Gannett to Wipe $5 Bil. Off the Books
Gannett Co. expects to take goodwill and impairment charges totaling as much as $5.2 billion, in stunning testimony to the wreckage wrought on the newspaper industry by the global financial meltdown.
The nation’s largest newspaper company, reporting its fourth-quarter results Friday, said the non-cash charges are expected to total in the range of $5.1 billion to $5.9 billion on a pre-tax basis and $4.5 billion to $5.2 billion on an after-tax basis.
“Our anticipated non-cash impairment charges stem from recessions in the U.S.
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