Journalism Traders New Media Gatehouse Gannett Top Brass Quid Pro Quo Journalists Severance for Gag Order
GCI Traders Down 12.06.2019 on News to $6.07 share.
“employees have apparently been ordered to sign non-disclosure agreements as a condition of receiving severance”
Boston, MA: Media Nation Dan Kennedy reports 12.06.2019 –
Paul Bascobert, chief executive officer of Gannett Media Corp. (apparently number two to Mike Reed in the reconfigured New Media-GateHouse-Gannett structure), has issued a memo to the troops about the just-announced layoffs.
Tom Jones of Poynter relays the news that employees have apparently been ordered to sign non-disclosure agreements as a condition of receiving severance, and that employees have been told to stop tweeting about their corporate overlords.
A copy of Bascobert’s email floated in through a window at Media Nation a little while ago. The full text is as follows:
Over the past few days, we implemented a series of staff reductions across the company. I wanted to personally let you know this happened and give you some context for the months ahead.
First, to colleagues who are leaving, I want to offer a sincere thank you for your contributions to our company. There are no easy words to say here and I am sure “thank you” probably rings a bit hollow. Please know this is not related to performance. This is the reality of trying to create an operating structure that can support our journalistic mission of protecting, connecting and celebrating local communities.
For our remaining colleagues, I would ask you to be considerate and supportive. As I have said in my town halls, we may not be able to change the reality of staff reductions, but we can define ourselves by the care and professionalism we show in the process. Please be there for people. Reach out to friends who may be hiring. Let’s take it on ourselves to get our colleagues settled into new roles as soon as possible.
The natural question at this point is “are we done?” The honest answer is No. I have tried to be very transparent with you all and not spin things in a way that you wouldn’t believe anyway, so let me tell you where we are.
We just named our leadership team and while we were able to identify this reduction, the new team will need some time to finalize their organizations and I expect there will be some additional reductions. It will take a few months to work through this process and I expect this will conclude the bulk of the synergy actions. There will be some projects that could extend beyond this time but we should be able to provide visibility to those as well.
Longer term, it should be no surprise that we will always be looking for ways to run the business more efficiently. That’s our obligation, not just to shareholders but to our employees who want us to invest in a sustainable future and our customers who want the best value in a competitive market.
These necessary actions enable us to invest in the digital talent, products and services that I have alluded to in our town halls; this is how we plan to reverse the cycle of revenue declines. We will be launching some new products over the next few months as we start to build the foundation for future growth.
In closing, I remain very optimistic and confident in our return to growth. For today though, my thoughts are with all of you during this period of transition. I can’t thank you enough for your continued dedication to delivering for our customers and for each other. It is with this kind of commitment to excellence that we build our bright future together.
With great appreciation,