Monday, October 19, 2009

Gannett reports 28% drop in ad sales

Gannett reported its 3rd quarter ad sales were 28% less than a year ago.

Gannett Co. Inc., the nation’s largest newspaper publisher, is reporting a third-quarter profit despite a 28 percent drop in revenue from ad sales.

Gannett says it earned $73.8 million, or 31 cents a share, compared with $158 million, or 69 cents a share, in the third quarter of 2008.

Ad revenue fell 28 percent at the company’s newspapers, says MarketWatch, reflecting
a 26 percent drop at U.S. papers, and a 29 percent decline, in British pounds, at U.K.-based Newsquest papers. Overall, revenue fell 18 percent to $1.34 billion, with gains coming via cost cutting and a tripling of payments from cable and satellite companies to retransmit the signals of Gannett TV stations.

Forget the spin that Gannett posted a profit this quarter, focus on the revenue numbers. The revenue coming in is getting smaller and smaller. Which means Gannett will have to lay off more employees to report a profit next quarter.



Anonymous said...

Saving the lying media? Simply telling the truth might be one model to save news reporting. Too simple? I guess so!
Finding a new model for news reporting

Washington Post
Leonard Downie Jr. & Michael Schudson

News reporting that holds accountable those with power and influence has been a vital part of American democratic life, especially in places with daily newspapers profitable maintain substantial reporting staffs. That journalism is now at risk...American society must now take some collective responsibility for supporting news reportings....In a comprehensive report commissioned by the Columbia University Journalism School, we suggest a number of public sources of support for this news reporting: - The Internal Revenue Service or Congress should clarify tax regulations to explicitly allow new or existing local news organizations to operate as nonprofit or low-profit entities, allowing them...
Via: FreeRepublic

Anonymous said...

“To compel a man to furnish contributions of money for the propagation of opinions which he disbelieves is sinful and tyrannical.”

Thomas Jefferson

Anonymous said...

All of these newspaper chains are in major trouble with these incredible revenue drops. You can only spin it favorably to people wearing the blinders. You can't continue making phony "profits" without cutting more costs and there are only two major cut areas in newspapers - people and news print.

Anonymous said...

With the water flow now gushing and churning so very fast, I can’t tell if it’s a McClatchy or Gannett turd swirling around the toilet bowel?

Sac Bee's news boss Melanie Sill admits blatant bias in editorial today:

"There's no dispute that The Bee has a liberal editorial page on most issues, though not all matters, and has mostly endorsed Democrats. We won't change our editorial philosophy to placate critics."

Is that a tear forming in the corner of my eye as I see Mz. Sill standing erect as her good ship ship McClatchy sinks into the watery abyss.