Gannett chief preps golden parachute

Everything is awesome… when you've just made four million smackeroos.

Everything is awesome… when you’ve just made four million smackeroos.

Gracia Martore, CEO of Gannett, last seen disgracing herself in an unbelievably wrong-headed music video, must really believe in the future of her company.

Because she just unloaded more than 80% of her stock holdings in Gannett. American Banking & Market News reports that Martore sold 123,560 shares of stock in the Burlington Free Press’ parent company, leaving a mere 30,034 shares in her portfolio.

Her take? $4,312,244.

How many reporters would that buy?

Her stock dump comes just before the planned split of Gannett’s newspaper and TV/digital divisions. Gannett will retain the troubled publishing businesses, while new entity TEGNA will get all the broadcasting and digital stuff.

The spinoff is expected to take effect by the middle of this year, which is… hmm… checking my calendar… a mere six weeks away.

And where do you think the price of Gannett stock is going to go, after all its goodies are under a new corporate umbrella? I think we know how Gracia Martore would answer that question.

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