Wednesday, July 15, 2009

Charlotte has issues

A reader isn't impressed with management at the Charlotte Observer.

It's not getting any better at The Charlotte Observer. Building Services people are being laid-off/outsourced at the end of this month. Contractor coming in won't do half of the work these people currently do. But management says its saving money. Maybe it looks good on paper, but the idiots in their Ivory Towers don't have a lick of common sense or ability to manage the production of a paper. Most of them haven't even been in the press room. They might get dirty.



Anonymous said...

"We are positioning McClatchy for a long and prosperous future."

"My name is Elmer Fudd, I am a millionaire and own a yacht"

Anonymous said...


Gannett Co. Second Quarter Results Yahoo Finance

Gannett Co., Inc. (NYSE: GCI - News) reported today that 2009 second quarter earnings per diluted share were $0.30 compared to a net loss per share of $10.03 for the second quarter of 2008. Results for both quarters included several special items noted below. Earnings per diluted share for the second quarter of 2009, excluding those items, were $0.46. Earnings per diluted share for the second quarter of 2008 on a comparable basis were $1.04.

Anonymous said...


More goodies worth noting in the rather lengthy Gannett Co. article:

Publishing revenues were down 25.8 percent from the same quarter a year ago.

Classified revenues were 44.9 percent lower. Automotive, employment and real estate declined 40.4 percent, 62.3 percent and 48.4 percent, respectively.

Broadcasting revenues were down 27 percent compared to the same quarter a year ago.

The company was able to show a small profit because of accounting gimmicks. They previously wrote off all of their intangible assets, realized a one time gain on restructuring some debt, realized another one time gain resulting from dumping their pension plan, and acquired a controlling interest in CareerBuilder (which allowed them to pick up their share of that company's earnings).

According to company officers, you can rest assured that they, "continue to position the company for the eventual rebound in the economy and the evolving media landscape as we navigate through this unprecedented economic storm."

The stock market responded with no gain.


Anonymous said...

While Gannett continue to slash payroll to cut expenses, note the revenues are declining at a faster rate.

Further, the cost-cutting can only go so far. At some point, they physically won’t have enough people to report the stories, run the presses and drive the delivery trucks.

Anonymous said...


Portland, ME Newspaper seeks incentive to stay in city Portland Press Herald

The new owner of the Portland Press Herald is asking city officials for financial assistance to help the newspaper remain in the city rather than move to South Portland.

City Manager Joe Gray and Portland's economic development director, Greg Mitchell, met on Thursday with Bob Baldacci, a consultant who is working with the newspaper's owner, MaineToday Media Inc. Mitchell then met on Monday with Rory Connor, son of Publisher Richard Connor, at the site of office space the newspaper could lease in Portland.

Richard Connor said in a telephone interview Tuesday that the company is seeking the same kind of financial incentive the city would give to any company that was considering locating in Portland.

"We would be interested to get some kind of help from the city or incentive to stay here," Connor said.

Anonymous said...

'Florida Times-Union' Parent Gets More Time to Avoid Loan Default ET

CHICAGO For the eighth time, banks holding debt of Morris Publishing Group on Tuesday gave The Florida Times-Union's parent more time to make a $9.7 million interest payment that was due Feb. 1.

The extension allows Morris more time to avoid bankruptcy or some other alternative, given its financial situation.

Morris announced the extension of the so-called forbearance period shortly before it was to expire at 5 p.m. Tuesday.

Anonymous said...

Portland Press Herald huh. Kind of like those pro sports teams who threatened to leave unless the city built a stadium...

How fast can you call Allied Van Lines, baby ?

Anonymous said...

Doesn't the Portland Press have a monopoly of sorts?

A monopoly should not need tax incentives. A monopoly should be able to thrive.

A monopoly that cant make ends meet needs to die.

Anonymous said...

those employee meetings today the observer were a joke..the publisher should have just let the editor read his own speech about not laying off anymore employees, prosperous time ahead, many times have we heard that dribble and two weeks later she makes an announcement about the layoffs, cost cutting, whatever!...

Anonymous said...

out source press maint in charlotte? wait till those clowns set iron to iron and get those units tighter than dicks hatband-what then?