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The advertising slowdown took its toll on another newspaper publisher, with Gannett Co. reporting a slump in first-quarter earnings.
Gannett (GCI), the largest U.S. newspaper publisher, said Tuesday net income came to $174.5 million, or 66 cents a diluted share, compared with $950.2 million, or $3.44 a share, a year earlier. Revenue increased 19% to $1.57 billion.
The mean estimate of analysts surveyed by Thomson Financial/First Call was for earnings of 67 cents a share.
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