Dear Co-workers:
As this painful and difficult year closes, I wanted everyone at Gannett to know how much I appreciate your hard work, support and concern for our business. We could not have come this far, through these tough times, without the willingness of everyone here to give this company their all.
I want to assure you that relative to our media peers and many other industries, Gannett is transforming and leading the way. We are profitable, and our debt is moderate.
Gannett is in this position because of your hard work and sacrifices and because we made and executed on tough decisions throughout the year. We managed our cash and our debt. We've decided what to buy and what not to buy. And we've made the toughest decision of all: to keep expenses in line with revenues.
I know, as well as anyone here, that the decision to layoff employees is unpopular and wrenching. But acting as we have allows us to move forward in this recession and support the mission of our newspapers and TV stations while positioning ourselves for the digital future.
We can do this because we have a solid strategic plan. We are executing on it and we will be prepared to move quickly when the economy improves.
Our plan is to grow our digital business in a way that takes full advantage of our local strengths and our national footprint. The plan is about making smart acquisitions and partnerships such as becoming the majority owner of CareerBuilder; buying out our partners in ShopLocal and merging it with PointRoll; investing in Mogulus and 4INFO; and rolling out our internal and external digital ad networks.
Our plan is about innovation, such as the bold step of changing the newspaper paradigm in Detroit or launching ContentOne, which will change the way we share information throughout the company and with vendors.
Next year will continue to be difficult. But it also will be a year of solid management and great experimentation - of trying new ways to deliver information in ways customers want and need it. In the end, that is what we are all about and have been for more than 100 years.
Thank you all, and my best wishes for a brighter, happier new year.
(Translation)
Dear Co-workers,
Because we executives at Gannett care more about increasing our own salaries than we do about advancing local news media during this difficult time of transition for newspapers, we are going to focus on acquiring companies and services that have absolutely nothing to do with quality journalism, such as the aforementioned CareerBuilder. With any luck, these acquisitions will allow us executives to continue filling our coffers while the quality of our local newspapers and online media outlets continues to suffer. Also, though we pretend otherwise, these acquisitions will probably have no good short-term or long-term effects on the company, and you will all probably be laid off by March. Happy holidays!
Love,
Craig
— Provided by News and Information Center Employee who doesn't want to lose job
Thursday, December 18, 2008
Monday, November 3, 2008
Dubow takes 17 percent pay cut or $200,000 a year
Gannett Chairman, President and Chief Executive Officer Craig Dubow today announced that he will take a voluntary $200,000 (17%) salary reduction beginning November 1 and continuing through 2009. Also, all company and divisional officers will have their salaries frozen for 2009.
"All Gannett employees are making deep sacrifices for their company," said Dubow. "I have great empathy for those employees and their families who have lost their jobs. I also recognize that our employees are working harder and harder to produce results in a challenging business environment. But I firmly believe the steps we are taking now are necessary and will serve as the foundation for our future success. I want to thank all our employees for their patience and loyalty during these difficult times."
Gannett Presiding Director Karen Hastie Williams said: "We commend Craig for his leadership in taking this step. The Board is well aware that the company and the media industry generally are experiencing difficult times. The Board believes that the company's strategic plan has set the right course given the secular and cyclical challenges the company faces. The Board continues to support Craig and his management team and their efforts to lead Gannett into the future."
---
Oh, what a huge sacrifice! It's a good thing bonuses and stock options are the real money
"All Gannett employees are making deep sacrifices for their company," said Dubow. "I have great empathy for those employees and their families who have lost their jobs. I also recognize that our employees are working harder and harder to produce results in a challenging business environment. But I firmly believe the steps we are taking now are necessary and will serve as the foundation for our future success. I want to thank all our employees for their patience and loyalty during these difficult times."
Gannett Presiding Director Karen Hastie Williams said: "We commend Craig for his leadership in taking this step. The Board is well aware that the company and the media industry generally are experiencing difficult times. The Board believes that the company's strategic plan has set the right course given the secular and cyclical challenges the company faces. The Board continues to support Craig and his management team and their efforts to lead Gannett into the future."
---
Oh, what a huge sacrifice! It's a good thing bonuses and stock options are the real money
Tuesday, October 28, 2008
10 percent "involuntary" staff reduction
To: USCP Publishers & General Managers
As all of you are painfully aware, the fiscal crisis is deepening and the economy is getting worse. Gannett’s revenues continue to be severely impacted by this downturn, and our local operations are suffering. While we are doing our best to reduce all non staff-related expenses, I am sorry to report that we must do another round of layoffs across our division.
To that end, we will institute an involuntary staff reduction of approximately 10% by the first week of December. The terms of the severance will be one week for each year of service with a cap of 26 weeks.
Each Publisher is responsible for developing their local plan to achieve the expected goal. Decisions will be made locally because each of our markets is unique, with differing market conditions and individual needs in light of our previous reductions.
I have asked that all plans be completed by November 14th at which time they will go through the standard review process.
I fully understand this announcement will cause you concern but I felt that once a decision was made it should be communicated as quickly as possible.
While this is more bad news, it is a sign of Gannett’s determination to remain healthy and viable as a company during these turbulent economic times. We continue to be a leader in our industry, not only because of our fiscal strength but also because we have a plan to aggressively grow the company when the economy returns.
Robert J. Dickey
President, Gannett U.S. Community Publishing
As all of you are painfully aware, the fiscal crisis is deepening and the economy is getting worse. Gannett’s revenues continue to be severely impacted by this downturn, and our local operations are suffering. While we are doing our best to reduce all non staff-related expenses, I am sorry to report that we must do another round of layoffs across our division.
To that end, we will institute an involuntary staff reduction of approximately 10% by the first week of December. The terms of the severance will be one week for each year of service with a cap of 26 weeks.
Each Publisher is responsible for developing their local plan to achieve the expected goal. Decisions will be made locally because each of our markets is unique, with differing market conditions and individual needs in light of our previous reductions.
I have asked that all plans be completed by November 14th at which time they will go through the standard review process.
I fully understand this announcement will cause you concern but I felt that once a decision was made it should be communicated as quickly as possible.
While this is more bad news, it is a sign of Gannett’s determination to remain healthy and viable as a company during these turbulent economic times. We continue to be a leader in our industry, not only because of our fiscal strength but also because we have a plan to aggressively grow the company when the economy returns.
Robert J. Dickey
President, Gannett U.S. Community Publishing
Thursday, September 18, 2008
Decades of brown-nosing and this is the thanks 100 directors get
September 9, 2008
Dear Fellow Employees,
Given the job reductions across our division in the past month, I wanted to share with all of you our reasoning and plans for the future under a new structure we are implementing beginning today.
Like many businesses, the weakening economy has had a significant effect on our financial performance. Hardest are the classified categories – real estate, employment and automotive, where our year-over-year classified losses are in the 25% range. But it does not stop there: All segments are struggling with the current economic conditions and, unfortunately, forecasters predict that a rebound won’t occur until well into 2009 or later.
While our local market position remains strong, it is critical to our future as the preeminent local news and advertising source that we adjust and align our resources for continued success. Although we worked hard this year to manage costs, the decline in revenue has outweighed expense reductions almost threefold. Last month this led us to adjust our workforce by 1,000 positions, while attempting to minimize the impact on content creation and ad sales capacity.
Today, we are revising our overall organizational structure by eliminating approximately 100 department head positions. This new structure flattens our executive management ranks, enhances the role of our group sites and aligns corporate resources with the field as we aggressively pursue our print and digital strategies to deliver what readers and advertisers want.
Group directors in circulation, finance, human resources, information technology, marketing and production/operations have been appointed to support their area of expertise across their group. Current executives within their respective groups will fill the new group director positions as well as retain their current responsibilities. You can find a listing of these new directors at the end of this letter.
I believe this new structure will improve communication, streamline processes, accelerate program deployment and, most importantly, improve our marketing efforts.
This is a difficult time for those leaving us and, I am sure, for you and your colleagues still on the job. I would like to emphasize that none of these job reductions was a reflection on anyone’s performance. Those affected made valuable contributions to their newspapers and they will be missed.
We have important work ahead of us as we maneuver a changing media landscape amidst a difficult U.S. economy. But I am confident the desire and need for accurate news, information and advertising content is only increasing and we – with our multiple platforms are in the best position to deliver it.
Over the coming months I will be travelling to many sites to hear first hand how best to position U.S. Community Publishing for the future and to update you on our plans to improve our market share. In the meantime, do not hesitate to call or email me with your thoughts and ideas. I know each of you has tremendous insight that can be beneficial to our overall future.
I strongly believe that our local media companies will always play a critical role in their communities. You and your colleagues are key contributors to this important mission each and every day. Thank you for your support and dedication in these difficult times … times we will successfully navigate.
Respectfully,
Bob
Dear Fellow Employees,
Given the job reductions across our division in the past month, I wanted to share with all of you our reasoning and plans for the future under a new structure we are implementing beginning today.
Like many businesses, the weakening economy has had a significant effect on our financial performance. Hardest are the classified categories – real estate, employment and automotive, where our year-over-year classified losses are in the 25% range. But it does not stop there: All segments are struggling with the current economic conditions and, unfortunately, forecasters predict that a rebound won’t occur until well into 2009 or later.
While our local market position remains strong, it is critical to our future as the preeminent local news and advertising source that we adjust and align our resources for continued success. Although we worked hard this year to manage costs, the decline in revenue has outweighed expense reductions almost threefold. Last month this led us to adjust our workforce by 1,000 positions, while attempting to minimize the impact on content creation and ad sales capacity.
Today, we are revising our overall organizational structure by eliminating approximately 100 department head positions. This new structure flattens our executive management ranks, enhances the role of our group sites and aligns corporate resources with the field as we aggressively pursue our print and digital strategies to deliver what readers and advertisers want.
Group directors in circulation, finance, human resources, information technology, marketing and production/operations have been appointed to support their area of expertise across their group. Current executives within their respective groups will fill the new group director positions as well as retain their current responsibilities. You can find a listing of these new directors at the end of this letter.
I believe this new structure will improve communication, streamline processes, accelerate program deployment and, most importantly, improve our marketing efforts.
This is a difficult time for those leaving us and, I am sure, for you and your colleagues still on the job. I would like to emphasize that none of these job reductions was a reflection on anyone’s performance. Those affected made valuable contributions to their newspapers and they will be missed.
We have important work ahead of us as we maneuver a changing media landscape amidst a difficult U.S. economy. But I am confident the desire and need for accurate news, information and advertising content is only increasing and we – with our multiple platforms are in the best position to deliver it.
Over the coming months I will be travelling to many sites to hear first hand how best to position U.S. Community Publishing for the future and to update you on our plans to improve our market share. In the meantime, do not hesitate to call or email me with your thoughts and ideas. I know each of you has tremendous insight that can be beneficial to our overall future.
I strongly believe that our local media companies will always play a critical role in their communities. You and your colleagues are key contributors to this important mission each and every day. Thank you for your support and dedication in these difficult times … times we will successfully navigate.
Respectfully,
Bob
Friday, August 15, 2008
Gannett cuts 1,000 newspaper jobs
Thu Aug 14, 2008 2:36pm EDT
By Robert MacMillan
SAN FRANCISCO (Reuters) - Gannett Co Inc plans to eliminate 1,000 positions from its local newspapers around the U.S. because of declining advertising and circulation revenue, and may cut more if those conditions persist.
The largest U.S. newspaper publisher said the cuts equal about 3 percent of the positions in its Community Publishing unit, according to a memo obtained by Reuters on Thursday. The unit accounts for the vast majority of the company's newspapers, except for USA Today.
About 600 people probably will be laid off as part of the cuts, the memo said. The remaining cuts will come from retirements, resignations and other vacancies that will go unfilled.
Gannett, which is based in McLean, Virginia, sent the undated memo to publishers of its more than 80 community newspapers, asking them to notify employees by August 15.
The company, which publishes USA Today, is the latest U.S. newspaper publisher to slash headcount because of falling advertising and circulation revenue.
McClatchy Co, The New York Times Co, The Washington Post Co and Tribune Co all have cut their employee rolls, either through buyouts or layoffs.
U.S. newspaper publishers have been battered by a steep fall in classified advertising revenue brought on by wider economic woes spurred by the housing crisis as well as a steady migration of readers seeking free news on the Internet.
At Gannett, publishers are getting a reduced payroll dollar amount that they must meet based on the unit's financial performance and previous reductions, and have several options to reach their targets such as leaving open vacant positions, normal resignations and retirements, and layoffs.
"We would prefer no more reductions, but... we must keep expenses in line with revenue," the memo said. "If advertising and circulation revenues continue to decline, further payroll reductions may be necessary."
At the Gannett-owned Courier-Journal in Louisville, Kentucky, Publisher Arnold Garson told employees that 15 of them will lose their jobs, and added that the company does not see the revenue declines easing any time soon, according to an article posted on the paper's website.
Gannett publishes newspapers in more than 30 states, including The Arizona Republic, The Green Bay Press-Gazette in Wisconsin, The Honolulu Advertiser in Hawaii and The Courier-Post in southern New Jersey.
Gannett shares rose $1.56, or 8 percent, to $20.82 on the New York Stock Exchange. Many other newspaper shares rose as well on Thursday.
--Reuters
Thanks, Craig. How much did you make this year?
By Robert MacMillan
SAN FRANCISCO (Reuters) - Gannett Co Inc plans to eliminate 1,000 positions from its local newspapers around the U.S. because of declining advertising and circulation revenue, and may cut more if those conditions persist.
The largest U.S. newspaper publisher said the cuts equal about 3 percent of the positions in its Community Publishing unit, according to a memo obtained by Reuters on Thursday. The unit accounts for the vast majority of the company's newspapers, except for USA Today.
About 600 people probably will be laid off as part of the cuts, the memo said. The remaining cuts will come from retirements, resignations and other vacancies that will go unfilled.
Gannett, which is based in McLean, Virginia, sent the undated memo to publishers of its more than 80 community newspapers, asking them to notify employees by August 15.
The company, which publishes USA Today, is the latest U.S. newspaper publisher to slash headcount because of falling advertising and circulation revenue.
McClatchy Co, The New York Times Co, The Washington Post Co and Tribune Co all have cut their employee rolls, either through buyouts or layoffs.
U.S. newspaper publishers have been battered by a steep fall in classified advertising revenue brought on by wider economic woes spurred by the housing crisis as well as a steady migration of readers seeking free news on the Internet.
At Gannett, publishers are getting a reduced payroll dollar amount that they must meet based on the unit's financial performance and previous reductions, and have several options to reach their targets such as leaving open vacant positions, normal resignations and retirements, and layoffs.
"We would prefer no more reductions, but... we must keep expenses in line with revenue," the memo said. "If advertising and circulation revenues continue to decline, further payroll reductions may be necessary."
At the Gannett-owned Courier-Journal in Louisville, Kentucky, Publisher Arnold Garson told employees that 15 of them will lose their jobs, and added that the company does not see the revenue declines easing any time soon, according to an article posted on the paper's website.
Gannett publishes newspapers in more than 30 states, including The Arizona Republic, The Green Bay Press-Gazette in Wisconsin, The Honolulu Advertiser in Hawaii and The Courier-Post in southern New Jersey.
Gannett shares rose $1.56, or 8 percent, to $20.82 on the New York Stock Exchange. Many other newspaper shares rose as well on Thursday.
--Reuters
Thanks, Craig. How much did you make this year?
Thursday, June 26, 2008
Phil Currie gives another "Information Center" pep talk,.
Too bad he can't actually point out any of the so-called successes of the Information Center concept. And what is this wave of innovation Gannett is riding? Maybe it's the supper narrow format, or the adscape ads designed to blur the line between paid and non-paid information. Maybe it's the reduced news staffing, or gutted pension plan.
Too bad he can't actually point out any of the so-called successes of the Information Center concept. And what is this wave of innovation Gannett is riding? Maybe it's the supper narrow format, or the adscape ads designed to blur the line between paid and non-paid information. Maybe it's the reduced news staffing, or gutted pension plan.
Friday, June 13, 2008
Before you know it we'll be printing on ticker tape
The Visalia (Calif.) Times-Delta and Tulare (Calif.) Advance-Register converted to 44-inch-wide webs, in the process becoming the first North American broadsheets to adopt the narrower format.
The Gannett Co. Inc. dailies made the switch Aug. 6, according to Amy Pack, president and publisher of the papers.
The Times-Delta and Advance-Register didn’t make any major changes in their design to accommodate the narrower pages, Pack said, outside of moving a few features from the classified section into the comics page.
The news hole, she said, remained virtually the same. “We had maybe a net loss of 30 words, which we have been able to get back by tweaking some of the breakout elements,” she said.
Although the Times-Delta and Advance-Register are the first Gannett papers to convert to 11-inch-wide pages, they may not be the last.
Austin Ryan, Gannett’s vice president of production, said Gannett is conducting a site-by-site evaluation of its other papers to see if a similar change to 44-inch-wide webs can be made in those markets. “In those markets where we feel it’s doable we are making the change.” The evaluation covers both singlewide and doublewide press sites, he said.
The Times-Delta and Advance-Register’s moves to 11-inch-wide pages reflects the increasing pressure U.S. publishers are under to keep a tighter rein on newsprint costs. Pack said she expects to reduce the papers’ annual newsprint consumption by more than 5 percent.
Getting thinner
North American newspapers have been reducing their page widths at an accelerated pace over the last several years. Some milestones:
•1992 — Toronto Star first paper to adopt 50-inch web.
•2004 — News & Observer in Raleigh, N.C., first to move to 48 inches.
•2005 — The Bismarck (N.D.) Tribune first to move to 46 inches.
•2006 — Journal and Courier in Lafayette, Ind., switches to Berliner format that features cutoff of 18.5 inches and web width of 48 inches.
•2007 — The Visalia (Calif.) Times-Dispatch and Tulare (Calif.) Advance-Register first to move to 44 inches.
The Gannett Co. Inc. dailies made the switch Aug. 6, according to Amy Pack, president and publisher of the papers.
The Times-Delta and Advance-Register didn’t make any major changes in their design to accommodate the narrower pages, Pack said, outside of moving a few features from the classified section into the comics page.
The news hole, she said, remained virtually the same. “We had maybe a net loss of 30 words, which we have been able to get back by tweaking some of the breakout elements,” she said.
Although the Times-Delta and Advance-Register are the first Gannett papers to convert to 11-inch-wide pages, they may not be the last.
Austin Ryan, Gannett’s vice president of production, said Gannett is conducting a site-by-site evaluation of its other papers to see if a similar change to 44-inch-wide webs can be made in those markets. “In those markets where we feel it’s doable we are making the change.” The evaluation covers both singlewide and doublewide press sites, he said.
The Times-Delta and Advance-Register’s moves to 11-inch-wide pages reflects the increasing pressure U.S. publishers are under to keep a tighter rein on newsprint costs. Pack said she expects to reduce the papers’ annual newsprint consumption by more than 5 percent.
Getting thinner
North American newspapers have been reducing their page widths at an accelerated pace over the last several years. Some milestones:
•1992 — Toronto Star first paper to adopt 50-inch web.
•2004 — News & Observer in Raleigh, N.C., first to move to 48 inches.
•2005 — The Bismarck (N.D.) Tribune first to move to 46 inches.
•2006 — Journal and Courier in Lafayette, Ind., switches to Berliner format that features cutoff of 18.5 inches and web width of 48 inches.
•2007 — The Visalia (Calif.) Times-Dispatch and Tulare (Calif.) Advance-Register first to move to 44 inches.
Thursday, June 12, 2008
Gannet freezes pension plan
Dear Co-workers:
Beginning Aug. 1, Gannett will freeze the Gannett Pension Plan and improve the Gannett 401(k).
Freezing the Pension Plan means:
* On Aug. 1, your pension plan benefit will be frozen. It will not continue to grow (based on your years of service and final pay) as it did in the past.
* All your benefits currently in the Pension Plan remain there for your retirement.
* A cost-of-living allowance will be applied to your frozen benefit to help protect it from inflation.
Gannett is improving the 401(k). The new match for the Gannett 401(k), beginning Aug.1, will be:
* Gannett contributes $1 in Gannett stock for every $1 you contribute (up to 5% of your pay).
* Most Gannett employees now receive a 50-cent match in Gannett stock for every $1 (up to 6% of your pay).
* This is a large improvement in the 401(k) match.
It is important to know that even with the improved match in the 401(k), nearly all employees at every level will see a diminished benefit.
Freezing the pension plan benefit is another important step in keeping Gannett financially strong. This change will mean a considerable savings for the company even after returning significant dollars to employees through the enhanced 401(k).
I want to stress that today’s benefit change action is unrelated to Monday’s announcement that we will record an approximately $2.3 billion to $2.8 billion, after tax, non-cash impairment charge. They are, however, driven by the same underlying cause: the very difficult business environment.
We are not alone in making the benefit changes. There is a strong, worldwide trend to limit benefits in pension plans and shift to a more 401(k) based system. Also, enhancing the 401(k) plan makes us more attractive to those employees who especially value these portable, self-directed plans.
As a result of these changes, it is now even more important for employees to take responsibility for their own retirement. An important beginning is enrolling and contributing as much as you can to the improved 401(k).
Attached to this email is a booklet, Key Messages for Employees, explaining these retirement plan changes in more detail. Key Messages will answer many of your important questions.
Plus, in the next few days, you will receive a Personalized Benefit Statement, mailed to your home, showing your current benefit in the Pension Plan (this is the amount that will be frozen beginning August 1st) and information about the 401(k).
There is also a telephone Helpline, opening on June 12th, that can answer your questions about the Personalized Benefit Statements.
Your operating unit head and/or HR representatives received a briefing about these retirement plan changes earlier today. In the upcoming days, as they become more familiar with the change, they can also play an important role in explaining this change.
Sincerely,
Craig
Thanks, Gannett, for abandoning your employees
Beginning Aug. 1, Gannett will freeze the Gannett Pension Plan and improve the Gannett 401(k).
Freezing the Pension Plan means:
* On Aug. 1, your pension plan benefit will be frozen. It will not continue to grow (based on your years of service and final pay) as it did in the past.
* All your benefits currently in the Pension Plan remain there for your retirement.
* A cost-of-living allowance will be applied to your frozen benefit to help protect it from inflation.
Gannett is improving the 401(k). The new match for the Gannett 401(k), beginning Aug.1, will be:
* Gannett contributes $1 in Gannett stock for every $1 you contribute (up to 5% of your pay).
* Most Gannett employees now receive a 50-cent match in Gannett stock for every $1 (up to 6% of your pay).
* This is a large improvement in the 401(k) match.
It is important to know that even with the improved match in the 401(k), nearly all employees at every level will see a diminished benefit.
Freezing the pension plan benefit is another important step in keeping Gannett financially strong. This change will mean a considerable savings for the company even after returning significant dollars to employees through the enhanced 401(k).
I want to stress that today’s benefit change action is unrelated to Monday’s announcement that we will record an approximately $2.3 billion to $2.8 billion, after tax, non-cash impairment charge. They are, however, driven by the same underlying cause: the very difficult business environment.
We are not alone in making the benefit changes. There is a strong, worldwide trend to limit benefits in pension plans and shift to a more 401(k) based system. Also, enhancing the 401(k) plan makes us more attractive to those employees who especially value these portable, self-directed plans.
As a result of these changes, it is now even more important for employees to take responsibility for their own retirement. An important beginning is enrolling and contributing as much as you can to the improved 401(k).
Attached to this email is a booklet, Key Messages for Employees, explaining these retirement plan changes in more detail. Key Messages will answer many of your important questions.
Plus, in the next few days, you will receive a Personalized Benefit Statement, mailed to your home, showing your current benefit in the Pension Plan (this is the amount that will be frozen beginning August 1st) and information about the 401(k).
There is also a telephone Helpline, opening on June 12th, that can answer your questions about the Personalized Benefit Statements.
Your operating unit head and/or HR representatives received a briefing about these retirement plan changes earlier today. In the upcoming days, as they become more familiar with the change, they can also play an important role in explaining this change.
Sincerely,
Craig
Thanks, Gannett, for abandoning your employees
Monday, June 9, 2008
Letter to the staff announces "accounting event"
Dear co-workers:
Today we announced Gannett would record non-cash impairment charges of an estimated $2.3 billion to $2.8 billion to after-tax earnings at the end of the second quarter. This is an accounting event - and I stress accounting event - that I believe needs explaining.
Let me begin by assuring you that the company remains healthy. This charge will not hold us back in any way: We can pay our dividends and our debts, make strategic acquisitions and investments, and repurchase shares of our stock. There is no impact on our strong cash flow.
Most importantly, we are continuing to move aggressively forward with our strategic plan. As I told Wall Street analysts this morning, I believe we are leading the transformation of the media industry.
Basically, this charge is a result of the challenging business environment and worsening economic conditions in the U.S. and UK. As I'm sure you know, these conditions have had a significant impact on our stock price. Under current accounting rules, this requires us to take a non-cash impairment charge to reflect the change in stock value.
Again, it's an accounting event. Nothing about our company or its prospects changes as a result of this non-cash charge. Plus, I can't state strongly enough my belief that our current stock price does not accurately reflect the true value of our company or its potential.
I am confident we have a great future ahead of us. So thank you for your loyalty and hard work. As always, I deeply appreciate all you are doing for Gannett.
Sincerely,
Craig A. Dubow, Chairman, President and CEO
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