Indeed, JRC is generous -- to its executives!

That's a wondrous feat of stat-juking gymnastics. You have a 11.5 percent drop in revenue over three years and that goes along with a 40 percent jump in profits. Seems like using the past to buy the future earned him a healthy promotion.

I also love seeing execs talking about how we need to take risks. Is he risking much? Because if it goes to script, he can fail and still walk away with a few mil and a pat on the back for his troubles. Schmuck.

 

Endure the 11-month "slog" and reap the profits, so says the CEO.

http://jxpaton.wordpress.com/2013/07/01/a-hill-we-can-take/

 

Here's the memo in question. I saw it yesterday and shrugged my shoulders. I'll believe the bonus when I see it. Nothing like giving employees false hope:
--------------
All –

Digital First Media today is announcing a 2014 Profit Sharing Bonus Plan for employees.

The plan is very simple and assures that all employees of the companies operated by Digital First Media - including MediaNews Group and 21st Century Media – will now be able to share in our Company’s success.

If MediaNews Group and 21st Century Media achieve financial targets for the period starting July 1, 2013 through June 30, 2014, employees will share in the Company’s profits.

All part-time and full-time employees and non-union and union employees – if unions agree to the terms the Company is proposing – will receive up to one additional week’s pay when the Company exceeds its financial targets. The program excludes those participating in an annual bonus program, including executives and senior management.

This program is designed to show all employees that the Company recognizes the vital role you play in Digital First Media’s future.

In short, if the Company wins, the employees win.

The plan covers all employees at Media News Group and 21st Century Media because we will need to continue to work together across the DFM Network to improve our performance to reach, and exceed, our financial targets.

The Company will provide employees with updates at the start of each quarter so each of you know how we are tracking to goal.

Thank you for your efforts to date and thank you in advance for your work to ensure the Company meets its financial goals and you and your co-workers earn this bonus.

Until next time,

John Paton Jeff Bairstow
CEO President
Digital First Media Digital First Media

 

IIRC, we only had to wait 6 months the last time they shared profits.

Then every employee in the company, from top editors to lowest janitors, got 1 week's pay (taxed).

 

What if they don't reach their profit targets? Do the employees then have to pay the company?

 

So the workers' bonus is "up to" one week's pay.

The executive bonuses? I'm going to take a wild guess that they somehow exceed one week's pay and that they are somewhat less dependent on profits.

Nice of them to "exclude" the executives from the one-week-of-pay program, though. Shows integrity.

 

Of Paton's masturbatory use of de minimis, slashing more print skeds, a challenge to Jim Brady (which seems absurd), Thunderdome -- THUNDERDOME! -- and why AP just isn't useful anymore, among other things.

http://www.netnewscheck.com/article/27566/more-print-rollbacks-possible-at-digital-first/page/3

And Tout. Gotta be Tout'ing. Knew there was a reason (partnership with Tout) that certain people in the company have been tweeting Touts when they otherwise loathe digitalia.