Startup Costs

• 12/15/81 announced 12--0 go ahead vote

• Gannet Stock falls from 38.5 to 29.5 (472 market cap)

• 10/82 Circulation of 220,000

  • but gave away 6 months free ads for 15 month commitment

• Stock price up to 60.25

• 5 presidents in 24 months (82--84)

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