USA Today publisher Gannett records higher revenue, income due to broadcast acquisitions
Publishing segment ad revenue falls 7.8 percent as company says it remains on track to spin off its newspaper division
The publisher of USA Today, Gannett, today announced fourth quarter earnings. The media company said its earnings rose 54.5 percent, due in large measure to its expanded television station portfolio and the complete ownership of Cars.com.
The company’s publishing side, though, continues to suffer declining revenue, as ad revenue fell 7.8 percent to $543.8 million, down 8.3 percent for all of 2014.
Gannett said it remains on track to break up the company into two separate entities, in a move similar to that taken by News Corp, Time Warner and the Tribune Company.
“The terrific progress we’ve made across each of our businesses since the launch of our transformation plan three years ago culminated in our biggest news of 2014 – the announcement of our plan to separate into two highly focused public companies,” Gracia Martore, president and chief executive officer, said. “Each company will be a leader in its respective industry with impressive scale and greater freedom to focus its strategy and resources on the most promising, value-enhancing areas of the business. We are on track with the separation and will share more details of our plans for the Publishing and Broadcasting/Digital companies in the coming months.”