Gannett Co. Inc.'s are the US's largest newspaper publisher and own 85 daily newspapers - including USA Today, 23 television stations and hundreds of nondaily publications.
Things look bad for the dead tree press based on their latest quarterly results ;
Q4 2007 revenue was US$1.9 billion, down 12% from US$2.2 billion in Q4 2006. Earnings were US$245 million, or US$1.06 per share (down 30%) compared with $354 million US$1.51 per share last year.
Newspaper advertising revenues dropped 12% US$1.2 Bn. and circulation fell 7% to US$313 Mn. Broadcast advertising fell 21.7 % to US$212 Mn.
In Q4 Gannett took a charge of US38 Mn. in severance expenses and facility consolidation costs - USA Today, gave the pink slip to 45 of its 500 newsroom staff on December 3rd.
For the fiscal year ended Dec. 31, Gannett earned US$1.06 Bn. down 9% from US$1.16 Bn in 2006. Annual revenue was US$7.4 billion, down from US$7.8 billion in 2006.
Sigbn of the Times ? The company two weeks ago created the position of chief digital officer, charged with expanding and enriching its global digital operations, as it looks to get more out of its digital operations amid waning print revenues.