Word: gannett
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Dates: during 1990-1999
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...pretty good business to be in. In the past, owning papers made families like the Hearsts, the Grahams and the Sulzbergers tremendously wealthy. And even last year, profit margins for the industry as a whole were a respectable 12.5%--nearly twice that of the average Fortune 500 company. (Gannett Co., the country's largest newspaper chain, rang up a 21.7% margin.) Notes John Morton, a Wall Street analyst: "The newspaper industry is sorely besieged, but not from a lack of profits...
Many papers are deciding it does not. While cutting their investigative or foreign staffs, they are beefing up entertainment and sports coverage. Many journalists are worried that USA Today and its children will take over the world. Derided as "McPaper" when it was founded in 1982 by Gannett chairman Al Neuharth, USA Today pioneered the delivery of news in light, bright, four-color bites. The paper now has a national circulation of 1.6 million, second only to the Wall Street Journal, and has announced a jump in ad pages and revenue over last year...
...Detroit News, which is owned by the Gannett Company, and the Detroit Free Press, which belongs to Knight-Ridder, continue to run separate news operations but have maintained joint business operations since 1989. Though their combined circulation has decreased by 24 percent (according to the companies) and they expect to lose over $100 million because of the strike, Gannett and Knight-Ridder won't give in to settlement even by arbitration. These are national newspaper chains; they are dedicated to serving up a profit-making product, much as McDonald's dishes out greased buns. People love it, but they...
...probably the brainchild of some business school students who this weekend thoroughly enjoyed the "butter-flavored topping" on their large popcorn (it's the best buy) at the Ace Ventura sequel. These M.B.A.'s are getting better and better at increasing corporations' profits. Though the average Joe might think Gannett and Knight-Ridder are deep in the hole from such a loss, $100 million over four or so years just isn't that much money--especially when we consider the national implications of holding firm...
...group of leading columnists and reporters may end the two-week strike against both major Detroit newspapers. Sixunionsrepresenting 2,500 workers walked off their jobs at the Gannett-owned Detroit News and Knight-Ridder's Free Press on July 13 over proposed job cuts and pay changes. But the journalists, who include sportswriter Mitch Albom, film critic Susan Stark, and veteran auto writer Doron Levin, tell TIME Daily that they have run out of patience with what they say is mostly aTeamsterissue (which the publishers characterize as "featherbedding"), one that is hurting their papers financially as the strike continues. Says...