Gannett Co. today reported results for its second quarter. Broadcasting revenues were $153 million in the quarter compared to $192.6 million in the same quarter a year ago, a decrease of 20.6 percent.
TVNewsday provides this analysis of Gannett’s financial report…
Retransmission revenues totaled $14.3 million in the quarter, a three-fold increase. However, weakness in the important automotive and retail categories and a $2.9 million decline in politically related advertising more than offset the increases.
Operating expenses for the broadcasting segment were down 9.4 percent compared to the second quarter last year and totaled $102.7 million reflecting cost containment efforts including furloughs in the current quarter. Excluding special items, operating expenses declined 12.9 percent. Operating cash flow was $59.9 million in the second quarter.
Television revenues totaled $148.4 million, down 19.7 percent. More…