Gannett opened 2015 with a first quarter earnings report similar to those of 2014 — strong growth and profits in its broadcast and digital ventures divisions, but continued substantial declines in publishing revenues.
With publishing set to spin off into a separate company mid-year, the era of the one covering for the other is coming to a close.
Advertising revenues in publishing were down 11.3 percent compared to the same quarter in 2014. Circulation revenues were also off, 3.1 percent. For the division, quarterly profits were down 57.4 percent on a net basis and 20.1 percent as measured by EBITDA (earnings before interest, taxes, depreciation and amortization).
All those results were made somewhat worse by an unfavorable exchange rate for Gannett’s British regional papers and the discontinuation of USA Weekend. Read more