Comments on: Updated: Gannett Buys Rest of PointRoll From Former CEO For $4.6 million

By: Jeff W

Jeff W — Sun, 16 Mar 2008 23:18:22 +0000

No problem Ali. I just checked the historical Gannett filings and I think they sold the remaining 8% in equal parts in March 2006, 2007 and 2008. This is in addition to the $100mm sale in June 2005. So, that would mean that these guys were paid a lot more over the three years. According to my calculation, Saradakis probably made $4.6 mm times 3, and that is just the earnout portion of the deal!). The filings do not say how much of the original $100mm he got when he sold in June 2005.

By: Rafat Ali

Rafat Ali — Sun, 16 Mar 2008 21:35:27 +0000

Jeff
Thanks on the clarification…you might be right. I have updated the post to reflect that ambiguity…

By: Jeff W

Jeff W — Sun, 16 Mar 2008 21:25:45 +0000

I think your information might not be that accurate. Saradakis was one of three remaining shareholders that sold their shares in equal parts over the past three years (8% over three years equally each year; 2008 was the last year). So, when he sold his "remaining" interest for $4.6mm it is most likely only 1%. The other shareholders was the other co-founder Gelles and head of sales, Ellenthal.