Oligopolistic, other-directed GANNETT, owner of the Incredible Shrinking St. Augustine Record, is controlled by GANNETT's "Known Bondholders, Mortgagees, and Other Security Holders Owning or Holding 1 Percent or More of Total Amount of Bonds, Mortgages," which are CITIBANK, its lender, administrative agent and collateral agency (CITIBANK is represented by Latham & Watkins law firm partner Alfred Xue) and hedge funds:
- BlackRock Fund Advisors
- The Vanguard Group, Inc.
- Miller Value Partners LLC
Fully 2/3 of GANNETT stock is owned by institutional investors, not people.
Under GANNETT maladministration, mismanages are making a mockery of GANNETT's materially false and misleading promise to "empower our communities."
We seek to build trusted local communities where people thrive. As the new Gannett, we exist to make communities stronger. As an award-winning news organization, we inform and empower our communities. As a modern media company, we foster deep and vital connections among our communities and the world around them.
Less news coverage means fewer readers. Fewer readers means less advertising. Less advertising means higher subscription prices. Higher subscription prices means fewer subscribers. Thus, hesto presto, mutatis mutandis, we have a failing newspaper. Judith Seraphin and I told them so when prior Record owner, MORRIS COMMUNICATIONS filed for bankruptcy.
Fewer people subscribe to the Record, which no longer prints on Saturdays and on a growing number of holidays.
Fewer stories of local interest appear in the Record. It is, by definition, a failing newspaper, which failed to cover political corruption under Sheriff DAVID SHOAR, who legally changed his name from "HOAR" in 1994.
Negative growth between 2021 and 2022 is shown in the annual USPS filings by the incredible shrinking St. Augustine Record. Massive loss in paid print subscribers, and a tiny number of electronic subscribers. GANNETT has ruined our small town newspaper.
Source: 2021 and 2022 St. Augustine Record USPS annual filing of USPS forms 3626, Statement of Ownership, Management, and Circulation (All Periodicals Publications Except Requester Publications),
From CNN MONEY:
2.24BATS BZX Real-Time Price As of 12:31pm ET |  +0.11 / +5.16%Today’s Change | 1.25 TODAY|||52-Week Range 6.38 | -58.44% Year-to-Date |
Institutional investors purchased a net $511.2 thousand shares of GCI during the quarter ended June 2019 and now own 64.68% of the total shares outstanding. This majority interest is a greater percentage than is typical for companies in the Publishing: Newspapers industry and highlights that the smart money sees this stock as an important holding.
| Mutual fund holders | 41.85% |
| Individual stakeholders | 3.34% |
| Other institutional | 22.83% |
Largest Quarterly Institutional
Transactions
Latest Institutional Activity
| 9/30/2022 | GOLDMAN SACHS & CO. LLC (PRIVATE... Bought 1.9 Million shares of Gannett Co Inc |
| 9/30/2022 | FIDELITY MANAGEMENT & RESEARCH C... Bought 1.3 Million shares of Gannett Co Inc |
| 9/30/2022 | THE VANGUARD GROUP, INC. Bought 512.9 Thousand shares of Gannett Co Inc |
Top 10 Owners of Gannett Co Inc
| Stockholder | Stake | Shares
owned | Total value ($) | Shares
bought / sold | Total
change |
|---|
| BlackRock Fund Advisors | 14.53% | 21,308,054 | 30,896,678 | -491,332 | -2.25% |
| The Vanguard Group, Inc. | 7.05% | 10,343,178 | 14,997,608 | +512,855 | +5.22% |
| Fidelity Management & Research Co... | 5.74% | 8,420,736 | 12,210,067 | +1,261,351 | +17.62% |
| Alta Fundamental Advisers LLC | 4.71% | 6,907,582 | 10,015,994 | 0 | 0.00% |
| SSgA Funds Management, Inc. | 4.20% | 6,152,777 | 8,921,527 | +15,224 | +0.25% |
| Goldman Sachs & Co. LLC (Private ... | 3.06% | 4,489,105 | 6,509,202 | +1,905,807 | +73.77% |
| Invesco Capital Management LLC | 2.82% | 4,140,142 | 6,003,206 | +469,770 | +12.80% |
| Dimensional Fund Advisors LP | 2.65% | 3,891,200 | 5,642,240 | -1,200,982 | -23.58% |
| Charles Schwab Investment Managem... | 1.98% | 2,901,624 | 4,207,355 | +390,875 | +15.57% |
| Geode Capital Management LLC | 1.69% | 2,473,998 | 3,587,297 | +36,630 | +1.50% |
Top 10 Mutual Funds Holding Gannett Co Inc
| Mutual fund | Stake | Shares
owned | Total value ($) | Shares
bought / sold | Total
change |
|---|
| iShares Core S&P Small Cap ETF | 7.15% | 10,492,673 | 15,214,376 | +8,016 | +0.08% |
| Vanguard Total Stock Market Index... | 3.16% | 4,639,277 | 6,726,952 | 0 | 0.00% |
| Fidelity Convertible Securities F... | 2.13% | 3,123,469 | 4,529,030 | 0 | 0.00% |
| iShares Russell 2000 ETF | 2.08% | 3,044,904 | 4,415,111 | -56,496 | -1.82% |
| Contrarius ICAV - Global Equity F... | 1.77% | 2,595,081 | 3,762,867 | +2,595,081 | -- |
| Invesco S&P SmallCap Value with M... | 1.63% | 2,386,606 | 3,460,579 | 0 | 0.00% |
| Vanguard Extended Market Index Fu... | 1.42% | 2,079,940 | 3,015,913 | 0 | 0.00% |
| Fidelity Convertible Securities M... | 1.15% | 1,680,607 | 2,436,880 | +421,804 | +33.51% |
| Fidelity Advisor Multi Asset Inco... | 1.13% | 1,657,504 | 2,403,381 | -623,700 | -27.34% |
| iShares Russell 2000 Value ETF | 1.01% | 1,478,784 | 2,144,237 | +7,821 | +0.53% |
From this blog:
Oligoplistic GANNETT HITS EMPLOYEES WITH UNPAID CHRISTMAS FURLOUGHS. (By Nancy Smith)
Gannett reports disastrous financial results; layoffs are coming. (Poynter Institute)
Oligopolistic gargantuan GANNETT is ruining journalism a nd running the newspaper business into the ground, particularly the incredible shrinking St. Augustine Record.
Article first posted on this blog on August 6, 2022
1 comment:
Thank you! Now what are we going to do about it? Anyone?
Post a Comment