This type of sh*t is no longer the news. I now fully expect GateHouse Media to do this short of shit, then run to bankruptcy court to have all their debts forgiven:
Kirk Davis, Chief Operating Officer of GateHouse Media, which is the parent company of the Providence Journal [as well as the Peoria Journal Star as well as almost every other newspaper in this part of the state] 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.
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.