Word: gannett
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...eleven directors of the Foundation, chiefly major Gannett executives, will serve for life, elect their own successors. The Foundation will hold a controlling majority of the common (voting; stock, all of which is now held by Publisher Gannett. Prime consideration of the directors will be to pay dividends on the preferred stock, which is owned largely by employes, executives and the public. After a cash reserve (not to exceed $100,000) has been set up, not less than 75% of the net income each year must be distributed to charity...
Unlike Mr. Hearst, who has five grown sons, Publisher Gannett at 59 has only one son, Dixon, aged 6. His daughter Sara ("Sally") at 12 has no ambition to run a chain of newspapers, even the Gannett chain, which, unlike others, virtually runs itself. Publisher Gannett has provided for his family independently of the Foundation, in which they have no interest, but he has no intention of leaving his son & heir a large fortune...
Most curious thing about the Gannett papers is that they follow no set mold, have no common editorial or typographical formula. Each was a growing concern when Publisher Gannett bought it (average age: 75 years). Each is permitted to continue virtually without interference as an individual newspaper reflecting local conditions and sentiment. Only common denominator of the Gannett papers is that each aims to be as clean, honest and wholesome as its Unitarian publisher...
Frank Ernest Gannett was born on a farm in upstate New York, peddled papers as a boy, worked his way through Cornell by newshawking in his spare time. After graduation he accompanied the first U. S. Commission to the Philippines as secretary to its president, Dr. Jacob Gould Schurman, then Cornell's president later Ambassador to Germany. Back in Ithaca, Frank Gannett was by turns city editor, managing editor and business manager of the Daily News and editor of the Cornell Alumni News...
...savings on a half-interest in the Elmira Gazette, prospered slowly but surely. In 1912 he bought the Ithaca Journal, followed it six years later with two Rochester papers. These he merged into the Times-Union, which he still edits personally at his Rochester headquarters. Thenceforth round, beaming Publisher Gannett acquired other upstate papers, added small dailies in New Jersey, Connecticut, Illinois, briefly entered the metropolitan field by buying and then reselling Brooklyn's venerable Daily Eagle. Nearly two years ago he bought his only magazine, The American Agriculturist, from his good friend Henry Morgenthau Jr. when that farmer...