Coming off poor second-quarter financials – down 8.6% in overall revenue and 15% in advertising – Tronc managed to turn in numbers that compared unfavorably even with some of its ever-struggling peers. Its digital revenue results hurt the most for a company renamed last spring on a promised digital transformation: “Total revenues for troncX [the company’s digital division] for the second quarter of 2017 were $58.2 million, down 5% from prior-year quarter. Advertising revenues for troncX declined by 9%.” The one encouraging ray: digital-only subscriptions increased nicely, as Tronc’s game of catch-up showed it most results there.
The poor performance even forced Dearborn to acknowledge that the company was still playing catch-up. With these moves, then, the company aims to do two things: 1) jumpstart the lagging digital business; 2) further streamline management and cut costs.
The answer is always short-term cost cuts. It somehow never seems to be NOT GIVING UPPER MANAGEMENT MASSIVE ESCAPE CLAUSES. I swear to you, if I made an entire year’s salary for fucking up at my job, I would get really, really fired.
I don’t understand the impulse to pay people to get shitcanned. I know the JUSTIFICATION, that they’ll feel more empowered to take risks etc, but come on, these people have more money than God already. They don’t feel like doing the office equivalent of skydiving, that’s a character weakness, not a checkbook one.
Fuckin’ 23-year-olds living three to a studio take more professional risks than the hardest CEO in town. Give THEM the exit packages.