Mike Reed, Gannett’s $3.9 million man, claims union ‘lies’ to his employees

It’s that time of the year when Gannett has to report how much it’s paying Mike Reed, the CEO of Gannett, the largest newspaper chain in the U.S. and the publisher of USA Today. Don Seiffert of the Boston Business Journal looked up the company’s annual proxy filing for 2023 and found that the answer to that question is $3.9 million, an increase of 14% (but still down from the $7.7 million he received in 2021).

A couple of other notable tidbits in Seiffert’s story:

• “Median employee compensation fell last year by $179, a fraction of a percent, as inflation rose 3.4% over the same period.”
• Although Gannett has been touting an upsurge of hiring, including some 500 newsroom positions, the company reported employing 3,200 journalists at the beginning of January 2024, down 100 from a year earlier.

Meanwhile, Gannett’s $3.9 million man has been blasting the NewsGuild, the union that represents many of his underpaid, overworked employees. “I think the Guild, unfortunately, plays dirty and lies to our employees,” Reed told Axios last week. And check this out: “Reed also accused the Guild of lying about the company cutting jobs ‘to increase profitability.’ He said that’s not true — ‘they’re designed to keep a newsroom in the market itself,’ he said.” Huh?

In response, Axios quoted from a statement by NewsGuild-CWA president Jon Schleuss, who said in part: “It’s a shame that Mike Reed is attacking journalists again instead of listening to them. If he did, he’d understand that the only sustainable future is to invest in the talented reporters, photographers and others who drive the company’s success — not enriching corporate executives and shareholders.”

Leave a comment | Read comments