Word: gannett
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Dates: during 1970-1979
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...Gannett string of daily newspapers totaled only a modest 19 when its founder Frank Gannett died 15 years ago. All but three were concentrated in upstate New York. The Gannett image at the time was that of a celluloid-collar, low-budget exercise in small-city publishing, distinguished mainly by a ban on cigarette and liquor ads that reflected Gannett's personal prohibitions. Then Paul Miller took over as his boss's designated successor and the group took off. Today the Gannett Co., Inc. owns 52 dailies and 14 weeklies, more than any other U.S. chain...
...Gannett papers now serve state capitals as far apart as Hartford and Honolulu. Last year was the company's biggest ever for acquisitions: 17 dailies for a total of $130 million, mostly in Gannett stock. This year the group has already paid $14 million for the Nashville, Tenn., Banner (circ. 97,800), and next month plans to take over the El Paso Times (59,348) for an estimated $20 million. With Gannett stock selling at some 35 times earnings, stockholders at the corporation's annual meeting in Rochester last week authorized a doubling of outstanding shares...
Board Chairman Miller, now 65, is an energetic Missourian who came to the chain's Rochester headquarters in 1947 as executive assistant to Frank Gannett after an editorial career with Oklahoma papers and the Associated Press, where he rose from night filing editor in Columbus to Washington bureau chief in only ten years. Miller collects dailies for Gannett with the enthusiasm of a kid amassing marbles, and journalism may well remember him in newspaper terminology as the "Rochester Acquirer." Because he travels so much for both Gannett and the A.P. (which elected him its president in 1963 and chairman...
...seven papers on the letterhead, Miller promptly phoned Weil. "Look," he said, "I see that you're not in any states where we are, and we're not in any states where you are. Why not talk about a possible merger?" Only four months later, Gannett agreed to buy out Federated. Miller shuns the biggest cities, where purchase costs are high and prospects for circulation increases limited. His general policy is to seek dailies that are "dominant in a growth market." Recent acquisitions have been principally in Florida, middle-sized cities in the South and West...
...Quincy House squash team defeated Eliot, 3-2, Monday night to win the "A" league championship. Both teams entered this final match even, with two losses apiece. Quincy's depth proved crucial as Bob Gannett, Randy Smith and Dan Hrdy, playing at three through five, all won close matches...