OLD Media News

Gannett reports lower revenue and net loss in Q4

On Thursday, merged giant Gannett reported lower revenue and net loss in the fourth quarter. The results came as the newly merged company logged a more than 25% increase in digital subscriptions, reports USA Today.

The company reported total revenue of $1.05 billion in the quarter, down 9.7% from the previous year, largely due to print revenue declines. A net loss of $115.7 million for the quarter was also recorded by Gannett.

Additionally, the company’s stock was down 0.5% at $4.87 as of 3:27 p.m. Thursday.

However, Gannett also reported a 25.3% increase in digital subscriptions. Paid online subscriptions are viewed as critical to the success of media companies in the digital age, due to declining newspaper dollars.

“We were pleased with the strong momentum we saw in our key growth areas, which positioned us for a solid start to 2020,” Gannett CEO Michael Reed said in a statement.

Gannett said in a statement that it expects to reach $60 million in annualized savings by the end of the first quarter and “more than half” of its $300 million target by the end of 2020.

Mariam Ahmed

Recent Posts

Indianapolis Biz Journal seeks a news editor

The Indianapolis Business Journal is looking for our next news editor, a role that focuses…

10 hours ago

Axios hires Berkowitz as ME for media and markets coverage

Axios has chosen Ben Berkowitz to be its next managing editor of business and markets.…

14 hours ago

Business Insider hires Ortega as director of newsroom operations

Business Insider editor in chief Jamie Heller sent out the following on Monday: I'm thrilled…

15 hours ago

Rest of World promotes Chandran to deputy editor

Rest of World editor in chief Anup Kaphle sent out the following on Monday: We are excited…

16 hours ago

FT hires Venugopal as India newsletter editor

The Financial Times has hired Veena Venugopal as its India newsletter editor. She has been working at…

16 hours ago

FT taps Parkin to be Middle East and Africa news editor

Benjamin Parkin has been named Middle East and Africa news editor at the Financial Times, based…

19 hours ago