With Gannett on fire, CEO buys $1.22 million of stock for himself


Gannett CEO Michael Reed, preparing to launch a new round of layoffs after the nation’s largest newspaper chain lost $54 million during the second quarter of this year, has increased his personal stake in the company.

Reed spent $1.22 million to buy 500,000 shares Gannett stock on Monday, raising his own holdings in the struggling media empire to 1,826,335 shares, according to filings with the Securities and Exchange Commission.

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