Surpassed $40 million profit sharing goal
Congratulations to all our Journal Register members!!
The following email was sent earlier this week by JRC CEO John Patton to all JRC members who surpassed the company’s profit sharing goal of $40 million set by JRC last year. All Guild members received an additional weeks pay as the part of the profit sharing.
Take a bow – you did it!
Our goal was to hit $40M in profit in 2010. Well you did better than that – you hit more than $41M. Not bad for a bankrupt, beat up old newspaper company people had written off as dead in 2009.
But we didn’t write ourselves off. We picked ourselves up and got working.
We learned to harness both cloud and crowd. Using new tools and working the new news ecology we produced new digital products and revenue streams AND reduced costs. We focused on what we do best and linked to the rest.
We learned how to put out out daily newspapers and websites using only free web tools. And the Ben Franklin Project was born. We established the ideaLab and you came up with more and better products.
We put about 1,000 Flip cams in your hands and we now produce about 4,000 minutes of original local news video per week. Stay tuned for more on that next quarter – think JRC TV.
You changed our culture and how we think. And we are a better Company for that.
AIl of that change is reflected in our bottom-line.
I promised you would all share in that profit, so look in your pay check tomorrow – you will all find an extra week’s pay. All, that is, except for our senior executives. They have a bonus plan and it’s enough already.
I promised and you delivered. And I cannot thank you enough for your effort this past year.
Together, with your help, we are transforming the Journal Register Company into a modern news media company. A transformation powered by its employees.
Until next time, John.