Published October 25, 2008, 12:00 AM
Gannett profits down, signals cuts
Gannett Co., the nation’s largest newspaper publisher, said Friday that its third-quarter profits fell 32 percent as advertising revenue declined, and new job cuts are likely as a result. With ad prospects continuing to look grim into next year, Gannett said it is exploring new job reductions by year’s end in its publishing, corporate and other divisions.
NEW YORK (AP) — Gannett Co., the nation’s largest newspaper publisher, said Friday that its third-quarter profits fell 32 percent as advertising revenue declined, and new job cuts are likely as a result.
With ad prospects continuing to look grim into next year, Gannett said it is exploring new job reductions by year’s end in its publishing, corporate and other divisions.
The third-quarter earnings are largely in line with Wall Street expectations after adjusting for severance costs from major job reductions.
Tags: gannett, newspapers, profits, economy
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