Embedded in otherwise excellent third quarter financial results reported today by Gannett are some sobering numbers on the continuing decline of revenues for its newspaper division.
U.S publishing ad revenues year-to-date are down 6.3 percent. At Gannett, that difference is more than made up by booming broadcast operations and freestanding digital ventures like CareerBuilder. So revenues for the entire company are up a healthy 13.4 percent.
But I also consider USA Today and Gannett’s 81 community newspapers a reasonable proxy for the entire newspaper industry, which has stopped reporting its financial results quarterly. If the rest of the year is roughly in line, newspapers are on track again in 2014 to lose $1 billion-plus in advertising. Read more