On Feb. 20, Gannett reported a drop in fourth-quarter
revenue and earnings along with rises in digital revenue and paid
online subscriptions, Gannett-owned USA Today reported.
The company posted a net loss of $14.2 million
in the fourth quarter, “due largely to restructuring, asset impairment charges
and other costs of $56.3 million,” USA Today said.
The company reported adjusted earnings per
share of 44 cents, with Wall Street expectations at 45 cents per share,
S&P Global Market Intelligence said.
Gannett's digital-only subscriptions
rose 46.3 percent year-over-year to 504,000. Gannett CEO and
President Robert J. Dickey said USA Today Network publications will lower
the number of stories people can read for free without a subscription this
year.
Seventy-five percent of ad revenue is now
digital at USA Today, a milestone for the brand, according to Dickey.
Gannett rebuffed a recent unsolicited bid from
MNG Enterprises, owned by Alden Global Capital and known as Digital First
Media, to buy the company or take over Gannett’s board. MNG put out a statement
last week critical of Gannett’s leadership, while Gannett put out a statement
critical of MNG’s remarks.
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