• 11 people were on the plane that went missing over Cameroon
• eight were mining executives, six for Sundance Resources
• one was a billionaire, Aussie mining magnate Ken Talbot source

• Were the job cuts needed? After a report came out yesterday on the unofficial Gannett Blog noting the executive pay of the company’s chief executives, there’s definitely some deserved anger due to the number of layoffs that the newspaper company had. Truth is, though, their salaries, while high, are only a dent in a much larger pie, and from one perspective, they did their jobs well.

Executive salaries vs. 2009 job cuts

• 6,000 number of jobs that were lost throughout the company in 2009 through cuts and layoffs; many workers were also furloughed
• $4.7M the amount Gannett’s chairman and CEO, Craig Dubow, made in 2009, up $1.6 million from 2008 (including a $1.5 million bonus)
• $4M the amount president and COO (and former CFO) Gracia Martore made in 2009, up $2.6 million from 2008 (with a $950,000 bonus)

Would lower executive pay help? Not really

• $240M the amount the laid-off workers’ collective salaries would be if they were each paid $40,000 per year, around average for journalists (though some are paid higher)
• $700 the amount each laid-off worker would get if that $4.2 million difference between 2008 and 2009 executive pay was spread out evenly amongst them

Where the cuts helped most: Stock prices

• 907% the increase in stock price since 2009

Uncomfortable reality

• » The business consideration: Truth of the matter is, from an investing and financial perspective, Craig Dubow and Gracia Martore look very smart for cutting off some of the dead wood, even if it screwed over thousands of journalists as a result.
• » The real problem? Same as many other newspaper conglomerates: Gannett’s simply too big. It holds jurisdiction over many markets large and small, and as a result of heavy debt burdens from the financial crisis, it and companies like it, including McClatchy and Tribune, have had to make some tough decisions to protect the whole beast. Seems like all these mergers and buyouts had the effect of damaging local newspapers and local journalism. Financial sense and editorial sense are two different senses. source

• We blame Lee Abrams, right. Our friends at the Newport News, Va. Daily Press got some awful news this week, when they found out that much of their paper’s copy-editing and design facilities would be outsourced to the Tribune Corp. mothership in Chicago. 10 percent of their newsroom staff will get laid off as a result of this. Lee Abrams, above, is responsible for starting something similar with the radio industry. So, here’s a brief explanation of what’s up with the Daily Press:

• Tribune is bankrupt The iconic media company, which owns the Chicago Tribune, the Baltimore Sun, the Hartford Courant and a ton of other major regional newspapers, is trying to cut costs whereever they can. So as a result, they’re trying to outsource where they can.
• slippery slope Tribune has already been down this road with many of their papers – they started doing a modular system for many of the inside pages of their papers last year. The result of what’s happening to the Daily Press is something of an extreme case of the process.
• Abrams is the point guy As the Chief Innovation Officer of Tribune, many of these changes happened due to his influence. He’s done this before. He invented the tools used to eventually turn radio into a soulless wasteland. Sure, he has XM under his belt, but his story’s already been written.

Turning news into Clear Channel

• This is a model that, particularly in smaller markets, although I can see it in larger markets as well, can change the economics of the newspaper business the same way Clear Channel changed the economics of … the radio business.
• Daily Press President and Chief Executive Digby Solomon • Regarding the changes, which are in the midst of taking hold. Many of the employees who followed Sam Zell to Tribune used to work for Clear Channel, which should give you an idea of what the company is trying to do. It’s everything you hate about radio, in newspaper form. Great. Hope you guys don’t succeed at sucking the life out of news. source

• If last year was the worst of it, we survived its best punch and are still fighting. With [businesses] like us, it’s not about the exact unemployment rate – it’s about how many people are worried about losing their jobs. And the latter has definitely come down.
• Vail Resorts CEO Rob Katz • Describing his decision to completely kill his $840,000 salary in 2009 – and knock executive pay by 10% or more – to prevent major layoffs. Katz plans to slowly revert back once the recession dies down – except he’ll cut his only salary by 15%. Awesome. • source

• 13 of the top 25 execs getting pay cuts have left the company
• three execs are contractually bound to keep their compensation source

• $198 million lawsuit against Bernie’s family of execs source

• These repeated interruptions – and the rumor of even more to come – really make it difficult to build audience flow and loyalty. We will all lose one or two million dollars for this.
• A (obviously anonymous) network executive • On the fact that Barack Obama has the gall to request another nation address on “American Idol” Tuesday! I mean, what the heck? It’s not like anyone else is struggling. (ABC, by the way, will be preempting episodes of “According to Jim,” which we’re surprised is still on the air, just like everyone else besides Jim Belushi.) • source

• $500,000 plus stock options source

• I saw an article today that indicated Wall Street bankers had given themselves $20 billion worth of bonuses. That is the height of irresponsibility. It is shameful.
• Barack Obama • in a stern warning to Wall Street telling executives to stop giving themselves big bonuses. The president’s number was a little off; it was actually $18.4 billion, which is still, like, a lot of money. • source