Projo’s Owner Got a $1 Million Raise, Amidst Layoffs and Buyouts

GoLocalProv News Team

Projo’s Owner Got a $1 Million Raise, Amidst Layoffs and Buyouts

Kirk Davis, Chief Operating Officer of GateHouse Media, which is the parent company of the Providence Journal received more than $1 million in additional compensation in 2015 over his 2014 income.  During the same period the Providence Journal continued to loss advertising revenue and circulation, and the company made substantial staff reductions in Providence.

Davis’ overall compensation increased from $917,000 in 2014, to $2.1 million, according to SEC documents first reported by Boston Business Journal.

Davis’ compensation increase of over $1.1 million. His 2015 compensation was comprised of a base salary of $500,000, a cash bonus of $600,000 and $1 million came in the award of stock. During the same, the Providence Journal went through two round of layoffs and buyouts.

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During the past 12 months, the parent company’s stock has dropped from $23.87 per share to a close on Friday of $15.62 a share — a 34% decrease in stock value.

Cutbacks at Providence Journal

In September of 2014, twenty-two Providence Journal reporters were laid off and again in 2015 another 12 coy editors were laid off. During the remained of 2015, others on the Providence Journal staff took buyouts.

The Providence Journal's building was sold by their previous owner and now the paper only utilize about 15% of the space they once occupied.

Efforts to reach John Hill, head of the Newspaper Guild were unsuccessful.


Rhode Island's Changing Media Landscape

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