Gannett reports 2Q results

Gannett reported its second quarter results on Monday morning. The company's non-GAAP earnings per diluted share of $0.58 increased by 4% compared to last year.

Publishing segment revenues in the quarter totaled $904.2 million, a 1.7% decline from $920.3 million in the second quarter a year ago. Broadcasting revenues were 3.2% higher in the quarter and totaled $212.0 million. The increase reflects significant growth in retransmission revenue and an increase in core ad revenue. 

"We are very pleased to report solid revenue growth in our Broadcasting and Digital segments as well as our fourth consecutive quarter of year-over-year circulation revenue growth overall in our Publishing segment," said Gracia Martore, Gannett's president and CEO. "Earnings per share were higher in the quarter as our strategic initiatives, particularly our content subscription model and digital offerings, continued to gain momentum and positively impact our results."

Martore added, "Our long-term strategic plan - with a focus on both investment and execution - continues to position us for success well into the future. Gannett's pending acquisition of Belo, and finding new ways to get content and offerings to the right user at the right time, are steps in our long-term strategy. We are accelerating our transformation into the 'New Gannett' every day."

more coverage
TVNewsCheck: "Gannett Sees More Investments In Local Media"
EDITOR'S NOTE: Gannett, which owns The Indianapolis Star, Louisville Courier-Journal and KSDK in St. Louis, is in the process of acquiring Belo Corp., which owns WHAS11 in Louisville and KMOV in St. Louis. The two Belo stations (and others in markets where Gannett and Belo operations overlap) are being spun off to former Belo executive Jack Sander, with Gannett to provide operational services.  That deal is still expected to close by year's end.


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