Gannett Reports Drop In Profits, Revenues Still Falling
The publisher of USA TODAY and many other newspapers reported income of $111 million for the third quarter of 2011, or about 2 percent less than the third quarter of 2010.
This is thanks in big part to cost-cutting measures at Gannett, which managed to reduce its expenses by about $45 million, even as publishing revenues continued to plummet.
Gannett’s publishing ad revenue fell 8.5 percent to $591 million, circulation fell 1 percent to $262 million, and even its broadcasting arm lost $11 million, or 6 percent, to $174 million.
Digital revenues were up in the double digits (10.3
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