pruitt-led organization collapsing

Gary Pruitt might have a case of the "reverse Midas Touch."

Alan Mutter brings word that four publishers are not paying their dues to the Newspaper Association of America, widely viewed as the premier industry trade association. They are: Lee Enterprises, MediaNews Group, Copley Press and the Omaha World Herald. Each has told the organization they cannot afford to pay their 2009 dues.

Guess who is chairman of the Newspaper Association of America.

You give up? The chairman is none other than Gary Pruitt.

Pruitt is certainly well known as the guy who drove McClatchy into the ditch.

Less well known is Pruitt's less-than-stellar performance as chairman of the NAA. Seems Pruitt didn't exactly throw himself into his duties as chairman:
One of the duties of chairmanship of the Newspaper Association of America is to write a monthly column in organization's magazine. As chairman, Gary Pruitt now has that honor. For several months though his column has been absent from those pages...
Is it a coincidence that the 2 organizations led by Gary Pruitt are unravelling? Leave your thoughts in comments.


Anonymous said...

As a share holder, I would like to know why McClatchy is not on that list. I know for a fact that they cannot afford the luxury of having their own "Union/Lobby/Country Club". Hell, they can't even pay their dividend.

Anonymous said...

Anon. 5:59,
You are so right. How about getting out of the AP crapshoot? I wonder if while in bankruptcy they still pay the so-called news collectors their exorbitant fees? They fire employees to cut expenses, and keep a biased waste of real, and virtual ink. Let the AP sue cash strapped newspapers for breach of contract, or something equally embarrassing. The AP is just another biased dinosaur company.

Anonymous said...

Why hasn't Pruitt been fired?

Anonymous said...

What was Pruitt's salary last year? So, he and the other fat cats turn down a bonus, big freaking deal. Get him out of my face!

Archer05 said...

Pruitt’s next job interview:

Questioner: Tell me about your recent accomplishments.

Pruitt: Hushed silence. Cue Jeopardy tune

Anonymous said...

Gary Pruitt unravelling?
The 'Golden Boy' of the business world?

Anonymous said...

Great Reporting!

Anonymous said...

Anonymous 5:59 AM,
I do not mean to be disrespectful, but are you holding your shares in hopes that McClatchy will recover, or is it just too late to sell them?

Information from people that are insiders, is always very intersting.

Anonymous said...

Actually when Knight Ridder sold to MNI the deal was cash, plus a tiny fractional share of MNI for each. Since that amounted to an odd lot just a little over 100 shares I held onto them.

It is just a personal thing I do which forces me to pay attention to the happenings with the company, but costs very little. It is more educational to observe how a poorly run company trades on a daily basis than it is a good one.

With good companies I will save odd lots and give them as gifts if they are doing well. In McClatchy's case, it just made sure they were spending money sending me an annual report!

No good business decision behind it. Especially considering since that time I have shorted well over a million shares all total.

Anonymous said...

Talk about a waste of cash? McCrappy belongs to
the Foreign Press Association. I could use the FAP’s anti-Israel template and write the war news from my bedroom bunker. Drop the AP and the FAP, and then tell me about doing everything you can to save jobs for employees!

McClatchy blog:
Checkpoint Jerusalem
The Foreign Press Association

I'll work for food!

Anonymous said...

Pruitt is collapsing. I think he has less support by the day.

Anonymous said...

Anon. 9:20 AM,
Thank you for coming back with that answer. The MNI annual report is online, but about two pages in, I was already over my head. I am still trying to find out what the BOD expenses are? (I mean really are.)

Anonymous said...

A poster once wrote here that it would take an army of bean counters to sort out Pruitt’s convoluted salary, stock options, and other perks.

Anonymous said...

Pruitt is toast. That is 'Change you can believe in'

Anonymous said...

I don't even have to ask if MNI sold the jet for half what they paid for it. They have an established pattern of bad deals.