Gannett announces sharp decline in profits as newspaper and television ad revenues fall; digital revenue up 9.4%
For some media companies with diverse media holdings, newspaper ad declines are being offset somewhat by their other media properties. But Gannett this morning reported a 33 percent drop in Q4 earnings as revenue fell for both newspaper and television divisions.
The McLean, Va. headquartered company said revenue from broadcast fell 14 percent due to lower political advertising (guess they should have bought up stations in Iowa and New Hampshire).
As expected, Gannett’s newspaper revenue continues to decline – 7.1 percent in Q4 to $671 million from $722 million, according to the WSJ report.
Digital revenue grew 9.4 percent to $181.5 million, but that represents only a $17 million increase, not nearly enough to overcome declines in print and broadcast.