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Posts Tagged ‘Gracia Martore’

Gannett to Form Separate Publishing and ‘Broadcasting and Digital’ Companies

client-logo-gannettGannett today announced its plan to split into two separate companies, one for its broadcasting and digital endeavors and another for its publishing ventures. It will also acquire full ownership, a remaining 73%, of Classified Ventures LLC, which owns Cars.com.

Gracia Martore, Gannett president and CEO, said in a news release, “These transformative transactions will give both the Publishing company and the Broadcasting and Digital company enhanced strategic, operating, financial, and regulatory flexibility to pursue growth and consolidation opportunities in their respective markets, while delivering strong cash flow to build further upon Gannett’s long-standing traditions of award-winning journalism and service to our local communities. We are creating two companies that will be among the largest and strongest in their peer groups, with increased abilities to focus resources on the most promising areas of their businesses.”

Gannett is the largest newspaper publisher in the US, and owns the USA Today and 81 local daily newspapers. It also owns or operates 46 television stations.

From the release:

“Following the separation, the Publishing company, which will retain the Gannett name, is expected to be listed for trading on the NYSE and will remain headquartered in McLean, Virginia. Robert J. Dickey, currently president of Gannett’s U.S. Community Publishing division, will become Chief Executive Officer of the Publishing company upon completion of the separation.”

“Following the separation, Gannett’s Broadcasting and Digital company, which has yet to be named, will remain headquartered in McLean, Virginia, and will trade on the NYSE. Gracia Martore will serve as Chief Executive Officer of the Broadcasting and Digital company at that time.”

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Gannett Chairman, President and CEO Takes Medical Leave

Gannett’s Chairman, President and Chief Executive Officer Craig Dubow announced today via the below memo that he would be taking medical leave for approx. 4 months due to a back surgery:

Dear Co-workers:
This morning, I underwent surgery on my back. I am pleased to report it was successful and I’m doing fine. I am beginning a leave of absence to recuperate.

During the time I am on leave, the Board of Directors and I have asked Executive Vice President and Chief Financial Officer Gracia Martore to step in as our principal executive officer. She will work with our management team to seamlessly continue operating the company as I recover.

This was major surgery, with all its potential for complications, but it is not rare. I have a great medical team and I hope to make a full recovery. My doctors have predicted I will need about a 4-month leave, but the exact length is unknown at this time.
As a result, I wanted you to be aware of the situation before a press release goes out. The announcement is expected shortly to make shareholders aware of my absence.

Be assured, Gannett is in good hands. We have the strongest management team in the business and they have my complete confidence.

Thank you and I hope to see you soon.