Newspaper stocks are way off as the industry struggles with falling circulation and advertising revenue. But one company, Gatehouse (GHS), stands out as being much worse off that the rest.
Today, research firm Morningstar wrote, "We think GateHouse’s equity is worthless. The company has been an aggressive acquirer, which resulted in an unmanageable debt load."
CEO Michael Reed brings home a base of $500,000 according to the Gatehouse proxy.
In the meantime, GHS stock is down well over 90% to $.69. The stock has traded below $1 long enough that there is a real threat it could be delisted from the NYSE.
All of that for a half a million a year.
Douglas A. McIntyre