Gannett Posts 4% Decline in 3Q Revenue

Features Reuters

Gannett Co Inc reported a 4 percent slip in third-quarter revenue to $1.25 billion on Monday because of declines in advertising sales, mainly at its newspaper properties.

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Publishing revenue dropped 3.6 percent to $858.1 million on a 6 percent decline in advertising revenue.

At its broadcast TV station divisions, total revenue fell 15 percent to $198.5 million because it did not benefit from Olympic or political advertising as it did in the third quarter last year.

Net income for the quarter was $79.7 million, or 34 cents per share, compared with $133.1 million, or 56 cents per share, for the same quarter last year.