Gannett Sees Q3 Profits Fall 15%

17 October 2001

Gannett on Monday joined the throng of media companies reporting weak performances, as it counted the cost of the ad downturn and the terrorist attacks.

The owner of USA Today and 96 other American dailies posted a 16% fall in third-quarter profits, down from $208.3 million twelve months before to $174.8m. Revenues dropped 2.6% to $1.52 billion, though assuming the same portfolio in 2000 and 2001 the decline was 7%.

The announcement follows steep drops in profits at rival media groups EW Scripps and Dow Jones.

News source: CampaignLive (UK)