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Gannett

NEWS

Gannett earnings forecast a bleak 2017 for newspaper companies

Warnings were that the first quarter of 2017 would be about as bad financially as the final two of 2016 for newspaper organizations. That proved to be the case today as Gannett kicked off the reporting season for publicly traded companies. Acquisitions led to some revenue growth. But comparing same properties: Print advertising revenues were down 17.7 percent compared … Read More
NEWS

Are daily opinion pages headed to the morgue?

At the end of February, the Milwaukee Journal Sentinel eliminated weekday print editorial pages except on Wednesdays. An economizing move, of course, but to me also a marker of a tipping point where opinion has started to join other traditional newspaper staples as digital-first. Put another way, it might be that the daily print editorial page is on its … Read More
NEWS

After punishing layoffs, New Jersey journalists start up their own local newspaper

Montclair is a New Jersey bastion of the Trump-doubting privileged class that went back to the future Thursday with an imperiled species: a new broadsheet newspaper. But, if Trump could wind up president, who says a broadsheet Lazarus can't rise from the media ashes and make it somewhere? The weekly Montclair Local debuted in the 36,000-person bedroom community of New … Read More
NEWS

Layoffs hit The Wall Street Journal

America's business newspaper of record is cutting its staff today, part of an effort to streamline its newsroom during an industry-wide print advertising slump. On the chopping block is The Journal's Greater New York section, which is being folded into the paper's broader coverage of New York. Staffers on the Greater New York section were notified of the layoffs in … Read More
NEWS

Now that the Gannett deal has collapsed, Tronc is rebooting

Tronc capped a very bad day Tuesday with a reasonably upbeat third quarter earnings report. The company experienced the same sharp advertising downturn as erstwhile suitor Gannett and the rest of the industry. But executives say it remains on course for earlier earnings estimates because it's keeping a close watch on spending. Market reaction to those results, reported … Read More
NEWS

Gannett's giving up on Tronc. So what will it buy next?

The announcement this morning that Gannett has withdrawn its bid for Tronc prompts a big question: What it will do with the big kitty it had set aside for acquisitions? The company wasn't saying, but recent transactions and earlier statements provide hints at where Gannett will turn its attention. In last week's earnings call with analysts, executives said that … Read More
NEWS

Gannett abandons bid to buy Tronc

Gannett's pursuit of Tronc is over. This morning, in a terse statement, the company announced it is no longer trying to acquire the owner of the Chicago Tribune, Los Angeles Times and several other major daily newspapers: Gannett today confirmed that the Company has been engaged in discussions with Tronc, Inc. (NASDAQ: TRNC) (“Tronc”) regarding a potential transaction and has … Read More
NEWS

Gannett and Tronc shares tank on speculation deal is off

Shares of both Tronc and Gannett fell precipitously today on speculation that negotiations for a Gannett takeover may have collapsed. Bloomberg News reported mid-afternoon that bankers who would have financed the deal have gotten cold feet — figuring both companies are overvalued. Trading of Tronc shares was briefly suspended after that, then resumed. For the day, Tronc closed down … Read More
NEWS

GateHouse owner bucks plummeting revenue trend while Gannett stumbles

On a day Gannett reported worse than expected third quarter results, New Media Investment Group, which operates 121 dailies in the GateHouse chain, had mostly good financial news. The contrasting tale of two companies was reflected in market reaction, with Gannett stock down more than 13 percent in early afternoon trading and New Media up roughly 5 percent. Read More
NEWS

6 reasons why Gannett's plan to buy Tronc still makes sense

With Gannett's third quarter earnings due Thursday, there is at least a chance that its six-month bidding drama to take over Tronc will finally be resolved. The deal still makes all kinds of sense, especially for Tronc shareholders. But I can't help wondering whether Chairman Michael Ferro may be head-faking with all those serious negotiations and still wants to try … Read More
NEWS

Report: Gannett is likely to buy Tronc very soon

After a months-long courtship, Gannett is likely to close a deal to purchase Tronc soon, Politico reported Sunday night. The deal is expected to value Tronc, the newspaper publisher formerly known as Tribune Publishing, at somewhere between $18.50 and $19 per share, according to Politico: Such a price would have represented a 140 percent premium over the then-trading price … Read More
NEWS

How USA Today Network plans to double down on video

DENVER — Don't expect the country's biggest newspaper publisher to ignore the tectonic shift toward video. The USA Today Network (neé Gannett) has made moves in recent months to turn its sprawling empire of more than 100 local media organizations into a single, cohesive whole — and video is a central part of that strategy. Late last year, it hired … Read More
NEWS

Mass layoffs will hit New Jersey papers after Gannett purchase

Less than three months after acquiring The Bergen Record, the (Passaic County) Herald News and other assets of North Jersey Media Group, Gannett is trimming the newspapers' headcount dramatically. In an unbylined story that was skewered on Twitter for trying to put a positive spin on the news, North Jersey Media Group announced that more than 200 employees … Read More
NEWS

High drama at Tronc takes an intermission

Still fending off an ongoing takeover bid by Gannett and developing a futuristic video news product, Tronc Inc. today released a largely uneventful second-quarter financial report. The headline on the company's press release said that it anticipates bringing in more revenue and posting higher profits than it had previously stated. The increases were tiny, though. For instance, Tronc … Read More
NEWS

Gannett's expansion strategy runs into bad news on the advertising front

Gannett today reported $21.7 million in second-quarter revenue growth driven by the addition of the 15 papers acquired when it bought Journal Media Group. Its earnings release alluded to continued weak advertising but provided no numbers. Questions from analysts in a subsequent conference call drew out these particulars from Chairman and CEO Bob Dickey: Advertising revenue was down roughly … Read More
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