Gannett Co.
7950 Jones Branch Dr.
McLean, Va. 22107
www.gannett.com Year founded: 1906 Industry: Media Revenue: $6.71 Billion Net Income/Loss: $1.21 Billion Earnings per share: $4.46 Dividend: $0.97 Stockholder equity: $8.42 Billion Auditor: PricewaterhouseCoopers LLP Stock: GCI Assets: $14.71 Billion Market capitalization: $24.12 Billion 52-week high: 91.38 4/7/2004 52-week low: 72.59 4/14/2003 Chairman, president and CEO: Douglas H. McCorkindale CFO: Gracia C. Martore Employees: 53000 Local employees: 2697 Description: Gannett is America's largest newspaper publisher in terms of circulation. In addition to USA Today, the nation's largest newspaper, the company owns 100 other papers, 22 television stations (including Washington's CBS affiliate, WUSA-9), Gannett News Service, a chain of daily and community newspapers in Britain and printing and direct marketing divisions. Developments: Last year saw a significant change of the guard at USA Today. Tom Curley, the paper's president and publisher and the first news staffer for USA Today at its 1982 launch, left in March to head the Associated Press news service. He was replaced by Craig Moon, former publisher of Gannett's Nashville newspaper, the Tennessean. Curley's departure was the first half of what ended up being a trade between Gannett and the AP. Curley replaced Louis D. Boccardi, who had run AP for nearly 20 years. Two months after his retirement, Boccardi joined the Gannett board, becoming its ninth member, as Curley settled in at the AP. Gannett Chairman Douglas H. McCorkindale joined the AP board in April. The company was at the middle of last year's most contentious media story—the new media ownership rules passed in June by the Federal Communications Commission. Gannett and several other media companies, such as Belo and Tribune, had lobbied the FCC to loosen its ownership rules and allow one company to own a newspaper and television station in the same city, a practice that has been banned for nearly 30 years. Under an FCC waiver, Gannett owns the top-rated television station in Phoenix as well as the Arizona Republic newspaper, also based there. The company wants to create similar combinations in other cities because it says they reduce cost and provide better local news coverage. Opponents of the FCC's new rules say such cross-ownership is bad for local news and advertising competition. For now, the point is moot: A federal court stayed the FCC's new rules pending review. The company's earnings profited from the rebound in advertising last year as media entities continued to recover from the disastrous 2001 ad year. Gannett revenue for 2003 was $6.7 billion, up from $6.4 billion the previous year, with operating income inching up 3 percent to $1.98 billion for 2003. USA Today's ad revenue ticked up 1 percent for 2003. Executive Compensation
Chairman, President and CEO: Douglas H. McCorkindale
Total Cash: $3,850,000.00
Total Compensation: $26,166,233.00 President/ Newspaper Division: Gary L. Watson
Total Cash: $1,410,000.00
Total Compensation: $7,284,102.00 President and CEO/ Broadcasting Division: Craig A. Dubow
Total Cash: $825,000.00
Total Compensation: $5,085,782.00 Chief Administrative Officer: Thomas L. Chapple
Total Cash: $676,667.00
Total Compensation: $4,474,880.00 Chairman and CEO/ Newsquest Media Group: Paul Davidson
Total Cash: $728,569.00
Total Compensation: $4,244,804.00
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