Gannett Profit Boosted by Broadcasting Revenue

Gannett Co, publisher of USA Today, reported a 24 percent rise in quarterly revenue as television broadcasting revenue more than doubled.

Revenue from the print business, which it plans to spin off, fell 6 percent to $885.5 million in the fourth quarter.

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Broadcasting revenue rose 117 percent to $495.3 million, helped by increased TV retransmission revenue and higher spending on political advertising.

Gannett said in August that it would spin off its print operations, including USA Today, joining a host of media companies separating slower-growing publishing assets from TV and digital properties.

Broadcasting contributes about 16.3 percent of Gannett's total revenue.

Revenue in the digital business, which includes and CareerBuilder, rose 76.6 percent to $345.4 million.

Net income attributable to Gannett rose to $676 million, or $2.92 per share, in the quarter ended Dec. 28 from $90.7 million, or 39 cents per share, a year earlier.

Excluding items, the company earned $1.02 per share, well above the average analyst estimate of $1.

Revenue rose from $1.37 billion to $1.7 billion. Analysts on average had expected $1.74 billion, according to Thomson Reuters I/B/E/S.

Gannett shares rose 1.5 percent at $31.98 in early trading on the New York Stock Exchange on Tuesday. (Reporting By Arathy S Nair in Bengaluru; Editing by Don Sebastian)