Update: Gannett (with a side of Lee Enterprises)
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Gannett’s USA Today reports on the company’s second quarter:
Gannett, owner of USA TODAY and local news operations in 45 states, reported Thursday that it would undertake a “significant cost reduction program” amid a challenging economic backdrop marred by soaring inflation rates, labor shortages and price-sensitive consumers.
The media company reported a net loss of $53.7 million in the second quarter, compared with a net income of $15.1 million the same period a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $50.9 million, down 56% from the prior-year quarter, with declines driven by a decline in print revenue and inflationary pressures.
From MarketWatch is a view of Gannett stock this past week:
Gannett, the country’s largest local news chain, is in a tailspin. The publisher of some 200 daily papers reported a significant loss in the second quarter — $54 million on revenues of $749 million…
Gannett’s flagship is USA Today, which is still a solid paper. If I had to guess, I’d say they’ll leave it pretty much alone so that they can use it as a wire service to fill up their regional and local papers. I mean, even more than they’re already doing…
As for another newspaper chain:
As it turned out, Lee did reasonably well.
At least with most of its digital goals.
Investors.net passes on Lee Enterprises third quarter statement:
DAVENPORT, Iowa, Aug. 04, 2022 (GLOBE NEWSWIRE) — Lee Enterprises, Incorporated (NASDAQ: LEE), a leading provider of high quality, trusted, local news, information and a major platform for advertising in 77 markets, today reported third quarter fiscal 2022 financial results(2) for the period ended June 26, 2022.
“Our third quarter results once again demonstrate the success of our Three Pillar Digital Growth strategy to transform Lee Enterprises to a vibrant, digital-centric company,” said Kevin Mowbray, President and Chief Executive Officer. “With our substantial third quarter digital growth, we exceeded our full year targets in digital subscriptions, digital subscription revenue, and Amplified Digital® revenue a full quarter ahead of schedule, and we remain positioned to finish the year strong.”
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