A too-true and fascinating article came out today over at the New York Times, and I urge you to read it because it explains in detail — mostly via a glimpse into the inner workings of the Gannett Company — how the CEOs and principals of our media interconglomeranationalcorporations are screwing their own companies, their loyal employees, and the overall state of journalism in order to rake in obscene bonuses and payouts, no matter who else is hurt.
The article may be about Gannett and Tribune, but it’s also about ALL the media companies — and even about our local, most notable Media Giant. This piece from June 2011 is just the tip of the Richmond iceberg. And this article, from just five days ago, shows how truly committed the bowties are to cutting costs — at the expense and damnation of everyone and everything else.
Finally, some Wall Street dude, in “This Pig Might Fly,” suggests buying stock in Richmond’s Total Disgrace because the parent company is at such an incredible, all-time low. I’m sure this paragraph must have had the bowties shitting in their executive wide-ass Pampers:
Horrific management and governance: MEG’s management team is awful. CEO Marshall Morton has led MEG’s overpaying acquisition spree in digital media, acquiring Blackdot and DealTaker in recent years. DealTaker recently suffered a big set back in February 2011 when Google altered its search algorithm. Since then, MEG is blowing money on consultants to help fix this issue but as of Q2 2011 has nothing to show for it except continuing declining sales and negative cash flow for this segment.
And people wonder why newspapers are failing. Hmm.