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Gannett Newspaper Earnings Decline 7.7 Percent
Excluding some one-time gains that came from the sale of several newspapers, Gannett earnings fell as a worsening slump in an already challenging advertising market hits the industry.
The owner of USA Today posted net earnings of $365.7 million, compared with $310.5 million in the same period a year ago, writes The New York Times. Revenue fell 3.4 percent.
Without the $7.38 million from the sale and income from discontinued operations, Gannett earned $289.9 million from continuing operations in the quarter. That’s down 4.8 percent from the same quarter last year.
A slowdown in real estate in several markets was partly to blame for the loss.
Gannett’s U.S. newspapers declined 7.7 percent, while U.K. papers fell 2.5 percent, for an overall decline in newspaper advertising revenue of 5.3 percent.