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Many surely would if the chain's newspapers read as well as its balance sheet. At a meeting of investors and security analysts in New York City some years ago, Neuharth was asked whether his company's name was pronounced Gannett or Gannett. "Money," he replied. Says J. Kendrick Noble Jr. of Paine Webber Mitchell Hutchins: "I was there, and looking back it's obvious that Al wasn't kidding." With the addition of Combined Communications, Gannett last year passed the billion-dollar mark in revenues for the first time. Earnings were $134 million, up 19% over the previous year and 486% for the decade.
Neuharth is ever ready to pounce when a newspaper comes up for sale, but lately he has become anxious to broaden Gannett's base. Some probable targets: magazines, book publishers and cable-television companies. "We're going to stay in related fields, but that's the only limitation," he says. Gannett would be willing to bid for a big-city daily if it were the dominant paper in town. Says Neuharth: "We are not interested in acquiring a weak or losing newspaper simply to be able to say we're in a top market."
Amid all his First Amendment crusading, Neuharth's capitalistic stride is as quick as ever. Last year he logged 315,000 miles in Gannett's four private jets, visiting the firm's papers, scouting new acquisitions and shuttling between company headquarters and offices in New York City and Washington. He wears two watches, one set to local time, the other to Rochester time. Deals are always in the air, and Al Neuharth is up every dawn, black and white and read all over, running toward a shining goal. Says he: "There is no reason why Gannett can't be the biggest communications company in the world."
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*The proudest newspaper of all is the Boston Globe, which last week received three Pulitzers.