From Forbes:
Gannett Co. Inc., the nation's largest newspaper publisher, changed agreements with its top two executives that would accelerate payment of retirement and deferred compensation if the company is sold, according to a regulatory filing.
The company, which publishes USA Today, also changed the threshold at which an employee buyout constitutes a change in control that would trigger the executive payments. A spokeswoman for the company said she could not immediately confirm whether the change involved lifting the threshold.
Gannet said it made the change to comply with tax codes and the move did not indicate it was entertaining any offers.
"A change in control of Gannett is not in the works or even anticipated," Chief Executive Craig Dubow wrote in a note circulated to employees Friday. He said the plan that was amended has been in place since 1990.
"We were mandated to make these changes by the IRS," said spokeswoman Tara Connell.
The newspaper industry has been in turmoil for the past year, as several prominent - and previously thought to be untouchable - properties have changed hands. The sector has struggled with a persistent decline in revenue as advertisers shift spending online.
Here's another story about Gannett.
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