Thursday, March 18, 2010

No mention of Gannett executive bonuses in AP report

Associated Press apparently just printed the news release and did not bother to read the proxy statement in its coverage of Gannett today.

Most of its report was filled with projections for future earnings from officials, who painted a rosy picture for the company which owns the Springfield News-Leader. Buried at the bottom of the story was this paragraph:

Gannett notched its largest profit of 2009 in the fourth quarter, helped by cost cutting and a slower ad decline. It earned $133.6 million on revenue of $1.49 billion.

Nowhere is it mentioned that CEO Craig Dubow, who is in fact not mentioned in the article, and other top Gannett executives received millions of dollars in bonuses earned by the elimination of more than 6,000 jobs and the requirement that all employees take two weeks of unpaid furloughs.

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